Borussia Dortmund GmbH & Co. KGaA (BVB) AI Stock Analysis

• Market Cap: €368.66M
• Dividend Yield: 1.84%
• Average Volume (3M): 134.99K
• Price to Earnings (P/E): 21.2
• Beta (1Y): 0.53
• Revenue Growth: 2.24%
• EPS Growth: N/A
• Country: DE
• Employees: 1,044
• Sector: General
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): -0.04
• Shares Outstanding: 110,396,220
• 10 Day Avg. Volume: 196,161
• 30 Day Avg. Volume: 134,991
• PEG Ratio: -0.78
• Price to Book (P/B): 1.33
• Price to Sales (P/S): 0.76
• P/FCF Ratio: 8.89
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €5.00
• Price Target Upside: 53.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: €3.50 ▲(7.36% Upside)

The score is primarily supported by strong revenue growth and a conservative balance sheet with low leverage, but constrained by thin margins and volatile cash conversion (negative TTM free cash flow). Technical indicators are mostly neutral with weak longer-term trend signals, while valuation appears moderate with a modest dividend yield.

Positive Factors

Strong recent revenue growth

A sustained >40% TTM revenue increase indicates structural improvement in commercial reach and matchday/media monetization. Over 2–6 months this supports higher baseline sales, strengthens negotiation leverage with sponsors, and reduces reliance on one-off transfer gains.

Conservative balance sheet with low leverage

Very low debt-to-equity (~0.16) gives durable financial flexibility to absorb sporting revenue swings, fund player investment or stadium initiatives, and avoid forced asset sales. This conservatism improves solvency and investment optionality over the medium term.

Diversified brand-driven commercial model

A multi‑stream business (broadcast, matchday, sponsorships, merchandising and licensing) tied to a large fan base creates recurring cash channels. Structural brand monetization supports stable commercial revenue even when sporting performance fluctuates.

Negative Factors

Thin net and EBIT margins

Low net and modest EBIT margins leave earnings highly sensitive to cost inflation, wage pressures, or one-off player costs. Over coming months this limited margin buffer increases the probability that adverse events materially dent reported profits and retained earnings.

Volatile and occasionally negative free cash flow

Negative and inconsistent FCF constrains the club’s ability to self-fund transfers, infrastructure, and dividends. Persistent volatility suggests working-capital swings or reinvestment timing risks that could force dependence on player sales or external financing.

Earnings and profitability volatility across fiscal years

Marked year-to-year swings reflect the club’s exposure to sporting outcomes and transfer market timing. This structural volatility complicates medium-term planning, forecasting and capital allocation, making sustainable margin expansion harder to rely upon.

Borussia Dortmund GmbH & Co. KGaA Business Overview & Revenue Model

Company Description

Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, through its subsidiaries, operates a football club in Germany. The company operates a football club in Dortmund under the SIGNAL IDUNA PARK name, including a professional football squad. It also provides transfer services that include compensation payments for players, catering, TV marketing, advertising comprising marketing and sponsoring activities, and match operations, as well as internet, media, hospitality services. In addition, the company sells merchandise; conducts stadium tours, sports travel, conferences, incentive trips, and various other events; provides arrangements for event staffing services, and hotel and car hire bookings; and offers travel services by air, ship, and rail, as well as travel agency services. Further, it holds interest in medical rehabilitation center. The company was founded in 1909 and is based in Dortmund, Germany.

How the Company Makes Money

Borussia Dortmund generates revenue through several key streams. Matchday revenues from ticket sales, hospitality, and concessions form a significant portion, particularly due to the club's large stadium capacity and loyal fan attendance. Broadcasting rights are another critical revenue source, as BVB benefits from lucrative deals both domestically and internationally. Merchandising sales, including team apparel and memorabilia, contribute significantly to earnings, bolstered by the club's strong brand identity. Sponsorship and advertising partnerships with various companies provide additional financial support, often involving prominent brands that align with the club's market image. Finally, player transfers can also yield substantial profit, particularly when BVB successfully develops young talent and sells them to larger clubs.

Borussia Dortmund GmbH & Co. KGaA Financial Statement Overview

Summary

Strong TTM revenue growth (+41.4%) and solid EBITDA margin (~26%) with low leverage (debt-to-equity ~0.16). Offsetting this, net/EBIT margins are thin (~3.2% / ~5.3%) and free cash flow is negative in TTM (~-€12.3M), highlighting profitability and cash conversion volatility.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew sharply (+41.4%), and profitability is positive with a solid EBITDA margin (~26%). However, net margin remains thin (~3.2%) and EBIT margin is modest (~5.3%), indicating earnings are still sensitive to cost swings and seasonality. Annual results show volatility—strong profitability in FY2024, much weaker net income in FY2025—so the growth story is good, but consistency is not yet fully established.

Balance Sheet

The balance sheet looks conservative, with low leverage (TTM debt-to-equity ~0.16; similar low levels across recent annual periods) and a sizable equity base relative to assets. Returns on equity improved from losses in FY2021–FY2022 to positive levels (TTM ~5.2%), but they are still moderate versus the stronger FY2024 level, suggesting profitability recovery is real but not yet durable.

Cash Flow

Operating cash flow is positive and meaningful (TTM ~€99.6M), but free cash flow is negative in TTM (~-€12.3M) and has been frequently negative historically (notably FY2023–FY2024). FY2025 showed strong positive free cash flow, but the reversal in TTM points to ongoing cash conversion volatility and potential reinvestment or working-capital swings that reduce near-term cash reliability.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	540.96M	573.82M	509.11M	418.24M	351.64M	334.17M
Gross Profit	420.38M	546.46M	476.40M	394.13M	329.00M	314.58M
EBITDA	142.19M	115.85M	158.16M	126.52M	84.96M	39.24M
Net Income	17.41M	6.50M	44.31M	9.55M	-31.89M	-72.81M
Balance Sheet
Total Assets	622.46M	615.65M	589.68M	511.83M	455.06M	450.52M
Cash, Cash Equivalents and Short-Term Investments	8.40M	20.63M	4.36M	4.50M	10.57M	1.73M
Total Debt	52.90M	47.11M	40.58M	34.59M	17.18M	77.96M
Total Liabilities	283.74M	289.32M	262.67M	229.13M	185.28M	217.88M
Stockholders Equity	338.72M	326.33M	327.01M	282.70M	273.15M	232.64M
Cash Flow
Free Cash Flow	-12.31M	48.78M	-92.86M	-93.44M	-46.04M	-75.78M
Operating Cash Flow	99.58M	57.71M	47.20M	54.43M	35.07M	15.95M
Investing Cash Flow	-41.91M	-36.73M	-51.59M	-76.75M	-51.36M	-62.02M
Financing Cash Flow	-50.37M	-4.71M	4.25M	16.25M	25.14M	52.51M

Borussia Dortmund GmbH & Co. KGaA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.26
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:BVB, the sentiment is Positive. The current price of 3.26 is below the 20-day moving average (MA) of 3.28, below the 50-day MA of 3.29, and below the 200-day MA of 3.50, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.59 is Neutral, neither overbought nor oversold. The STOCH value of 78.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:BVB.

Borussia Dortmund GmbH & Co. KGaA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PUM	71 Outperform	€3.47B	-11.92	-12.22%	2.83%	-2.90%	-211.60%
EVD	68 Neutral	€6.25B	21.78	29.88%	2.13%	11.15%	14.71%
BVB	65 Neutral	€368.66M	21.18	8.22%	1.84%	2.24%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%