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Deutsche Bank AG
(NYSE:DBK)
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Rating:69Neutral
Price Target:
€36.00
▲(17.69% Upside)
Action:Reiterated
Date:01/30/26
The score is supported by a strong and constructive earnings call (record 2025 performance, clear 2026 guidance and capital return plan) and reasonable valuation. This is tempered by weaker underlying financial statement quality driven by negative EBIT margin and negative free cash flow, while technicals point to a longer-term uptrend but near-term consolidation.
Positive Factors
Strong Capital Position
A robust capital position with a high CET1 ratio enhances financial stability and allows for strategic investments, supporting long-term growth.
Negative Factors
Negative EBIT Margin
A negative EBIT margin indicates challenges in maintaining profitability, which could affect long-term financial health if not addressed.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Capital Position
A robust capital position with a high CET1 ratio enhances financial stability and allows for strategic investments, supporting long-term growth.
Read all positive factors
Deutsche Bank AG (DBK) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€59.71B
Dividend Yield3.14%
Average Volume (3M)4.90M
Price to Earnings (P/E)8.4
Beta (1Y)1.39
Revenue Growth-2.45%
EPS Growth17.55%
CountryDE
Employees90,067
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.79
Shares Outstanding1,910,579,000
10 Day Avg. Volume3,746,221
30 Day Avg. Volume4,902,316
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.82
Price to Sales (P/S)1.06
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€34.98Price Target Upside14.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)3.28
Revenue Forecast (FY)€33.01B
Deutsche Bank AG Business Overview & Revenue Model
Company Description
Deutsche Bank AG is a prominent German financial institution that provides a wide range of investment, financial, and related services to a global clientele, including private individuals, corporate businesses, and institutional clients. Its Corpo...
How the Company Makes Money
Deutsche Bank generates revenue primarily through its diversified business model which includes several key revenue streams. The Investment Bank segment earns money by providing advisory services for mergers and acquisitions, underwriting securiti...
Deutsche Bank AG Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized strong top‑line momentum, record half‑year profit, robust asset gathering (AUM +16% YoY), sustained revenue growth (20 consecutive quarters), solid divisional returns (Corporate Bank RoTE 16.4%, Investment Bank strong FIC/IBCM performance), and prudent capital management (CET1 13.9% and announced buyback). Offsetting items include higher operating expenses (8% YoY driven by compensation and one‑offs), short‑term Private Bank costs related to the India exit, and targeted CRE de‑risking that raised provisions this quarter. Management highlighted that operating efficiencies (~EUR 200m) largely offset incremental investments and reiterated medium‑term targets (RoTE >13% by 2028), signaling confidence in continued improvement. Overall, positive operational and financial momentum materially outweighs the temporary costs and provisioning actions.Positive Updates
Strong top-line growth and record profitability
Revenues grew to EUR 17.2 billion in H1 2026, putting the firm well on track to meet its ~EUR 33 billion full-year revenue target. Net revenues in Q2 were EUR 8.5 billion (up 9% year‑on‑year). Post‑tax profit for the half year reached EUR 4.1 billion, the highest ever for a half year.
Negative Updates
Rising noninterest expenses and one‑offs
Noninterest expenses increased 8% year‑on‑year to ~EUR 5.3 billion in Q2. The year‑on‑year increase was driven by higher fixed pay and performance compensation, the absence of prior‑year litigation releases, and one‑off costs close to EUR 100 million related to the Private Bank India exit. Excluding the litigation release and India exit, costs would have grown ~4%.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong top-line growth and record profitability
Revenues grew to EUR 17.2 billion in H1 2026, putting the firm well on track to meet its ~EUR 33 billion full-year revenue target. Net revenues in Q2 were EUR 8.5 billion (up 9% year‑on‑year). Post‑tax profit for the half year reached EUR 4.1 billion, the highest ever for a half year.
Read all positive updates
Company Guidance
Management said they are on track to meet 2026 objectives with a full‑year revenue ambition of around EUR 33 billion (H1 revenues EUR 17.2bn; Q2 net revenues EUR 8.5bn) and expect net interest income across key banking book segments and other funding to slightly exceed prior guidance of around EUR 14 billion; they remain confident of delivering an RoTE of greater than 13% in 2028 (post‑tax RoTE H1 11.9%; Q2 RoTE 11%). Capital and returns guidance: CET1 at 13.9% (in line with the operating range), a 60% payout ratio (27 bps CET1 deduction) with an ongoing EUR 1bn buyback and an additional EUR 500m buyback from 2026 net income, while RWAs rose ~EUR 5bn (ex‑FX EUR 1bn) and new SRT platforms are planned H2 to create capital capacity. Risk and expense guidance: normalized average provision rate of roughly 30 bps through 2028 with PCLs expected to reduce slightly year‑on‑year (Q2 PCLs EUR 460m; IB PCLs EUR 174m), full‑year expense guidance remains in line with Investor Day, incremental investments ~EUR 200m (including ~€100m severance) largely offset by ~EUR 200m operating efficiencies, and management expects accelerating positive jaws and further productivity upside (notably from AI) over the next two years.Deutsche Bank AG Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
65
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.17B | 60.89B | 66.34B | 59.35B | 37.30B | 30.75B |
| Gross Profit | 32.21B | 30.41B | 28.22B | 27.37B | 25.43B | 24.79B |
| EBITDA | 10.89B | 9.72B | 5.29B | 5.68B | 7.54B | 5.40B |
| Net Income | 7.74B | 6.93B | 3.37B | 4.77B | 5.53B | 2.37B |
Balance Sheet | ||||||
| Total Assets | 1.53T | 1.44T | 1.39T | 1.31T | 1.34T | 1.32T |
| Cash, Cash Equivalents and Short-Term Investments | 131.90B | 355.98B | 187.89B | 213.43B | 211.54B | 222.74B |
| Total Debt | 152.32B | 358.91B | 224.35B | 144.22B | 195.47B | 156.19B |
| Total Liabilities | 1.46T | 1.35T | 1.31T | 1.24T | 1.26T | 1.26T |
| Stockholders Equity | 68.62B | 78.64B | 77.83B | 73.05B | 70.54B | 66.33B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 0.00 | -29.11B | 5.18B | -2.45B | -3.50B |
| Operating Cash Flow | 0.00 | 0.00 | -28.58B | 5.61B | -2.11B | -2.95B |
| Investing Cash Flow | 0.00 | 0.00 | -6.78B | -2.58B | -17.18B | 23.59B |
| Financing Cash Flow | 0.00 | 0.00 | -646.00M | -2.85B | 614.00M | 1.63B |
Deutsche Bank AG Technical Analysis
Positive
30.59
Price Trends
29.93
Positive
27.86
Positive
29.04
Positive
Market Momentum
0.38
Positive
59.43
Neutral
63.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DBK, the sentiment is Positive. The current price of 30.59 is below the 20-day moving average (MA) of 31.24, above the 50-day MA of 29.93, and above the 200-day MA of 29.04, indicating a bullish trend. The MACD of 0.38 indicates Positive momentum. The RSI at 59.43 is Neutral, neither overbought nor oversold. The STOCH value of 63.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:DBK.
Deutsche Bank AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €47.17B | 22.55 | 19.71% | 1.63% | 5.21% | 2.78% | |
78 Outperform | €14.56B | 19.01 | 10.11% | 4.25% | 24.12% | 34.62% | |
75 Outperform | €4.00B | 20.63 | 22.70% | 0.82% | 20.27% | 47.74% | |
69 Neutral | €59.71B | 8.41 | 10.23% | 3.27% | -2.45% | 17.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | €42.47B | 17.69 | 8.19% | 2.99% | -4.17% | -0.03% | |
42 Neutral | €459.64M | -1.49 | -10.36% | 4.30% | -25.75% | -496.17% |
* Financial Sector Average
DE:DBK
Deutsche Bank AG
31.88
3.87
13.81%
DE:CBK
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DE:PBB
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-34.77%
DE:FTK
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36.92%
DE:DWS
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46.45%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.