Vonovia SE (DE:VNA)
XETRA:VNA
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Vonovia
(XETRA:VNA)
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Rating:55Neutral
Price Target:
€23.00
▼(-4.25% Downside)
Action:Reiterated
Date:05/09/26
The score is driven mainly by mid-range financial quality: a strong TTM profitability rebound and positive free cash flow are offset by elevated leverage, volatile multi-year results, and weaker cash conversion. Technicals are a notable drag as the stock is in a downtrend with negative momentum. Valuation is moderately supportive due to the high dividend yield, but the P/E does not indicate a clear bargain.
Positive Factors
Recurring rental income
A large, predominantly rental-based business model produces predictable, recurring cash flows that are durable across economic cycles. Stable rent income supports operating resilience, funds maintenance and modernization, and underpins long-term cash generation and dividend capacity over the next 2–6 months.
Negative Factors
Elevated leverage
Meaningful leverage increases interest-rate and refinancing risk, reducing financial flexibility. In a higher-rate environment elevated debt burdens limit ability to pursue development, sizable capex, or rapid debt paydown without pressuring cash flow or requiring asset sales in the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income
A large, predominantly rental-based business model produces predictable, recurring cash flows that are durable across economic cycles. Stable rent income supports operating resilience, funds maintenance and modernization, and underpins long-term cash generation and dividend capacity over the next 2–6 months.
Read all positive factors
Vonovia (VNA) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€18.38B
Dividend Yield5.08%
Average Volume (3M)1.81M
Price to Earnings (P/E)5.3
Beta (1Y)0.52
Revenue Growth-20.27%
EPS GrowthN/A
CountryDE
Employees12,306
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)4.11
Shares Outstanding848,428,400
10 Day Avg. Volume1,651,215
30 Day Avg. Volume1,807,606
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.74
Price to Sales (P/S)4.11
P/FCF Ratio15.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€31.87Price Target Upside32.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.87
Revenue Forecast (FY)€3.56B
Vonovia Business Overview & Revenue Model
Company Description
Vonovia SE operates as an integrated residential real estate company in Europe. It operates through five segments: Rental, Value-Add, Recurring Sales, Development, and Deutsche Wohnen. The company offers property management services; apartments an...
How the Company Makes Money
Vonovia primarily makes money by generating recurring rental income from its residential property portfolio. The core revenue stream comes from tenant rents (including contractual base rents and ancillary recoveries/charges where applicable) acros...
Vonovia Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.32B | 4.98B | 5.94B | 5.23B | 5.15B | 3.62B |
| Gross Profit | 3.60B | 2.49B | 2.25B | 2.46B | 2.86B | 2.23B |
| EBITDA | 3.49B | 3.08B | 2.10B | -7.96B | 1.26B | 1.98B |
| Net Income | 3.44B | 3.72B | -896.00M | -6.29B | -669.40M | 2.68B |
Balance Sheet | ||||||
| Total Assets | 92.00B | 93.26B | 90.24B | 92.00B | 101.39B | 106.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80B | 3.26B | 2.02B | 1.37B | 1.20B | 1.32B |
| Total Debt | 41.68B | 43.31B | 43.21B | 43.57B | 45.69B | 47.69B |
| Total Liabilities | 59.63B | 61.09B | 62.11B | 62.05B | 66.95B | 69.78B |
| Stockholders Equity | 27.65B | 27.47B | 24.00B | 25.68B | 31.33B | 33.29B |
Cash Flow | ||||||
| Free Cash Flow | 1.44B | 1.31B | 2.40B | 1.90B | 1.86B | 1.47B |
| Operating Cash Flow | 1.70B | 1.66B | 2.40B | 1.90B | 2.08B | 1.82B |
| Investing Cash Flow | -716.50M | -403.30M | -187.60M | -825.90M | 938.20M | -19.12B |
| Financing Cash Flow | -1.39B | 190.20M | -1.82B | -961.00M | -3.15B | 18.13B |
Vonovia Technical Analysis
Neutral
24.02
Price Trends
21.27
Positive
22.70
Negative
23.71
Negative
Market Momentum
-0.04
Negative
50.85
Neutral
34.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:VNA, the sentiment is Neutral. The current price of 24.02 is above the 20-day moving average (MA) of 21.16, above the 50-day MA of 21.27, and above the 200-day MA of 23.71, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 50.85 is Neutral, neither overbought nor oversold. The STOCH value of 34.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:VNA.
Vonovia Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €1.63B | 3.42 | 11.65% | ― | 0.72% | 89.13% | |
63 Neutral | €2.83B | 3.90 | 7.69% | ― | 0.71% | 123.72% | |
61 Neutral | €4.26B | 3.26 | 15.43% | 4.45% | 2.65% | 408.35% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €18.38B | 5.28 | 13.06% | 5.08% | -20.27% | ― | |
49 Neutral | €6.11B | 24.08 | 4.04% | ― | -11.42% | ― | |
45 Neutral | €25.40M | -0.08 | -62.13% | ― | 58.52% | -142.49% |
* General Sector Average
DE:VNA
Vonovia
21.43
-5.78
-21.25%
DE:LEG
LEG Immobilien
55.75
-15.28
-21.52%
DE:AT1
Aroundtown SA
2.54
-0.25
-9.05%
DE:GYC
Grand City Properties SA
9.70
-1.48
-13.24%
DE:ADJ
ADLER Group
0.17
-0.09
-35.02%
DE:O5G
CPI PROPERTY GROUP S.A.
0.73
-0.11
-13.10%
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.