(VNA) Vonovia SE - Overview
Stock: Rental, Sales, Development, Management, Services
| Risk 5d forecast | |
|---|---|
| Volatility | 22.1% |
| Relative Tail Risk | -9.22% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.14 |
| Alpha | -1.45 |
| Character TTM | |
|---|---|
| Beta | -0.217 |
| Beta Downside | -0.256 |
| Drawdowns 3y | |
|---|---|
| Max DD | 27.91% |
| CAGR/Max DD | 0.49 |
EPS (Earnings per Share)
Revenue
Description: VNA Vonovia SE February 13, 2026
Vonovia SE (XETRA:VNA) is Europe’s largest integrated residential real-estate operator, organized into four business segments: Rental (core portfolio of apartments), Value-Add (renovation and modernization of existing units), Recurring Sales (sale of individual condominiums and single-family homes), and Development (construction of new rental properties). The firm also provides a suite of ancillary services-property management, energy supply, insurance, and a tenant-facing mobile app (My Vonovia)-and monetizes land holdings through project sales to investors.
According to the most recent FY 2025 results (released March 2026), Vonovia reported a net rental income of €3.2 bn, an adjusted EBITDA of €2.1 bn, and an occupancy rate of 97.4 % across its German and Austrian portfolios. The company’s net debt stood at €55 bn, yielding a debt-to-EBITDA ratio of 2.6×, which is in line with the sector’s average of roughly 2.5×. Key macro drivers include the Eurozone’s low-interest-rate environment (policy rates around 2.5 % as of Q4 2025), which sustains demand for rental housing, and ongoing rent-control reforms in Germany that could modestly cap rent growth but are offset by strong demographic pressure in urban centres.
For a deeper, data-driven view of how these fundamentals translate into valuation risk and upside, you might find ValueRay’s analytical dashboard worth a quick look.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 2.80b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 0.77 > 1.0 |
| NWC/Revenue: 7.98% < 20% (prev 33.73%; Δ -25.75% < -1%) |
| CFO/TA 0.03 > 3% & CFO 2.55b > Net Income 2.80b |
| Net Debt (40.68b) to EBITDA (2.42b): 16.78 < 3 |
| Current Ratio: 1.09 > 1.5 & < 3 |
| Outstanding Shares: last quarter (837.6m) vs 12m ago 1.87% < -2% |
| Gross Margin: 36.26% > 18% (prev 0.52%; Δ 3574 % > 0.5%) |
| Asset Turnover: 7.05% > 50% (prev 6.63%; Δ 0.42% > 0%) |
| Interest Coverage Ratio: 2.29 > 6 (EBITDA TTM 2.42b / Interest Expense TTM 856.8m) |
Altman Z'' 1.39
| A: 0.01 (Total Current Assets 6.51b - Total Current Liabilities 6.00b) / Total Assets 91.73b |
| B: 0.25 (Retained Earnings 22.54b / Total Assets 91.73b) |
| C: 0.02 (EBIT TTM 1.96b / Avg Total Assets 91.38b) |
| D: 0.38 (Book Value of Equity 23.14b / Total Liabilities 60.17b) |
| Altman-Z'' Score: 1.39 = BB |
Beneish M -2.29
| DSRI: 1.33 (Receivables 294.9m/207.2m, Revenue 6.45b/6.03b) |
| GMI: 1.44 (GM 36.26% / 52.21%) |
| AQI: 1.03 (AQ_t 0.92 / AQ_t-1 0.90) |
| SGI: 1.07 (Revenue 6.45b / 6.03b) |
| TATA: 0.00 (NI 2.80b - CFO 2.55b) / TA 91.73b) |
| Beneish M-Score: -2.29 (Cap -4..+1) = BBB |
What is the price of VNA shares?
Over the past week, the price has changed by +5.17%, over one month by +14.04%, over three months by +6.02% and over the past year by +1.00%.
Is VNA a buy, sell or hold?
What are the forecasts/targets for the VNA price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 34.7 | 26.5% |
| Analysts Target Price | - | - |
VNA Fundamental Data Overview February 20, 2026
P/E Trailing = 8.4861
P/E Forward = 12.7065
P/S = 3.0959
P/B = 0.8592
P/EG = 14.7462
Revenue TTM = 6.45b EUR
EBIT TTM = 1.96b EUR
EBITDA TTM = 2.42b EUR
Long Term Debt = 36.42b EUR (from longTermDebt, last quarter)
Short Term Debt = 6.15b EUR (from shortTermDebt, last quarter)
Debt = 43.68b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 40.68b EUR (from netDebt column, last quarter)
Enterprise Value = 63.93b EUR (23.25b + Debt 43.68b - CCE 3.01b)
Interest Coverage Ratio = 2.29 (Ebit TTM 1.96b / Interest Expense TTM 856.8m)
EV/FCF = 27.61x (Enterprise Value 63.93b / FCF TTM 2.32b)
FCF Yield = 3.62% (FCF TTM 2.32b / Enterprise Value 63.93b)
FCF Margin = 35.92% (FCF TTM 2.32b / Revenue TTM 6.45b)
Net Margin = 43.42% (Net Income TTM 2.80b / Revenue TTM 6.45b)
Gross Margin = 36.26% ((Revenue TTM 6.45b - Cost of Revenue TTM 4.11b) / Revenue TTM)
Gross Margin QoQ = 59.81% (prev 58.83%)
Tobins Q-Ratio = 0.70 (Enterprise Value 63.93b / Total Assets 91.73b)
Interest Expense / Debt = 0.37% (Interest Expense 160.7m / Debt 43.68b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 1.47b (EBIT 1.96b * (1 - 25.00%))
Current Ratio = 1.09 (Total Current Assets 6.51b / Total Current Liabilities 6.00b)
Debt / Equity = 1.67 (Debt 43.68b / totalStockholderEquity, last quarter 26.08b)
Debt / EBITDA = 16.78 (Net Debt 40.68b / EBITDA 2.42b)
Debt / FCF = 17.57 (Net Debt 40.68b / FCF TTM 2.32b)
Total Stockholder Equity = 24.76b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.06% (Net Income 2.80b / Total Assets 91.73b)
RoE = 11.30% (Net Income TTM 2.80b / Total Stockholder Equity 24.76b)
RoCE = 3.21% (EBIT 1.96b / Capital Employed (Equity 24.76b + L.T.Debt 36.42b))
RoIC = 3.21% (NOPAT 1.47b / Invested Capital 45.81b)
WACC = 1.96% (E(23.25b)/V(66.93b) * Re(5.11%) + D(43.68b)/V(66.93b) * Rd(0.37%) * (1-Tc(0.25)))
Discount Rate = 5.11% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.40%
[DCF Debug] Terminal Value 88.28% ; FCFF base≈2.03b ; Y1≈2.46b ; Y5≈4.02b
Fair Price DCF = 90.46 (EV 117.41b - Net Debt 40.68b = Equity 76.73b / Shares 848.3m; r=5.90% [WACC]; 5y FCF grow 22.74% → 2.90% )
EPS Correlation: 7.80 | EPS CAGR: 40.36% | SUE: 4.0 | # QB: 1
Revenue Correlation: 70.09 | Revenue CAGR: 6.03% | SUE: 0.90 | # QB: 2
EPS next Quarter (2026-03-31): EPS=0.44 | Chg30d=-0.046 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=1.97 | Chg30d=+0.011 | Revisions Net=+1 | Growth EPS=+4.8% | Growth Revenue=+3.2%