Vonovia SE (VNA.DE) stock analysis

In our weekly check, Vonovia SE is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 4, red flags: 8.

About Vonovia SE

Vonovia SE is a Real Estate company (Real Estate - Services) based in Germany, listed on XETRA as VNA.DE.

What our checks show for VNA.DE

Red flags

• Net debt is 9.1x a year of EBITDA (debt/equity 1.58). That limits room in a downturn and raises refinancing risk.
• The net margin fell by 13.2 points over 5 years, to 60.8%: the company keeps less of each sale as profit.
• The gross margin fell by 4.6 points, to 57%: costs are rising faster than prices.
• Operating cash flow is only 0.43x net profit: part of the reported profit does not arrive as cash.
• Analysts expect revenue to shrink about 19.4% a year.
• Analysts expect the net margin to shrink by 15.3 points from today's 60.8%.
• The stock has fallen as much as 73% from a peak. Would you have held through that?
• Return on capital (ROCE) is only 2.9%.

Warning signs

• Operating profit covers interest only 3 times: a weak year could make the payments hard.
• Analysts expect earnings per share to shrink about 31.3% a year.
• The stock is still below its previous peak.
• Beta 1.48: the stock usually moves more than the market, both up and down.

Strengths

• Earnings per share grew 75.6% a year over the last 3 years.
• The company keeps 60.8% of its revenue as net profit.
• Free cash flow is 20.5% of revenue: cash for dividends, buybacks or growth.
• The price is 3.6 times earnings (P/E), reasonable for its growth.
• A large company: market value $15.73 billion.
• Actively traded: about 3.1 million shares a day.

Next earnings report: 2026-11-04

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Questions

What grade does Vonovia SE (VNA.DE) have?

In our weekly check, Vonovia SE is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 4, red flags: 8. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of VNA.DE stock?

This week's biggest flags for Vonovia SE: High debt, Margins falling, Gross margin falling. In total 12 of 24 checks show a warning or a red flag.

What does Vonovia SE do?

Vonovia SE is a Real Estate company (Real Estate - Services) based in Germany, listed on XETRA as VNA.DE.

When does Vonovia SE report earnings next?

The next earnings report is expected on 2026-11-04. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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