Porsche SE Stock (PAH3): Holding Company Analysis

When you search for Porsche shares, you come across two different listings. This page covers Porsche SE stock — the shares of Porsche Automobil Holding SE (ticker PAH3), the holding company through which the Porsche and Piëch families control Volkswagen. The maker of the 911 and the Taycan, Porsche AG, has been listed separately since September 2022 under the ticker P911. Understanding what sets the two apart is essential before buying.

Last updated: October 21, 2026

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() Share Price: Live

The share price currently stands at , a move of % on the session for . This is the non-voting preference share, the only class of shares in the holding that is listed.

Today, opened at , reached a high of , a low of and a last close of . The PAH3 share price tracks Volkswagen’s closely: the carmaker represents the bulk of the value of the stakes.

Porsche SE vs Porsche AG: Who Owns What?

The chain of control is as follows (Porsche SE 2025 annual report):

1. The Porsche and Piëch families own all of the ordinary voting shares of .
2. Porsche SE holds 31.9% of the share capital and 53.3% of the voting rights of Volkswagen.
3. Volkswagen owns more than 75% of the share capital of Porsche AG.
4. Porsche SE also directly holds 25% of the ordinary shares of Porsche AG plus one share, i.e. 12.5% of the capital.

Buying shares therefore mostly means taking indirect exposure to Volkswagen, with a smaller slice of Porsche AG and a handful of portfolio stakes (logistics with PTV, mobility with Flix, technology funds, and since September 2026 a stake in Stoke Space).

Why the Porsche SE Stock Price Moves

The price of PAH3 depends far more on its stakes than on any business of its own, since the holding has no industrial operations. Four factors explain most of its moves:

• Volkswagen: earnings, margin guidance, sales in China and Europe. The Volkswagen stake Porsche SE controls represents the bulk of the value of its assets; our guide to buying Volkswagen stock covers this story in detail.
• Porsche AG: deliveries, operating margin and the carmaker’s electric model schedule.
• Dividends received: they fund the dividend paid by the holding and the servicing of its debt. A cut in Volkswagen’s dividend feeds through directly.
• The holding discount: when markets turn more pessimistic, the gap between the value of the stakes and the share price widens, which amplifies the fall.

Add the headwinds shared by all German auto stocks: US tariffs, Chinese competition and the cost of the electric transition. Finally, net debt of around €5 billion creates a leverage effect: when the value of the stakes falls, the equity left for shareholders falls proportionally faster.

Porsche AG Stock (P911): The Other Porsche Share

Many investors searching for « Porsche stock » actually mean the maker of the 911, Cayenne and Taycan: Dr. Ing. h.c. F. Porsche AG, listed in Frankfurt under the ticker P911 (ISIN DE000PAG9113). Volkswagen floated it in September 2022, in one of the largest European IPOs of the decade, selling only a minority of the capital.

Buying P911 means investing directly in the carmaker: its sales, its margins, its brand. The listed shares are non-voting preference shares; the ordinary shares are split between Volkswagen and Porsche SE. After a promising start, the stock has fallen sharply on weaker sales in China, US tariffs and delayed electric models — to the point of leaving the DAX for the MDAX in September 2025.

The choice between the two stocks depends on your goal:

• P911 if you want pure exposure to the Porsche brand and the luxury sports-car segment.
• PAH3 if you want exposure to the entire Volkswagen group, with a discount and a leverage effect tied to the holding structure.

In both cases the investor has no voting rights: the Porsche and Piëch families keep control, through Porsche SE.

Should You Buy PORSCHE Stock – Key Figures

Over 52 weeks, stock has traded between and . The gauge places the current price within that range.

The last five sessions of ():

Sources: 2025 annual report and 2026 half-year report. The gap between adjusted and reported profit comes from accounting write-downs on the stakes: €20 billion of losses in 2024, and a further €3.0 billion impairment on Volkswagen in H1 2026. Net asset value (NAV) fell from €17.8 billion at end-2025 to €12.5 billion at end-June 2026, and market capitalization from €12.2 billion to around €8.3 billion over the same period.

Market data and history, updated automatically

Source: Yahoo Finance, data collected by the server (collection date shown under each block). PER not shown: the value supplied by the source is inconsistent with the latest published accounts. Indicative data only, not investment advice.

Is Stock a Good Buy?

At the current price of , the data feed attributes a dividend of per share, for a yield of %. That yield depends directly on the dividends Volkswagen and Porsche AG pay up to the holding.

For , the main argument for buyers is the discount: the stock trades roughly one-third below the value of its stakes (34% at end-June 2026, versus 31% at end-2025, according to Porsche SE).

The main argument for sellers is the state of the German car industry. At Porsche AG, deliveries fell 10% in 2025 to 279,449 cars, including -26% in China, and the operating margin dropped to 1.1%, dragged down by delayed electric models, the Cellforce battery subsidiary and around €0.7 billion of US tariffs (Porsche AG 2025 annual report).

Michael Leiters replaced Oliver Blume at the head of Porsche AG on January 1, 2026; Oliver Blume remains CEO of Volkswagen.

On September 18, 2026, Volkswagen cut its 2026 margin guidance to « up to 1% », and Porsche SE lowered its own adjusted-profit guidance to a range of -€0.5 to +€1.5 billion (ad hoc announcements).

Good news, on the other hand, on September 30, 2026: Germany’s Federal Court of Justice confirmed the dismissal of claims worth about €5.4 billion brought by hedge funds over the 2008 attempted takeover of Volkswagen (press release). Our guide to fundamental analysis helps you read this kind of holding company.

How to Calculate the Porsche SE Discount to NAV

The discount is calculated by comparing the net asset value (NAV) — the stakes at market price, net debt deducted — with the market capitalization. Using the end-June 2026 figures cited above: a NAV of €12.5 billion and a market cap of about €8.3 billion give a discount of roughly one-third.

A wide discount is not necessarily a bargain. It reflects the lack of voting rights, the holding’s debt, its running costs and the absence of any prospect of liquidation. It can narrow if Volkswagen recovers or if the holding buys back shares — but it can also persist for years, or even widen.

History: From the Battle for Volkswagen to the DAX Exit

The story of Porsche SE is inseparable from one of the most famous episodes of the German stock market. In 2008, Porsche — then far smaller than Volkswagen — gradually accumulated shares and options on its Wolfsburg neighbor with a view to taking control. The disclosure of that position, at the end of October 2008, triggered a violent short squeeze: for a few sessions, Volkswagen briefly became the largest company in the world by market capitalization.

The financial crisis then made the takeover impossible to finance. The script flipped: Volkswagen gradually absorbed Porsche’s carmaking operations, and Porsche SE became the controlling holding company of Volkswagen known today. The episode led to lengthy legal proceedings brought by hedge funds, definitively dismissed by the Federal Court of Justice in September 2026.

More recently, the fall in Volkswagen and Porsche AG has produced heavy accounting write-downs and a steep drop in market capitalization, all the way to the exit from the DAX in June 2026.

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How to Read a Porsche SE Earnings Release

Three figures are enough to track the holding. Adjusted profit, which reflects the share of the stakes’ earnings, shows real earning power. Net asset value and the discount show how the market values the whole. Net debt and the gearing ratio measure the safety margin.

Reported net profit, often spectacular, is on the other hand blurred by accounting write-downs: a reported loss of several billion does not mean an equivalent cash outflow.

Analyst Consensus and Price Target for Stock

Analysts generally value Porsche SE as the sum of its stakes, to which they apply a discount. Any revision of Volkswagen’s price target therefore flows through to that of the holding.

Dividend

Concretely, Germany withholds about 26.4% (tax on capital income plus the solidarity surcharge). The Franco-German tax treaty caps German tax at 15% for a French resident: those 15% open entitlement to a tax credit in France, and the excess can be reclaimed from the German federal tax authority — administrative paperwork to anticipate on small amounts.

Shareholders

The capital of consists of 153.125 million ordinary shares — unlisted and held indirectly by the Porsche and Piëch families — and just as many listed preference shares with no voting rights. An investor buying PAH3 therefore has no influence over decisions: the only benefit is a claim on the dividend.

Competitors

Through its stakes, is exposed to the entire global car market:

• Ferrari: the direct rival of Porsche AG in luxury sports cars, with far higher margins (Buy Ferrari stock).
• BMW and Mercedes-Benz: the other two German premium carmakers, rivals of Audi and Porsche.
• Toyota, Stellantis and the Chinese carmakers: Volkswagen’s competition on volumes, notably BYD in China, where the German group is losing market share.

Porsche SE Stock: Strengths and Risks

Investing in a specific stock such as amounts to a bet on a Volkswagen recovery, with a leverage effect tied to the holding’s debt.

Is Porsche SE stock a good buy, then? The stock can suit the patient investor, convinced of a recovery in the German car industry, who accepts the absence of voting rights and a variable dividend. It is a poor fit for anyone seeking stable income or diversified exposure. A prudent approach is to keep the position small, build it in several steps and follow Volkswagen’s quarterly reports. Invested capital is not guaranteed.

How to Buy Porsche SE Stock

Buying shares from France goes through the German stock exchange, which trades at the same hours as Paris.

1. Pick the right stock: Porsche Automobil Holding SE, ticker PAH3, ISIN DE000PAH0038, listed on Xetra and the Frankfurt Stock Exchange. Do not confuse it with Porsche AG (P911, ISIN DE000PAG9113).
2. Pick the account wrapper: a standard brokerage account can buy PAH3 without difficulty. For the PEA, the company does have its registered office in the European Union, but the rules exclude preference shares (PEA rules): check with your institution whether it accepts this stock.
3. Mind the trading hours: Xetra trades from 9 a.m. to 5:30 p.m., in step with Paris.
4. Place a limit order in euros; our guide to stock market orders explains the different order types.
5. Follow Volkswagen’s announcements, which explain most of the moves in the stock.

To trade Porsche SE stock up or down without owning the shares, you can use a CFD account with Vantage, which offers CFDs on European stocks. Check the list of instruments to confirm that PAH3 or P911 is available. Terms are detailed in our Vantage review.

Diversifiez votre patrimoineInvestissez dans l’artDes tableaux originaux, pièces uniques signées par l’artiste. Un actif tangible, loin des écrans et des cotations.Voir les tableaux →

Frequently Asked Questions About Porsche Stock