Stellantis N.V. (STLA)

Price$5.40Cached quoteAs of 2026-09-11 22:49 UTC

AI: Undervalued

Price checkThe shares look undervalued because the market assumes a weak recovery will last for years.

SEC disclosure shows 2.897 billion common shares at year-end 2025; the higher 3.764 billion total in the supplied history includes about 866 million special voting shares, so it should not drive common-stock valuation. Using the European listing as a currency cross-check, common equity is worth about €13 billion, versus €53.6 billion of accounting net assets, or roughly 0.24 times book value. The price is also about seven times annualized first-half 2026 adjusted earnings per share, which removes unusual items. That discount supports undervaluation if the recovery continues.

Big pictureStellantis is recovering from a severe earnings collapse, but cash generation remains fragile.

From 2021 through 2023, net income rose from €14.2 billion to €18.6 billion while operating cash flow stayed near €18-20 billion. In 2024, net income fell to €5.5 billion and operating cash flow to €1.5 billion; 2025 brought a €22.4 billion loss and negative €4.65 billion operating cash flow. Company disclosures say €25.4 billion of unusual charges drove the loss, with €6.5 billion of cash payments over four years. Q2 2026 returned to profit and €1.0 billion of industrial free cash flow, meaning cash left after operations and investment, but first-half free cash flow remained negative.

Business strengthA large cash buffer and valuable brands provide time while management repairs the business.

The supplied consolidated figures show cash falling from €43.7 billion in 2023 to €30.1 billion in 2025 while total debt rose from €29.5 billion to €45.9 billion, a sharp loss of balance-sheet cushion. Still, industrial available liquidity was €44.1 billion in Q2 2026. Capital allocation also reversed: 2024 included €3.0 billion of buybacks and €4.65 billion of dividends, while the 2026 dividend was suspended and €5 billion of hybrid bonds, debt-like securities with equity features, were issued. SEC data show common shares rose only about 0.6% in 2025, so recent dilution is modest.

What could change the storyA durable cash recovery would unlock upside, while tariffs or another product reset could erase it.

The strongest bull case is visible in North America: Q2 revenue rose 32%, U.S. market share reached 7.4%, and management targets €190 billion of 2030 revenue, a 7% operating profit margin before unusual items, and €6 billion of industrial free cash flow. At today’s valuation, even partial delivery could create substantial upside. The bear case is equally specific: Europe still posted a negative adjusted margin, 2026 tariff costs are estimated at €1.0-1.2 billion, and roughly €2 billion of reset-related cash payments fall this year. A stalled 2027 cash turn would break the thesis.

AI: News

Quarterly recovery disappointsSecond-quarter sales improved sharply, but thin profits missed expectations and the shares fell.

On July 30, revenue rose 13% to €43.5 billion and adjusted operating income reached €773 million, but Reuters reported that this missed the €914 million analyst estimate. The adjusted operating margin was only 1.8%, and first-half industrial free cash flow remained negative €921 million despite a 69% year-over-year improvement. Reuters reported the Milan shares closed down 4.31%. The reaction matters because investors wanted proof that higher North American volumes were already converting into stronger margins and cash.

Major software recallA large software recall added fresh quality concerns just as the turnaround was trying to rebuild trust.

On August 17, Stellantis recalled about 955,000 vehicles worldwide because radio software could stop rear-view cameras from displaying correctly; 848,000 were in the United States. The fix is expected through an over-the-air software update, and Stellantis reported no related crashes or injuries. The U.S.-listed shares traded down more than 4% that day and touched a multiyear low. The timing supports a market reaction, but it does not prove the recall caused the entire move.

Canada tariff escalationEscalating Canada tariffs threatened a highly integrated supply chain and pushed automaker shares lower.

On August 24, the U.S. president threatened 50% tariffs on Canadian-made cars, trucks and auto parts from January 2027 after trade talks collapsed. Reuters said the dispute threatens one of the world’s most integrated auto supply chains; separate market coverage showed Stellantis shares down about 3.5% that session. For Stellantis, the mechanism is concrete: cross-border vehicles and parts can become more expensive or require production shifts, adding pressure to a turnaround that already expects €1.0-1.2 billion of 2026 tariff costs.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€153.51B	€156.88B	€189.54B	€179.59B	€149.42B	€47.66B	€58.99B	€110.41B	€105.73B	€105.80B	€110.59B
Gross profit	−€2.12B	€20.52B	€38.14B	€35.27B	€29.48B	€9.41B	€12.37B	€15.40B	€16.02B	€14.87B	€12.97B
Gross margin	−1.38%	13.08%	20.12%	19.64%	19.73%	19.74%	20.97%	13.95%	15.15%	14.06%	11.73%
Research & development	€11.14B	€5.78B	€5.62B	€5.20B	€4.49B	€2.23B	€2.57B	€3.05B	€2.90B	€2.93B	€2.86B
Operating expenses	€24.14B	€16.83B	€15.77B	€14.99B	€13.61B	€6.40B	€8.71B	—	—	—	—
Operating income	−€26.25B	€3.69B	€22.38B	€20.28B	€15.86B	€3.01B	€3.65B	—	—	—	—
Operating margin	−17.10%	2.35%	11.81%	11.29%	10.62%	6.32%	6.20%	—	—	—	—
EBITDA	−€19.27B	€10.91B	€29.93B	€27.07B	€21.73B	€5.39B	€5.85B	—	—	—	—
EBITDA margin	−12.56%	6.96%	15.79%	15.07%	14.55%	11.30%	9.91%	—	—	—	—
Net income	−€22.33B	€5.52B	€18.63B	€16.78B	€14.21B	€2.02B	€3.58B	€3.63B	€3.51B	€1.81B	€377.0M
Net profit margin	−14.55%	3.52%	9.83%	9.34%	9.51%	4.25%	6.08%	3.29%	3.32%	1.71%	0.34%
Basic EPSper basic share	-€7.75	€1.86	€5.98	€5.35	€4.64	€1.41	€2.05	€2.33	€2.27	€1.19	€0.22
Diluted EPSper diluted share	-€7.75	€1.84	€5.94	€5.31	€4.51	€1.34	€1.95	€2.30	€2.24	€1.18	€0.22

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of STLA
Holder	Shares held
Bpifrance SA	192.7M
GOLDMAN SACHS GROUP INC	87.06M
VANGUARD CAPITAL MANAGEMENT LLC	68.6M
CITIGROUP INC	48.8M
Amundi	46.08M
UBS Group AG	43.21M
NORGES BANK	42.9M
Bank of Italy	37.43M
MORGAN STANLEY	34.43M
BARCLAYS PLC	27.37M
Employees Provident Fund Board	26.07M
VANGUARD FIDUCIARY TRUST CO	19.54M
DekaBank Deutsche Girozentrale	16.98M
Vontobel Holding Ltd.	16.83M
BANK OF AMERICA CORP /DE/	15.59M
Intesa Sanpaolo S.p.A.	13.74M
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	13.74M
Legal & General Group Plc	13.47M
AQR CAPITAL MANAGEMENT LLC	13.47M
DEUTSCHE BANK AG\	11.43M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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