GmbH & Co. KGaA · Börsennotiert · 1. Bundesliga · Est. 1909 · Signal Iduna Park (81.365) · Dortmund
What is the financial situation of Borussia Dortmund? Borussia Dortmund achieves a Financial Stability Score of 68 out of 100 (rating: yellow). The equity ratio stands at 55.5% (league average: 34.1%), the personnel cost ratio at 44.7%. The liabilities ratio is 40.9%. Equity stands at €327M.
Data as of:DFL Financials: FY 2023/24 (reporting date 30.06.2024)·Squad values: April 2026·Transfers: current·Update: DFL FY 24/25 expected May/June 2026
Record revenue with declining profits. Personnel costs are eating the Champions League bonus. BVB generated record revenue of 526M in 2024/25 — driven by higher matchday, media and transfer revenues. Despite the strong top line, profit fell significantly. The club is robust, not antifragile: it survives normal fluctuations but would be seriously endangered by a structural shock (relegation, multi-year CL exclusion).
Die DFL-Bilanz zeigt einen finanziell soliden Club. Die Leading Indicators zeigen einen Club in der Ergebniswende. Die Strukturrisiken zeigen ein Geschäftsmodell, das auf Fortschreibung von Transferinflation und CL-Teilnahme gebaut ist. Der Black Swan — ein Private-Credit-getriebener Rückgang der PL-Kaufkraft — würde nicht nur den BVB treffen, sondern das gesamte Bundesliga-Exportmodell.
Financial data shown is based on DFL Financial Indicators 2025 (FY 2023/24, reporting date 30.06.2024). The Bundesliga overall grew by 6.7% in 2024/25 to over €5 billion in revenue. Whether Borussia Dortmund benefited disproportionately will be revealed by the next DFL Financial Indicators, expected May or June 2026. The Outlook tab below contains an informed projection.
68
Robust
Revenue 2023-24
€600.6M
Gross revenue · Konzern accounts
Personnel Cost Ratio
44.7%
League avg. 47.9%
Squad Value
€510M
BV €220M · Reserves €290M
Signal Iduna Park
81.365 seats
Eigentum
Equity Ratio
55.5%
League avg. 34.1%
Liabilities Ratio
40.9%
League avg. 47.0%
Summary: Record revenue with declining profits. Personnel costs are eating the Champions League bonus. BVB generated record revenue of 526M in 2024/25 — driven by higher matchday, media and transfer revenues. Despite the strong top line, profit fell significantly. The club is robust, not antifragile: it survives normal fluctuations but would be seriously endangered by a structural shock (relegation, multi-year CL exclusion).
DFL License Check
BVB meet all DFL criteria. Equity ratio of 55.5% is well above the league average (34.1%). Liabilities ratio of 40.9% is below 50%. As a listed company, BVB are subject to additional transparency requirements that strengthen balance sheet discipline.
Positive Equity
\u2713
€327M
Passed
Equity Ratio > 30%
\u2713
55.5%
+25.5pp buffer
Liabilities < 50%
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40.9%
9.1pp buffer
Balance Sheet (2024-06-30)
Total Assets€589.7M
Equity€327M
Liabilities€241M
P&L (2023-24)
Revenue€600.6M
Personnel Costs€268.5M
EBITDA€153M
Net Income€44.3M
Equity X-Ray — Hidden Reserves
High book values from expensive signings. The talent factory model works — Bellingham (103M), Sancho (85M), Haaland (75M) generated massive hidden reserves that have since been realized. Current squad has moderate repricing risk for players like Adeyemi (book value declining toward market value).
Squad Valuation
Player Assets (Book Value)€220M
Squad Market Value€510M
Hidden Reserves€290M
Key Players (largest hidden reserves)
Karim Adeyemi BV €18M → MV €60M+€42M
Nico Schlotterbeck BV €8M → MV €55M+€47M
Felix Nmecha BV €18M → MV €45M+€27M
Transfer Balance (5 Years)
Season
Spending
Income
Net
2025-26
€100M
€76M
-€24M
2024-25
€95M
€64M
-€31M
2023-24
€66M
€113M
+€47M
2022-23
€86M
€95M
+€9M
2021-22
€55M
€95M
+€40M
5-Year Balance
€402M
€443M
+€41M
Financial Stability Score — Components
Equity Ratio (25%)
100
Personnel Costs (25%)
75
Liabilities (20%)
50
Transfer Balance (15%)
65
Revenue Diversif. (15%)
55
Strengths
Highest attendance in the Bundesliga (81,000+)
Strong brand value — global recognition
Proven talent development pipeline (Bellingham, Sancho, Haaland)
Signal Iduna Park fully owned
Positive 5-year transfer balance (+41M, driven by mega-sales)
Weaknesses
Personnel cost ratio of 58% — rising
Forecast annual loss of -12 to -22M for 2025/26
CL elimination in February 2026 — significant revenue loss
Stadium leverage risk: 81,000 seats upon relegation = largest revenue crash in the league
Risk Profile
Leading Indicators
Quartalsberichte (IFRS)
H1 2025-26: PK +9,5%, Prognose auf Verlust gesenkt (-12 bis -22 Mio). Einziger börsennotierter BL-Club — Echtzeit-Transparenz.
Transferbudget
Sommer 2026 nur 25-40 Mio trotz CL + Klub-WM. Zeigt: Erlöse werden von PK aufgefressen.
Vertragssituation Kader
7 Verträge liefen Sommer 2026 aus (Brandt, Süle, Can, Groß, Özcan, Meyer, Reyna). Entlastet PK, aber: Qualitätsverlust ohne Ersatzinvestitionen.
Structural Risks
Hoch
Talentfabrik-Abhängigkeit
Geschäftsmodell braucht alle 1-2 Jahre einen 80M+ Verkauf an PL-Clubs. Ohne: operativer Verlust.
Hoch
CL-Abhängigkeit
Ohne CL-Qualifikation fehlen 50-80 Mio TV/Prämien. Unterschied zwischen Gewinn und signifikantem Verlust.
Mittel
Gehaltsrigidität
268 Mio PK bei 526 Mio Umsatz (51% reale PK-Quote). Langfristige Verträge mit Hochverdienern bremsen Anpassung.
Black Swan
PL Transfer-Deflation durch Private Credit Bust
Blue Owl -68%, BDC-Markt in Kontraktion. PE-finanzierte PL-Clubs (Chelsea/Clearlake, Man City/Silver Lake) unter Druck. PL Squad Cost Ratio 85% ab 2026-27 deckelt zusätzlich. Wenn PL-Kaufkraft strukturell sinkt, bricht BVBs Kerngeschäftsmodell.
Verpasste CL-Quali + kein Star-Verkauf
Kombination aus: keine CL 2026-27 (-50-80M) + Adeyemi-Abgang unter Marktwert oder Verlängerung statt Verkauf = Verlust von 30-50 Mio, EK-Quote unter 50%.
Outlook — FY 2024/25 Projection
Estimate · No official figures
Official DFL financial data covers FY 2023/24. Based on known parameters — transfer activity 2024/25, league growth (+6.7% per DFL Economic Report), sporting results — an informed projection for 30.06.2025 can be constructed. This estimate will be replaced once the official DFL financial data is published, expected May/June 2026.
Metric
FY 23/24 (DFL)
FY 24/25 (Estimate)
Revenue
€600.6M
~€641M
Personnel Costs
€268.5M
~€285M
Personnel Cost Ratio
44.7%
~44.5%
Estimated Result
€44.3M
~€31–47M
Estimated Equity
€327M
~€358–374M
Estimated Equity Ratio
55.5%
~58–60%
Simulator (coming soon): Scenario Simulator (coming soon): From summer 2026, you can run scenarios here — What happens upon relegation? What does Europa League qualification bring? Revenue, costs, required actions — interactive per club.
Frequently Asked Questions
How does Dortmund's financial outlook look?
Mixed: record revenue of 526M but forecast annual loss of -12 to -22M for 2025/26 after CL elimination. Personnel costs rising +9.5%. The balance sheet is lagging (strong), the quarterly data is leading (weakening).
Is BVB still a talent factory?
Yes, but the model depends on the Premier League as buyer. The PL Squad Cost Ratio (85% from 2026/27) could structurally reduce transfer prices. Without mega-sales like Bellingham (103M), the model doesn't work.
Why does BVB have to cut costs despite record revenue?
Because revenue growth (+3.3%) is slower than cost growth (personnel +9.5%). Net margin is only 2.3%. CL elimination costs an estimated 20-30M in TV/prize money. Without the Gittens sale (54.9M), H1 would already be deep red.
How transparent is BVB compared to other clubs?
BVB are the only listed Bundesliga club and thus the most transparent. Quarterly reports, annual reports, IR presentations — all public. No other club provides this level of financial insight.
What happens if BVB miss CL again?
Scenario model shows: no CL costs approximately 40M in lost revenue. With rising personnel costs and thin margins, a second consecutive miss would likely trigger player sales and a strategic reset.
How current is the data on this page?
Balance sheet data is from DFL Financial Indicators 2025, covering FY 2023/24 (reporting date 30.06.2024). Quarterly data is from BVB H1 report (February 2026). Squad values are current (April 2026). Next DFL club-level data expected May/June 2026.