e.V. / AG · 1. Bundesliga · Est. 1893 · MHPArena (60.449) · Stuttgart
What is the financial situation of VfB Stuttgart? VfB Stuttgart achieves a Financial Stability Score of 56 out of 100 (rating: yellow). The equity ratio stands at 23.8% (league average: 34.1%), the personnel cost ratio at 48.5%. The liabilities ratio is 49.4%. Equity stands at €67.8M.
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
VfB Stuttgart are on the rise: CL qualification 2024, Porsche as strategic partner, young squad with high development potential. But the MHPArena is city-owned (rent), and the Porsche investment, while prestigious, brings dependency risk. Stuttgart's sporting resurgence needs financial consolidation — one bad season could undo the progress.
Stuttgart ist der spannendste Club der Liga: Sportlich auf dem höchsten Niveau seit 20 Jahren, bilanziell auf dünnem Eis. Der Porsche-Anker stabilisiert, aber die EK-Quote (21,7%) lässt wenig Raum für Rückschläge. Ein Abstiegs-Flashback wie 2019 wäre bei der aktuellen Kostenstruktur deutlich teurer als damals.
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 VfB Stuttgart benefited disproportionately will be revealed by the next DFL Financial Indicators, expected May or June 2026. The Outlook tab below contains an informed projection.
56
Robust
Revenue 2023-24
€276.7M
Gross revenue · Konzern accounts
Personnel Cost Ratio
48.5%
League avg. 47.9%
Squad Value
€340M
BV €100M · Reserves €240M
MHPArena
60.449 seats
Stadt (Miete)
Equity Ratio
23.8%
League avg. 34.1%
Liabilities Ratio
49.4%
League avg. 47.0%
Summary: VfB Stuttgart are on the rise: CL qualification 2024, Porsche as strategic partner, young squad with high development potential. But the MHPArena is city-owned (rent), and the Porsche investment, while prestigious, brings dependency risk. Stuttgart's sporting resurgence needs financial consolidation — one bad season could undo the progress.
DFL License Check
Equity positive after years of recovery. The Bundesliga return (2020) and CL qualification (2024) have stabilized finances. But the equity ratio remains below the league average — Stuttgart have less buffer than fans assume.
Positive Equity
\u2713
€67.8M
Passed
Equity Ratio > 30%
\u2717
23.8%
-6.2pp below threshold
Liabilities < 50%
\u2713
49.4%
0.6pp buffer
Balance Sheet (2024-12-31)
Total Assets€284.8M
Equity€67.8M
Liabilities€140.7M
P&L (2023-24)
Revenue€276.7M
Personnel Costs€134.1M
EBITDA€48.6M
Net Income€15.5M
Equity X-Ray — Hidden Reserves
Young squad with significant hidden reserves. Players like Undav, Führich, and Guirassy (before sale) were acquired cheaply and developed. Porsche partnership adds prestige but not direct squad investment. Moderate repricing risk.
Squad Valuation
Player Assets (Book Value)€100M
Squad Market Value€340M
Hidden Reserves€240M
Key Players (largest hidden reserves)
Angelo Stiller BV €3M → MV €45M+€42M
Nick Woltemade BV €0M → MV €30M+€30M
Enzo Millot BV €4M → MV €35M+€31M
Transfer Balance (5 Years)
Season
Spending
Income
Net
2025-26
€50M
€45M
-€5M
2024-25
€65M
€30M
-€35M
2023-24
€40M
€20M
-€20M
2022-23
€30M
€35M
+€5M
2021-22
€15M
€10M
-€5M
5-Year Balance
€200M
€140M
-€60M
Financial Stability Score — Components
Equity Ratio (25%)
35
Personnel Costs (25%)
65
Liabilities (20%)
40
Transfer Balance (15%)
40
Revenue Diversif. (15%)
60
Strengths
CL qualification 2024 — revenue boost
Porsche as strategic partner — prestige and network
Strong youth development tradition
Large fan base in Baden-Württemberg
Weaknesses
MHPArena rented from the city — ongoing cost
Porsche dependency risk (equity stake)
CL revenue was a one-off — sustainability uncertain
Equity ratio below league average
Risk Profile
Leading Indicators
Sportlicher Erfolgszyklus
Zwei Top-4-Saisons in Folge, DFB-Pokal, CL. Aber: Zyklen drehen. Stuttgart war 2019 Absteiger.
Porsche-Engagement
Porsche hält 11,6% — strategisches Investment, nicht Philanthropie. Stabilisiert Governance.
Structural Risks
Hoch
Bilanz hinkt dem sportlichen Niveau hinterher
CL-Kader auf 21,7% EK-Quote gebaut. Wenn der Erfolg ausbleibt, sind die Kosten da, aber die Erlöse nicht.
Mittel
Abstiegsnarbe 2019
Stuttgart war so kürzlich wie 2019 Zweitligist. Die Distanz zwischen Vizemeister und Abstiegskandidat ist im Fußball kürzer als die Bilanz suggeriert.
Black Swan
Schneller sportlicher Absturz + EK-Erosion
Stuttgart verliert Stiller + Woltemade + Millot in einem Sommer ohne CL-Quali → Erlöse sinken um 50-80M, PK-Struktur bleibt → EK schmilzt auf unter 30M, EK-Quote unter 10%.
PL Transfer-Deflation (wie BVB/Frankfurt)
Woltemade-Transfer an Bayern (65M intern) statt PL-Export wäre weniger lukrativ. Stuttgarts Modell ist weniger PL-abhängig als BVB/Frankfurt, aber nicht immun.
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
€276.7M
~€295M
Personnel Costs
€134.1M
~€142M
Personnel Cost Ratio
48.5%
~48.1%
Estimated Result
€15.5M
~€11–16M
Estimated Equity
€67.8M
~€79–84M
Estimated Equity Ratio
23.8%
~26–28%
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
What does the Porsche partnership mean financially?
Porsche acquired an equity stake in VfB Stuttgart's AG. It brings prestige, network effects, and some financial stability. But it also creates a dependency — Porsche's priorities may not always align with football success.
Can Stuttgart sustain CL qualification?
Uncertain. The 2024 qualification was built on a specific squad and coaching constellation. Losing key players (as happened with Guirassy) makes repeating it difficult. The financial model needs European revenue to work long-term.
Does Stuttgart meet DFL requirements?
Yes, after years of recovery. But the buffer is thinner than at Bayern or Freiburg. One bad season with relegation risk could strain compliance.
Why is the stadium rent a problem?
The MHPArena is city-owned. Stuttgart pay rent instead of keeping all matchday revenue. Over a decade, this adds up to tens of millions in lost earnings compared to clubs with owned stadiums.