Stellantis at a record low $4.41 is worth about €11.3 billion, barely above its €10 billion industrial net cash

Stellantis chief executive Antonio Filosa reconfirmed the automaker's 2026 guidance and its longer-term cash targets on Wednesday at an Automotive News event in Detroit, CNBC reported. "We are completely committed and we are convinced that we will do that," he said. He repeated the targets of positive free cash flow in 2027 and more than €3 billion of free cash flow in 2028.

The comments came a day after the U.S.-listed shares closed at $4.43, down 4.1%, a record closing low. CNBC said the stock is down nearly 60% this year, on track for its worst year since Fiat Chrysler and PSA merged in January 2021. At 11:54 a.m. Eastern on Wednesday it was at $4.41, according to Nasdaq, about 64% below its 52-week high of $12.22.

The number behind the number

Nasdaq puts Stellantis's market value at about $12.8 billion. At Wednesday's exchange rate of about $1.1345 per euro, that is roughly €11.3 billion. The company's second-quarter results show an industrial net financial position of €10.0 billion at June 30: cash and liquid securities in the car business minus its debt, excluding the finance arm. On those figures, investors are paying about €1.2 billion for everything else: 14 brands and a business that had €43.5 billion of revenue in the second quarter alone.

That is less of a bargain than it sounds, and the same filing shows why. The net cash figure is a June snapshot. The company burned €921 million of industrial free cash in the first half and still owes about €1.1 billion of the roughly €2 billion in cash payments tied to charges it took in late 2025. It expects €1.0 billion to €1.2 billion of net tariff costs this year.

What the guidance actually promises

The 2026 targets Filosa reaffirmed are modest: a mid-single-digit percentage rise in net revenue and an adjusted operating margin in the low single digits. Second-quarter margin was 1.8%, up from 0.6% a year earlier, with first-half margin at 2.1%. North American revenue rose 32% in the quarter, and every region except Europe had a positive margin. Industrial free cash flow was €1.0 billion in the quarter after a €4.5 billion outflow for all of last year, according to CNBC.

Filosa's plan keeps all 14 brands but focuses investment on Jeep, Ram, Peugeot and Fiat, Yahoo Finance reported. The company has also said second-half results will be weighted toward the fourth quarter, after a summer production shutdown in the third. That makes the fourth quarter, not the next report, the first real test of the 2027 cash flow promise.

Sources: CNBC; Stellantis Q2 2026 results via SEC EDGAR; Nasdaq; Yahoo Finance. The euro conversion and the gap to net cash are our calculations. This is market information, not investment advice.