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German (DAX) Financials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies135
  • 7D1.6%
  • 3M6.3%
  • 1Y34.5%
  • YTD33.4%

In the last week, the Financials industry is up 2.4%, with Allianz up 1.3%. In the last 12 months, the industry was up 35%. As for the next few years, earnings are expected to grow by 7.0% per annum.

Sector Valuation and Performance

Has the German Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025€462.0b€315.2b€32.7b13.4x14.1x1.5x
Sat, 22 Nov 2025€427.0b€315.2b€32.7b12.7x13.1x1.4x
Mon, 20 Oct 2025€419.4b€323.1b€31.3b13.8x13.4x1.3x
Wed, 17 Sep 2025€423.3b€323.1b€31.4b13x13.5x1.3x
Fri, 15 Aug 2025€458.1b€319.9b€30.9b16.2x14.8x1.4x
Sun, 13 Jul 2025€428.4b€314.9b€27.9b14.7x15.4x1.4x
Tue, 10 Jun 2025€437.1b€315.0b€27.8b18.9x15.7x1.4x
Thu, 08 May 2025€440.1b€309.9b€28.8b17.5x15.3x1.4x
Sat, 05 Apr 2025€397.8b€310.1b€28.1b13.5x14.2x1.3x
Mon, 03 Mar 2025€391.2b€313.4b€28.4b14.2x13.8x1.2x
Wed, 29 Jan 2025€371.9b€307.3b€28.5b14.4x13x1.2x
Fri, 27 Dec 2024€344.8b€310.5b€28.6b13.6x12.1x1.1x
Sun, 24 Nov 2024€339.9b€310.4b€28.5b14.1x11.9x1.1x
Tue, 22 Oct 2024€349.8b€313.3b€27.6b15x12.7x1.1x
Thu, 19 Sep 2024€337.4b€313.1b€27.6b14.9x12.2x1.1x
Sat, 17 Aug 2024€319.8b€313.2b€27.7b16.2x11.5x1x
Mon, 15 Jul 2024€323.5b€303.7b€28.1b15.7x11.5x1.1x
Wed, 12 Jun 2024€317.6b€303.5b€28.0b14.9x11.3x1x
Fri, 10 May 2024€319.5b€301.7b€27.2b15.4x11.7x1.1x
Sun, 07 Apr 2024€317.3b€309.9b€26.2b15.3x12.1x1x
Tue, 05 Mar 2024€301.9b€320.8b€24.5b13.6x12.3x0.9x
Thu, 01 Feb 2024€294.7b€329.5b€24.8b14.4x11.9x0.9x
Sat, 30 Dec 2023€290.1b€329.6b€24.8b14.3x11.7x0.9x
Mon, 27 Nov 2023€282.9b€329.3b€24.8b14.3x11.4x0.9x
Wed, 25 Oct 2023€264.3b€340.4b€24.3b13.6x10.9x0.8x
Fri, 22 Sep 2023€273.9b€351.2b€24.3b13.6x11.3x0.8x
Sun, 20 Aug 2023€264.2b€349.5b€23.4b14.7x11.3x0.8x
Tue, 18 Jul 2023€257.6b€331.7b€24.4b14.3x10.6x0.8x
Thu, 15 Jun 2023€256.8b€331.8b€24.5b15.9x10.5x0.8x
Sat, 13 May 2023€256.7b€326.9b€22.5b13.1x11.4x0.8x
Mon, 10 Apr 2023€256.3b€325.6b€22.6b11.9x11.3x0.8x
Wed, 08 Mar 2023€260.4b€321.7b€22.1b13x11.8x0.8x
Fri, 03 Feb 2023€256.8b€317.5b€17.5b11.9x14.7x0.8x
Sun, 01 Jan 2023€240.5b€317.5b€17.5b10.5x13.8x0.8x
Price to Earnings Ratio

13.8x


Total Market Cap: €240.5bTotal Earnings: €17.5bTotal Revenue: €317.5bTotal Market Cap vs Earnings and Revenue0%0%0%
German Financials Sector Price to Earnings3Y Average 12.6x202320242025
Current Industry PE
  • Investors are optimistic on the German Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.1x which is higher than its 3-year average PE of 12.6x.
  • The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 23% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the German Financials sector?

DE Market0.36%
Financials1.56%
Consumer Finance9.91%
Capital Markets1.67%
Insurance1.59%
Banks1.14%
Diversified Financial0.67%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Banks industry which is trading above its 3-year average PE ratio of 9.6x.
    • Analysts are expecting annual earnings growth of 14.7%, which is higher than its past year's earnings growth of 11.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings decline of 30% per year.
  • In contrast, the Insurance industry is expected to see its earnings grow by 4.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ALV Allianz€391.001.3%
+€1.9b		32.9%PE14.3x
MUV2 Münchener Rückversicherungs-Gesellschaft in München€562.402.1%
+€1.5b		13.2%PE11.6x
DBK Deutsche Bank€33.301.9%
+€1.2b		104.2%PE12.3x
HNR1 Hannover Rück€266.802.3%
+€723.5m		9.0%PE13x
DB1 Deutsche Börse€223.801.4%
+€549.8m		1.2%PE20.4x

Latest News

DWS
€56.30
DWS Group GmbH KGaA
7D
2.2%
1Y
42.5%

DWS: Future Returns Will Depend On Stable Earnings And Modest Margin Resilience

Analysts have nudged their price target for DWS Group GmbH KGaA slightly higher to approximately €57.78 from about €57.74, citing a modestly lower discount rate and stable long term earnings expectations as justification for the incremental upward revision. What's in the News DWS Group GmbH KGaA reaffirmed its earnings guidance for 2025, reiterating its expectation to achieve earnings per share of EUR 4.50 and underlining management confidence in the medium term outlook (Company guidance) Valuation Changes The Fair Value Estimate has risen slightly to about €57.78 from approximately €57.74, reflecting a marginal upward revision.
DBK
€33.30
Deutsche Bank
7D
1.9%
1Y
104.2%

DBK: Buybacks And Digital Asset Partnerships Will Shape A Balanced Outlook

Analysts have trimmed their price target on Deutsche Bank slightly to reflect more conservative assumptions on revenue growth and profit margins, even as longer term valuation multiples remain largely unchanged. What's in the News Deutsche Bank reiterated earnings guidance for fiscal 2025, maintaining its revenue target of EUR 32 billion before FX effects.
CBK
€35.73
Commerzbank
7D
1.2%
1Y
134.1%

CBK: Net Interest Income Turnaround Will Support Earnings And Capital Returns

We raise our Commerzbank price target to EUR 39.50 from EUR 36.10, reflecting analysts' growing conviction that net interest income has bottomed and will accelerate alongside improving profitability and a higher justified earnings multiple. Analyst Commentary Bullish analysts have become incrementally more constructive on Commerzbank, pointing to a clearer inflection in net interest income and a more supportive earnings trajectory.
ALV
€391.00
Allianz
7D
1.3%
1Y
32.9%

ALV: Future Returns Will Reflect Higher Guidance Amid Persistent Macro Uncertainty

Analysts have raised their fair value estimate for Allianz by about EUR 5 to align with Citi's recent price target increase to EUR 388, reflecting slightly stronger long term growth and margin expectations. Analyst Commentary Street research on Allianz remains relatively balanced, with the recent price target increase highlighting improving confidence in the insurer's execution while also underscoring lingering valuation and macro risks.
DB1
€223.80
Deutsche Börse
7D
1.4%
1Y
1.2%

DB1: Future Upside Will Be Driven By Allfunds Deal Progress

Analysts have made a modest upward adjustment to their price target for Deutsche Börse to about EUR 261 from roughly EUR 261 previously. This reflects slightly improved medium term revenue expectations and a broadly stable profit outlook, despite a marginally higher discount rate and little change in projected valuation multiples.
MUV2
€562.40
Münchener Rückversicherungs-Gesellschaft in München
7D
2.1%
1Y
13.2%

MUV2: Future Returns Will Depend On Navigating Divergent Outlooks And New Guidance

Analysts have nudged their price target on Münchener Rückversicherungs Gesellschaft in München slightly higher, with fair value rising by about EUR 2 to approximately EUR 583 as they factor in marginally stronger revenue growth expectations while broadly maintaining profit margin and valuation assumptions. Analyst Commentary Recent research updates reflect a modestly constructive stance on Münchener Rückversicherungs Gesellschaft in München, with incremental price target lifts offset by at least one downward revision, highlighting a balanced risk reward profile at current levels.
TLX
€113.70
Talanx
7D
1.0%
1Y
39.1%

TLX: Revenue Outlook And Margin Expansion Will Support Further Share Upside

Analysts have raised their price target on Talanx to EUR 143 from EUR 138, citing expectations of stronger revenue growth, improved profit margins, and a slightly lower future P E multiple. Together, these factors are seen as supporting a higher fair value despite a modestly higher discount rate.
HNR1
€266.80
Hannover Rück
7D
2.3%
1Y
9.0%

HNR1: Earnings Guidance Momentum Will Support Durable Premium Through The Cycle

The analyst fair value estimate for Hannover Rück has inched higher to approximately EUR 345 from EUR 340, as analysts balance modestly stronger growth assumptions and a slightly richer sector-relative valuation premium against a small downtick in projected profit margins. Analyst Commentary Recent Street research highlights a constructive but more nuanced stance on Hannover Rück, with bullish analysts pointing to resilient fundamentals and scope for continued value creation despite an already elevated valuation multiple.
B7E
€17.50
Blue Cap
7D
-3.8%
1Y
10.8%
JDC
€24.70
JDC Group
7D
-4.3%
1Y
9.8%
UBK
€3.62
UmweltBank
7D
-3.2%
1Y
-42.0%
NBG6
€120.00
NÜRNBERGER Beteiligungs-AG
7D
-0.4%
1Y
144.9%
Z29
€25.80
029 Group
7D
-9.2%
1Y
69.7%
ADE
€32.20
Bitcoin Group
7D
-2.7%
1Y
-36.5%
DG6
€190.00
DG-Gruppe
7D
-17.4%
1Y
-80.4%
XTP
€96.40
Sino
7D
-1.4%
1Y
58.0%