Narrative Update • May 23
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German (DAX) Healthcare Sector Analysis
UpdatedMay 28, 2026
DataAggregated Company Financials
Companies64
- 7D0.6%
- 3M-8.3%
- 1Y-2.8%
- YTD-6.9%
Last week, the Healthcare industry hasn't moved much but Merck KGaA is up 5.5% in that time. In line with that, the industry has also been flat over the past 12 months. Looking forward, earnings are forecast to grow by 19% annually.
Sector Valuation and Performance
Has the German Healthcare Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 28 May 2026 | €202.8b | €158.4b | €5.6b | 18.7x | 36x | 1.3x |
| Sat, 25 Apr 2026 | €196.8b | €159.3b | €4.4b | 16.9x | 44.5x | 1.2x |
| Mon, 23 Mar 2026 | €193.5b | €158.7b | €3.8b | 15.5x | 50.3x | 1.2x |
| Wed, 18 Feb 2026 | €227.4b | €159.1b | €7.3b | 17.1x | 31.1x | 1.4x |
| Fri, 16 Jan 2026 | €229.4b | €159.2b | €7.3b | 17.5x | 31.3x | 1.4x |
| Sun, 14 Dec 2025 | €214.4b | €159.2b | €7.3b | 17.3x | 29.3x | 1.3x |
| Tue, 11 Nov 2025 | €200.2b | €159.6b | €4.0b | 17x | 49.5x | 1.3x |
| Thu, 09 Oct 2025 | €214.4b | €157.4b | €3.9b | 19.8x | 54.5x | 1.4x |
| Sat, 06 Sep 2025 | €200.6b | €156.7b | €4.0b | 19.2x | 50.4x | 1.3x |
| Mon, 04 Aug 2025 | €197.8b | €157.6b | €4.2b | 20.4x | 47.6x | 1.3x |
| Wed, 02 Jul 2025 | €204.3b | €159.8b | €4.2b | 20.2x | 48.7x | 1.3x |
| Fri, 30 May 2025 | €206.4b | €159.9b | €4.3b | 19.7x | 48.3x | 1.3x |
| Sun, 27 Apr 2025 | €203.6b | €158.7b | €4.7b | 23.4x | 43.6x | 1.3x |
| Tue, 25 Mar 2025 | €215.1b | €158.6b | €4.8b | 24.1x | 45.2x | 1.4x |
| Thu, 20 Feb 2025 | €222.1b | €159.4b | €5.0b | 23.2x | 44.2x | 1.4x |
| Sat, 18 Jan 2025 | €216.1b | €159.0b | €5.0b | 22.8x | 43.2x | 1.4x |
| Mon, 16 Dec 2024 | €215.1b | €159.3b | €5.0b | 22.5x | 42.8x | 1.4x |
| Wed, 13 Nov 2024 | €215.1b | €159.6b | €4.7b | 20.2x | 45.9x | 1.3x |
| Fri, 11 Oct 2024 | €224.3b | €159.3b | €5.7b | 21.3x | 39.4x | 1.4x |
| Sun, 08 Sep 2024 | €230.9b | €159.2b | €5.6b | 22.5x | 41.3x | 1.5x |
| Tue, 06 Aug 2024 | €223.8b | €158.9b | €3.8b | 24.3x | 58.5x | 1.4x |
| Thu, 04 Jul 2024 | €222.4b | €158.7b | €3.5b | 24.7x | 63.1x | 1.4x |
| Sat, 01 Jun 2024 | €235.8b | €158.6b | €3.5b | 26.9x | 66.9x | 1.5x |
| Mon, 29 Apr 2024 | €231.2b | €159.0b | €3.5b | 23.6x | 66.6x | 1.5x |
| Wed, 27 Mar 2024 | €244.4b | €159.3b | €3.2b | 24.5x | 76x | 1.5x |
| Fri, 23 Feb 2024 | €241.4b | €178.9b | €3.3b | 21.5x | 72.3x | 1.3x |
| Sun, 21 Jan 2024 | €237.6b | €188.4b | €3.3b | 21.6x | 72.4x | 1.3x |
| Tue, 19 Dec 2023 | €241.4b | €188.4b | €3.3b | 21.4x | 73.8x | 1.3x |
| Thu, 16 Nov 2023 | €245.7b | €188.6b | €3.4b | 22.6x | 72.3x | 1.3x |
| Sat, 14 Oct 2023 | €242.2b | €189.6b | €8.8b | 21.3x | 27.6x | 1.3x |
| Mon, 11 Sep 2023 | €257.3b | €189.5b | €8.7b | 23.2x | 29.4x | 1.4x |
| Wed, 09 Aug 2023 | €266.2b | €191.2b | €10.2b | 22.9x | 26.2x | 1.4x |
| Fri, 07 Jul 2023 | €251.8b | €191.1b | €10.5b | 22.8x | 23.9x | 1.3x |
| Sun, 04 Jun 2023 | €272.8b | €191.0b | €10.5b | 23.8x | 26x | 1.4x |
Price to Earnings Ratio
26x
Current Industry PE
- Investors are pessimistic on the German Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 36.0x which is lower than its 3-year average PE of 47.1x.
- The industry is trading close to its 3-year average PS ratio of 1.4x.
Past Earnings Growth
- The earnings for companies in the Healthcare industry have declined 19% per year over the last three years,
- Revenues have also declined 6.0% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the German Healthcare sector?
| DE Market | 1.63% | |
| Healthcare | 0.61% | |
| Life Sciences | 3.52% | |
| Medical Equipment | 2.03% | |
| Pharma | 1.92% | |
| Biotech | 0.20% | |
| Healthtech | -0.13% | |
| Healthcare Services | -6.28% | |
Industry PE
- Investors are most optimistic about the Pharma industry which is trading above its 3-year average PE ratio of 127x.
- Analysts are expecting annual earnings growth of 23.4%, which is lower than the prior year's growth of 39.2% per year.
Forecasted Growth
- Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 91% over the next 5 years.
- This is better than its past earnings decline of 91% per year.
- In contrast, the Healthcare Services industry is expected to see its earnings grow by 13% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| MRK Merck KGaA | €129.50 | 5.5% +€2.9b | 12.3% | PE22.2x | |
| SHL Siemens Healthineers | €35.08 | 2.5% +€948.4m | -25.5% | PE18.7x | |
| 1SXP SCHOTT Pharma KGaA | €17.46 | 5.2% +€129.5m | -37.9% | PE18.4x | |
| GXI Gerresheimer | €27.60 | 6.6% +€59.4m | -56.9% | PE40.8x | |
| AFX Carl Zeiss Meditec | €26.24 | 2.3% +€50.8m | -55.0% | PE24.2x |
