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German (DAX) Healthcare Sector Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies65
  • 7D2.9%
  • 3M-11.9%
  • 1Y5.3%
  • YTD-6.1%

Over the last 7 days, the Healthcare industry has risen 2.9%, driven by gains from Siemens Healthineers of 5.0%. This takes the industry's 12 month performance to a gain of 5.3%. Earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026€204.4b€159.4b€4.3b16.1x47x1.3x
Thu, 12 Mar 2026€205.2b€158.7b€3.8b16.7x53.8x1.3x
Sat, 07 Feb 2026€222.2b€159.1b€7.3b16.9x30.4x1.4x
Mon, 05 Jan 2026€218.0b€159.2b€7.3b17.7x29.7x1.4x
Wed, 03 Dec 2025€211.7b€159.3b€7.4b18.5x28.8x1.3x
Fri, 31 Oct 2025€212.9b€159.2b€4.0b19.7x53.2x1.3x
Sun, 28 Sep 2025€195.8b€156.7b€4.0b18.9x49.3x1.2x
Tue, 26 Aug 2025€204.1b€157.4b€4.0b20.6x51.7x1.3x
Thu, 24 Jul 2025€200.7b€157.3b€4.1b20.6x49.1x1.3x
Sat, 21 Jun 2025€202.5b€159.8b€4.2b20.1x48.4x1.3x
Mon, 19 May 2025€208.4b€159.8b€4.2b20.3x49.1x1.3x
Wed, 16 Apr 2025€196.7b€158.8b€4.7b23.5x41.7x1.2x
Fri, 14 Mar 2025€215.4b€158.6b€4.7b23.3x45.8x1.4x
Sun, 09 Feb 2025€223.8b€159.3b€5.1b23.2x44.2x1.4x
Tue, 07 Jan 2025€213.6b€159.0b€5.0b23.1x42.7x1.3x
Thu, 05 Dec 2024€212.3b€159.3b€5.0b22.2x42.1x1.3x
Sat, 02 Nov 2024€218.0b€159.3b€5.7b20.9x38.4x1.4x
Mon, 30 Sep 2024€235.8b€159.2b€5.6b22.8x42.1x1.5x
Wed, 28 Aug 2024€232.6b€159.2b€5.6b26.1x41.9x1.5x
Fri, 26 Jul 2024€227.0b€158.6b€3.4b24.8x66.1x1.4x
Sun, 23 Jun 2024€227.5b€158.6b€3.4b25.6x66.1x1.4x
Tue, 21 May 2024€237.9b€158.6b€3.5b26.2x67.8x1.5x
Thu, 18 Apr 2024€228.3b€159.1b€3.4b23.9x67.4x1.4x
Sat, 16 Mar 2024€243.2b€159.3b€3.2b23.7x75.4x1.5x
Mon, 12 Feb 2024€237.2b€179.1b€3.4b22.5x69.1x1.3x
Wed, 10 Jan 2024€245.1b€188.4b€3.3b21.2x74.6x1.3x
Fri, 08 Dec 2023€236.8b€188.4b€3.3b22.8x72x1.3x
Sun, 05 Nov 2023€237.9b€189.2b€8.6b21.1x27.7x1.3x
Tue, 03 Oct 2023€256.4b€189.6b€8.8b21.8x29.3x1.4x
Thu, 31 Aug 2023€263.6b€189.5b€8.9b23.6x29.7x1.4x
Sat, 29 Jul 2023€272.9b€191.0b€10.5b23.1x25.9x1.4x
Mon, 26 Jun 2023€260.0b€191.0b€10.5b23.7x24.7x1.4x
Wed, 24 May 2023€274.2b€190.9b€10.4b24x26.2x1.4x
Fri, 21 Apr 2023€278.2b€190.7b€12.6b22.8x22x1.5x
Price to Earnings Ratio

22x


Total Market Cap: €278.2bTotal Earnings: €12.6bTotal Revenue: €190.7bTotal Market Cap vs Earnings and Revenue0%0%0%
German Healthcare Sector Price to Earnings3Y Average 46.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the German Healthcare industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 46.3x.
  • 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 30% per year over the last three years,
  • Revenues have also declined 5.8% 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 Market2.51%
Healthcare2.95%
Medical Equipment4.77%
Pharma2.61%
Healthcare Services2.40%
Life Sciences1.68%
Healthtech1.39%
Biotech-0.96%
Industry PE
  • Investors are most optimistic about the Life Sciences industry even though it's trading below its 3-year average PE ratio of 108x.
    • Analysts are expecting annual earnings growth of 22.0%, which is higher than its past year's earnings growth of 11.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 65% over the next 5 years.
  • In contrast, the Healthcare Services industry is expected to see its earnings grow by 12% 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
SHL Siemens Healthineers€37.795.0%
+€2.0b		-14.7%PE19.9x
MRK Merck KGaA€113.002.9%
+€1.4b		-3.9%PE18.8x
BAYN Bayer€40.792.8%
+€1.1b		95.3%PS0.9x
FRE Fresenius SE KGaA€44.492.1%
+€512.5m		16.4%PE16.3x
FME Fresenius Medical Care€40.023.5%
+€364.9m		-8.1%PE11.1x

Latest News

GXI
€17.08
Gerresheimer
7D
-8.0%
1Y
-67.8%
FRE
€44.49
Fresenius SE KGaA
7D
2.1%
1Y
16.4%
OBCK
€55.90
Ottobock SE KGaA
7D
3.4%
1Y
n/a
EVT
€4.70
Evotec
7D
4.4%
1Y
-18.7%
FME
€40.02
Fresenius Medical Care
7D
3.5%
1Y
-8.1%
AFX
€26.26
Carl Zeiss Meditec
7D
5.7%
1Y
-53.6%

AFX: Long Term Partnerships Will Support Future Upside Despite Recent Rating Cuts

The updated analyst price target for Carl Zeiss Meditec moves from about €39.27 to roughly €32.17. This reflects a series of recent target cuts and downgrades from firms such as Berenberg, RBC Capital and JPMorgan, as analysts reassess assumptions on growth, margins and future P/E multiples.
FYB
€17.82
Formycon
7D
-4.3%
1Y
-21.0%
HPHA
€2.72
Heidelberg Pharma
7D
-8.4%
1Y
4.2%

HPHA: Chinese Trial Milestone Will Support Future Upside From Undervalued Levels

Analysts have maintained their price target for Heidelberg Pharma at €6.75, citing updated assumptions that combine a very large projected revenue growth rate with an unchanged profit margin and a lower future P/E multiple. What's in the News Heidelberg Pharma plans to present preclinical data for its Amanitin-based ADC candidate HDP-103 for metastatic castration-resistant prostate cancer at the AACR Annual Meeting 2026 in San Diego, with a poster session scheduled on 21 April from 2:00 pm to 5:00 pm PDT (company announcement).
BAYN
€40.79
Bayer
7D
2.8%
1Y
95.3%

BAYN: Roundup Settlement Progress Will Reduce Litigation Overhang And Support Future Upside

Analysts maintain a fair value estimate for Bayer at €60.00. Recent adjustments to revenue growth, margin, and P/E assumptions come alongside mixed research actions, including several upgrades that point to potential resolution of litigation overhangs and margin upside, offset by at least one downgrade with a lower price target.
SBS
€17.56
Stratec
7D
-1.1%
1Y
-24.0%

SBS: Future Upside Will Rely On Reset Margins And Higher P/E

Narrative Update on Stratec The updated analyst price target for Stratec is €28.46, reflecting recent target cuts of up to €12 from prior Street research as analysts factor in a slightly higher discount rate, modestly adjusted profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent research commentary on Stratec has focused on recalibrating price targets while keeping an eye on execution risk and the valuation investors are being asked to pay.
SHL
€37.79
Siemens Healthineers
7D
5.0%
1Y
-14.7%

SHL: Higher Discount Rate And Steady P E Will Support Upside

Analysts have trimmed their price targets on Siemens Healthineers, with the updated fair value estimate easing slightly by about €0.40 to €55.02. This reflects recent target cuts and refreshed assumptions on discount rate, growth and margins.
DMP
€45.00
Dermapharm Holding
7D
-4.8%
1Y
22.6%
RHK
€12.40
RHÖN-KLINIKUM
7D
-0.8%
1Y
-14.5%

RHÖN-KLINIKUM's (ETR:RHK) Conservative Accounting Might Explain Soft Earnings

Apr 02
RHÖN-KLINIKUM's (ETR:RHK) Conservative Accounting Might Explain Soft Earnings
MRK
€113.00
Merck KGaA
7D
2.9%
1Y
-3.9%

MRK: Lower AI Disruption Risk And Margin Resilience Will Support Future Upside

Analysts have trimmed the fair value estimate for Merck KGaA from €187.48 to €172.13 as recent price target cuts and more cautious ratings have offset slightly higher revenue growth and profit margin assumptions, along with a lower future P/E multiple. Analyst Commentary Recent research shows a mixed set of opinions on Merck KGaA, but with some clear pockets of optimism that help frame the trimmed fair value estimate.
LIK
€470.00
LIMES Schlosskliniken
7D
-5.6%
1Y
66.7%
T9G
€0.55
Vidac Pharma Holding
7D
-8.4%
1Y
n/a