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German (DAX) Healthcare Sector Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies65
  • 7D0.7%
  • 3M8.5%
  • 1Y2.3%
  • YTD2.8%

In the last week, Healthcare has been flat. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025€216.3b€159.2b€7.3b17.6x29.5x1.4x
Tue, 25 Nov 2025€205.0b€159.3b€7.4b16.6x27.8x1.3x
Thu, 23 Oct 2025€214.9b€159.2b€4.0b20.2x54x1.3x
Sat, 20 Sep 2025€201.0b€156.7b€4.0b19.1x50.6x1.3x
Mon, 18 Aug 2025€202.4b€157.4b€4.0b19.3x51.2x1.3x
Wed, 16 Jul 2025€202.6b€159.9b€4.2b20.9x48.4x1.3x
Fri, 13 Jun 2025€208.7b€159.2b€4.3b20.9x48.5x1.3x
Sun, 11 May 2025€210.6b€159.6b€5.0b23.3x42.5x1.3x
Tue, 08 Apr 2025€186.3b€158.8b€4.7b21.8x39.3x1.2x
Thu, 06 Mar 2025€222.2b€158.5b€6.3b23.9x35.4x1.4x
Sat, 01 Feb 2025€227.4b€159.0b€5.0b23.6x45.3x1.4x
Mon, 30 Dec 2024€210.7b€159.3b€5.0b22x42.1x1.3x
Wed, 27 Nov 2024€209.4b€159.3b€5.0b22.3x41.5x1.3x
Fri, 25 Oct 2024€224.9b€159.3b€5.7b22x39.6x1.4x
Sun, 22 Sep 2024€222.6b€159.3b€5.6b21.9x39.8x1.4x
Tue, 20 Aug 2024€232.0b€159.2b€5.6b26.2x41.7x1.5x
Thu, 18 Jul 2024€226.9b€158.6b€3.5b24.8x64.4x1.4x
Sat, 15 Jun 2024€236.8b€158.6b€3.5b25.4x67x1.5x
Mon, 13 May 2024€234.4b€159.4b€3.8b24.9x62.1x1.5x
Wed, 10 Apr 2024€238.1b€159.1b€3.4b25x70.2x1.5x
Fri, 08 Mar 2024€243.9b€178.4b€4.0b22.2x60.9x1.4x
Sun, 04 Feb 2024€237.8b€188.5b€3.3b22.1x72x1.3x
Tue, 02 Jan 2024€244.3b€188.4b€3.3b21.7x74.4x1.3x
Thu, 30 Nov 2023€242.8b€188.4b€3.3b23.3x73.9x1.3x
Sat, 28 Oct 2023€228.5b€189.3b€8.6b21.2x26.5x1.2x
Mon, 25 Sep 2023€254.2b€189.5b€8.8b22.4x29x1.3x
Wed, 23 Aug 2023€258.5b€189.4b€8.8b24.4x29.3x1.4x
Fri, 21 Jul 2023€265.2b€191.1b€10.5b24.5x25.2x1.4x
Sun, 18 Jun 2023€273.5b€191.0b€10.5b24.6x26.1x1.4x
Tue, 16 May 2023€275.7b€191.2b€11.2b23x24.6x1.4x
Thu, 13 Apr 2023€280.7b€190.6b€12.6b21.8x22.2x1.5x
Sat, 11 Mar 2023€277.2b€190.3b€12.9b17.6x21.4x1.5x
Mon, 06 Feb 2023€293.9b€187.6b€13.9b18.9x21.2x1.6x
Wed, 04 Jan 2023€266.4b€187.6b€13.9b17.7x19.2x1.4x
Price to Earnings Ratio

19.2x


Total Market Cap: €266.4bTotal Earnings: €13.9bTotal Revenue: €187.6bTotal Market Cap vs Earnings and Revenue0%0%0%
German Healthcare Sector Price to Earnings3Y Average 44.7x20242025
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 29.5x which is lower than its 3-year average PE of 44.7x.
  • 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 5.3% 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 Market0.12%
Healthcare0.74%
Life Sciences2.02%
Biotech1.66%
Healthtech1.10%
Healthcare Services0.91%
Pharma0.75%
Medical Equipment0.15%
Industry PE
  • Investors are most optimistic about the Life Sciences industry which is trading above its 3-year average PE ratio of 103x.
    • Analysts are expecting annual earnings growth of 28.4%, which is higher than its past year's earnings decline of 2.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 92% over the next 5 years.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 14% 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
MRK Merck KGaA€120.551.0%
+€543.5m		-13.9%PE17.7x
FRE Fresenius SE KGaA€48.761.0%
+€259.1m		45.6%PE25.1x
FME Fresenius Medical Care€40.710.9%
+€104.4m		-8.1%PE16x
DMP Dermapharm Holding€38.504.1%
+€80.8m		0%PE17.9x
BAYN Bayer€35.940.2%
+€58.9m		86.4%PS0.8x

Latest News

BAYN
€35.94
Bayer
7D
0.2%
1Y
86.4%

BAYN Will Rely On Pipeline And Cost Cuts To Unlock Upside Potential

Analysts have raised their price target on Bayer to approximately EUR 48 from around EUR 37. They cite expectations for slightly faster revenue growth, improved profit margins, a modestly lower discount rate and a higher future earnings multiple that together support a higher fair value.
GXI
€26.90
Gerresheimer
7D
-0.2%
1Y
-62.2%

GXI: Profit Warnings And Weak Outlook Will Pressure Shares Further

Gerresheimer's analyst price target has been cut sharply from about EUR 47.50 to EUR 22.00, as analysts factor in lower growth, thinner margins, a higher discount rate, and reduced valuation multiples following multiple target downgrades and rising uncertainty around the investment case. Analyst Commentary Bearish analysts have made a series of aggressive downward revisions to Gerresheimer's valuation, cutting price targets from prior levels as high as EUR 99.30 to a range between EUR 23 and EUR 46.
SHL
€44.50
Siemens Healthineers
7D
0.09%
1Y
-14.6%

SHL: Rising Dividend And AI Diagnostics Will Support Long-Term Upside

Siemens Healthineers' analyst price target has been trimmed modestly from about EUR 56.99 to EUR 56.41, as analysts factor in slightly lower long term revenue growth and profit margin expectations, partly offset by a marginally higher future earnings multiple. Analyst Commentary Recent target cuts are incremental rather than thesis changing, with bullish analysts maintaining a positive stance on the medium term growth and margin profile despite the adjustments.
FRE
€48.76
Fresenius SE KGaA
7D
1.0%
1Y
45.6%

FRE: Future Earnings Outlook Will Be Driven By Improving Margin Recovery Confidence

The analyst price target for Fresenius SE KGaA has inched higher to about EUR 54.33 from roughly EUR 54.26, as analysts factor in a slightly richer future earnings multiple and continued revenue growth despite modestly lower margin assumptions. Analyst Commentary Bullish analysts have recently raised their price targets for Fresenius SE KGaA into the mid 50 euro range, reflecting greater confidence in the company’s ability to execute on its growth plans and sustain improving fundamentals.
FME
€40.71
Fresenius Medical Care
7D
0.9%
1Y
-8.1%

FME: Share Repurchases Will Support Future Earnings Recovery And Upside Potential

Narrative Update Analysts have modestly trimmed their price target on Fresenius Medical Care from $47.41 to $47.10, citing slightly softer expectations for revenue growth and profit margins that are only partly offset by a marginally lower discount rate and a higher assumed future P E multiple. What's in the News Completed a share repurchase tranche of 3,564,523 shares, equal to 1.21% of share capital, for €151.78 million under the June 17, 2025 buyback program (company disclosure) Confirmed fiscal 2025 outlook calling for positive to low single digit revenue growth from a 2024 base of €19.34 billion (company guidance) Expects 2025 operating income, excluding special items and at constant currency, to grow in the high teens to high twenties percent from a 2024 base of €1.80 billion (company guidance) Valuation Changes Fair Value: reduced slightly from €47.41 to €47.10 per share, reflecting modestly softer expectations.
DMP
€38.50
Dermapharm Holding
7D
4.1%
1Y
0%

These 4 Measures Indicate That Dermapharm Holding (ETR:DMP) Is Using Debt Reasonably Well

Dec 24
These 4 Measures Indicate That Dermapharm Holding (ETR:DMP) Is Using Debt Reasonably Well
MRK
€120.55
Merck KGaA
7D
1.0%
1Y
-13.9%

MRK: Future Price Cut Signals Slowing Earnings Momentum Ahead

Analysts have trimmed their price target on Merck KGaA to EUR 130 from EUR 150, reflecting slightly lower long term revenue growth and margin expectations, even as they acknowledge the company's ability to sustain a higher future price to earnings multiple. Analyst Commentary Bearish analysts point to a more challenging backdrop for Merck KGaA, with reduced expectations for long term top line expansion and profitability prompting a reassessment of fair value.
RHK
€13.00
RHÖN-KLINIKUM
7D
-0.8%
1Y
-6.5%

Is RHÖN-KLINIKUM Aktiengesellschaft (ETR:RHK) Trading At A 21% Discount?

Dec 18
Is RHÖN-KLINIKUM Aktiengesellschaft (ETR:RHK) Trading At A 21% Discount?
EVT
€5.39
Evotec
7D
4.2%
1Y
-36.9%

EVT: Future Milestone And Royalty Stream Will Drive Earnings Upside

Analysts have trimmed their price target on Evotec from €12.00 to €10.40. The revision reflects a higher perceived discount rate despite stronger expectations for revenue growth and profit margins.
LIK
€344.00
LIMES Schlosskliniken
7D
-2.3%
1Y
4.2%
MED
€3.56
MEDICLIN
7D
-1.7%
1Y
47.1%
EUZ
€14.97
Eckert & Ziegler
7D
4.2%
1Y
1.1%
OBCK
€64.80
Ottobock SE KGaA
7D
-0.2%
1Y
n/a
PHH2
€224.00
Paul Hartmann
7D
-2.2%
1Y
0.9%
93M1
€22.40
MPH Health Care
7D
-4.7%
1Y
1.8%

Earnings Working Against MPH Health Care AG's (FRA:93M1) Share Price Following 25% Dive

Jun 24
Earnings Working Against MPH Health Care AG's (FRA:93M1) Share Price Following 25% Dive
2INV
€11.50
2invest
7D
-1.7%
1Y
-1.7%