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German (DAX) Industrials Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies158
  • 7D-0.3%
  • 3M2.3%
  • 1Y39.5%
  • YTD7.9%

In the last week, Industrials has been flat. The past year has been better, since the industry has gained 39% in that time. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026€752.8b€551.9b€26.0b19.9x28.9x1.4x
Fri, 20 Mar 2026€695.0b€551.2b€26.6b19.6x26.1x1.3x
Sun, 15 Feb 2026€762.5b€557.2b€26.9b21.2x28.3x1.4x
Tue, 13 Jan 2026€742.1b€555.9b€26.1b20.9x28.5x1.3x
Thu, 11 Dec 2025€679.4b€556.0b€26.2b20.9x26x1.2x
Sat, 08 Nov 2025€656.8b€553.1b€26.9b19.1x24.4x1.2x
Mon, 06 Oct 2025€679.1b€552.6b€27.5b19.9x24.7x1.2x
Wed, 03 Sep 2025€623.4b€552.7b€27.5b19.4x22.6x1.1x
Fri, 01 Aug 2025€643.9b€552.7b€27.1b20.3x23.7x1.2x
Sun, 29 Jun 2025€616.2b€572.8b€26.9b17.3x22.9x1.1x
Tue, 27 May 2025€608.2b€573.4b€26.9b16.6x22.6x1.1x
Thu, 24 Apr 2025€527.7b€565.8b€26.3b15.8x20.1x0.9x
Sat, 22 Mar 2025€569.1b€566.1b€25.7b17.1x22.1x1x
Mon, 17 Feb 2025€531.8b€560.9b€25.5b16.2x20.8x0.9x
Wed, 15 Jan 2025€467.9b€558.6b€27.5b14.6x17x0.8x
Fri, 13 Dec 2024€474.0b€559.0b€27.5b14.8x17.2x0.8x
Sun, 10 Nov 2024€451.2b€559.6b€26.4b14.4x17.1x0.8x
Tue, 08 Oct 2024€446.1b€554.4b€26.2b15.1x17.1x0.8x
Thu, 05 Sep 2024€415.6b€555.2b€26.2b14.5x15.9x0.7x
Sat, 03 Aug 2024€403.8b€551.1b€23.3b13.8x17.3x0.7x
Mon, 01 Jul 2024€428.2b€549.7b€23.6b15x18.1x0.8x
Wed, 29 May 2024€446.8b€549.5b€23.6b16.2x18.9x0.8x
Fri, 26 Apr 2024€440.8b€551.5b€27.1b15.4x16.2x0.8x
Sun, 24 Mar 2024€437.8b€550.7b€27.0b15.4x16.2x0.8x
Tue, 20 Feb 2024€414.9b€558.3b€29.8b13.6x13.9x0.7x
Thu, 18 Jan 2024€406.0b€565.0b€26.7b14.8x15.2x0.7x
Sat, 16 Dec 2023€410.3b€564.9b€26.7b14.4x15.4x0.7x
Mon, 13 Nov 2023€357.0b€564.3b€28.8b13.7x12.4x0.6x
Wed, 11 Oct 2023€375.4b€574.8b€33.7b13.8x11.1x0.7x
Fri, 08 Sep 2023€389.4b€574.4b€33.8b14.3x11.5x0.7x
Sun, 06 Aug 2023€412.6b€575.9b€37.0b14.7x11.2x0.7x
Tue, 04 Jul 2023€411.7b€574.9b€36.5b14.8x11.3x0.7x
Thu, 01 Jun 2023€406.5b€572.7b€36.6b14.8x11.1x0.7x
Sat, 29 Apr 2023€432.1b€562.0b€36.5b16.3x11.8x0.8x
Price to Earnings Ratio

11.8x


Total Market Cap: €432.1bTotal Earnings: €36.5bTotal Revenue: €562.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Industrials Sector Price to Earnings3Y Average 18.6x202420252026
Current Industry PE
  • Investors are optimistic on the German Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 28.9x which is higher than its 3-year average PE of 18.6x.
  • The 3-year average PS ratio of 0.91x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have declined 11% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

DE Market0.99%
Industrials-0.33%
Trade Distributors5.76%
Professional Services3.41%
Transportation3.38%
Marine and Shipping2.23%
Industrials1.84%
Logistics1.05%
Machinery-0.023%
Building-0.39%
Electrical-1.30%
Commercial Services-2.89%
Aerospace & Defense-2.93%
Construction-3.13%
Airlines-3.75%
Infrastructure-4.15%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 65.2x.
    • Analysts are expecting annual earnings growth of 27.0%, which is lower than the prior year's growth of 72.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Professional Services industry, expecting annual earnings growth of 79% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings grow by 3.4% 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
SIE Siemens€241.601.8%
+€3.4b		27.6%PE23.4x
DHL Deutsche Post€49.281.0%
+€567.0m		37.0%PE15.6x
BNR Brenntag€60.386.6%
+€540.0m		9.2%PE32.9x
HLAG Hapag-Lloyd€117.902.3%
+€457.0m		-12.0%PE22.8x
OHB OHB€300.007.1%
+€383.1m		314.4%PE115x

Latest News

LHA
€7.70
Deutsche Lufthansa
7D
-3.7%
1Y
25.0%

LHA: Execution On Costs And Margins Will Support Future Rerating Potential

The updated analyst price target for Deutsche Lufthansa has been trimmed by roughly €0.34. Analysts cite recent target cuts at several major banks and slightly lower fair value and profit margin assumptions, partly offset by revised revenue growth expectations and a lower future P/E multiple.
MTX
€311.90
MTU Aero Engines
7D
-7.0%
1Y
15.9%

MTX: Future Re Rating Will Rely On Execution And Margin Delivery

Analyst price targets for MTU Aero Engines have been trimmed by about €4 to reflect a mix of reduced target levels from several banks, along with updated assumptions for discount rates, profitability and future P/E multiples, even as analysts acknowledge slightly firmer revenue growth and margin expectations. Analyst Commentary Recent research updates on MTU Aero Engines show a mix of lowered price targets and more constructive views on the company, with opinions split on how quickly the shares might reflect improved fundamentals and valuation assumptions.
PFSE
€99.05
PFISTERER Holding
7D
19.1%
1Y
n/a
BNR
€60.38
Brenntag
7D
6.6%
1Y
9.2%

BNR: Dividend And Epoxy Expansion Are Expected To Support Re Rating

Analysts have nudged their price target for Brenntag slightly higher to about €68, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple following recent research, including an upgrade at a major bank. Analyst Commentary Recent research points to a more constructive tone around Brenntag, with bullish analysts aligning their models to the updated assumptions on revenue growth, profit margins and future P/E multiples that underpin the new price target around €68.
HLAG
€117.90
Hapag-Lloyd
7D
2.3%
1Y
-12.0%

HLAG: ZIM Acquisition Risk And Compressed Margins Will Limit Future Upside

Analysts have trimmed Hapag-Lloyd's fair value estimate to €100 from €104.18, linking the modest shift to updated assumptions on discount rate, revenue growth and margins. They also highlighted recent research that points to slower fleet growth and the ZIM acquisition as key factors shaping the refreshed price views.
RHM
€1,431.00
Rheinmetall
7D
-3.7%
1Y
0.4%

RHM: Backlog And Bundeswehr Satellite Project Will Support Future Earnings Power

Analysts have modestly adjusted their price targets on Rheinmetall, with recent moves around the €2,020 mark reflecting mixed views on slightly softer FY results, a strong backlog, and a valuation that some see as appealing on longer term P/E metrics. Analyst Commentary Recent Street research on Rheinmetall points to a split view, with some institutions trimming price targets while others remain constructive on the longer term story.
ENR
€166.94
Siemens Energy
7D
-2.4%
1Y
161.6%

ENR: Buyback Plan And Gamesa Turnaround Will Support Future Repricing

Siemens Energy's analyst price target has moved higher to €220, with analysts citing updated assumptions around discount rates, revenue growth, profit margins and future P/E as the key drivers behind the change. Analyst Commentary Recent Street research on Siemens Energy points to a more constructive tone among bullish analysts, who are highlighting both valuation support and execution progress as key reasons for revisiting their price targets and ratings.
8TRA
€31.94
Traton
7D
-1.6%
1Y
20.4%

8TRA: Truck Cycle Reset And One OS Rollout Will Drive Medium Term Upside

The analyst fair value estimate for Traton has nudged higher to €46.07 from €45.71. The adjustment reflects recent price target increases from €32 to €34 and €40, and a more supportive analyst stance on future revenue growth, profit margins and truck market conditions.
SIE
€241.60
Siemens
7D
1.8%
1Y
27.6%

SIE: Data Center AI Partnerships Will Support 2026 Earnings Confidence

Siemens' analyst price target has been adjusted slightly lower, with recent research citing mixed views on the shares and updated assumptions around growth, margins and the discount rate, even as several banks have raised individual targets into a €250 to €335 range. Analyst Commentary Recent research on Siemens highlights a clear split between optimistic and cautious views, with price targets stretching from the lower end of the updated range up toward €335.
KBX
€101.20
Knorr-Bremse
7D
-2.0%
1Y
25.1%

KBX: Rail Optimism Will Expose Risk In Truck Cycle Execution

Knorr-Bremse's updated analyst price target has edged higher, in line with modestly adjusted fair value and cash flow inputs. Analysts highlight the company's rail growth profile and potential cyclical support from trucks, reflected in a series of recent price target lifts to a range of about €112 to €131.
KRN
€129.40
Krones
7D
4.9%
1Y
9.1%

KRN: Updated Margin Assumptions And Dividend Outlook Will Support Future Upside

Analysts have nudged their price target on Krones higher to €156, a €6 increase, reflecting updated views on its long term margins, discount rate and P/E assumptions following recent research from both Berenberg and Deutsche Bank. Analyst Commentary Bullish Takeaways Bullish analysts link the €156 target to assumptions that Krones can sustain its long term margin profile, which they see as supportive of the current P/E framework.
FRA
€72.75
Fraport
7D
-5.1%
1Y
20.8%

FRA: Recent Upgrade And Higher P E Assumptions Will Support Re Rating

Narrative Update: Fraport Analyst Price Target Shift Fraport's analyst price targets have edged higher, with recent street research pointing to incremental increases of up to €3 as analysts factor in updated assumptions on discount rates, revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research on Fraport has leaned constructive, with several price target changes and an upgrade pointing to a more supportive backdrop for the shares.
DHL
€49.28
Deutsche Post
7D
1.0%
1Y
37.0%

DHL: Airfreight Support Will Later Expose Fragile Earnings Assumptions

Analysts have lifted their price targets on Deutsche Post, with recent moves such as a €1.50 increase at one major firm and a shift to an Overweight rating from another, citing a supportive airfreight supply and demand setup and potential upside to fiscal 2026 assumptions. Analyst Commentary Recent research updates on Deutsche Post, trading as DHL Group, reflect a mix of optimism around specific business drivers and caution around execution and growth risks.
R3NK
€54.76
RENK Group
7D
5.2%
1Y
9.0%

R3NK: Dividend Proposal And 2026 Revenue Outlook Will Shape Balanced View

Analysts have nudged their price target for RENK Group slightly higher to about €53.77 from €53.00, reflecting updated views on fair value, discount rate, expected revenue growth, and profit margins. What's in the News RENK Group AG proposed a dividend of €0.58 per share for 2025, to be submitted to the general meeting on June 10, 2026, compared with €0.42 for 2024 and a stated distribution ratio of 40.9% (Key Developments).
HOT
€452.40
HOCHTIEF
7D
-3.3%
1Y
180.3%

HOT: Data Center Capex Tailwind Will Eventually Constrain Future Share Returns

Analysts have lifted their price target on HOCHTIEF to €371, with the updated view supported by expectations that the company’s role in data center construction through its U.S. subsidiary Turner positions it to benefit from strong hyperscaler capex. Analyst Commentary Recent research reflects a mixed stance on HOCHTIEF, with a sharply higher price target paired with a Hold rating.
OHB
€300.00
OHB
7D
7.1%
1Y
314.4%