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German (DAX) Machinery Industry Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies51
  • 7D1.6%
  • 3M15.4%
  • 1Y13.1%
  • YTD9.9%

The Machinery industry is up 1.6% in the last week, with Knorr-Bremse up 7.9%. This takes the industry's 12 month performance to a gain of 13%. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

Has the German Machinery Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026€132.4b€161.7b€6.4b21.5x20.8x0.8x
Fri, 23 Jan 2026€125.8b€161.7b€6.4b21.4x19.8x0.8x
Sun, 21 Dec 2025€118.7b€161.7b€6.4b21.1x18.5x0.7x
Tue, 18 Nov 2025€112.7b€161.6b€6.6b19.6x17.2x0.7x
Thu, 16 Oct 2025€110.4b€164.4b€7.1b21.3x15.6x0.7x
Sat, 13 Sep 2025€118.9b€164.4b€7.1b19.3x16.8x0.7x
Mon, 11 Aug 2025€123.9b€164.2b€7.1b18.4x17.5x0.8x
Wed, 09 Jul 2025€121.0b€165.2b€8.1b19.6x14.9x0.7x
Fri, 06 Jun 2025€119.2b€165.7b€8.1b17.6x14.7x0.7x
Sun, 04 May 2025€112.4b€166.4b€8.1b19.7x13.8x0.7x
Tue, 01 Apr 2025€112.3b€168.0b€8.8b16.7x12.8x0.7x
Thu, 27 Feb 2025€119.0b€169.4b€9.0b16.6x13.3x0.7x
Sat, 25 Jan 2025€107.0b€169.1b€9.0b17.5x11.9x0.6x
Mon, 23 Dec 2024€101.5b€169.1b€9.0b15.3x11.3x0.6x
Wed, 20 Nov 2024€102.0b€169.2b€9.0b14.5x11.4x0.6x
Fri, 18 Oct 2024€105.3b€169.7b€9.4b15.5x11.2x0.6x
Sun, 15 Sep 2024€98.6b€169.7b€9.4b14.9x10.5x0.6x
Tue, 13 Aug 2024€99.1b€169.8b€9.5b14.9x10.5x0.6x
Thu, 11 Jul 2024€104.8b€170.4b€9.7b15.9x10.8x0.6x
Sat, 08 Jun 2024€109.3b€170.3b€9.7b16.5x11.3x0.6x
Mon, 06 May 2024€111.3b€170.4b€9.8b16.8x11.4x0.7x
Wed, 03 Apr 2024€118.4b€169.7b€9.6b16.2x12.3x0.7x
Fri, 01 Mar 2024€102.0b€167.0b€8.9b12.9x11.4x0.6x
Sun, 28 Jan 2024€97.4b€171.2b€8.9b14.1x10.9x0.6x
Tue, 26 Dec 2023€97.0b€171.2b€8.9b13.9x10.8x0.6x
Thu, 23 Nov 2023€88.3b€171.0b€9.0b13.1x9.8x0.5x
Sat, 21 Oct 2023€86.8b€169.4b€8.1b12.4x10.7x0.5x
Mon, 18 Sep 2023€94.1b€169.4b€8.1b12.1x11.6x0.6x
Wed, 16 Aug 2023€96.6b€169.2b€8.1b12.4x12x0.6x
Fri, 14 Jul 2023€96.6b€163.6b€7.5b12.4x12.8x0.6x
Sun, 11 Jun 2023€94.1b€163.5b€7.5b14.4x12.5x0.6x
Tue, 09 May 2023€95.5b€159.7b€7.0b16.5x13.7x0.6x
Thu, 06 Apr 2023€91.3b€156.3b€6.7b16.5x13.6x0.6x
Sat, 04 Mar 2023€95.7b€148.3b€5.6b19.1x17x0.6x
Price to Earnings Ratio

17x


Total Market Cap: €95.7bTotal Earnings: €5.6bTotal Revenue: €148.3bTotal Market Cap vs Earnings and Revenue0%0%0%
German Machinery Industry Price to Earnings3Y Average 13.2x202420252026
Current Industry PE
  • Investors are optimistic on the German Machinery industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 20.8x which is higher than its 3-year average PE of 13.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.64x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 4.2% per year over the last three years.
  • Revenues for these companies have grown 2.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

DE Market0.30%
Industrials1.82%
Machinery1.57%
Construction Machinery and Vehicles2.37%
Industrial Machinery-0.29%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 22.6x.
    • Analysts are expecting annual earnings growth of 15.9%, which is higher than its past year's earnings decline of 15.5% per year.
  • Investors are most pessimistic about the Construction Machinery and Vehicles industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.8x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 20% per year.
  • In contrast, the Industrial Machinery industry is expected to see its earnings grow by 16% 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
KBX Knorr-Bremse€114.207.9%
+€1.4b		37.2%PE42.3x
DTG Daimler Truck Holding€42.491.4%
+€451.7m		0.5%PE14.6x
8TRA Traton€36.581.4%
+€250.0m		1.6%PE10.3x
R3NK RENK Group€59.452.1%
+€123.0m		96.4%PE58.6x
DUE Dürr€24.657.6%
+€121.1m		-0.5%PS0.4x

Latest News

R3NK
€59.45
RENK Group
7D
2.1%
1Y
96.4%

R3NK: Higher Discount Rate And Lower P/E Will Still Support Upside

Analysts have trimmed their fair value estimate for RENK Group from €84.00 to €76.00 as small shifts in the discount rate, revenue growth assumptions, profit margin expectations and future P/E inputs feed through to a lower overall price target. Valuation Changes Fair Value: Trimmed from €84.00 to €76.00, reflecting a lower overall valuation level in the model.
KRN
€133.20
Krones
7D
-3.6%
1Y
2.9%

KRN: Revised Revenue And Margin Assumptions Will Support A Steady Medium Term Outlook

Analysts have reduced their price target on Krones by €7 in response to updated assumptions around revenue growth, profit margins and a slightly higher future P/E multiple, while maintaining a broadly consistent view of fair value. Analyst Commentary Bullish Takeaways Bullish analysts see the revised price target as still consistent with their overall view of fair value, suggesting the core investment case remains intact even after refreshing key assumptions.
NOEJ
€15.00
NORMA Group
7D
-3.7%
1Y
-1.8%

NOEJ: Wider Margins And Lower P/E Will Support Future Upside

Analysts have kept their €20.00 price target for NORMA Group unchanged, citing only slight adjustments in the discount rate, expected revenue trend, profit margin assumptions and forward P/E as the basis for maintaining their view. Valuation Changes Fair Value: €20.00 remains unchanged, with no adjustment to the overall valuation anchor.
KBX
€114.20
Knorr-Bremse
7D
7.9%
1Y
37.2%

KBX: Updated 2026 Guidance And Long-Term P/E Assumptions Will Frame Balanced Outlook

Analysts have raised their price target on Knorr-Bremse from €110 to €125, citing updated assumptions for revenue growth, profit margins and long-term P/E, even as some recent research, such as the DZ Bank downgrade, reflects a more cautious stance. Analyst Commentary Bullish analysts are framing the higher €125 price target as a sign that they see the current valuation as leaving room for upside if management delivers on its plans.
TTR1
€27.30
technotrans
7D
-11.4%
1Y
61.5%
KGX
€63.75
KION GROUP
7D
-1.3%
1Y
62.8%

KGX: Higher Future P/E Assumptions Will Drive Upside Potential

Our analyst fair value estimate for KION GROUP has shifted from €67.00 to €79.00, reflecting updated assumptions on growth, margins, and a higher future P/E multiple in the context of recent Street target revisions from Citi and JPMorgan. Analyst Commentary Recent Street research around KION GROUP has been active, with price targets adjusted and ratings updated as analysts refresh their views on the company.
G1A
€65.80
GEA Group
7D
0.8%
1Y
20.1%

G1A: Higher 2025 EPS Guidance Will Support Stronger Long Term Margins

Analysts have nudged their price target on GEA Group up by €1 to €75, reflecting slightly higher assumptions for revenue growth, profit margins, and future P/E, along with a modest adjustment to the discount rate. What's in the News GEA Group issued earnings guidance for fiscal 2025, with reported EPS expected in a range of €2.60 to €2.70, compared with €2.30 in the previous year (company guidance).
DEZ
€11.96
DEUTZ
7D
5.0%
1Y
130.4%

DEZ: Future Earnings Multiple Will Likely Remain Too Weak For €10 Fair Value

Analysts have modestly adjusted their price target for DEUTZ to €10.00. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E, even though their view of fair value in euro terms remains unchanged.
HDD
€1.44
Heidelberger Druckmaschinen
7D
-6.5%
1Y
31.0%

HDD: European Defense Partnership Will Support Future Upside Potential

Analysts have reduced their fair value estimate for Heidelberger Druckmaschinen from €2.39 to €2.25, citing updated assumptions for revenue growth, profit margins, and future P/E levels. What's in the News Heidelberger Druckmaschinen issued earnings guidance for the 2025 to 2026 financial year, with net sales expected to be around €2.35b, compared with €2.28b in the previous year (company guidance).
DTG
€42.49
Daimler Truck Holding
7D
1.4%
1Y
0.5%

DTG: Incremental Forecast Upgrades Will Still Leave Rich Multiple Exposed

Analysts have nudged their price targets for Daimler Truck higher, with recent increases such as Goldman Sachs moving to €37 and Morgan Stanley to €47. These changes support a small upward shift in our fair value estimate and slightly stronger assumptions for revenue growth, profit margins and future P/E.
STM
€19.12
Stabilus
7D
-4.6%
1Y
-36.3%

STM: Future Margin Discipline And Buyback Plan Will Support Upside

Analysts have trimmed their 12 month price target on Stabilus by €7 to reflect updated views on discount rates, revenue growth and profit margins, while aligning with recent Street research. Analyst Commentary While the headline price target move is lower by €7, recent research suggests that some institutional views on Stabilus remain constructive, especially around execution and valuation support.
8TRA
€36.58
Traton
7D
1.4%
1Y
1.6%

Here's Why Traton (ETR:8TRA) Is Weighed Down By Its Debt Load

Feb 12
Here's Why Traton (ETR:8TRA) Is Weighed Down By Its Debt Load
RAA
€732.50
RATIONAL
7D
-0.6%
1Y
-16.4%

RAA: Medium Term Guidance And P/E Assumptions Will Shape Fair Outlook

Analysts have lifted their price target on RATIONAL by €6 to €780, pointing to slightly higher assumed profit margins and a modestly higher future P/E multiple, even as they fine tune discount rate and revenue growth inputs. Analyst Commentary Bullish Takeaways Bullish analysts highlight a medium term organic growth assumption of 8% a year, which they see as supportive of current and slightly higher valuation levels.
MUB
€40.60
Mühlbauer Holding
7D
3.0%
1Y
-4.2%
DUE
€24.65
Dürr
7D
7.6%
1Y
-0.5%

Dürr (ETR:DUE) Takes On Some Risk With Its Use Of Debt

Feb 06
Dürr (ETR:DUE) Takes On Some Risk With Its Use Of Debt
CA1
€7.22
Circus
7D
-14.7%
1Y
-59.7%