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German (DAX) Machinery Industry Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies51
  • 7D-4.9%
  • 3M-3.4%
  • 1Y-1.6%
  • YTD-4.9%

Over the last 7 days, the Machinery industry has dropped 4.9%, driven by Daimler Truck Holding declining 6.5%. In contrast, Heidelberger Druckmaschinen has gained 7.4%. Over the last year, the industry has been flat overall. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026€114.7b€156.0b€6.0b19x19.2x0.7x
Mon, 16 Feb 2026€131.5b€161.7b€6.4b21.7x20.6x0.8x
Wed, 14 Jan 2026€124.9b€161.7b€6.4b21.9x19.7x0.8x
Fri, 12 Dec 2025€118.8b€161.7b€6.4b21.3x18.5x0.7x
Sun, 09 Nov 2025€111.5b€160.7b€6.5b19.4x17.2x0.7x
Tue, 07 Oct 2025€117.5b€164.4b€7.1b21.1x16.6x0.7x
Thu, 04 Sep 2025€117.0b€164.4b€7.1b17.4x16.5x0.7x
Sat, 02 Aug 2025€117.9b€165.2b€7.8b21.4x15.1x0.7x
Mon, 30 Jun 2025€118.2b€165.7b€8.1b20.4x14.5x0.7x
Wed, 28 May 2025€119.5b€165.6b€8.1b17.7x14.7x0.7x
Fri, 25 Apr 2025€107.2b€167.6b€8.6b18.1x12.4x0.6x
Sun, 23 Mar 2025€116.9b€168.5b€8.8b18.5x13.3x0.7x
Tue, 18 Feb 2025€116.7b€169.5b€9.1b16.8x12.8x0.7x
Thu, 16 Jan 2025€103.0b€169.1b€9.0b16.8x11.5x0.6x
Sat, 14 Dec 2024€104.9b€169.1b€9.0b15.6x11.7x0.6x
Mon, 11 Nov 2024€105.2b€169.3b€9.0b14.7x11.6x0.6x
Wed, 09 Oct 2024€103.8b€169.7b€9.4b16.1x11x0.6x
Fri, 06 Sep 2024€99.4b€169.7b€9.4b15.2x10.6x0.6x
Sun, 04 Aug 2024€97.7b€169.9b€9.3b15.5x10.4x0.6x
Tue, 02 Jul 2024€105.5b€170.4b€9.7b15.9x10.9x0.6x
Thu, 30 May 2024€109.4b€170.3b€9.7b17x11.3x0.6x
Sat, 27 Apr 2024€113.4b€170.4b€9.8b16.3x11.6x0.7x
Mon, 25 Mar 2024€117.6b€168.7b€9.6b15.1x12.2x0.7x
Wed, 21 Feb 2024€95.2b€167.0b€8.9b12.3x10.7x0.6x
Fri, 19 Jan 2024€94.7b€171.2b€8.9b13.8x10.6x0.6x
Sun, 17 Dec 2023€95.9b€171.2b€8.9b13.5x10.7x0.6x
Tue, 14 Nov 2023€86.2b€171.0b€9.0b13.3x9.6x0.5x
Thu, 12 Oct 2023€229.9b€230.4b€16.0b11.4x14.4x1x
Sat, 09 Sep 2023€94.1b€169.4b€8.1b11.9x11.6x0.6x
Mon, 07 Aug 2023€98.1b€166.7b€8.0b12.6x12.2x0.6x
Wed, 05 Jul 2023€96.7b€163.6b€7.5b12.9x12.8x0.6x
Fri, 02 Jun 2023€91.8b€163.5b€7.5b13.8x12.2x0.6x
Sun, 30 Apr 2023€97.2b€156.6b€6.7b16.9x14.4x0.6x
Tue, 28 Mar 2023€93.2b€153.4b€6.7b16.3x13.9x0.6x
Price to Earnings Ratio

13.9x


Total Market Cap: €93.2bTotal Earnings: €6.7bTotal Revenue: €153.4bTotal Market Cap vs Earnings and Revenue0%0%0%
German Machinery Industry Price to Earnings3Y Average 13.3x202420252026
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 19.2x which is higher than its 3-year average PE of 13.3x.
  • 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 declined 3.7% 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 industry?

DE Market-3.82%
Industrials-3.96%
Machinery-4.94%
Industrial Machinery-3.65%
Construction Machinery and Vehicles-5.50%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 22.7x.
    • Analysts are expecting annual earnings growth of 13.6%, which is higher than its past year's earnings decline of 10.3% 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 11.0x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 21% 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 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
HDD Heidelberger Druckmaschinen€1.407.4%
+€29.2m		21.1%PE6.6x
SLT Schaltbau Holding€67.501.5%
+€10.9m		7.1%PS1.5x
NOEJ NORMA Group€14.982.2%
+€10.2m		9.3%PS0.4x
MXHN MAX Automation€3.846.1%
+€9.1m		-37.5%PS0.5x
S188 SMT Scharf€8.1519.0%
+€7.1m		18.1%PE11.6x

Latest News

MXHN
€3.84
MAX Automation
7D
6.1%
1Y
-37.5%
KBX
€95.90
Knorr-Bremse
7D
-3.1%
1Y
8.4%
HDD
€1.40
Heidelberger Druckmaschinen
7D
7.4%
1Y
21.1%

HDD: New Sales Guidance And Stable Assumptions Will Support Future Upside Potential

Analysts have kept their €2.25 price target for Heidelberger Druckmaschinen unchanged, explaining that only minor adjustments to inputs such as the discount rate and assumed future P/E do not materially alter their view of the shares. What's in the News Heidelberger Druckmaschinen issued earnings guidance for the 2025-2026 financial year, giving investors a reference point for management's current expectations (Key Developments).
RAA
€620.00
RATIONAL
7D
-6.5%
1Y
-24.3%
KGX
€43.48
KION GROUP
7D
-5.1%
1Y
0.6%

KGX: Warehouse Automation Upside Will Drive Future Repricing Potential

Analysts have kept the KION GROUP fair value unchanged at €79.00, while adjusting assumptions on discount rate, revenue growth, profit margins and future P/E. This reflects a mix of recent target changes that range from Jefferies lifting its target to €56.00 and moving to Hold, BNP Paribas trimming to €59.00 with a Neutral stance, and JPMorgan nudging its target up to €75.00 and maintaining an Overweight rating.
DTG
€39.90
Daimler Truck Holding
7D
-6.5%
1Y
3.7%

DTG: Higher Earnings Assumptions And Stake Sale Plans Will Shape Future Confidence

The analyst price target for Daimler Truck Holding has been raised from €42.35 to €44.79, reflecting analysts' updated assumptions around revenue growth, profit margins and future P/E in the context of a series of recent target hikes and rating upgrades across major banks. Analyst Commentary Recent research updates around Daimler Truck Holding have centered on a series of higher price targets and rating changes, which feed directly into how the market frames upside potential, execution risk and valuation support.
G1A
€59.60
GEA Group
7D
-4.3%
1Y
5.2%
8TRA
€29.00
Traton
7D
-6.1%
1Y
-9.7%

8TRA: Truck Cycle Stabilisation And Higher Earnings Quality Will Drive Medium Term Upside

The analyst fair value estimate for Traton has been adjusted from €44.17 to €45.63 as analysts refine assumptions around future revenue growth, margins and P/E multiples following a series of higher Street price targets, including recent moves to €31.80, €34 and €40. Analyst Commentary Recent Street research on Traton reflects a mix of caution and optimism, with several bullish analysts lifting their price targets while others highlight ongoing risks in key truck markets.
KRN
€113.20
Krones
7D
-6.4%
1Y
-15.4%

KRN: Refined Assumptions And Guidance Will Support A Steady Medium Term Outlook

Analysts have nudged their fair value estimate for Krones slightly higher to about €151 from roughly €150, citing updated price targets. Berenberg has moved its target to €156, which offsets a recent reduction from Deutsche Bank.
R3NK
€51.74
RENK Group
7D
-4.7%
1Y
23.1%

R3NK: Higher 2026 Revenue Guidance And Rising Dividend Will Support Upside

Analysts have kept their €76.00 price target for RENK Group unchanged. They cited slightly adjusted assumptions for revenue growth, profit margins, the discount rate and future P/E that largely offset each other in their updated model.
NOEJ
€14.98
NORMA Group
7D
2.2%
1Y
9.3%

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

Analysts have kept their €20.00 price target for NORMA Group unchanged, citing only minor adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions as the reasons for maintaining their view. Valuation Changes Fair Value: Unchanged at €20.00 per share, indicating no revision to the central valuation level.
S188
€8.15
SMT Scharf
7D
19.0%
1Y
18.1%
SLT
€67.50
Schaltbau Holding
7D
1.5%
1Y
7.1%
SKB
€8.74
Koenig & Bauer
7D
1.6%
1Y
-42.4%

Order Backlog And Cost Savings Will Drive A Stronger Future Earnings Profile

Catalysts About Koenig & Bauer Koenig & Bauer supplies printing presses, software and related solutions for packaging, banknote and other specialty print applications. What are the underlying business or industry changes driving this perspective?
1HV
€0.17
Aerowash
7D
45.4%
1Y
-26.4%
HG1
€24.80
HOMAG Group
7D
1.6%
1Y
-14.5%