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German (DAX) Machinery Industry Analysis

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies52
  • 7D0.4%
  • 3M-3.1%
  • 1Y1.3%
  • YTD-4.5%

The Machinery is pretty flat in the last 7 days, but Traton has stood out, gaining 4.8%. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026€117.3b€157.9b€5.9b19.2x20x0.7x
Tue, 24 Feb 2026€131.8b€161.7b€6.4b21.4x20.7x0.8x
Thu, 22 Jan 2026€123.4b€161.7b€6.4b21.1x19.4x0.8x
Sat, 20 Dec 2025€118.7b€161.7b€6.4b21.1x18.5x0.7x
Mon, 17 Nov 2025€113.7b€161.6b€6.6b20x17.3x0.7x
Wed, 15 Oct 2025€111.3b€164.4b€7.1b21.3x15.7x0.7x
Fri, 12 Sep 2025€118.9b€164.4b€7.1b19.3x16.8x0.7x
Sun, 10 Aug 2025€123.9b€164.2b€7.1b18.4x17.5x0.8x
Tue, 08 Jul 2025€119.7b€165.2b€8.1b19.3x14.7x0.7x
Thu, 05 Jun 2025€119.0b€165.7b€8.1b17.7x14.7x0.7x
Sat, 03 May 2025€112.4b€166.4b€8.1b19.7x13.8x0.7x
Mon, 31 Mar 2025€114.0b€168.0b€8.8b16.9x13x0.7x
Wed, 26 Feb 2025€117.5b€169.4b€9.0b16.5x13.1x0.7x
Fri, 24 Jan 2025€106.5b€169.1b€9.0b16.9x11.9x0.6x
Sun, 22 Dec 2024€101.5b€169.1b€9.0b15.3x11.3x0.6x
Tue, 19 Nov 2024€102.8b€169.2b€9.0b14.6x11.5x0.6x
Thu, 17 Oct 2024€105.3b€169.7b€9.4b15.4x11.2x0.6x
Sat, 14 Sep 2024€98.6b€169.7b€9.4b14.9x10.5x0.6x
Mon, 12 Aug 2024€99.0b€169.8b€9.5b15.1x10.5x0.6x
Wed, 10 Jul 2024€103.8b€170.4b€9.7b15.9x10.7x0.6x
Fri, 07 Jun 2024€111.3b€170.3b€9.7b16.5x11.5x0.7x
Sun, 05 May 2024€111.3b€170.4b€9.8b16.8x11.4x0.7x
Tue, 02 Apr 2024€118.7b€169.7b€9.6b16.4x12.4x0.7x
Thu, 29 Feb 2024€101.2b€167.0b€8.9b12.7x11.3x0.6x
Sat, 27 Jan 2024€97.4b€171.2b€8.9b14.1x10.9x0.6x
Mon, 25 Dec 2023€97.0b€171.2b€8.9b13.9x10.8x0.6x
Wed, 22 Nov 2023€88.0b€171.0b€9.0b13.1x9.8x0.5x
Fri, 20 Oct 2023€88.1b€169.4b€8.1b12.4x10.8x0.5x
Sun, 17 Sep 2023€94.1b€169.4b€8.1b12.1x11.6x0.6x
Tue, 15 Aug 2023€97.2b€169.2b€8.1b12.5x12x0.6x
Thu, 13 Jul 2023€97.1b€163.6b€7.5b12.3x12.9x0.6x
Sat, 10 Jun 2023€94.1b€163.5b€7.5b14.4x12.5x0.6x
Mon, 08 May 2023€96.3b€159.7b€7.0b16.6x13.9x0.6x
Wed, 05 Apr 2023€94.0b€156.3b€6.7b17.2x14x0.6x
Price to Earnings Ratio

14x


Total Market Cap: €94.0bTotal Earnings: €6.7bTotal Revenue: €156.3bTotal 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 20.0x 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 4.4% 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-0.53%
Industrials-1.35%
Machinery0.38%
Construction Machinery and Vehicles1.19%
Industrial Machinery-1.33%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 22.7x.
    • Analysts are expecting annual earnings growth of 16.9%, which is higher than its past year's earnings growth of 1.3% 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 20% 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 17% 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
8TRA Traton€30.404.8%
+€700.0m		-5.1%PE9.8x
DTG Daimler Truck Holding€40.832.3%
+€676.4m		8.5%PE17.7x
KGX KION GROUP€44.682.8%
+€157.3m		12.1%PE25.5x
KBX Knorr-Bremse€96.650.8%
+€120.9m		14.0%PE29.2x
NOEJ NORMA Group€16.8012.1%
+€58.0m		29.8%PS0.5x

Latest News

DEZ
€8.35
DEUTZ
7D
-6.8%
1Y
19.8%
KSB
€945.00
KSB SE KGaA
7D
-22.5%
1Y
13.9%
KRN
€115.00
Krones
7D
1.6%
1Y
-10.2%
VOS
€67.10
Vossloh
7D
-3.2%
1Y
3.2%
8TRA
€30.40
Traton
7D
4.8%
1Y
-5.1%

8TRA: Truck Cycle Reset And Margin Resilience Will Drive Medium Term Upside

Analyst fair value for Traton has been nudged higher to about €45.71, with recent price target moves to €34, €40 and €31.80 reflecting updated views on revenue growth, margins and a slightly higher discount rate in a still cautious truck market. Analyst Commentary Recent Street research on Traton provides a mixed but generally constructive read on sentiment, with several firms revisiting their price targets and ratings as they reassess truck cycle risk, order visibility and valuation.
KBX
€96.65
Knorr-Bremse
7D
0.8%
1Y
14.0%

KBX: Rich Rail Hopes Will Expose Truck Cycle Recovery Execution Risk

Analysts have lifted their price targets for Knorr-Bremse into a roughly €112 to €131 range, citing stronger expectations for rail growth, potential truck cycle recovery, and a willingness to apply higher future P/E multiples, despite mixed views from some houses. Analyst Commentary Recent research on Knorr-Bremse points to a wide but generally constructive range of price targets, with large houses setting reference levels between €112 and €131.
RAA
€613.50
RATIONAL
7D
-1.0%
1Y
-19.8%

RAA: Medium Term 8% Guidance And P/E Framework Will Support Upside

Analysts have raised their price target on RATIONAL by about €9 to roughly €790, citing small refinements to assumptions on fair value, discount rate, revenue growth, profit margin and future P/E following recent upgrades and target raises from several banks. Analyst Commentary Recent research updates cluster around a similar fair value area, with several banks lifting price targets toward about €790.
R3NK
€47.01
RENK Group
7D
-9.1%
1Y
8.8%

R3NK: Rising Dividend Will Support Positive Medium Term Return Potential

Analysts have maintained their RENK Group price target at €76.00, citing slightly higher assumed revenue growth and profit margins, along with a small adjustment in the discount rate and a modestly lower future P/E multiple as the key factors behind their updated view. What's in the News RENK Group issued revenue guidance for 2026, indicating an expectation of revenue of over €1.5b.
HDD
€1.33
Heidelberger Druckmaschinen
7D
-4.7%
1Y
15.4%
DTG
€40.83
Daimler Truck Holding
7D
2.3%
1Y
8.5%
NOEJ
€16.80
NORMA Group
7D
12.1%
1Y
29.8%

NOEJ: Higher Price Outlook Will Balance Weaker Margins And Earnings Multiple Assumptions

Analysts have raised their price target for NORMA Group from €7.90 to €15.00, citing updated assumptions about fair value, the discount rate, revenue growth, profit margin and future P/E multiples. Valuation Changes Fair Value: price target raised from €7.90 to €15.00, close to a 2x level compared with the prior estimate.
FJC0
€28.00
Fujitec
7D
-2.8%
1Y
n/a
KGX
€44.68
KION GROUP
7D
2.8%
1Y
12.1%

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.
STM
€15.86
Stabilus
7D
7.2%
1Y
-36.4%

STM: Higher Hurdle Rate Will Still Support Upside After Discount Recalibration

Narrative Update on Stabilus Analysts have reduced their price target on Stabilus by €7, reflecting updated views on the company that align with modest adjustments in the discount rate, profit margin, and forward P/E assumptions. Analyst Commentary Recent commentary around the €7 price target cut points to a more cautious but still engaged stance from the analyst community, with attention on how Stabilus can balance valuation, earnings quality, and execution risks.
DUE
€18.58
Dürr
7D
3.1%
1Y
-21.5%
CA1
€5.58
Circus
7D
-9.4%
1Y
-64.7%