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German (DAX) Tech Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies120
  • 7D-2.3%
  • 3M-11.1%
  • 1Y-29.0%
  • YTD-10.5%

Over the last 7 days, the Tech industry has dropped 2.3%, driven by a pullback from IONOS Group of 3.8%. The industry has fallen 29% in the last year. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026€297.1b€80.6b€9.4b26.5x31.6x3.7x
Sun, 25 Jan 2026€332.9b€80.0b€9.1b27.1x36.5x4.2x
Tue, 23 Dec 2025€337.6b€80.1b€9.1b26.1x37.1x4.2x
Thu, 20 Nov 2025€327.8b€80.4b€9.1b25.4x35.9x4.1x
Sat, 18 Oct 2025€359.1b€80.6b€8.5b28.1x42.3x4.5x
Mon, 15 Sep 2025€346.9b€80.5b€8.5b26.4x40.9x4.3x
Wed, 13 Aug 2025€368.7b€80.5b€8.5b27.8x43.1x4.6x
Fri, 11 Jul 2025€409.9b€79.6b€7.9b27.8x51.9x5.1x
Sun, 08 Jun 2025€416.9b€80.7b€7.9b27.6x52.8x5.2x
Tue, 06 May 2025€402.2b€81.1b€8.1b22.1x49.9x5x
Thu, 03 Apr 2025€377.9b€80.3b€5.5b19.3x68.7x4.7x
Sat, 01 Mar 2025€404.0b€79.6b€5.5b16.6x73.5x5.1x
Mon, 27 Jan 2025€397.0b€78.7b€5.5b19.2x71.7x5x
Wed, 25 Dec 2024€359.1b€78.9b€5.5b19.3x65x4.5x
Fri, 22 Nov 2024€342.2b€79.3b€5.6b19x60.8x4.3x
Sun, 20 Oct 2024€332.7b€78.4b€5.8b18.9x57.2x4.2x
Tue, 17 Sep 2024€314.2b€78.4b€5.9b18.6x53.6x4x
Thu, 15 Aug 2024€310.8b€79.0b€5.8b19.4x53.4x3.9x
Sat, 13 Jul 2024€312.7b€78.2b€6.5b19.9x48.3x4x
Mon, 10 Jun 2024€304.5b€78.6b€6.3b19.5x48.6x3.9x
Wed, 08 May 2024€299.6b€79.4b€6.9b17x43.4x3.8x
Fri, 05 Apr 2024€300.2b€78.8b€8.1b19x36.9x3.8x
Sun, 03 Mar 2024€299.3b€78.1b€8.3b18.6x35.9x3.8x
Tue, 30 Jan 2024€288.1b€79.7b€8.4b19.9x34.3x3.6x
Thu, 28 Dec 2023€267.0b€80.5b€6.7b20.1x40x3.3x
Sat, 25 Nov 2023€261.0b€80.3b€6.7b19.4x39x3.3x
Mon, 23 Oct 2023€230.8b€79.2b€7.0b19.5x33.1x2.9x
Wed, 20 Sep 2023€237.7b€79.4b€6.3b20x37.9x3x
Fri, 18 Aug 2023€238.6b€79.4b€6.3b20x38x3x
Sun, 16 Jul 2023€254.9b€77.5b€6.0b21.7x42.5x3.3x
Tue, 13 Jun 2023€247.8b€77.8b€6.3b20.7x39.3x3.2x
Thu, 11 May 2023€240.5b€77.2b€6.3b23.4x37.9x3.1x
Sat, 08 Apr 2023€235.2b€75.1b€6.6b24.7x35.5x3.1x
Mon, 06 Mar 2023€223.9b€74.4b€7.5b25.1x29.8x3x
Price to Earnings Ratio

29.8x


Total Market Cap: €223.9bTotal Earnings: €7.5bTotal Revenue: €74.4bTotal Market Cap vs Earnings and Revenue0%0%0%
German Tech Sector Price to Earnings3Y Average 45.9x202420252026
Current Industry PE
  • Investors are pessimistic on the German Information Technology 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 31.6x which is lower than its 3-year average PE of 45.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 2.5% 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 Tech sector?

DE Market-0.093%
Tech-2.29%
Semiconductors2.44%
Communications0.87%
Electronic Equipment and Components-0.32%
Tech Hardware-0.90%
Software-3.68%
IT-4.98%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 24.6x.
    • Analysts are expecting annual earnings growth of 24.6%, which is higher than its past year's earnings decline of 24.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 70% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings grow by 2.8% 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
SAP SAP€172.220.9%
+€1.7b		-35.6%PE27.4x
IFX Infineon Technologies€46.772.0%
+€1.2b		29.5%PE60.7x
ELG Elmos Semiconductor€145.6014.1%
+€308.6m		113.8%PE20.1x
AIXA AIXTRON€25.589.2%
+€242.2m		121.1%PE31.8x
NEM Nemetschek€67.752.8%
+€213.6m		-41.0%PE38.3x

Latest News

OBS
€4.62
ORBIS
7D
-17.5%
1Y
-21.7%
ELG
€145.60
Elmos Semiconductor
7D
14.1%
1Y
113.8%

ELG: Dividend, Buyback And R&D Expansion Will Support Steady Future P/E

Analysts have lifted their price target on Elmos Semiconductor by €15, citing slightly adjusted long term assumptions on revenue growth, profitability and P/E as the main factors supporting the new view. Analyst Commentary Bullish analysts are using the €15 price target lift as a signal that their long term view on Elmos Semiconductor is now aligned with slightly higher expectations for revenue growth, profitability and the P/E level they are comfortable assigning to the shares.
SAP
€172.22
SAP
7D
0.9%
1Y
-35.6%
WAF
€57.50
Siltronic
7D
5.7%
1Y
24.4%

WAF: Fair Value Update Will Balance Wafer Weakness And Margin Resilience

Analysts now see fair value for Siltronic at €52.60, down from €54.61. They also highlight updated assumptions on discount rate, revenue growth, profit margins and future P/E that reflect the latest Street research, including the recent €17 price target change at Berenberg.
YSN
€186.40
secunet Security Networks
7D
-3.9%
1Y
40.4%

YSN: 2026 Guidance And M&A Capacity Will Support Further Upside

Analysts have kept their €244.25 price target for secunet Security Networks unchanged, as a slightly higher discount rate and revised future P/E assumptions have offset each other in their updated models. What's in the News Management issued earnings guidance for fiscal 2026, with group revenue targeted in a range of €460 million to €500 million.
NA9
€53.50
Nagarro
7D
-6.5%
1Y
-36.3%
IOS
€22.75
IONOS Group
7D
-3.8%
1Y
-4.6%
TMV
€4.68
TeamViewer
7D
-1.9%
1Y
-61.6%
NB2
€10.83
Northern Data
7D
-8.3%
1Y
-72.4%

NB2: Steady Core Assumptions Will Support Reappraisal Of Undervalued AI Infrastructure

Analysts have maintained their €26.33 price target on Northern Data, making only minor adjustments to assumptions around the discount rate, profit margin and future P/E, without indicating any change in their core view of the company. Valuation Changes Fair Value: Unchanged at €26.33 per share, indicating no adjustment to the core valuation estimate.
IFX
€46.77
Infineon Technologies
7D
2.0%
1Y
29.5%

IFX: Patent Ruling And Radar Partnership Will Shape Balanced Future Prospects

Narrative Update on Infineon Technologies The analyst fair value estimate for Infineon Technologies has shifted slightly higher to €48.78, with modest tweaks to long term assumptions such as discount rate, revenue growth, profit margins and future P/E, reflecting a cluster of recent Street price target increases from around €0.80 to €9. Analyst Commentary Recent Street research on Infineon Technologies has centered on a series of price target adjustments in the €0.80 to €9 range, including changes from JPMorgan and several other large banks.
BC8
€33.50
Bechtle
7D
2.1%
1Y
0%

BC8: Higher Future P/E Expectations Will Support Stronger 2026 Earnings Power

Analysts have raised their fair value estimate for Bechtle from €52.00 to €56.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E expectations, even as some recent research, including a €1 trim to the price target at Deutsche Bank, points to a more cautious stance on near term performance drivers. Analyst Commentary Bullish analysts point to the higher fair value estimate of €56.00 as a signal that their core assumptions on discount rate, revenue growth, profit margins and future P/E have shifted in a more constructive direction, even if some individual price targets, such as the recent €1 trim, look slightly more cautious on the surface.
NEM
€67.75
Nemetschek
7D
2.8%
1Y
-41.0%

NEM: Construction Software Digitization Will Sustain Premium Multiples Despite Mixed Rating Adjustments

The updated analyst price target for Nemetschek edges lower to about €119 per share, as analysts balance slightly adjusted fair value, discount rate and profit margin assumptions with supportive views on the company's long term revenue growth outlook, reflected in recent upgrades and trimmed targets across the Street. Analyst Commentary Recent Street research on Nemetschek reflects a mix of optimism on growth and digital adoption in construction software, alongside some caution around valuation and execution expectations, which together shape the latest price target adjustments.
AIXA
€25.58
AIXTRON
7D
9.2%
1Y
121.1%

AIXA: Higher Future P/E Assumptions Will Face Execution Risk Test

Analysts have nudged their price target on AIXTRON to €13.50, citing updated assumptions on revenue growth and profit margins, as well as a higher future P/E multiple backed by recent upgrades from major research houses. Analyst Commentary Recent research coverage on AIXTRON has included upgrades and refreshed views, but not all commentary is uniformly positive.
AOF
€88.30
ATOSS Software
7D
10.2%
1Y
-24.9%

ATOSS Software SE's (ETR:AOF) 26% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/ERatio

Feb 05
ATOSS Software SE's (ETR:AOF) 26% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/ERatio
NVQ
€9.00
Novabase S.G.P.S
7D
-2.7%
1Y
25.9%
IXX
€44.20
init innovation in traffic systems
7D
-2.6%
1Y
20.8%