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German (DAX) Tech Sector Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies121
  • 7D-0.5%
  • 3M-12.4%
  • 1Y-27.9%
  • YTD-10.4%

Over the last 7 days, the Tech industry has remained flat, although notably Bechtle declined by 13%. Unfortunately though, the industry is down 28% over the past 12 months. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026€298.3b€80.6b€9.4b26.9x31.8x3.7x
Tue, 06 Jan 2026€341.3b€80.1b€9.1b27.1x37.5x4.3x
Thu, 04 Dec 2025€336.1b€80.4b€9.1b25.4x36.8x4.2x
Sat, 01 Nov 2025€354.6b€81.8b€9.1b24.9x39x4.3x
Mon, 29 Sep 2025€354.6b€80.5b€8.5b27.9x41.8x4.4x
Wed, 27 Aug 2025€367.6b€80.5b€8.5b29x43.3x4.6x
Fri, 25 Jul 2025€383.5b€80.4b€8.7b28.6x44x4.8x
Sun, 22 Jun 2025€387.5b€80.7b€7.9b27.4x49.2x4.8x
Tue, 20 May 2025€402.8b€80.8b€7.7b25.1x52.1x5x
Thu, 17 Apr 2025€352.7b€80.0b€5.5b18.3x64.3x4.4x
Sat, 15 Mar 2025€375.2b€79.6b€5.5b19.1x68.7x4.7x
Mon, 10 Feb 2025€409.6b€79.5b€5.5b16.7x74x5.2x
Wed, 08 Jan 2025€371.5b€78.7b€5.5b19.2x67.1x4.7x
Fri, 06 Dec 2024€367.3b€78.9b€5.5b19.1x66.5x4.7x
Sun, 03 Nov 2024€333.2b€79.2b€6.0b18.3x55.7x4.2x
Tue, 01 Oct 2024€323.5b€78.1b€5.8b19.6x55.6x4.1x
Thu, 29 Aug 2024€317.4b€79.1b€5.8b19.8x54.9x4x
Sat, 27 Jul 2024€314.3b€79.0b€6.2b19.9x50.8x4x
Mon, 24 Jun 2024€300.7b€78.6b€6.3b19.2x48x3.8x
Wed, 22 May 2024€305.0b€78.6b€6.3b18.5x48.1x3.9x
Fri, 19 Apr 2024€285.4b€78.7b€8.1b17.5x35.2x3.6x
Sun, 17 Mar 2024€292.8b€78.2b€8.3b18.1x35.2x3.7x
Tue, 13 Feb 2024€294.3b€78.1b€8.3b19.5x35.3x3.8x
Thu, 11 Jan 2024€263.5b€80.7b€6.7b19.6x39.5x3.3x
Sat, 09 Dec 2023€274.2b€80.3b€6.7b19.5x41.1x3.4x
Mon, 06 Nov 2023€238.4b€79.7b€6.7b19.8x35.8x3x
Wed, 04 Oct 2023€233.9b€79.5b€6.3b19.7x37.4x2.9x
Fri, 01 Sep 2023€246.8b€79.4b€6.3b19.5x39.4x3.1x
Sun, 30 Jul 2023€249.2b€78.1b€5.9b21.4x42.3x3.2x
Tue, 27 Jun 2023€241.5b€77.8b€6.3b22.7x38.3x3.1x
Thu, 25 May 2023€235.8b€77.7b€6.4b21.6x37.1x3x
Sat, 22 Apr 2023€239.6b€75.5b€6.6b23.6x36.2x3.2x
Mon, 20 Mar 2023€225.4b€75.1b€6.6b25x33.9x3x
Wed, 15 Feb 2023€225.9b€74.8b€6.6b25.3x34.2x3x
Price to Earnings Ratio

34.2x


Total Market Cap: €225.9bTotal Earnings: €6.6bTotal Revenue: €74.8bTotal 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 31.8x 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 3.9x.
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 Market0.83%
Tech-0.47%
Semiconductors0.76%
Software-0.017%
Tech Hardware-0.064%
Communications-0.23%
Electronic Equipment and Components-3.43%
IT-10.04%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 24.0x.
    • Analysts are expecting annual earnings growth of 25.1%, 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 growth to stay flat 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€171.220.4%
+€768.6m		-36.8%PE27.2x
IFX Infineon Technologies€42.041.0%
+€553.2m		13.9%PE54.6x
AIXA AIXTRON€20.324.9%
+€107.6m		53.0%PE25.2x
ELG Elmos Semiconductor€117.401.7%
+€34.3m		72.1%PE16.2x
CTNK centrotherm international€9.4015.3%
+€26.5m		175.7%PE5.8x

Latest News

ELG
€117.40
Elmos Semiconductor
7D
1.7%
1Y
72.1%

Elmos Semiconductor (ETR:ELG) Is Paying Out A Larger Dividend Than Last Year

Feb 08
Elmos Semiconductor (ETR:ELG) Is Paying Out A Larger Dividend Than Last Year
IOS
€25.55
IONOS Group
7D
-6.2%
1Y
7.6%

Returns on Capital Paint A Bright Future For IONOS Group (ETR:IOS)

Feb 08
Returns on Capital Paint A Bright Future For IONOS Group (ETR:IOS)
IFX
€42.04
Infineon Technologies
7D
1.0%
1Y
13.9%

IFX: Gallium Supply Shift And Patent Ruling Will Support Future Upside

Analysts have nudged their price targets on Infineon higher, with our fair value estimate moving from €46.39 to about €48.48. This adjustment is supported by Street research that cites updated views on revenue growth, profit margins and future P/E assumptions.
BC8
€38.00
Bechtle
7D
-13.3%
1Y
20.8%

BC8: 2026 IT Spending Revival Will Support Undervalued Outlook After Guidance Confirmation

Analysts now place Bechtle's fair value closer to €46.19 per share, up from €44.08. This reflects slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E expectations.
1INN
€71.80
innoscripta
7D
-20.0%
1Y
n/a
NA9
€60.85
Nagarro
7D
-14.4%
1Y
-31.5%
SAP
€171.22
SAP
7D
0.4%
1Y
-36.8%

SAP: When Expectations Collide with Transformation

SAP: When Expectations Collide with Transformation Over the past days, SAP’s share price fell sharply—roughly 14% within a single week. At first glance, such a move suggests something has fundamentally gone wrong.
NEM
€70.95
Nemetschek
7D
-4.1%
1Y
-40.9%

NEM: Construction Software Adoption Will Drive Future Upside Despite Mixed Bank Views

Analysts have maintained their fair value estimate for Nemetschek at €90. They explain that recent mixed price target changes from banks reflect differing views on the stock's growth profile and appropriate P/E multiple, rather than indicating a clear shift in the underlying outlook.
AOF
€86.60
ATOSS Software
7D
-11.2%
1Y
-25.7%

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
TPE
€20.76
PVA TePla
7D
-21.9%
1Y
63.0%
TMV
€5.71
TeamViewer
7D
0.8%
1Y
-50.4%

TMV: Higher Discount Rate Will Highlight Potential Upside In Reassessed Cash Flows

Analysts have cut their fair value estimate for TeamViewer from €11.00 to €6.50, citing updated assumptions on discount rates, growth, profitability and valuation multiples. These changes are broadly in line with the recent trimming of the Street price target to €8.25.
CTNK
€9.40
centrotherm international
7D
15.3%
1Y
175.7%
AIXA
€20.32
AIXTRON
7D
4.9%
1Y
53.0%

AIXA: Data Center And AI Power Demand Will Guide Balanced Long Term Outlook

The updated analyst price framework for AIXTRON points to a fair value increase from about €18.25 to about €19.83, as analysts factor in Street research that highlights expected benefits from data center and artificial intelligence power demand, along with a higher assumed future P/E multiple. Analyst Commentary Recent Street research on AIXTRON has centered on the potential impact of data center and artificial intelligence related power demand on the company’s growth profile, and on how much investors are willing to pay for that growth via a higher P/E multiple.
YSN
€204.50
secunet Security Networks
7D
-14.1%
1Y
54.0%

YSN: Stable 2025 Margin Outlook Will Support Fair Value Assessment

Analysts have nudged their price target for secunet Security Networks to €228.75, a change they link to slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E that keep their fair value view broadly unchanged. What's in the News Management confirmed full year 2025 revenue expectations at around €425 million, keeping the topline outlook unchanged for the period (Key Developments).
ADV
€22.30
Adtran Networks
7D
0.5%
1Y
10.9%
KTEK
€20.20
KATEK
7D
2.5%
1Y
-1.0%