Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

German (DAX) Tech Sector Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies121
  • 7D-4.2%
  • 3M1.8%
  • 1Y-29.2%
  • YTD-12.2%

Over the last 7 days, the Tech industry has dropped 4.2%, driven by Infineon Technologies declining 9.1%. Meanwhile, All for One Group actually outperformed within the industry, gaining 88% in the last week. However, the industry is down 29% over the past year. Earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026€294.5b€81.4b€9.2b21.9x31.9x3.6x
Thu, 18 Jun 2026€317.8b€81.6b€9.3b22.5x34.1x3.9x
Sat, 16 May 2026€303.9b€81.2b€9.3b23.7x32.8x3.7x
Mon, 13 Apr 2026€262.1b€79.9b€9.0b24.3x29.1x3.3x
Wed, 11 Mar 2026€295.7b€80.7b€9.2b27.1x32x3.7x
Fri, 06 Feb 2026€297.3b€80.6b€9.4b26.9x31.7x3.7x
Sun, 04 Jan 2026€332.8b€80.1b€9.1b27x36.5x4.2x
Tue, 02 Dec 2025€338.0b€80.4b€9.1b25.3x37x4.2x
Thu, 30 Oct 2025€354.7b€81.8b€9.1b25.4x39x4.3x
Sat, 27 Sep 2025€354.7b€80.5b€8.5b27x41.8x4.4x
Mon, 25 Aug 2025€369.4b€80.5b€8.5b29.2x43.5x4.6x
Wed, 23 Jul 2025€403.4b€79.6b€7.9b28.5x51.1x5.1x
Fri, 20 Jun 2025€383.5b€80.7b€7.9b27.4x48.7x4.8x
Sun, 18 May 2025€404.1b€80.9b€7.7b26.2x52.2x5x
Tue, 15 Apr 2025€347.5b€80.0b€5.5b18.3x63.3x4.3x
Thu, 13 Mar 2025€374.6b€79.6b€5.5b18.8x68.5x4.7x
Sat, 08 Feb 2025€409.6b€79.5b€5.5b16.7x74x5.2x
Mon, 06 Jan 2025€357.3b€78.7b€5.5b19.2x64.5x4.5x
Wed, 04 Dec 2024€355.2b€78.8b€5.5b19.1x64.3x4.5x
Fri, 01 Nov 2024€337.7b€79.2b€6.0b18.4x56.5x4.3x
Sun, 29 Sep 2024€327.1b€78.1b€5.8b19.7x56.2x4.2x
Tue, 27 Aug 2024€315.6b€78.4b€5.8b19.7x54.6x4x
Thu, 25 Jul 2024€314.5b€79.1b€6.3b19.7x50x4x
Sat, 22 Jun 2024€300.7b€78.6b€6.3b19.2x48x3.8x
Mon, 20 May 2024€302.1b€78.6b€6.3b18.8x47.7x3.8x
Wed, 17 Apr 2024€292.0b€78.8b€8.1b17.9x35.9x3.7x
Fri, 15 Mar 2024€299.6b€78.0b€8.3b18.5x36.1x3.8x
Sun, 11 Feb 2024€294.1b€78.1b€8.3b19.4x35.3x3.8x
Tue, 09 Jan 2024€261.0b€80.7b€6.7b20.3x39.2x3.2x
Thu, 07 Dec 2023€272.2b€80.3b€6.7b19.5x40.8x3.4x
Sat, 04 Nov 2023€238.4b€79.8b€6.7b19.9x35.5x3x
Mon, 02 Oct 2023€234.1b€79.4b€6.3b20.1x37.4x2.9x
Wed, 30 Aug 2023€246.9b€79.4b€6.3b19.4x39.4x3.1x
Fri, 28 Jul 2023€240.0b€78.0b€5.9b21.3x40.7x3.1x
Price to Earnings Ratio

40.7x


Total Market Cap: €240.0bTotal Earnings: €5.9bTotal Revenue: €78.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Tech Sector Price to Earnings3Y Average 45.3x202420252026
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 31.9x which is lower than its 3-year average PE of 45.3x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 16% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the German Tech sector?

DE Market-0.78%
Tech-4.22%
Communications0.059%
IT-0.063%
Software-1.68%
Tech Hardware-5.58%
Electronic Equipment and Components-5.94%
Semiconductors-9.10%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 21.8x.
    • Analysts are expecting annual earnings growth of 33.0%, which is higher than its past year's earnings decline of 10.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 86% over the next 5 years.
  • However this is lower than its past earnings growth rate of 158% per year.
  • In contrast, the Communications industry is expected to see its earnings grow by 11% 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
A1OS All for One Group€67.4091.5%
+€148.7m		39.3%PE57.3x
BC8 Bechtle€30.840.8%
+€30.2m		-19.9%PE16.5x
ADN1 adesso€55.506.5%
+€21.8m		-36.9%PE13.1x
IOS IONOS Group€30.380.5%
+€19.0m		-24.1%PE18.5x
IVU IVU Traffic Technologies€22.304.7%
+€17.3m		10.4%PE27x

Latest News

IVU
€22.40
IVU Traffic Technologies
7D
3.7%
1Y
10.9%
A1OS
€67.60
All for One Group
7D
87.8%
1Y
39.4%
SAP
€138.26
SAP
7D
-1.7%
1Y
-47.5%
ELG
€152.00
Elmos Semiconductor
7D
-7.1%
1Y
56.1%
Narrative Update • Jul 15

ELG: Higher Multiple And Board Transition Will Test Execution Resilience

Analysts have raised their price target on Elmos Semiconductor to €160 from €135, citing updated assumptions for revenue growth, profitability, and a higher future P/E multiple in their models. Analyst Commentary on Elmos Semiconductor Recent research on Elmos Semiconductor highlights a mix of optimism on the company’s long term potential and caution around what is already reflected in the current share price.
AIXA
€39.19
AIXTRON
7D
-8.0%
1Y
141.5%
Narrative Update • Jul 15

AIXA: Rising Street Optimism On GaN And AI Demand Will Drive Upside

The updated analyst price target for AIXTRON rises from a fair value estimate of about €35.89 to roughly €51.81. This reflects higher assumed revenue growth and P/E multiples in line with recent target increases around €41 to €70 cited by several banks, even as some analysts have turned more cautious on the stock.
JEN
€38.56
Jenoptik
7D
-5.7%
1Y
92.4%
SIS
€52.50
First Sensor
7D
1.9%
1Y
-8.9%
WAF
€82.25
Siltronic
7D
-13.4%
1Y
83.7%
TMV
€5.84
TeamViewer
7D
1.6%
1Y
-38.8%
SHF
€81.60
SNP Schneider-Neureither & Partner
7D
1.7%
1Y
13.0%
BC8
€30.38
Bechtle
7D
-2.2%
1Y
-23.4%
Narrative Update • Jul 08

BC8: 2026 IT Revival Hopes Will Balance Execution And Secure Access Rollout

Analysts have modestly lowered their fair value estimate for Bechtle to approximately €29.65 from €31. Slightly softer assumptions for revenue growth and future P/E are only partly offset by a marginally improved profit margin outlook and a reduced discount rate.
SMHN
€76.90
SUSS MicroTec
7D
-8.3%
1Y
81.1%
Narrative Update • Jul 08

SMHN: Future Earnings Conviction Will Support Rich Pricing Despite Execution Risks

Analysts have lifted their fair value estimate for SUSS MicroTec from €39.92 to €93.00. This reflects updated assumptions on revenue growth, profitability and future P/E after recent research, including mixed rating moves and a wider price target range from €80 to €125.
IFX
€64.00
Infineon Technologies
7D
-9.1%
1Y
66.2%
Narrative Update • Jul 07

IFX: AI Power Demand Optimism Will Test Dresden Fab Execution

Infineon Technologies' analyst fair value estimate has been lifted from €43.00 to €50.00, as analysts point to higher modeled revenue growth and profitability, alongside a series of Street price target increases into the €80 to €100 range supported by AI power demand and capacity commentary. Analyst Commentary Recent Street commentary around Infineon Technologies has centered on how the stock reflects expectations for AI related power demand, new capacity such as the Dresden fab, and the company’s ability to execute on a larger revenue base without substantial new clean room investments.
QBY0
€3.56
q.beyond
7D
9.9%
1Y
-25.4%
Narrative Update • Jun 26

QBY0: EU AI Compliance Services Will Support A Higher Future P/E

Analysts have raised their fair value estimate for q.beyond from €1.23 to €5.98, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as the key factors behind the higher price target. What's in the News for q.beyond q.beyond has launched “AI Act as a Service”, a new offering that helps corporate AI managers assess AI-related risks against the EU AI Act and obtain auditable documentation.
ADN1
€56.00
adesso
7D
7.1%
1Y
-37.4%
Narrative Update • Jun 22

ADN1: Major Bundesbank Win And 2026 Guidance Will Support Future Upside

Analysts have maintained their fair value estimate for adesso at €103.33, while adjusting assumptions for the discount rate, revenue growth, profit margin and future P/E, which helps explain a recalibrated but unchanged price target for the stock. What’s in the News for adesso adesso SE secured one of the largest contracts in its history with Deutsche Bundesbank, following a multi stage tender that lasted more than two years, with the project focused on modernising the central bank’s core banking system, source: company client announcement.
SJJ
€14.05
Serviceware
7D
5.6%
1Y
-22.8%
New Narrative • Jun 03

AI Native Shift And SaaS Transition Will Test Margins Before Potentially Rewarding Patience

Catalysts About Serviceware Serviceware provides enterprise service management software with an AI native platform and related SaaS solutions for large organisations. What are the underlying business or industry changes driving this perspective?