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German (DAX) Tech Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies120
  • 7D1.7%
  • 3M-7.3%
  • 1Y-27.5%
  • YTD-8.6%

Over the last 7 days, the Tech industry has risen 1.7%, driven by gains in SAP and Infineon Technologies of 1.2% and 3.9%, respectively. In the same time, Northern Data was down 7.8%. However, the industry is down 27% over the past 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
Sun, 22 Feb 2026€303.9b€80.6b€9.4b26.9x32.3x3.8x
Tue, 20 Jan 2026€328.7b€80.0b€9.1b27.9x36.1x4.1x
Thu, 18 Dec 2025€333.2b€80.4b€9.1b25.3x36.5x4.1x
Sat, 15 Nov 2025€338.4b€80.3b€9.1b26.5x37.1x4.2x
Mon, 13 Oct 2025€358.8b€80.6b€8.5b27.5x42.2x4.5x
Wed, 10 Sep 2025€359.0b€80.5b€8.5b26.5x42.3x4.5x
Fri, 08 Aug 2025€394.9b€80.6b€8.6b28.7x45.7x4.9x
Sun, 06 Jul 2025€397.4b€79.6b€7.9b27.2x50.4x5x
Tue, 03 Jun 2025€403.5b€80.8b€7.8b26.6x51.9x5x
Thu, 01 May 2025€384.8b€81.0b€8.1b20.3x47.5x4.8x
Sat, 29 Mar 2025€376.8b€81.1b€5.5b19.1x68.9x4.6x
Mon, 24 Feb 2025€415.4b€79.6b€5.5b16.8x74.9x5.2x
Wed, 22 Jan 2025€388.8b€78.7b€5.5b19.2x70.2x4.9x
Fri, 20 Dec 2024€359.9b€78.9b€5.5b19.6x65.2x4.6x
Sun, 17 Nov 2024€335.7b€79.3b€5.6b19.3x59.6x4.2x
Tue, 15 Oct 2024€327.1b€78.4b€5.8b18.7x56.2x4.2x
Thu, 12 Sep 2024€307.2b€78.4b€5.8b18.5x52.7x3.9x
Sat, 10 Aug 2024€307.7b€79.5b€5.8b18.8x52.6x3.9x
Mon, 08 Jul 2024€312.9b€78.1b€6.5b19.7x48.3x4x
Wed, 05 Jun 2024€291.1b€78.6b€6.3b19x46x3.7x
Fri, 03 May 2024€285.1b€79.5b€6.9b17.5x41.2x3.6x
Sun, 31 Mar 2024€303.4b€78.8b€8.1b19.4x37.6x3.8x
Tue, 27 Feb 2024€297.6b€78.1b€8.3b17.8x35.8x3.8x
Thu, 25 Jan 2024€288.8b€80.7b€6.7b20.4x43.3x3.6x
Sat, 23 Dec 2023€264.3b€80.5b€6.7b20.1x39.6x3.3x
Mon, 20 Nov 2023€256.6b€80.3b€6.7b19.7x38.4x3.2x
Wed, 18 Oct 2023€233.5b€79.3b€6.2b20.2x37.5x2.9x
Fri, 15 Sep 2023€243.0b€79.4b€6.3b20.8x38.8x3.1x
Sun, 13 Aug 2023€242.5b€79.2b€6.3b19x38.5x3.1x
Tue, 11 Jul 2023€242.7b€77.4b€6.0b21.3x40.5x3.1x
Thu, 08 Jun 2023€245.4b€77.3b€6.3b21.7x38.9x3.2x
Sat, 06 May 2023€239.4b€77.1b€6.3b23.2x37.7x3.1x
Mon, 03 Apr 2023€237.8b€75.4b€6.6b24.7x35.9x3.2x
Wed, 01 Mar 2023€220.1b€74.9b€6.6b24.9x33.3x2.9x
Price to Earnings Ratio

33.3x


Total Market Cap: €220.1bTotal Earnings: €6.6bTotal Revenue: €74.9bTotal 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 32.4x 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 Market1.56%
Tech1.66%
Semiconductors3.82%
IT1.47%
Software1.07%
Communications-0.088%
Tech Hardware-0.47%
Electronic Equipment and Components-0.48%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 24.4x.
    • 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€173.801.2%
+€2.4b		-36.5%PE27.6x
IFX Infineon Technologies€45.203.9%
+€2.2b		17.4%PE58.7x
ELG Elmos Semiconductor€127.206.0%
+€123.4m		77.7%PE17.6x
IOS IONOS Group€23.603.3%
+€95.2m		-1.7%PE14.5x
WAF Siltronic€54.005.8%
+€88.5m		12.4%PS1.2x

Latest News

IOS
€23.60
IONOS Group
7D
3.3%
1Y
-1.7%

IOS: Medium Term Guidance And Rising Profitability Will Drive Strong Returns

Analysts have trimmed their price target for IONOS Group from €36.26 to €34.63, citing updated assumptions for discount rates, revenue growth expectations, and future P/E, which modestly lower their assessed fair value. What's in the News IONOS Group SE issued earnings guidance for fiscal 2026, giving investors a clearer view of management's medium term goals for the business.
SAP
€173.80
SAP
7D
1.2%
1Y
-36.5%

SAP: AI And Cloud Progress May Support Trough-Level Rebound Ahead

Our updated analyst price target for SAP edges slightly lower by about €1 to €314. This reflects recent recalibrations from banks that cut their targets in Europe and the US while still highlighting solid long term fundamentals in revenue growth, profitability and P/E assumptions.
NEM
€67.60
Nemetschek
7D
0.9%
1Y
-42.4%

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.
TMV
€4.85
TeamViewer
7D
-7.4%
1Y
-61.8%

TMV: Cost Discipline And Cash Generation Will Support Future Earnings Re Rating

Analysts have trimmed their TeamViewer price targets by around €0.40 to €3 in response to updated assumptions for slightly lower revenue growth, a marginally higher discount rate, and modestly adjusted profit margin and P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts appear to see the recent price target trimming as fine tuning rather than a major reset, with adjustments of around €0.40 that keep their broader view of the business model intact.
GFT
€14.76
GFT Technologies
7D
-10.9%
1Y
-29.2%
WAF
€54.00
Siltronic
7D
5.8%
1Y
12.4%
IFX
€45.20
Infineon Technologies
7D
3.9%
1Y
17.4%
ADN1
€61.80
adesso
7D
-2.8%
1Y
-31.9%

The Price Is Right For adesso SE (ETR:ADN1) Even After Diving 28%

Feb 12
The Price Is Right For adesso SE (ETR:ADN1) Even After Diving 28%
YSN
€197.00
secunet Security Networks
7D
4.6%
1Y
47.0%

YSN: Confirmed 2025 Margins And 2026 Guidance Will Support Upside Potential

Analysts have raised their price target on secunet Security Networks from €228.75 to €244.25. They cite updated assumptions regarding revenue growth, profit margin, a slightly adjusted discount rate, and a revised future P/E multiple.
ELG
€127.20
Elmos Semiconductor
7D
6.0%
1Y
77.7%

ELG: Future P/E Repricing Will Support Higher Fair Value Estimate

Analysts have lifted their fair value estimate for Elmos Semiconductor from €118.32 to €145.00, citing updated assumptions around revenue growth, profit margins and future P/E expectations as the key drivers behind the higher target. Analyst Commentary Recent research points to a more confident stance on Elmos Semiconductor, with bullish analysts adjusting their fair value assumptions and supporting a higher price target.
NB2
€11.61
Northern Data
7D
-7.8%
1Y
-74.4%

NB2: Refined Discount Assumptions Will Clarify Undervalued AI Infrastructure Upside Potential

Analysts have maintained their overall fair value estimate for Northern Data at €26.33, while making adjustments to inputs such as a slightly higher discount rate and marginally revised future P/E and margin assumptions. These changes result in a more refined, yet directionally unchanged, price target narrative.
SMHN
€50.00
SUSS MicroTec
7D
4.8%
1Y
20.0%

SMHN: AI Hopes Will Test Order Inflection And Execution Risk

The analyst price target for SUSS MicroTec has shifted from about €37 to roughly €40. Analysts cite an improved artificial intelligence outlook, expectations for an order inflection, and what they view as a still low valuation as key drivers of the change.
AOF
€81.90
ATOSS Software
7D
-4.2%
1Y
-30.4%

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
EXL
€2.11
Exasol
7D
-13.9%
1Y
-34.1%
NVQ
€9.00
Novabase S.G.P.S
7D
-2.7%
1Y
46.3%
BSL
€15.14
Basler
7D
-5.8%
1Y
90.7%