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German (DAX) Tech Sector Analysis

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies120
  • 7D2.7%
  • 3M-7.3%
  • 1Y-27.9%
  • YTD-8.4%

In the last week, the Tech industry is up 2.7%, with SAP up 2.6%. In contrast, the industry has lost 28% in the last 12 months. 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
Thu, 19 Feb 2026€305.1b€80.6b€9.4b27x32.5x3.8x
Sat, 17 Jan 2026€337.9b€79.6b€9.1b26.7x37.1x4.2x
Mon, 15 Dec 2025€337.2b€80.4b€9.1b25.8x36.9x4.2x
Wed, 12 Nov 2025€342.6b€80.3b€9.3b23.8x37x4.3x
Fri, 10 Oct 2025€370.1b€80.6b€8.5b28.7x43.6x4.6x
Sun, 07 Sep 2025€355.7b€80.5b€8.5b29.4x41.9x4.4x
Tue, 05 Aug 2025€381.2b€80.5b€8.7b28.7x43.8x4.7x
Thu, 03 Jul 2025€394.0b€79.6b€7.9b27.1x49.9x4.9x
Sat, 31 May 2025€406.0b€80.8b€7.8b25.9x52.3x5x
Mon, 28 Apr 2025€373.4b€81.0b€8.1b20.3x46.1x4.6x
Wed, 26 Mar 2025€394.1b€79.5b€5.5b19.4x71.6x5x
Fri, 21 Feb 2025€417.2b€79.6b€5.5b18.9x75.3x5.2x
Sun, 19 Jan 2025€387.2b€78.7b€5.5b19.1x69.9x4.9x
Tue, 17 Dec 2024€365.7b€78.9b€5.5b19.6x66.2x4.6x
Thu, 14 Nov 2024€337.0b€79.2b€5.7b18.1x59.5x4.3x
Sat, 12 Oct 2024€327.1b€78.4b€5.8b18.7x56.2x4.2x
Mon, 09 Sep 2024€302.9b€78.4b€5.8b18.6x52x3.9x
Wed, 07 Aug 2024€301.4b€79.3b€5.9b18.9x51.3x3.8x
Fri, 05 Jul 2024€308.8b€78.1b€6.5b19.7x47.7x4x
Sun, 02 Jun 2024€288.0b€78.6b€6.3b18.8x45.5x3.7x
Tue, 30 Apr 2024€291.5b€79.4b€6.9b17.8x42.2x3.7x
Thu, 28 Mar 2024€305.5b€78.5b€8.1b19.1x37.8x3.9x
Sat, 24 Feb 2024€294.0b€78.1b€8.3b17.9x35.3x3.8x
Mon, 22 Jan 2024€272.1b€80.7b€6.7b19.5x40.8x3.4x
Wed, 20 Dec 2023€268.3b€80.4b€6.7b19.6x40.1x3.3x
Fri, 17 Nov 2023€256.4b€80.3b€6.7b19.6x38.5x3.2x
Sun, 15 Oct 2023€233.6b€79.3b€6.2b20.2x37.5x2.9x
Tue, 12 Sep 2023€244.5b€79.4b€6.3b20.6x39x3.1x
Thu, 10 Aug 2023€240.8b€78.9b€6.2b20.1x38.5x3.1x
Sat, 08 Jul 2023€240.8b€77.4b€6.0b21.7x40.2x3.1x
Mon, 05 Jun 2023€245.3b€77.8b€6.3b22.9x38.7x3.2x
Wed, 03 May 2023€239.4b€76.3b€6.0b23.3x40.1x3.1x
Fri, 31 Mar 2023€236.7b€74.0b€6.6b25.3x36x3.2x
Sun, 26 Feb 2023€218.8b€74.9b€6.6b24.5x33.1x2.9x
Price to Earnings Ratio

33.1x


Total Market Cap: €218.8bTotal 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 32.5x 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 Market0.91%
Tech2.68%
Semiconductors5.48%
Software2.13%
Electronic Equipment and Components1.49%
Tech Hardware0.20%
Communications-0.42%
IT-1.24%
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 71% 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€173.382.6%
+€5.1b		-37.2%PE27.6x
IFX Infineon Technologies€46.095.9%
+€3.4b		21.1%PE59.8x
AIXA AIXTRON€23.737.3%
+€182.5m		69.9%PE29.5x
ELG Elmos Semiconductor€129.806.0%
+€126.9m		78.1%PE17.9x
IOS IONOS Group€23.802.8%
+€81.5m		0.8%PE14.6x

Latest News

JEN
€28.00
Jenoptik
7D
2.3%
1Y
28.6%
TMV
€4.76
TeamViewer
7D
-14.0%
1Y
-62.4%
AIXA
€23.73
AIXTRON
7D
7.3%
1Y
69.9%

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.
GFT
€14.88
GFT Technologies
7D
-12.8%
1Y
-29.8%
WAF
€53.15
Siltronic
7D
-8.2%
1Y
11.6%
IFX
€46.09
Infineon Technologies
7D
5.9%
1Y
21.1%
BC8
€33.26
Bechtle
7D
-4.1%
1Y
-0.4%

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Feb 13
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NEM
€65.80
Nemetschek
7D
-2.9%
1Y
-45.7%

Nemetschek SE (ETR:NEM) Shares Slammed 27% But Getting In Cheap Might Be Difficult Regardless

Feb 12
Nemetschek SE (ETR:NEM) Shares Slammed 27% But Getting In Cheap Might Be Difficult Regardless
NA9
€58.65
Nagarro
7D
-6.8%
1Y
-33.9%

NA9: AI Partnership And Share Buybacks Will Support Future Upside Potential

Analysts have trimmed their price target for Nagarro slightly from €90.25 to €89.75. This reflects small tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E rather than any major shift in the underlying view.
IOS
€23.80
IONOS Group
7D
2.8%
1Y
0.8%
ELG
€129.80
Elmos Semiconductor
7D
6.0%
1Y
78.1%

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.
SAP
€173.38
SAP
7D
2.6%
1Y
-37.2%
TPE
€25.06
PVA TePla
7D
12.2%
1Y
78.1%

TPE: Recent Buyback And Jefferies Upgrade Will Support Share Rebound

Analysts have raised their fair value estimate for PVA TePla from about €29.43 to roughly €30.34 per share. They attribute this change to updated assumptions on growth, margins and P/E, and to recent research that characterizes the prior share selloff as overdone and any slowdown in growth momentum as temporary.
NB2
€11.84
Northern Data
7D
-6.4%
1Y
-73.9%

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.
SANT
€23.64
Kontron
7D
2.2%
1Y
14.3%

Do Kontron's (ETR:SANT) Earnings Warrant Your Attention?

Feb 06
Do Kontron's (ETR:SANT) Earnings Warrant Your Attention?
AOF
€82.40
ATOSS Software
7D
-7.5%
1Y
-30.2%

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