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German (DAX) Tech Sector Analysis

UpdatedFeb 02, 2026
DataAggregated Company Financials
Companies121
  • 7D-10.1%
  • 3M-16.4%
  • 1Y-25.9%
  • YTD-10.0%

Over the last 7 days, the Tech industry has dropped 10.0%, driven by a pullback from SAP of 14%. Meanwhile, Jenoptik actually outperformed within the industry, gaining 18% in the last week. However, the industry is down 26% over the past year. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Feb 2026€299.7b€80.4b€9.4b27.1x32x3.7x
Wed, 31 Dec 2025€339.4b€80.1b€9.1b26.9x37.2x4.2x
Fri, 28 Nov 2025€335.5b€80.4b€9.1b25.4x36.7x4.2x
Sun, 26 Oct 2025€365.4b€81.9b€9.2b27.9x39.9x4.5x
Tue, 23 Sep 2025€355.1b€80.5b€8.5b27.4x41.8x4.4x
Thu, 21 Aug 2025€370.1b€80.6b€8.5b27.9x43.6x4.6x
Sat, 19 Jul 2025€411.1b€79.6b€7.9b27.9x52x5.2x
Mon, 16 Jun 2025€394.6b€80.7b€7.9b27.1x50.2x4.9x
Wed, 14 May 2025€401.2b€80.9b€7.8b25.4x51.6x5x
Fri, 11 Apr 2025€347.1b€80.3b€5.5b18.8x63x4.3x
Sun, 09 Mar 2025€390.4b€79.6b€5.5b18.9x71.4x4.9x
Tue, 04 Feb 2025€400.4b€79.8b€5.9b19.3x67.7x5x
Thu, 02 Jan 2025€358.8b€78.7b€5.5b19.1x64.8x4.6x
Sat, 30 Nov 2024€344.6b€78.8b€5.5b18.8x62.3x4.4x
Mon, 28 Oct 2024€341.7b€79.2b€6.0b19.2x57x4.3x
Wed, 25 Sep 2024€322.6b€78.4b€5.8b18.8x55.3x4.1x
Fri, 23 Aug 2024€319.0b€79.1b€5.8b19.7x55.2x4x
Sun, 21 Jul 2024€299.3b€78.4b€6.3b19.6x47.8x3.8x
Tue, 18 Jun 2024€298.2b€78.6b€6.3b18.9x47.6x3.8x
Thu, 16 May 2024€302.3b€78.3b€6.3b17.5x47.6x3.9x
Sat, 13 Apr 2024€291.0b€78.8b€8.1b18.4x35.8x3.7x
Mon, 11 Mar 2024€303.1b€78.1b€8.4b18.6x36.2x3.9x
Wed, 07 Feb 2024€290.3b€78.4b€8.5b19.4x34.3x3.7x
Fri, 05 Jan 2024€256.9b€80.7b€6.7b19.6x38.6x3.2x
Sun, 03 Dec 2023€271.0b€80.3b€6.7b19.5x40.6x3.4x
Tue, 31 Oct 2023€229.6b€79.7b€6.7b19.2x34.2x2.9x
Thu, 28 Sep 2023€231.0b€79.5b€6.3b19.4x36.9x2.9x
Sat, 26 Aug 2023€241.7b€79.4b€6.3b19.5x38.5x3x
Mon, 24 Jul 2023€243.1b€78.0b€5.9b21.4x41.2x3.1x
Wed, 21 Jun 2023€247.5b€77.7b€6.3b23.2x39.2x3.2x
Fri, 19 May 2023€244.0b€77.5b€6.4b23.9x38.1x3.1x
Sun, 16 Apr 2023€235.8b€75.3b€6.6b24.7x35.6x3.1x
Tue, 14 Mar 2023€219.7b€75.0b€6.6b24.4x33.2x2.9x
Thu, 09 Feb 2023€226.9b€74.8b€6.6b25.2x34.3x3x
Price to Earnings Ratio

34.3x


Total Market Cap: €226.9bTotal Earnings: €6.6bTotal Revenue: €74.8bTotal Market Cap vs Earnings and Revenue0%0%0%
German Tech Sector Price to Earnings3Y Average 46x202420252026
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 32.0x which is lower than its 3-year average PE of 46.0x.
  • 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 2.4% 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-1.35%
Tech-10.12%
Electronic Equipment and Components4.22%
Tech Hardware0.97%
Communications-0.089%
IT-0.62%
Semiconductors-1.52%
Software-13.26%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 23.8x.
    • Analysts are expecting annual earnings growth of 23.3%, which is higher than its past year's earnings decline of 30.0% 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 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
JEN Jenoptik€26.6619.6%
+€249.6m		26.5%PE22.3x
YSN secunet Security Networks€238.0013.3%
+€181.1m		85.1%PE48.2x
ELG Elmos Semiconductor€115.405.1%
+€96.0m		62.5%PE15.9x
SMHN SUSS MicroTec€49.782.9%
+€27.1m		15.0%PE16.9x
CTNK centrotherm international€9.4015.3%
+€26.5m		175.7%PE5.8x

Latest News

BC8
€43.84
Bechtle
7D
0.3%
1Y
34.9%
AIXA
€19.37
AIXTRON
7D
-8.6%
1Y
43.3%
JEN
€26.66
Jenoptik
7D
19.6%
1Y
26.5%
SAP
€170.56
SAP
7D
-13.8%
1Y
-36.5%
1INN
€89.70
innoscripta
7D
2.2%
1Y
n/a
YSN
€238.00
secunet Security Networks
7D
13.3%
1Y
85.1%

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).
ELG
€115.40
Elmos Semiconductor
7D
5.1%
1Y
62.5%

ELG: Execution Risk On 2025 Margin Guidance Will Constrain Future Upside

Narrative Update Analysts have raised their price targets for Elmos Semiconductor, with recent revisions moving one target to €90 and another firm adding a further €15 increase, supported by updated assumptions for growth, margins, and a slightly adjusted P/E outlook. Analyst Commentary Recent research updates on Elmos Semiconductor reflect a more mixed tone than the headline price target changes might suggest.
TPE
€26.58
PVA TePla
7D
-5.0%
1Y
91.2%

TPE: Deferred Orders And Buyback Are Expected To Support Future Recovery

Analysts have raised their price target for PVA TePla from €26 to €31, citing recent research that characterizes the earlier share selloff as excessive and views the slowdown in growth momentum as temporary. Analyst Commentary Bullish analysts are framing the recent share weakness as an opportunity, pointing to a gap between current pricing and what they see as the company’s medium term potential once short term softness passes.
WAF
€52.60
Siltronic
7D
-3.7%
1Y
21.2%

WAF: Potential 2026 Volume Recovery Will Signal A More Constructive Earnings Floor

Narrative update on Siltronic The blended analyst view on Siltronic now centers on a price target of €70, with recent target moves between €57 and €70 reflecting updated expectations for revenue growth, profit margins and future P/E assumptions as analysts weigh gradual volume recovery over the coming years. Analyst Commentary Recent Street commentary on Siltronic gives you a clearer picture of how expectations are being fine tuned rather than radically reset.
IFX
€41.61
Infineon Technologies
7D
-1.6%
1Y
29.8%

IFX: Data Center Power Partnerships And Materials Supply Will Shape Balanced Outlook

Analysts have nudged their price expectations for Infineon higher, reflecting updated fair value estimates of €46.39, slightly adjusted assumptions for growth, margins and discount rate, and recent Street research in which firms lifted their price targets on the shares and highlighted Infineon's role in a planned DC-based datacenter infrastructure partnership. Analyst Commentary Recent Street research on Infineon points to a mix of optimism around the updated fair value and the DC-based datacenter opportunity, alongside some caution on execution and risk-reward at current levels.
SMHN
€49.78
SUSS MicroTec
7D
2.9%
1Y
15.0%

SMHN: AI Exposure Will Face Execution Risk Despite Raised Long Term Ambitions

The analyst fair value estimate for SUSS MicroTec has moved from €30.00 to €37.00, as analysts factor in improved artificial intelligence exposure, expectations for an order inflection, order weakness being reflected in existing estimates, and a mix of higher and lower recent Street price targets. Analyst Commentary Recent Street research on SUSS MicroTec shows a wide spread in opinion, with several firms lifting ratings and targets while others have turned more cautious.
IOS
€27.25
IONOS Group
7D
-3.5%
1Y
10.3%

IOS: Rising Profit Margins And Buybacks Will Drive Strong Future Returns

Analysts have trimmed their price target for IONOS Group from €38.00 to about €36.26, reflecting updated assumptions on revenue growth, profit margins, and future P/E expectations. What's in the News IONOS Group issued earnings guidance for fiscal 2026, indicating expected currency adjusted revenue growth of about 7% and about 8% excluding intercompany revenues, driven by both Web Presence & Productivity and Cloud Solutions, along with an expected increase in profitability (Corporate guidance).
NEM
€73.95
Nemetschek
7D
-9.2%
1Y
-36.4%

NEM: Construction Software Exposure Will Drive Future Upside Despite Recent Caution

Narrative Update on Nemetschek Our fair value estimate for Nemetschek has shifted to €90.00 from €83.00, reflecting analyst views that the company is well placed within construction software. This is supported by recent price targets in the €110 to €115 range and expectations for solid growth and margins, despite only modest target trims from some firms.
AOF
€97.50
ATOSS Software
7D
-4.2%
1Y
-15.7%
LPK
€7.81
LPKF Laser & Electronics
7D
9.4%
1Y
-7.0%
CTNK
€9.40
centrotherm international
7D
15.3%
1Y
175.7%