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German (DAX) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies121
  • 7D3.3%
  • 3M-6.5%
  • 1Y-17.6%
  • YTD-0.1%

Over the last 7 days, the Tech industry has risen 3.3%, driven by gains from SAP of 2.7%. During this same period, the AIXTRON underperformed, falling 7.1%. In the past year, the industry is down 18%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026€333.0b€80.1b€9.1b27.4x36.5x4.2x
Sat, 27 Dec 2025€336.8b€80.1b€9.1b26.2x37.1x4.2x
Mon, 24 Nov 2025€325.6b€80.4b€9.1b25.3x35.7x4x
Wed, 22 Oct 2025€371.3b€80.6b€8.5b29.4x43.7x4.6x
Fri, 19 Sep 2025€361.5b€80.5b€8.5b26.9x42.6x4.5x
Sun, 17 Aug 2025€374.7b€80.6b€8.5b28.6x44.1x4.7x
Tue, 15 Jul 2025€401.8b€79.6b€7.9b27.7x50.9x5x
Thu, 12 Jun 2025€406.9b€80.7b€7.9b27.6x51.5x5x
Sat, 10 May 2025€395.9b€80.8b€7.8b25.4x51x4.9x
Mon, 07 Apr 2025€348.4b€80.3b€5.5b18.4x63.2x4.3x
Wed, 05 Mar 2025€390.9b€79.6b€5.5b16.1x71.1x4.9x
Fri, 31 Jan 2025€398.9b€79.8b€5.9b19.4x67.3x5x
Sun, 29 Dec 2024€363.4b€78.9b€5.5b19.2x65.8x4.6x
Tue, 26 Nov 2024€343.0b€79.0b€5.5b18.7x61.9x4.3x
Thu, 24 Oct 2024€338.5b€79.2b€6.0b19x56.3x4.3x
Sat, 21 Sep 2024€320.0b€78.4b€5.8b19x54.9x4.1x
Mon, 19 Aug 2024€318.1b€79.1b€5.8b20x55.1x4x
Wed, 17 Jul 2024€310.0b€78.3b€6.3b19.6x49.1x4x
Fri, 14 Jun 2024€311.7b€78.6b€6.3b19.4x49.8x4x
Sun, 12 May 2024€301.2b€78.3b€6.3b18.2x47.5x3.8x
Tue, 09 Apr 2024€299.6b€78.8b€8.1b18.8x36.8x3.8x
Thu, 07 Mar 2024€300.8b€78.1b€8.4b18.4x35.9x3.9x
Sat, 03 Feb 2024€289.7b€79.7b€8.4b20.6x34.6x3.6x
Mon, 01 Jan 2024€266.4b€80.7b€6.7b20.6x40x3.3x
Wed, 29 Nov 2023€263.3b€80.3b€6.7b19.5x39.4x3.3x
Fri, 27 Oct 2023€232.0b€79.5b€6.7b19.8x34.8x2.9x
Sun, 24 Sep 2023€237.1b€79.4b€6.3b19.8x37.8x3x
Tue, 22 Aug 2023€239.5b€79.4b€6.3b19.2x38.2x3x
Thu, 20 Jul 2023€252.7b€77.6b€6.0b22.2x42.2x3.3x
Sat, 17 Jun 2023€251.9b€77.7b€6.3b23.7x39.9x3.2x
Mon, 15 May 2023€237.7b€77.4b€6.4b22.9x37.2x3.1x
Wed, 12 Apr 2023€234.2b€75.5b€6.6b24.7x35.3x3.1x
Fri, 10 Mar 2023€228.3b€74.9b€6.6b25.2x34.6x3x
Sun, 05 Feb 2023€231.3b€73.9b€6.4b25.8x36.3x3.1x
Price to Earnings Ratio

36.3x


Total Market Cap: €231.3bTotal Earnings: €6.4bTotal Revenue: €73.9bTotal 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 36.5x 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 13% per year over the last three years.
  • Revenues for these companies have grown 2.7% 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 Market1.82%
Tech3.28%
IT6.48%
Semiconductors5.08%
Software2.67%
Electronic Equipment and Components0.29%
Communications0.091%
Tech Hardware-0.86%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 23.7x.
    • 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 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
YSN secunet Security Networks€234.5014.7%
+€194.1m		80.4%PE47.5x
JEN Jenoptik€23.825.8%
+€74.4m		7.9%PE19.9x
1INN innoscripta€87.907.5%
+€61.0m		n/aPE22.6x
NB2 Northern Data€13.133.8%
+€30.8m		-70.4%PS4.2x
CTNK centrotherm international€9.4015.3%
+€26.5m		175.7%PE5.8x

Latest News

SAP
€166.54
SAP
7D
-12.3%
1Y
-37.9%
JEN
€23.82
Jenoptik
7D
5.8%
1Y
7.9%

Investors Appear Satisfied With Jenoptik AG's (ETR:JEN) Prospects As Shares Rocket 25%

Jan 29
Investors Appear Satisfied With Jenoptik AG's (ETR:JEN) Prospects As Shares Rocket 25%
BC8
€42.62
Bechtle
7D
-3.1%
1Y
33.9%
1INN
€87.90
innoscripta
7D
7.5%
1Y
n/a
YSN
€234.50
secunet Security Networks
7D
14.7%
1Y
80.4%

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).
NB2
€13.13
Northern Data
7D
3.8%
1Y
-70.4%

NB2: Hold Reset Will Clarify Undervalued AI Infrastructure Upside Potential

Analysts have reduced their view on Northern Data, with a headline price target moving to €15 from €27. This reflects updated assumptions around discount rate, growth, margins and future P/E, which keep fair value broadly in line with prior estimates.
WAF
€51.80
Siltronic
7D
-5.2%
1Y
17.1%

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
€41.80
Infineon Technologies
7D
-1.8%
1Y
33.0%

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.
IOS
€27.20
IONOS Group
7D
-3.5%
1Y
7.9%

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
€74.40
Nemetschek
7D
-3.1%
1Y
-36.2%

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
€93.90
ATOSS Software
7D
-6.3%
1Y
-18.1%
NVQ
€9.35
Novabase S.G.P.S
7D
3.9%
1Y
55.8%
AIXA
€19.29
AIXTRON
7D
-7.1%
1Y
43.0%

AIXA: Data Center And AI Power Demand Will Shape Fair Long Term Outlook

The updated analyst price target for AIXTRON shifts from about €17.50 to roughly €18.25, with analysts pointing to expectations around data center and artificial intelligence related demand as key reasons for their revised fair value, alongside modest tweaks to growth, margin and future P/E assumptions. Analyst Commentary Recent research shows a mix of optimism and caution around AIXTRON, with several price target changes and rating moves clustered around expectations for data center and artificial intelligence related demand.
BKHT
€16.95
Brockhaus Technologies
7D
7.3%
1Y
-33.5%
CTNK
€9.40
centrotherm international
7D
15.3%
1Y
175.7%
SJJ
€18.20
Serviceware
7D
7.1%
1Y
38.9%

Returns Are Gaining Momentum At Serviceware (ETR:SJJ)

Dec 18
Returns Are Gaining Momentum At Serviceware (ETR:SJJ)