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German (DAX) Tech Sector Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies119
  • 7D-2.4%
  • 3M-1.4%
  • 1Y-9.1%
  • YTD-7.9%

Over the last 7 days, the Tech industry has dropped 2.4%, driven by SAP declining 2.6%. In contrast, Nagarro has gained 5.2%. However, the industry is down 9.1% over the past year. 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
Sun, 14 Dec 2025€337.2b€80.4b€9.1b25.8x36.9x4.2x
Tue, 11 Nov 2025€341.2b€80.3b€9.3b23.8x36.8x4.2x
Thu, 09 Oct 2025€369.0b€80.6b€8.5b28.5x43.4x4.6x
Sat, 06 Sep 2025€355.7b€80.5b€8.5b29.4x41.9x4.4x
Mon, 04 Aug 2025€381.0b€80.5b€8.7b28.7x43.8x4.7x
Wed, 02 Jul 2025€400.6b€80.7b€7.9b27.2x50.9x5x
Fri, 30 May 2025€402.5b€80.8b€7.8b26.7x51.9x5x
Sun, 27 Apr 2025€373.4b€81.0b€8.1b20.3x46.1x4.6x
Tue, 25 Mar 2025€389.5b€79.5b€5.5b19.3x70.9x4.9x
Thu, 20 Feb 2025€421.1b€79.5b€5.5b18.6x76x5.3x
Sat, 18 Jan 2025€387.2b€78.7b€5.5b19.1x69.9x4.9x
Mon, 16 Dec 2024€366.7b€78.9b€5.5b19.5x66.4x4.6x
Wed, 13 Nov 2024€340.1b€79.4b€6.0b17.5x56.7x4.3x
Fri, 11 Oct 2024€324.0b€78.4b€5.8b18.6x55.7x4.1x
Sun, 08 Sep 2024€302.9b€78.4b€5.8b18.6x52x3.9x
Tue, 06 Aug 2024€296.6b€79.7b€6.3b18.6x47x3.7x
Thu, 04 Jul 2024€309.2b€78.1b€6.5b19.5x47.8x4x
Sat, 01 Jun 2024€288.0b€78.6b€6.3b18.8x45.5x3.7x
Mon, 29 Apr 2024€294.9b€79.4b€6.9b17.9x42.7x3.7x
Wed, 27 Mar 2024€305.9b€78.5b€8.1b19.6x37.9x3.9x
Fri, 23 Feb 2024€292.2b€78.1b€8.3b18.6x35.1x3.7x
Sun, 21 Jan 2024€272.1b€80.7b€6.7b19.5x40.8x3.4x
Tue, 19 Dec 2023€269.6b€80.3b€6.7b19.2x40.3x3.4x
Thu, 16 Nov 2023€256.3b€80.2b€6.7b19.4x38.4x3.2x
Sat, 14 Oct 2023€233.6b€79.3b€6.2b20.2x37.5x2.9x
Mon, 11 Sep 2023€247.5b€79.4b€6.3b20.4x39.5x3.1x
Wed, 09 Aug 2023€239.1b€78.9b€6.3b19.9x38.2x3x
Fri, 07 Jul 2023€239.6b€77.4b€6.0b21.7x40x3.1x
Sun, 04 Jun 2023€245.3b€77.8b€6.3b22.9x38.7x3.2x
Tue, 02 May 2023€239.9b€76.3b€6.0b22.4x40.1x3.1x
Thu, 30 Mar 2023€231.6b€75.5b€6.6b24.6x34.9x3.1x
Sat, 25 Feb 2023€218.8b€74.9b€6.6b24.5x33.1x2.9x
Mon, 23 Jan 2023€215.7b€73.5b€7.3b25.2x29.5x2.9x
Wed, 21 Dec 2022€198.1b€73.4b€7.3b23.1x27.1x2.7x
Price to Earnings Ratio

27.1x


Total Market Cap: €198.1bTotal Earnings: €7.3bTotal Revenue: €73.4bTotal Market Cap vs Earnings and Revenue0%0%0%
German Tech Sector Price to Earnings3Y Average 45.6x202320242025
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 36.9x which is lower than its 3-year average PE of 45.6x.
  • 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 7.7% per year over the last three years.
  • Revenues for these companies have grown 3.1% 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 Market0.69%
Tech-2.43%
Electronic Equipment and Components2.55%
Communications-0.048%
IT-0.068%
Tech Hardware-1.35%
Software-2.44%
Semiconductors-3.45%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 22.5x.
    • Analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings decline of 20.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 76% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings grow by 12% 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
NA9 Nagarro€80.255.2%
+€51.7m		-13.8%PE21.2x
NB2 Northern Data€14.762.9%
+€26.3m		-63.4%PS4.7x
MUM Mensch und Maschine Software€45.053.4%
+€25.0m		-15.3%PE25.8x
S9I Stemmer Imaging€60.803.8%
+€14.3m		n/aPE94.3x
7H6 SHT Smart High-Tech€1.7236.7%
+€13.1m		-7.0%PS60.6x

Latest News

ELG
€94.10
Elmos Semiconductor
7D
-7.2%
1Y
38.2%

ELG: Higher Revenue Outlook Will Meet Cautious Earnings And Execution Expectations

Analysts have raised their price target on Elmos Semiconductor from EUR 85 to EUR 90, citing improving revenue growth expectations and slightly higher profit margin forecasts, despite a modest uptick in the discount rate and a marginally lower future P/E multiple. Analyst Commentary While the latest target price increase reflects recognition of Elmos Semiconductor's solid fundamentals, the rating remains at Hold, underscoring a cautious stance on the stock's risk reward profile.
BSL
€13.98
Basler
7D
-6.0%
1Y
130.7%
AOF
€114.60
ATOSS Software
7D
-4.0%
1Y
-4.0%
NB2
€14.76
Northern Data
7D
2.9%
1Y
-63.4%

NB2 Will Rely On New Leadership To Unlock AI Infrastructure Upside

Analysts have lowered their price target on Northern Data from EUR 27 to EUR 15. This reflects expectations for slightly slower revenue growth and a lower future earnings multiple that together reduce the company’s assessed fair value.
IFX
€36.29
Infineon Technologies
7D
-3.2%
1Y
9.9%

IFX: Data Center Power Partnerships Will Drive Long-Term Share Momentum

Analysts have nudged their fair value estimate for Infineon Technologies slightly higher, lifting the price target by about EUR 1 to reflect modestly improved growth and margin assumptions, supported by recent target increases from the Street and growing optimism around long term demand drivers. Analyst Commentary Bullish analysts highlight that recent target increases to the low 40s in euro terms signal confidence that Infineon can defend and gradually expand margins, even as the broader European hardware space faces mixed sentiment.
WAF
€47.60
Siltronic
7D
-3.4%
1Y
-6.2%

WAF: Customer Inventory Drawdown Will Drive Wafer Volume Recovery Into 2026

Analysts have nudged their average price target on Siltronic slightly higher, reflecting a modest uptick in long term growth expectations as recent research points to recovering wafer volumes into 2026 and reduced downside risks at current EUR share levels. Analyst Commentary Recent Street research reflects a cautiously constructive stance on Siltronic, with multiple target price revisions signaling improving confidence in execution and end market recovery, even as some valuation and cycle timing concerns persist.
NA9
€80.25
Nagarro
7D
5.2%
1Y
-13.8%

A Look At The Intrinsic Value Of Nagarro SE (ETR:NA9)

Dec 08
A Look At The Intrinsic Value Of Nagarro SE (ETR:NA9)
SAP
€208.20
SAP
7D
-2.6%
1Y
-13.6%

SAP: Cloud Conversion And BlackLine M&A Optionality Will Drive Future Upside

The analyst price target for SAP has inched lower by approximately $1 to about $287 per share, as analysts balance slightly higher discount rates and modestly trimmed valuation multiples against still constructive views on the company’s cloud driven growth trajectory and resilient long term positioning highlighted in recent research. Analyst Commentary Recent Street research reflects a predominantly constructive stance on SAP, with several upward price target revisions offset by a modest reduction from one firm.
AIXA
€16.87
AIXTRON
7D
-8.1%
1Y
13.5%

AIXA: Data Center And AI Power Demand Will Shape Balanced Future Outlook

The analyst price target for AIXTRON has been modestly increased to EUR 17.50 from EUR 16.93, as analysts highlight stronger long term growth prospects tied to data center and artificial intelligence demand, alongside improving revenue growth and profit margin outlooks. Analyst Commentary Recent Street research reflects a generally constructive stance on AIXTRON, with several upgrades and target price increases underscoring confidence in the companys long term positioning in data center and artificial intelligence related demand.
TMV
€5.64
TeamViewer
7D
1.1%
1Y
-44.1%

TMV: Cost Discipline And Margin Resilience Will Support Future Share Price Upside

Analysts have reduced their price target on TeamViewer from EUR 14 to EUR 11, reflecting slightly softer assumptions for long term revenue growth, profit margins and valuation multiples. Analyst Commentary Recent commentary highlights a more cautious stance on TeamViewer, with price targets adjusted downward to reflect moderated expectations for growth and profitability.
SANT
€22.62
Kontron
7D
0.8%
1Y
21.9%
YSN
€186.00
secunet Security Networks
7D
1.1%
1Y
53.7%

Returns On Capital Signal Tricky Times Ahead For secunet Security Networks (ETR:YSN)

Nov 29
Returns On Capital Signal Tricky Times Ahead For secunet Security Networks (ETR:YSN)
COK
€27.15
Cancom
7D
-2.9%
1Y
12.7%

Here's Why Cancom (ETR:COK) Can Manage Its Debt Responsibly

Nov 28
Here's Why Cancom (ETR:COK) Can Manage Its Debt Responsibly
7H6
€1.72
SHT Smart High-Tech
7D
36.7%
1Y
-7.0%

SHT Smart High-Tech (FRA:7H6) Is In A Good Position To Deliver On Growth Plans

Oct 29
SHT Smart High-Tech (FRA:7H6) Is In A Good Position To Deliver On Growth Plans
MUM
€45.05
Mensch und Maschine Software
7D
3.4%
1Y
-15.3%
S9I
€60.80
Stemmer Imaging
7D
3.8%
1Y
n/a