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German (DAX) Tech Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies120
  • 7D-0.4%
  • 3M-10.3%
  • 1Y-25.0%
  • YTD-9.0%

The Tech industry has stayed flat over the last week. Unfortunately though, the industry is down 25% over the past 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
Sun, 01 Mar 2026€303.2b€80.6b€9.2b27.7x32.8x3.8x
Tue, 27 Jan 2026€336.4b€80.0b€9.1b27.4x36.9x4.2x
Thu, 25 Dec 2025€336.8b€80.1b€9.1b26.2x37.1x4.2x
Sat, 22 Nov 2025€325.6b€80.4b€9.1b25.3x35.6x4x
Mon, 20 Oct 2025€359.1b€80.6b€8.5b28.1x42.3x4.5x
Wed, 17 Sep 2025€336.4b€80.5b€8.5b26.5x39.6x4.2x
Fri, 15 Aug 2025€378.1b€80.5b€8.5b27.8x44.4x4.7x
Sun, 13 Jul 2025€403.9b€79.6b€7.9b26.9x51.1x5.1x
Tue, 10 Jun 2025€411.8b€80.7b€7.9b27.9x52.1x5.1x
Thu, 08 May 2025€393.3b€80.9b€8.0b25.4x49.5x4.9x
Sat, 05 Apr 2025€348.5b€80.3b€5.5b18.4x63.2x4.3x
Mon, 03 Mar 2025€400.1b€79.6b€5.5b16.6x72.7x5x
Wed, 29 Jan 2025€392.9b€78.9b€5.5b18.7x70.8x5x
Fri, 27 Dec 2024€359.1b€78.9b€5.5b19.3x65x4.5x
Sun, 24 Nov 2024€345.1b€79.0b€5.5b18.7x62.3x4.4x
Tue, 22 Oct 2024€329.1b€78.5b€5.8b19.1x56.5x4.2x
Thu, 19 Sep 2024€315.5b€78.4b€5.9b18.7x53.8x4x
Sat, 17 Aug 2024€318.0b€79.1b€5.8b20x55.1x4x
Mon, 15 Jul 2024€312.9b€78.3b€6.3b19.9x49.5x4x
Wed, 12 Jun 2024€303.4b€78.6b€6.3b19.3x48.4x3.9x
Fri, 10 May 2024€301.6b€78.3b€6.3b18.3x47.6x3.9x
Sun, 07 Apr 2024€298.6b€78.8b€8.1b18.8x36.7x3.8x
Tue, 05 Mar 2024€301.1b€78.1b€8.4b18.6x36x3.9x
Thu, 01 Feb 2024€287.1b€79.7b€8.4b20.3x34.2x3.6x
Sat, 30 Dec 2023€266.4b€80.7b€6.7b20x40x3.3x
Mon, 27 Nov 2023€261.0b€80.3b€6.7b19.4x39x3.3x
Wed, 25 Oct 2023€230.5b€79.2b€7.0b19.4x33.1x2.9x
Fri, 22 Sep 2023€235.9b€79.4b€6.3b19.7x37.6x3x
Sun, 20 Aug 2023€239.5b€79.4b€6.3b20x38.2x3x
Tue, 18 Jul 2023€253.5b€77.6b€6.0b21.6x42.3x3.3x
Thu, 15 Jun 2023€252.0b€77.7b€6.3b22.8x39.9x3.2x
Sat, 13 May 2023€237.8b€77.2b€6.3b22.9x37.6x3.1x
Mon, 10 Apr 2023€235.2b€75.5b€6.6b24.7x35.5x3.1x
Wed, 08 Mar 2023€225.8b€74.9b€6.6b25x34.2x3x
Price to Earnings Ratio

34.2x


Total Market Cap: €225.8bTotal 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 32.7x 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 Market0.059%
Tech-0.40%
Semiconductors2.89%
Electronic Equipment and Components2.25%
Communications0.26%
IT0.043%
Tech Hardware-0.47%
Software-1.49%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 24.7x.
    • Analysts are expecting annual earnings growth of 24.4%, 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
IFX Infineon Technologies€45.831.4%
+€813.6m		29.0%PE59.5x
AIXA AIXTRON€27.6019.9%
+€516.0m		126.9%PE36.5x
ELG Elmos Semiconductor€146.8015.4%
+€336.0m		116.5%PE20.3x
BC8 Bechtle€34.203.6%
+€151.2m		4.0%PE20x
WAF Siltronic€57.406.3%
+€102.0m		26.2%PS1.3x

Latest News

AIXA
€27.60
AIXTRON
7D
19.9%
1Y
126.9%
ELG
€146.80
Elmos Semiconductor
7D
15.4%
1Y
116.5%
SAP
€170.96
SAP
7D
-1.6%
1Y
-35.6%
NA9
€56.30
Nagarro
7D
-9.6%
1Y
-31.8%

NA9: AI Partnership And Stable Profit Outlook Will Support Future Upside

Analysts have raised their Nagarro price target to €89.75. This reflects updated assumptions for a slightly higher discount rate and future P/E multiple while keeping the underlying fair value estimate unchanged at €89.75.
OBS
€4.80
ORBIS
7D
-17.2%
1Y
-18.6%
WAF
€57.40
Siltronic
7D
6.3%
1Y
26.2%

WAF: Fair Value Update Will Balance Wafer Weakness And Margin Resilience

Analysts now see fair value for Siltronic at €52.60, down from €54.61. They also highlight updated assumptions on discount rate, revenue growth, profit margins and future P/E that reflect the latest Street research, including the recent €17 price target change at Berenberg.
YSN
€189.80
secunet Security Networks
7D
-3.7%
1Y
43.8%

YSN: 2026 Guidance And M&A Capacity Will Support Further Upside

Analysts have kept their €244.25 price target for secunet Security Networks unchanged, as a slightly higher discount rate and revised future P/E assumptions have offset each other in their updated models. What's in the News Management issued earnings guidance for fiscal 2026, with group revenue targeted in a range of €460 million to €500 million.
IOS
€23.15
IONOS Group
7D
-1.9%
1Y
-3.1%
TMV
€4.64
TeamViewer
7D
-4.3%
1Y
-61.0%
NB2
€10.30
Northern Data
7D
-11.3%
1Y
-72.9%

NB2: Steady Core Assumptions Will Support Reappraisal Of Undervalued AI Infrastructure

Analysts have maintained their €26.33 price target on Northern Data, making only minor adjustments to assumptions around the discount rate, profit margin and future P/E, without indicating any change in their core view of the company. Valuation Changes Fair Value: Unchanged at €26.33 per share, indicating no adjustment to the core valuation estimate.
IFX
€45.83
Infineon Technologies
7D
1.4%
1Y
29.0%

IFX: Patent Ruling And Radar Partnership Will Shape Balanced Future Prospects

Narrative Update on Infineon Technologies The analyst fair value estimate for Infineon Technologies has shifted slightly higher to €48.78, with modest tweaks to long term assumptions such as discount rate, revenue growth, profit margins and future P/E, reflecting a cluster of recent Street price target increases from around €0.80 to €9. Analyst Commentary Recent Street research on Infineon Technologies has centered on a series of price target adjustments in the €0.80 to €9 range, including changes from JPMorgan and several other large banks.
TPE
€27.40
PVA TePla
7D
9.5%
1Y
103.4%

TPE: Recent Upgrades And 2027 Revenue Guidance Will Support Share Rebound

Analysts have slightly reduced their price target for PVA TePla to about €29.84 from roughly €30.34, while remaining constructive on the shares. Recent upgrades highlight expectations that softer growth metrics could be temporary and that the stock’s recent selloff may have gone too far.
BC8
€34.20
Bechtle
7D
3.6%
1Y
4.0%

BC8: Higher Future P/E Expectations Will Support Stronger 2026 Earnings Power

Analysts have raised their fair value estimate for Bechtle from €52.00 to €56.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E expectations, even as some recent research, including a €1 trim to the price target at Deutsche Bank, points to a more cautious stance on near term performance drivers. Analyst Commentary Bullish analysts point to the higher fair value estimate of €56.00 as a signal that their core assumptions on discount rate, revenue growth, profit margins and future P/E have shifted in a more constructive direction, even if some individual price targets, such as the recent €1 trim, look slightly more cautious on the surface.
SMHN
€55.30
SUSS MicroTec
7D
10.6%
1Y
48.1%

SMHN: AI Hopes Will Face Rich Pricing And Execution Risk

Analysts have kept their price target for SUSS MicroTec broadly unchanged at about €40.23, with only small tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E feeding into the updated view. Valuation Changes Fair Value: The modelled fair value remains essentially unchanged at about €40.23 per share.
N4G0
€2.02
NAGA Group
7D
-18.5%
1Y
-65.1%
AOF
€88.00
ATOSS Software
7D
7.4%
1Y
-24.8%

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