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German (DAX) Tech Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies120
  • 7D-0.6%
  • 3M-10.9%
  • 1Y-28.7%
  • YTD-10.9%

Last week, the Tech industry hasn't moved much but Infineon Technologies is up 4.7% in that time. Unfortunately though, the industry is down 29% over the past 12 months. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026€296.6b€80.6b€9.4b26.5x31.5x3.7x
Fri, 23 Jan 2026€324.3b€80.0b€9.1b28.3x35.6x4.1x
Sun, 21 Dec 2025€336.8b€80.1b€9.1b26.1x37.1x4.2x
Tue, 18 Nov 2025€331.9b€80.4b€9.1b26.1x36.3x4.1x
Thu, 16 Oct 2025€364.0b€80.6b€8.5b28.1x42.8x4.5x
Sat, 13 Sep 2025€347.0b€80.5b€8.5b26.4x40.9x4.3x
Mon, 11 Aug 2025€391.4b€80.6b€8.6b28.5x45.8x4.9x
Wed, 09 Jul 2025€410.1b€79.6b€7.9b28.6x51.9x5.1x
Fri, 06 Jun 2025€415.4b€80.7b€7.9b27.9x52.6x5.1x
Sun, 04 May 2025€400.6b€81.1b€8.1b21.8x49.7x4.9x
Tue, 01 Apr 2025€371.6b€80.3b€5.5b17.9x67.6x4.6x
Thu, 27 Feb 2025€415.1b€79.5b€5.5b17.7x75.4x5.2x
Sat, 25 Jan 2025€396.9b€78.7b€5.5b19.4x71.7x5x
Mon, 23 Dec 2024€358.7b€78.9b€5.5b19.2x64.9x4.5x
Wed, 20 Nov 2024€336.7b€79.3b€5.6b19.4x59.7x4.2x
Fri, 18 Oct 2024€330.9b€78.4b€5.8b18.9x56.9x4.2x
Sun, 15 Sep 2024€316.3b€78.4b€5.8b18.5x54.3x4x
Tue, 13 Aug 2024€307.2b€79.1b€5.8b18.9x52.7x3.9x
Thu, 11 Jul 2024€307.8b€78.1b€6.5b20.1x47.6x3.9x
Sat, 08 Jun 2024€304.6b€78.6b€6.3b19.5x48.6x3.9x
Mon, 06 May 2024€288.5b€79.5b€6.9b17.2x41.8x3.6x
Wed, 03 Apr 2024€297.2b€78.8b€8.1b18.7x36.5x3.8x
Fri, 01 Mar 2024€296.7b€78.1b€8.3b18.2x35.6x3.8x
Sun, 28 Jan 2024€286.9b€79.7b€8.4b20x34.2x3.6x
Tue, 26 Dec 2023€264.3b€80.5b€6.7b20.1x39.6x3.3x
Thu, 23 Nov 2023€261.2b€80.3b€6.7b19.4x39x3.3x
Sat, 21 Oct 2023€230.8b€79.2b€7.0b19.5x33.1x2.9x
Mon, 18 Sep 2023€242.1b€79.4b€6.3b20.6x38.7x3x
Wed, 16 Aug 2023€243.0b€79.3b€6.3b18.9x38.7x3.1x
Fri, 14 Jul 2023€253.3b€77.5b€6.0b21.6x42.3x3.3x
Sun, 11 Jun 2023€245.3b€77.8b€6.3b21.8x38.8x3.2x
Tue, 09 May 2023€240.6b€77.2b€6.3b23.8x37.9x3.1x
Thu, 06 Apr 2023€234.3b€75.4b€6.6b24.4x35.3x3.1x
Sat, 04 Mar 2023€223.6b€74.9b€6.6b25.1x33.8x3x
Price to Earnings Ratio

33.8x


Total Market Cap: €223.6bTotal 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 31.5x 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 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 Market0.30%
Tech-0.56%
Semiconductors4.89%
Electronic Equipment and Components1.05%
Communications0.077%
Tech Hardware-0.51%
IT-1.85%
Software-2.22%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 24.6x.
    • 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
IFX Infineon Technologies€46.684.7%
+€2.7b		26.1%PE60.6x
ELG Elmos Semiconductor€142.0014.1%
+€301.7m		103.4%PE19.6x
AIXA AIXTRON€24.163.2%
+€83.4m		73.6%PE30x
JEN Jenoptik€28.024.3%
+€66.4m		24.8%PE23.5x
SMHN SUSS MicroTec€52.106.8%
+€63.8m		29.9%PE17.6x

Latest News

SAP
€165.84
SAP
7D
-2.2%
1Y
-39.1%
IOS
€23.05
IONOS Group
7D
-2.3%
1Y
-4.8%
TMV
€4.48
TeamViewer
7D
-6.6%
1Y
-63.6%
NB2
€10.86
Northern Data
7D
-8.3%
1Y
-71.8%

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
€46.68
Infineon Technologies
7D
4.7%
1Y
26.1%

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.
JEN
€28.02
Jenoptik
7D
4.3%
1Y
24.8%

JEN: Future Returns Will Depend On Uncertain Margin And P/E Assumptions

Narrative Update on Jenoptik Analysts have lifted their fair value estimate for Jenoptik from €21.50 to €24.00. This reflects slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E multiples in recent research updates.
BC8
€32.26
Bechtle
7D
-1.2%
1Y
-6.5%

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
€52.10
SUSS MicroTec
7D
6.8%
1Y
29.9%

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.
NEM
€64.55
Nemetschek
7D
-1.8%
1Y
-44.6%

NEM: Construction Software Digitization Will Sustain Premium Multiples Despite Mixed Rating Adjustments

The updated analyst price target for Nemetschek edges lower to about €119 per share, as analysts balance slightly adjusted fair value, discount rate and profit margin assumptions with supportive views on the company's long term revenue growth outlook, reflected in recent upgrades and trimmed targets across the Street. Analyst Commentary Recent Street research on Nemetschek reflects a mix of optimism on growth and digital adoption in construction software, alongside some caution around valuation and execution expectations, which together shape the latest price target adjustments.
AIXA
€24.16
AIXTRON
7D
3.2%
1Y
73.6%

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.
WAF
€54.60
Siltronic
7D
3.9%
1Y
13.0%
IVU
€20.00
IVU Traffic Technologies
7D
5.8%
1Y
24.6%
ELG
€142.00
Elmos Semiconductor
7D
14.1%
1Y
103.4%

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.
SANT
€23.06
Kontron
7D
-3.2%
1Y
8.6%

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

Feb 06
Do Kontron's (ETR:SANT) Earnings Warrant Your Attention?
AOF
€80.60
ATOSS Software
7D
-3.5%
1Y
-31.5%

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
CTNK
€9.40
centrotherm international
7D
15.3%
1Y
175.7%