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German (DAX) IT Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies27
  • 7D-3.4%
  • 3M-21.0%
  • 1Y-18.6%
  • YTD-21.7%

Over the last 7 days, the IT industry has dropped 3.9%, driven by a pullback from Bechtle of 13%. Meanwhile, IONOS Group actually outperformed within the industry, gaining 16% in the last week. The industry has fallen 18% in the last year. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

Has the German IT Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026€12.8b€17.2b€728.1m27.5x17.6x0.7x
Fri, 20 Feb 2026€14.0b€17.4b€736.0m27x19x0.8x
Sun, 18 Jan 2026€16.9b€17.4b€743.1m26.3x22.8x1x
Tue, 16 Dec 2025€16.3b€17.5b€749.0m25.5x21.8x0.9x
Thu, 13 Nov 2025€14.6b€17.3b€747.0m23x19.6x0.8x
Sat, 11 Oct 2025€16.0b€17.4b€736.8m21.6x21.7x0.9x
Mon, 08 Sep 2025€16.4b€17.4b€735.5m23.9x22.3x0.9x
Wed, 06 Aug 2025€17.1b€17.3b€681.4m26.8x25.1x1x
Fri, 04 Jul 2025€17.4b€17.3b€684.2m26.4x25.5x1x
Sun, 01 Jun 2025€17.7b€17.3b€684.1m25.7x25.8x1x
Tue, 29 Apr 2025€15.7b€16.7b€690.1m22.1x22.7x0.9x
Thu, 27 Mar 2025€12.5b€15.8b€547.3m19.2x22.9x0.8x
Sat, 22 Feb 2025€11.3b€15.8b€549.0m19.4x20.5x0.7x
Mon, 20 Jan 2025€10.6b€15.8b€562.0m19.1x18.9x0.7x
Wed, 18 Dec 2024€10.6b€15.8b€562.0m18.2x18.9x0.7x
Fri, 15 Nov 2024€10.6b€15.7b€551.1m18x19.3x0.7x
Sun, 13 Oct 2024€11.4b€15.5b€551.7m20.3x20.6x0.7x
Tue, 10 Sep 2024€10.9b€15.5b€562.6m18.4x19.4x0.7x
Thu, 08 Aug 2024€11.6b€15.3b€549.1m19.9x21x0.8x
Sat, 06 Jul 2024€12.6b€15.3b€546.1m19.6x23.1x0.8x
Mon, 03 Jun 2024€13.3b€15.3b€546.1m19.5x24.3x0.9x
Wed, 01 May 2024€13.0b€15.0b€546.8m20.8x23.8x0.9x
Fri, 29 Mar 2024€13.6b€14.9b€473.8m22.2x28.7x0.9x
Sun, 25 Feb 2024€13.9b€14.7b€455.0m23.4x30.4x0.9x
Tue, 23 Jan 2024€13.7b€14.8b€458.9m22.5x29.9x0.9x
Thu, 21 Dec 2023€13.6b€14.9b€464.3m21.8x29.2x0.9x
Sat, 18 Nov 2023€13.6b€14.9b€458.2m21.5x29.8x0.9x
Mon, 16 Oct 2023€12.7b€14.6b€457.9m18.8x27.7x0.9x
Wed, 13 Sep 2023€13.2b€14.6b€455.7m19.7x29.1x0.9x
Fri, 11 Aug 2023€12.8b€14.4b€493.6m17.8x26x0.9x
Sun, 09 Jul 2023€12.4b€14.3b€487.8m17.9x25.4x0.9x
Tue, 06 Jun 2023€12.7b€14.3b€491.8m20.4x25.9x0.9x
Thu, 04 May 2023€13.9b€14.0b€493.5m21.1x28.2x1x
Sat, 01 Apr 2023€14.4b€13.8b€497.1m22.1x28.9x1x
Price to Earnings Ratio

28.9x


Total Market Cap: €14.4bTotal Earnings: €497.1mTotal Revenue: €13.8bTotal Market Cap vs Earnings and Revenue0%0%0%
German IT Industry Price to Earnings3Y Average 24.1x202420252026
Current Industry PE
  • Investors are pessimistic on the German IT 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 17.6x which is lower than its 3-year average PE of 24.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.87x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 7.6% 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 industry?

DE Market-4.50%
Tech-8.53%
IT-3.36%
Internet Services and Infrastructure15.66%
Data Processing Services0%0
IT Consulting-9.17%
Industry PE
  • Investors are most optimistic about the IT Consulting industry even though it's trading below its 3-year average PE ratio of 23.1x.
    • Analysts are expecting annual earnings growth of 15.6%, which is higher than its past year's earnings decline of 16.2% per year.
  • Investors are most pessimistic about the Internet Services and Infrastructure industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 3.2x.
Forecasted Growth
  • Analysts are most optimistic on the Internet Services and Infrastructure industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 22% per year.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 16% 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
IOS IONOS Group€25.4516.5%
+€501.1m		-0.2%PE17.2x
NVQ Novabase S.G.P.S€8.900.6%
+€1.9m		24.5%PE45.6x
6OK SolidX€0.2312.6%
+€934.7k		54.2%PE62.6x
1YT FutureSmart Holdings€0.335.8%
+€18.0k		n/aPS48x

Latest News

NA9
€43.70
Nagarro
7D
-13.1%
1Y
-44.7%
BC8
€26.44
Bechtle
7D
-13.4%
1Y
-30.1%

BC8: Higher Future P/E And Investor Day Update Will Support Earnings Power

Analysts have trimmed their price target on Bechtle by €1, citing slightly higher discount rate assumptions, modest adjustments to expected revenue growth and profit margins, and a marginally higher future P/E multiple in their refreshed models. Analyst Commentary Even with the €1 price target trim, bullish analysts still frame Bechtle as a name where their long term thesis remains intact.
IOS
€25.45
IONOS Group
7D
16.5%
1Y
-0.2%

IOS: Higher Margins And Share Buybacks Will Support Stronger Outlook

Analysts now see fair value for IONOS Group at about €44.55, slightly below the prior €45.50. This reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions.
GFT
€16.72
GFT Technologies
7D
-5.9%
1Y
-27.3%
A1OS
€31.40
All for One Group
7D
-11.5%
1Y
-46.0%
YSN
€178.20
secunet Security Networks
7D
-4.4%
1Y
-12.6%

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

Analysts have kept their €244.25 price target for secunet Security Networks unchanged, pointing to only very small tweaks in assumptions around the discount rate, revenue growth, profit margin and future P/E as the main drivers of this stable view. What's in the News Management is open to inorganic growth, with the CFO highlighting that the company is considering acquisitions and investments alongside organic growth (Key Developments).
COK
€20.90
Cancom
7D
-7.1%
1Y
-25.1%
ADN1
€56.20
adesso
7D
-7.4%
1Y
-43.4%
6OK
€0.23
SolidX
7D
12.6%
1Y
54.2%
SANT
€19.33
Kontron
7D
-11.6%
1Y
-22.8%

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

Feb 06
Do Kontron's (ETR:SANT) Earnings Warrant Your Attention?
NVQ
€8.90
Novabase S.G.P.S
7D
0.6%
1Y
24.5%
1YT
€0.33
FutureSmart Holdings
7D
5.8%
1Y
n/a