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German (DAX) IT Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies28
  • 7D0.03%
  • 3M-7.9%
  • 1Y24.4%
  • YTD21.8%

Last week, the IT industry hasn't moved much but IONOS Group is up 3.1% in that time. As for the the longer term, the industry is up 24% over the past 12 months. 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
Tue, 23 Dec 2025€16.3b€17.5b€744.4m25.5x22x0.9x
Thu, 20 Nov 2025€15.5b€17.4b€752.8m22.6x20.6x0.9x
Sat, 18 Oct 2025€15.7b€17.4b€736.8m21.4x21.3x0.9x
Mon, 15 Sep 2025€16.9b€17.4b€735.3m25.5x23x1x
Wed, 13 Aug 2025€16.8b€17.4b€742.6m24.5x22.6x1x
Fri, 11 Jul 2025€18.2b€17.3b€684.2m27.4x26.5x1x
Sun, 08 Jun 2025€18.1b€17.3b€684.1m27.1x26.5x1x
Tue, 06 May 2025€16.6b€16.7b€696.0m23.6x23.9x1x
Thu, 03 Apr 2025€15.4b€17.0b€711.6m21.6x21.6x0.9x
Sat, 01 Mar 2025€11.2b€15.8b€547.3m19.4x20.5x0.7x
Mon, 27 Jan 2025€10.8b€15.8b€562.0m19.1x19.2x0.7x
Wed, 25 Dec 2024€10.6b€15.8b€562.0m18.1x18.8x0.7x
Fri, 22 Nov 2024€10.7b€15.8b€555.2m18.7x19.2x0.7x
Sun, 20 Oct 2024€11.2b€15.5b€551.7m19.5x20.2x0.7x
Tue, 17 Sep 2024€11.0b€15.5b€563.0m18.4x19.6x0.7x
Thu, 15 Aug 2024€11.5b€15.1b€556.1m19.3x20.6x0.8x
Sat, 13 Jul 2024€12.4b€15.3b€546.1m20.1x22.7x0.8x
Mon, 10 Jun 2024€13.5b€15.3b€545.4m20.7x24.7x0.9x
Wed, 08 May 2024€13.2b€15.0b€545.6m20.2x24.2x0.9x
Fri, 05 Apr 2024€13.8b€15.0b€546.8m21x25.2x0.9x
Sun, 03 Mar 2024€13.8b€14.7b€454.9m22.8x30.3x0.9x
Tue, 30 Jan 2024€14.3b€14.8b€458.7m23.2x31.1x1x
Thu, 28 Dec 2023€13.6b€14.9b€464.3m21.6x29.3x0.9x
Sat, 25 Nov 2023€13.5b€14.8b€462.3m21.8x29.1x0.9x
Mon, 23 Oct 2023€12.4b€14.6b€457.9m19.2x27.1x0.8x
Wed, 20 Sep 2023€12.9b€14.6b€457.3m19.4x28.2x0.9x
Fri, 18 Aug 2023€13.2b€14.6b€458.6m19.3x28.8x0.9x
Sun, 16 Jul 2023€12.8b€14.3b€487.8m18.1x26.2x0.9x
Tue, 13 Jun 2023€12.8b€14.3b€487.3m19.7x26.3x0.9x
Thu, 11 May 2023€14.0b€14.0b€501.8m21.3x27.8x1x
Sat, 08 Apr 2023€13.9b€13.9b€496.0m21.3x28.1x1x
Mon, 06 Mar 2023€14.5b€13.8b€579.4m23.8x25.1x1.1x
Wed, 01 Feb 2023€14.4b€13.7b€579.0m24.6x24.8x1x
Fri, 30 Dec 2022€12.7b€13.7b€576.6m22.7x22.1x0.9x
Price to Earnings Ratio

22.1x


Total Market Cap: €12.7bTotal Earnings: €576.6mTotal Revenue: €13.7bTotal Market Cap vs Earnings and Revenue0%0%0%
German IT Industry Price to Earnings3Y Average 24.4x202320242025
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 21.9x which is lower than its 3-year average PE of 24.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.89x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 8.9% per year over the last three years.
  • Revenues for these companies have grown 8.4% 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 Market0.079%
Tech-0.10%
IT0.035%
Internet Services and Infrastructure3.00%
Data Processing Services0%0
IT Consulting-0.83%
Industry PE
  • Investors are most optimistic about the IT Consulting industry, which is trading close to its 3-year average PE ratio of 23.2x.
    • Analysts are expecting annual earnings growth of 16.3%, which is higher than its past year's earnings decline of 14.0% 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 1.2x.
Forecasted Growth
  • Analysts are most optimistic on the IT Consulting industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 14% per year.
  • In contrast, the Internet Services and Infrastructure 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€26.603.1%
+€110.4m		23.7%PE16.5x
D6H DATAGROUP€70.004.5%
+€25.0m		51.4%PE23.9x
GFT GFT Technologies€19.165.0%
+€24.1m		-13.9%PE14.4x
AEIN Allgeier€20.002.8%
+€6.3m		33.3%PE248.6x
NVQ Novabase S.G.P.S€8.701.8%
+€5.7m		51.3%PE44.5x

Latest News

A1OS
€40.10
All for One Group
7D
-3.8%
1Y
-28.4%

There May Be Reason For Hope In All for One Group's (ETR:A1OS) Disappointing Earnings

Dec 22
There May Be Reason For Hope In All for One Group's (ETR:A1OS) Disappointing Earnings
AEIN
€20.00
Allgeier
7D
2.8%
1Y
33.3%
D6H
€70.00
DATAGROUP
7D
4.5%
1Y
51.4%

D6H: Cloud Contracts And SME Offerings Will Support A Stable Outlook

Analysts have nudged their price target on DATAGROUP slightly higher to €66.00, citing incremental improvements in discount rate assumptions and modestly refined expectations for long term earnings multiples that together support a steady fair value outlook. What's in the News Won a five year contract from Heidelberger Druckmaschinen AG to migrate and operate its extensive SAP system landscape in the DATAGROUP Enterprise Cloud in Frankfurt, with project volume in the mid single digit million euro range (Client Announcements).
SANT
€22.68
Kontron
7D
-1.9%
1Y
18.7%

Kontron AG's (ETR:SANT) Low P/E No Reason For Excitement

Dec 15
Kontron AG's (ETR:SANT) Low P/E No Reason For Excitement
NA9
€77.00
Nagarro
7D
-2.2%
1Y
-3.7%

NA9: Share Buybacks Are Expected To Drive Future Shareholder Value

Analysts have modestly revised their price target for Nagarro, keeping fair value broadly unchanged at €90.25. They have slightly lowered the discount rate and forward P/E assumptions as they factor in a marginally improved risk profile and stable long term growth and profitability expectations.
IOS
€26.60
IONOS Group
7D
3.1%
1Y
23.7%

IOS: Rising Profit Margins And Buybacks Will Drive Strong Future Returns

Analysts have slightly reduced their price target on IONOS Group to approximately €38.50 from about €39.30, reflecting tempered revenue growth assumptions, marginally improved profit margin expectations, and a modestly higher discount rate. What's in the News IONOS Group confirmed new guidance for 2025, targeting approximately 8% revenue growth compared with 2024 revenue of €1,248.1 million (company guidance).
BC8
€43.50
Bechtle
7D
-0.3%
1Y
40.3%

BC8: 2026 IT Spending Revival Will Likely Shape Fairly Priced Outlook

Analysts have raised their price target on Bechtle by approximately EUR 1, reflecting expectations for improving organic growth in German IT resellers and a potential revival in IT spending from 2026. This supports slightly higher fair value and profit margin assumptions despite modestly lower revenue growth forecasts.
YSN
€179.40
secunet Security Networks
7D
-4.2%
1Y
53.6%

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
€27.00
Cancom
7D
-2.7%
1Y
16.3%

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

Nov 28
Here's Why Cancom (ETR:COK) Can Manage Its Debt Responsibly
AMI
€0.38
medondo holding
7D
20.0%
1Y
-43.9%
GFT
€19.16
GFT Technologies
7D
5.0%
1Y
-13.9%
KSC
€0.47
KPS
7D
5.4%
1Y
-39.2%
ADN1
€87.90
adesso
7D
-0.5%
1Y
1.6%
SHF
€66.80
SNP Schneider-Neureither & Partner
7D
-1.2%
1Y
49.4%
NVQ
€8.70
Novabase S.G.P.S
7D
1.8%
1Y
51.3%

What Novabase S.G.P.S., S.A.'s (FRA:NVQ) P/E Is Not Telling You

Oct 28
What Novabase S.G.P.S., S.A.'s (FRA:NVQ) P/E Is Not Telling You