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German (DAX) IT Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies28
  • 7D8.8%
  • 3M-10.9%
  • 1Y-3.4%
  • YTD-10.6%

Over the last 7 days, the IT industry has risen 8.8%, driven by gains from IONOS Group of 17%. However, the industry is down 3.4% over the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026€15.1b€17.5b€777.8m23.1x19.4x0.9x
Thu, 19 Mar 2026€13.2b€17.4b€733.9m28x17.9x0.8x
Sat, 14 Feb 2026€13.9b€17.4b€739.5m27.1x18.8x0.8x
Mon, 12 Jan 2026€16.9b€17.5b€742.3m26.2x22.7x1x
Wed, 10 Dec 2025€16.2b€17.5b€749.0m25.2x21.6x0.9x
Fri, 07 Nov 2025€14.9b€17.5b€734.3m21.9x20.3x0.9x
Sun, 05 Oct 2025€16.7b€17.4b€736.8m22.6x22.7x1x
Tue, 02 Sep 2025€17.1b€17.4b€735.9m25x23.2x1x
Thu, 31 Jul 2025€17.9b€17.3b€679.4m30x26.4x1x
Sat, 28 Jun 2025€17.8b€17.3b€684.0m26.4x26x1x
Mon, 26 May 2025€17.1b€17.3b€683.3m26.2x25x1x
Wed, 23 Apr 2025€15.3b€16.7b€690.1m22x22.2x0.9x
Fri, 21 Mar 2025€12.9b€15.8b€545.9m20x23.7x0.8x
Sun, 16 Feb 2025€11.3b€15.8b€547.1m19.4x20.6x0.7x
Tue, 14 Jan 2025€10.4b€15.8b€562.0m18x18.4x0.7x
Thu, 12 Dec 2024€10.9b€15.8b€558.4m19.2x19.5x0.7x
Sat, 09 Nov 2024€10.5b€15.7b€557.5m17.7x18.8x0.7x
Mon, 07 Oct 2024€11.6b€15.5b€554.0m20.3x20.9x0.7x
Wed, 04 Sep 2024€11.2b€15.2b€552.6m19x20.2x0.7x
Fri, 02 Aug 2024€12.3b€15.3b€548.8m20.5x22.4x0.8x
Sun, 30 Jun 2024€12.7b€15.3b€545.4m20x23.2x0.8x
Tue, 28 May 2024€13.7b€15.3b€546.1m19.9x25.1x0.9x
Thu, 25 Apr 2024€13.2b€15.0b€544.2m20.8x24.3x0.9x
Sat, 23 Mar 2024€13.3b€14.8b€469.7m23x28.4x0.9x
Mon, 19 Feb 2024€14.0b€14.7b€456.3m23.5x30.8x1x
Wed, 17 Jan 2024€13.3b€14.8b€458.9m21.8x28.9x0.9x
Fri, 15 Dec 2023€13.2b€14.8b€462.4m21.5x28.5x0.9x
Sun, 12 Nov 2023€12.9b€14.8b€480.1m19.7x26.8x0.9x
Tue, 10 Oct 2023€12.8b€14.6b€457.9m19x27.9x0.9x
Thu, 07 Sep 2023€13.4b€14.6b€455.7m20.1x29.3x0.9x
Sat, 05 Aug 2023€12.7b€14.3b€485.5m16.3x26.1x0.9x
Mon, 03 Jul 2023€12.5b€14.3b€487.8m17.9x25.6x0.9x
Wed, 31 May 2023€12.6b€14.3b€491.6m19x25.7x0.9x
Fri, 28 Apr 2023€13.7b€13.9b€493.8m20.8x27.8x1x
Price to Earnings Ratio

27.8x


Total Market Cap: €13.7bTotal Earnings: €493.8mTotal Revenue: €13.9bTotal Market Cap vs Earnings and Revenue0%0%0%
German IT Industry Price to Earnings3Y Average 23.8x202420252026
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 19.4x which is lower than its 3-year average PE of 23.8x.
  • 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 16% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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 Market3.70%
Tech10.75%
IT8.84%
Internet Services and Infrastructure16.17%
IT Consulting6.48%
Data Processing Services0%0
Industry PE
  • Investors are most optimistic about the IT Consulting industry even though it's trading below its 3-year average PE ratio of 22.9x.
    • Analysts are expecting annual earnings growth of 12.4%, which is higher than its past year's earnings decline of 15.2% 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 3.7x.
Forecasted Growth
  • Analysts are most optimistic on the Internet Services and Infrastructure industry, expecting annual earnings growth of 15% over the next 5 years.
  • However this is lower than its past earnings growth rate of 56% per year.
  • In contrast, the IT Consulting 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
IOS IONOS Group€28.1016.8%
+€551.8m		-0.4%PE19x
BC8 Bechtle€31.003.7%
+€138.6m		-10.5%PE17x
KTN Kontron€21.649.2%
+€114.8m		-1.4%PE9.8x
NA9 Nagarro€49.008.5%
+€48.6m		-24.7%PE12.7x
SHF SNP Schneider-Neureither & Partner€86.607.4%
+€43.7m		29.3%PE24x

Latest News

NA9
€49.00
Nagarro
7D
8.5%
1Y
-24.7%
AEIN
€17.80
Allgeier
7D
-0.3%
1Y
-13.2%
BC8
€31.00
Bechtle
7D
3.7%
1Y
-10.5%

BC8: 2026 IT Revival Hopes Will Face Cautious Execution And Budget Timing

Analysts have reduced their fair value estimate for Bechtle from €34.50 to €31.00, reflecting recent cuts and an upgrade in price targets that highlight more cautious assumptions regarding growth, profitability, and required returns. Analyst Commentary Recent research shows a more cautious tone around Bechtle, with multiple price target cuts clustering over a short period.
IOS
€28.10
IONOS Group
7D
16.8%
1Y
-0.4%

IOS: Lower Discount Rate And Strong Margins Will Support Upside Potential

Analysts have slightly reduced their price target for IONOS Group to €44.40 from €44.55, reflecting updated views on growth, profitability and the P/E multiple used in their models. Valuation Changes Fair Value: Updated slightly lower to €44.40 from €44.55.
KTN
€21.64
Kontron
7D
9.2%
1Y
-1.4%
ADN1
€60.10
adesso
7D
6.0%
1Y
-36.8%

ADN1: Dividend Visibility And Expanded Partnership Will Support Future Upside Potential

Analysts have trimmed their price target for adesso from about €127.83 to about €114.17. They now apply a higher discount rate, slightly lower revenue growth and profit margin assumptions, and a higher future P/E multiple in their models.
COK
€26.25
Cancom
7D
4.8%
1Y
3.1%

Cancom's (ETR:COK) Soft Earnings Don't Show The Whole Picture

Apr 03
Cancom's (ETR:COK) Soft Earnings Don't Show The Whole Picture
GFT
€18.98
GFT Technologies
7D
8.6%
1Y
-13.7%
3ITN
€11.50
audius
7D
-0.9%
1Y
2.7%
A1OS
€35.10
All for One Group
7D
-2.5%
1Y
-30.6%
SHF
€86.60
SNP Schneider-Neureither & Partner
7D
7.4%
1Y
29.3%
NVQ
€8.80
Novabase S.G.P.S
7D
-2.4%
1Y
23.1%