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German (DAX) IT Industry Analysis

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies28
  • 7D3.8%
  • 3M-15.1%
  • 1Y-7.2%
  • YTD-12.5%

The IT industry is up 3.8% in the last week, with IONOS Group up 11%. In the past year, the industry is down 7.2%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026€14.8b€17.4b€787.2m22.5x18.8x0.8x
Sat, 21 Mar 2026€12.6b€17.2b€727.7m26.7x17.3x0.7x
Mon, 16 Feb 2026€13.9b€17.4b€739.5m27.1x18.8x0.8x
Wed, 14 Jan 2026€17.2b€17.5b€741.4m26.1x23.1x1x
Fri, 12 Dec 2025€16.3b€17.5b€749.0m25.4x21.7x0.9x
Sun, 09 Nov 2025€14.8b€17.5b€734.3m21.9x20.2x0.8x
Tue, 07 Oct 2025€16.8b€17.4b€736.8m22.5x22.8x1x
Thu, 04 Sep 2025€16.4b€17.4b€735.9m24x22.3x0.9x
Sat, 02 Aug 2025€17.1b€17.3b€679.4m27.1x25.1x1x
Mon, 30 Jun 2025€17.8b€17.3b€684.0m26.4x26x1x
Wed, 28 May 2025€17.6b€17.3b€683.3m25.9x25.7x1x
Fri, 25 Apr 2025€15.7b€16.7b€690.1m22x22.7x0.9x
Sun, 23 Mar 2025€12.7b€15.8b€545.9m19.3x23.3x0.8x
Tue, 18 Feb 2025€11.6b€15.8b€547.1m19.5x21.2x0.7x
Thu, 16 Jan 2025€10.5b€15.8b€562.0m18.5x18.6x0.7x
Sat, 14 Dec 2024€10.8b€15.8b€558.4m18.8x19.3x0.7x
Mon, 11 Nov 2024€10.5b€15.7b€546.9m17.7x19.2x0.7x
Wed, 09 Oct 2024€11.4b€15.5b€554.0m20.2x20.6x0.7x
Fri, 06 Sep 2024€10.8b€15.2b€552.6m18.9x19.6x0.7x
Sun, 04 Aug 2024€12.0b€15.3b€549.1m20.2x21.8x0.8x
Tue, 02 Jul 2024€12.3b€15.3b€545.4m20.4x22.6x0.8x
Thu, 30 May 2024€13.4b€15.3b€546.1m19.4x24.5x0.9x
Sat, 27 Apr 2024€13.2b€15.0b€545.3m20.8x24.2x0.9x
Mon, 25 Mar 2024€13.4b€14.8b€475.3m23x28.1x0.9x
Wed, 21 Feb 2024€13.5b€14.7b€456.3m22.8x29.6x0.9x
Fri, 19 Jan 2024€13.5b€14.8b€458.9m22.4x29.5x0.9x
Sun, 17 Dec 2023€13.4b€14.8b€462.4m22.3x29x0.9x
Tue, 14 Nov 2023€13.2b€14.8b€480.1m19.9x27.4x0.9x
Thu, 12 Oct 2023€13.0b€14.6b€457.9m19.4x28.4x0.9x
Sat, 09 Sep 2023€13.4b€14.6b€455.7m19.8x29.4x0.9x
Mon, 07 Aug 2023€12.7b€14.4b€493.5m17.3x25.8x0.9x
Wed, 05 Jul 2023€12.6b€14.3b€487.8m17.9x25.9x0.9x
Fri, 02 Jun 2023€12.6b€14.3b€491.6m19x25.6x0.9x
Sun, 30 Apr 2023€14.0b€14.0b€493.5m21.1x28.3x1x
Price to Earnings Ratio

28.3x


Total Market Cap: €14.0bTotal Earnings: €493.5mTotal Revenue: €14.0bTotal 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 18.8x 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 17% 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 Market0.30%
Tech4.55%
IT3.81%
Internet Services and Infrastructure10.44%
IT Consulting1.65%
Data Processing Services0%0
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 3.8x.
    • Analysts are expecting annual earnings growth of 15.1%, which is lower than the prior year's growth of 56.2% per year.
  • Investors are most pessimistic about the IT Consulting industry, which is trading below its 3-year average of 22.9x.
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 13% 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€27.6410.7%
+€366.1m		-2.7%PE18.7x
KTN Kontron€21.585.0%
+€64.0m		-1.9%PE9.7x
YSN secunet Security Networks€193.602.5%
+€31.1m		0.1%PE37.6x
SHF SNP Schneider-Neureither & Partner€85.204.9%
+€29.2m		27.2%PE19.5x
NA9 Nagarro€48.163.7%
+€21.8m		-28.8%PE12.5x

Latest News

AMI
€0.23
medondo holding
7D
-18.2%
1Y
-30.2%
NA9
€48.16
Nagarro
7D
3.7%
1Y
-28.8%
AEIN
€17.45
Allgeier
7D
-4.1%
1Y
-12.8%
BC8
€30.36
Bechtle
7D
-0.1%
1Y
-16.1%

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
€27.64
IONOS Group
7D
10.7%
1Y
-2.7%

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.
QBY0
€3.60
q.beyond
7D
-2.3%
1Y
-2.7%
KTN
€21.58
Kontron
7D
5.0%
1Y
-1.9%
ADN1
€61.90
adesso
7D
3.0%
1Y
-37.9%

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.
YSN
€193.60
secunet Security Networks
7D
2.5%
1Y
0.1%

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

Analysts have maintained their price target for secunet Security Networks at €244.25. This reflects updated assumptions that include a slightly lower discount rate, modestly higher revenue growth, a small adjustment to profit margin expectations and a lower future P/E multiple.
AO9
€0.27
BACKBONE Technology
7D
-8.7%
1Y
2,183.3%
COK
€26.15
Cancom
7D
2.3%
1Y
-0.6%

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Apr 03
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GFT
€19.32
GFT Technologies
7D
3.9%
1Y
-13.4%
6OK
€0.18
SolidX
7D
-0.5%
1Y
74.3%
SHF
€85.20
SNP Schneider-Neureither & Partner
7D
4.9%
1Y
27.2%
NVQ
€8.78
Novabase S.G.P.S
7D
-2.0%
1Y
21.1%
PLEK
€3.98
plenum
7D
-2.9%
1Y
-49.6%

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Jul 29
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