German (DAX) Semiconductors Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 14 Jul 2026	€105.6b	€18.6b	€1.2b	82.5x	90.2x	5.7x
Thu, 11 Jun 2026	€111.9b	€18.4b	€1.2b	89.6x	97x	6.1x
Sat, 09 May 2026	€95.8b	€18.4b	€1.2b	61.8x	82.5x	5.2x
Mon, 06 Apr 2026	€60.9b	€18.3b	€1.2b	50.2x	51.1x	3.3x
Wed, 04 Mar 2026	€63.7b	€18.5b	€1.2b	38.2x	51.8x	3.5x
Fri, 30 Jan 2026	€62.1b	€18.3b	€1.2b	30.1x	52.5x	3.4x
Sun, 28 Dec 2025	€54.6b	€18.3b	€1.2b	25.6x	46.1x	3x
Tue, 25 Nov 2025	€49.5b	€18.5b	€1.2b	21.4x	40.7x	2.7x
Thu, 23 Oct 2025	€51.9b	€20.1b	€1.2b	21.2x	41.9x	2.6x
Sat, 20 Sep 2025	€49.7b	€20.0b	€1.2b	20.1x	40.4x	2.5x
Mon, 18 Aug 2025	€54.3b	€20.0b	€1.2b	18.6x	44x	2.7x
Wed, 16 Jul 2025	€56.3b	€20.1b	€1.4b	17.4x	39.8x	2.8x
Fri, 13 Jun 2025	€52.8b	€20.1b	€1.4b	14.8x	37.3x	2.6x
Sun, 11 May 2025	€47.0b	€20.1b	€1.4b	13.9x	33.1x	2.3x
Tue, 08 Apr 2025	€37.6b	€20.0b	€1.6b	10.2x	23.1x	1.9x
Thu, 06 Mar 2025	€52.7b	€20.1b	€1.8b	12.9x	29x	2.6x
Sat, 01 Feb 2025	€48.0b	€20.4b	€2.2b	13.4x	21.9x	2.4x
Mon, 30 Dec 2024	€48.1b	€20.4b	€2.2b	13.2x	21.9x	2.4x
Wed, 27 Nov 2024	€46.0b	€20.4b	€2.2b	12.3x	20.8x	2.3x
Fri, 25 Oct 2024	€46.9b	€20.8b	€2.7b	13.4x	17.6x	2.3x
Sun, 22 Sep 2024	€45.3b	€20.8b	€2.7b	14.1x	16.9x	2.2x
Tue, 20 Aug 2024	€49.6b	€20.8b	€2.7b	14.9x	18.5x	2.4x
Thu, 18 Jul 2024	€54.5b	€21.3b	€3.2b	14.3x	16.9x	2.6x
Sat, 15 Jun 2024	€57.0b	€21.3b	€3.2b	14.4x	17.7x	2.7x
Mon, 13 May 2024	€59.1b	€21.4b	€3.2b	15.6x	18.3x	2.8x
Wed, 10 Apr 2024	€53.6b	€21.8b	€3.7b	14.6x	14.5x	2.5x
Fri, 08 Mar 2024	€56.4b	€21.7b	€3.8b	15.3x	15x	2.6x
Sun, 04 Feb 2024	€54.9b	€21.9b	€3.9b	14.1x	14.1x	2.5x
Tue, 02 Jan 2024	€61.4b	€21.9b	€3.9b	16.3x	15.8x	2.8x
Thu, 30 Nov 2023	€58.1b	€21.9b	€3.9b	15.4x	15x	2.7x
Sat, 28 Oct 2023	€48.0b	€21.7b	€3.9b	13x	12.4x	2.2x
Mon, 25 Sep 2023	€51.8b	€21.7b	€3.9b	13.4x	13.4x	2.4x
Wed, 23 Aug 2023	€54.7b	€21.7b	€3.9b	15.1x	14.2x	2.5x
Fri, 21 Jul 2023	€59.8b	€20.9b	€3.5b	17.9x	17.3x	2.9x

Current Industry PE

Investors are optimistic on the German Semiconductor industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 90.2x which is higher than its 3-year average PE of 32.0x.

The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 5.7x.

Past Earnings Growth

The earnings for companies in the Semiconductor industry have declined 30% per year over the last three years,
Revenues have also declined 3.8% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the German Tech industry?


DE Market	-2.30%
Tech	-3.00%
Semiconductors	-8.56%
Semiconductor Equipment	-7.28%
Semiconductors	-8.71%

Industry PE

Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 31.0x.

Analysts are expecting annual earnings growth of 33.0%, which is higher than its past year's earnings decline of 12.2% per year.

Forecasted Growth

Analysts are most optimistic on the Semiconductor Equipment industry, expecting annual earnings growth of 35% over the next 5 years.
This is better than its past earnings decline of 40% per year.

In contrast, the Semiconductors industry is expected to see its earnings grow by 33% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
IFX Infineon Technologies	€71.82	1.4% +€1.3b	90.7%	PE86.9x
WAF Siltronic	€97.40	20.4% +€495.0m	130.4%	PS2.2x
SMHN SUSS MicroTec	€87.90	14.7% +€215.0m	113.5%	PE47.5x
TPE PVA TePla	€38.24	3.8% +€30.4m	80.5%	PE413.8x
ELG Elmos Semiconductor	€161.60	0.7% +€20.6m	72.5%	PE25.5x

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr5.9m free cash flow). Share price has been highly volatile over the past 3 months (78% average daily change). Revenue has declined by 36% over the past year. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr15m revenue, or US$1.6m). Market cap is less than US$100m (€12.3m market cap, or US$14.2m).

German (DAX) Semiconductors Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Price target increased by 7.5% to €79.90

Consensus EPS estimates fall by 33%

SMHN: Future Earnings Conviction Will Support Rich Pricing Despite Execution Risks

IFX: AI Power Demand Optimism Will Test Dresden Fab Execution

Founders to Exit Elmos Semiconductor Board as New Members Proposed for 2026 Handover

AIXA: AI Data Center Hopes Will Struggle Against Mounting Execution Risks

New major risk - Shareholder dilution

New minor risk - Financial data availability

No independent directors

Planoptik AG, Annual General Meeting, Jun 23, 2026

Price target decreased by 26% to €6.15

New 90-day low: €6.25