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German (DAX) Semiconductors Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies16
  • 7D2.9%
  • 3M25.9%
  • 1Y96.2%
  • YTD81.6%

The Semiconductors industry is up 2.9% in the last week, with Infineon Technologies up 1.2%. During this same period, the Siltronic underperformed, falling 6.4%. This takes the industry's 12 month performance to a gain of 96%. Looking forward, earnings are forecast to grow by 34% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026€104.5b€18.6b€1.2b80.7x89.3x5.6x
Sun, 21 Jun 2026€123.6b€18.6b€1.2b90x105.6x6.6x
Tue, 19 May 2026€101.3b€18.4b€1.2b64.1x87.2x5.5x
Thu, 16 Apr 2026€70.4b€18.2b€1.2b56x59.4x3.9x
Sat, 14 Mar 2026€61.8b€18.5b€1.2b43.1x52x3.3x
Mon, 09 Feb 2026€62.6b€18.5b€1.2b26.5x51.5x3.4x
Wed, 07 Jan 2026€62.3b€18.3b€1.2b29.4x52.6x3.4x
Fri, 05 Dec 2025€54.8b€18.5b€1.2b22.5x44.9x3x
Sun, 02 Nov 2025€51.9b€20.0b€1.2b17.2x44.7x2.6x
Tue, 30 Sep 2025€50.1b€20.0b€1.2b21.1x40.7x2.5x
Thu, 28 Aug 2025€53.3b€20.0b€1.2b18.7x43.2x2.7x
Sat, 26 Jul 2025€52.1b€20.1b€1.4b17.4x36.8x2.6x
Mon, 23 Jun 2025€50.9b€20.1b€1.4b15.2x36x2.5x
Wed, 21 May 2025€50.3b€20.1b€1.4b13.6x35.6x2.5x
Fri, 18 Apr 2025€39.7b€20.0b€1.6b11.5x24.4x2x
Sun, 16 Mar 2025€51.5b€20.1b€1.8b12.2x28.8x2.6x
Tue, 11 Feb 2025€53.8b€20.1b€1.8b13.2x29.5x2.7x
Thu, 09 Jan 2025€49.2b€20.4b€2.2b13.1x22.4x2.4x
Sat, 07 Dec 2024€49.2b€20.4b€2.2b13.4x22.4x2.4x
Mon, 04 Nov 2024€44.9b€20.8b€2.7b13.2x16.9x2.2x
Wed, 02 Oct 2024€47.6b€20.8b€2.7b14.2x17.8x2.3x
Fri, 30 Aug 2024€51.2b€20.8b€2.7b15.1x19.1x2.5x
Sun, 28 Jul 2024€48.8b€21.2b€3.2b14x15.5x2.3x
Tue, 25 Jun 2024€52.9b€21.3b€3.2b13.4x16.4x2.5x
Thu, 23 May 2024€59.2b€21.4b€3.2b15.8x18.3x2.8x
Sat, 20 Apr 2024€49.9b€21.8b€3.7b13.5x13.5x2.3x
Mon, 18 Mar 2024€52.0b€21.6b€3.7b14x14x2.4x
Wed, 14 Feb 2024€53.8b€21.6b€3.8b14.3x14.3x2.5x
Fri, 12 Jan 2024€55.7b€21.9b€3.9b14.4x14.3x2.5x
Sun, 10 Dec 2023€60.1b€21.9b€3.9b15.9x15.5x2.7x
Tue, 07 Nov 2023€48.3b€21.5b€3.8b14.3x12.7x2.2x
Thu, 05 Oct 2023€51.9b€21.7b€3.9b13.6x13.4x2.4x
Sat, 02 Sep 2023€54.4b€21.7b€3.9b15x14.1x2.5x
Mon, 31 Jul 2023€63.9b€21.0b€3.5b17.8x18.4x3x
Price to Earnings Ratio

18.4x


Total Market Cap: €63.9bTotal Earnings: €3.5bTotal Revenue: €21.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Semiconductors Industry Price to Earnings3Y Average 32.6x202420252026
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 89.3x which is higher than its 3-year average PE of 32.5x.
  • The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 5.6x.
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 4.0% 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 Market0.098%
Tech-1.11%
Semiconductors2.92%
Semiconductors3.63%
Semiconductor Equipment-3.19%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 31.5x.
    • Analysts are expecting annual earnings growth of 33.4%, 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?

CompanyLast Price7D1YValuation
IFX Infineon Technologies€65.491.2%
+€1.0b		90.8%PE79.2x
AIXA AIXTRON€40.340.7%
+€32.7m		161.9%PE78.2x
SIS First Sensor€52.501.9%
+€10.3m		-9.5%PE85.2x
ELG Elmos Semiconductor€161.000.2%
+€6.9m		75.0%PE25.4x
GY9 Smoltek Nanotech Holding€0.156.4%
+€2.0m		575.7%PS90.1x

Latest News

WAF
€83.25
Siltronic
7D
-6.4%
1Y
97.2%
Narrative Update • Jul 22

WAF: Higher Required Returns Will Likely Expose An Uneven AI-Led Recovery Path

Siltronic's updated fair value estimate moves from €39.00 to about €37.33 as analysts lift medium term margin and growth assumptions, while also factoring in a slightly higher discount rate and a lower future P/E. This is broadly in line with recent Street price target revisions clustered around €100 to €108.
SMHN
€79.80
SUSS MicroTec
7D
-4.0%
1Y
102.1%
Narrative Update • Jul 22

SMHN: MDAX Inclusion And Raised Earnings Outlook May Re Rate Shares

The analyst price target for SUSS MicroTec has been raised from €109 to €125. Analysts point to updated assumptions on revenue growth, profit margins and future P/E.
IFX
€65.49
Infineon Technologies
7D
1.2%
1Y
90.8%
Narrative Update • Jul 21

IFX: Dresden Smart Power Fab Will Drive Future AI Power Upside

Infineon Technologies' analyst fair value estimate has moved from €80.0 to €114.0. This reflects analysts' updated assumptions for faster revenue growth and higher profit margins supported by a broad wave of price target increases across the Street, including recent revisions up to €100 that cite stronger semiconductor fundamentals, AI power demand, and available capacity. Analyst Commentary Recent commentary on Infineon Technologies points to a cluster of higher valuation marks across the semiconductor coverage universe, with several bullish analysts updating their models around demand for AI power, industrial and data center markets, and the company’s available capacity.
ELG
€161.00
Elmos Semiconductor
7D
0.2%
1Y
75.0%
Narrative Update • Jul 15

ELG: Higher Multiple And Board Transition Will Test Execution Resilience

Analysts have raised their price target on Elmos Semiconductor to €160 from €135, citing updated assumptions for revenue growth, profitability, and a higher future P/E multiple in their models. Analyst Commentary on Elmos Semiconductor Recent research on Elmos Semiconductor highlights a mix of optimism on the company’s long term potential and caution around what is already reflected in the current share price.
AIXA
€40.34
AIXTRON
7D
0.7%
1Y
161.9%
Narrative Update • Jul 15

AIXA: Rising Street Optimism On GaN And AI Demand Will Drive Upside

The updated analyst price target for AIXTRON rises from a fair value estimate of about €35.89 to roughly €51.81. This reflects higher assumed revenue growth and P/E multiples in line with recent target increases around €41 to €70 cited by several banks, even as some analysts have turned more cautious on the stock.
TPE
€37.06
PVA TePla
7D
-3.7%
1Y
70.0%
Narrative Update • Jul 13

TPE: Index Inclusion And 2026 Guidance Are Expected To Support Future Recovery

Analysts have lifted the PVA TePla price target by €5 to €55, citing updated assumptions for fair value, revenue growth, profit margin and future P/E. The revisions follow recent research that included a €13 price target increase from the Street.
SIS
€52.50
First Sensor
7D
1.9%
1Y
-9.5%
NW1
€0.035
Windon Energy Group
7D
-11.5%
1Y
-76.4%
CTNK
€9.20
centrotherm international
7D
-2.1%
1Y
84.0%
GY9
€0.15
Smoltek Nanotech Holding
7D
6.4%
1Y
575.7%
P4O
€7.72
Planoptik
7D
-8.5%
1Y
78.7%
M5Z
€0.041
Manz
7D
-56.5%
1Y
-65.7%
9TS
€0.008
TubeSolar
7D
77.8%
1Y
100.0%