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German (DAX) Semiconductors Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies16
  • 7D1.7%
  • 3M8.9%
  • 1Y15.5%
  • YTD16.0%

The Semiconductors industry is up 1.7% in the last week, with Infineon Technologies up 2.0%. This means that the industry has gained 16% over the past year. Looking forward, earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025€54.6b€18.3b€1.2b25.6x46.1x3x
Sat, 22 Nov 2025€47.9b€18.5b€1.2b20.3x39.3x2.6x
Mon, 20 Oct 2025€49.5b€20.1b€1.2b20.6x40x2.5x
Wed, 17 Sep 2025€48.4b€20.0b€1.2b19.4x39.3x2.4x
Fri, 15 Aug 2025€54.3b€20.0b€1.2b19.1x43.8x2.7x
Sun, 13 Jul 2025€56.8b€20.1b€1.4b17.4x40.2x2.8x
Tue, 10 Jun 2025€53.8b€20.1b€1.4b14.3x38x2.7x
Thu, 08 May 2025€45.2b€20.1b€1.6b13.6x28.3x2.2x
Sat, 05 Apr 2025€39.0b€20.0b€1.6b10.4x24x1.9x
Mon, 03 Mar 2025€52.2b€20.1b€1.8b12.9x28.7x2.6x
Wed, 29 Jan 2025€49.7b€20.4b€2.2b13x22.6x2.4x
Fri, 27 Dec 2024€47.6b€20.4b€2.2b13x21.7x2.3x
Sun, 24 Nov 2024€45.3b€20.4b€2.2b11.8x20.5x2.2x
Tue, 22 Oct 2024€46.0b€20.8b€2.7b13.3x17.2x2.2x
Thu, 19 Sep 2024€47.0b€20.8b€2.7b14.4x17.5x2.3x
Sat, 17 Aug 2024€49.6b€20.8b€2.7b15x18.5x2.4x
Mon, 15 Jul 2024€56.3b€21.3b€3.2b14.6x17.5x2.6x
Wed, 12 Jun 2024€58.9b€21.3b€3.2b15.8x18.3x2.8x
Fri, 10 May 2024€57.7b€21.4b€3.2b15.5x17.9x2.7x
Sun, 07 Apr 2024€50.9b€21.8b€3.7b13.8x13.8x2.3x
Tue, 05 Mar 2024€54.8b€21.7b€3.8b14.7x14.5x2.5x
Thu, 01 Feb 2024€55.2b€21.9b€3.9b14.1x14.2x2.5x
Sat, 30 Dec 2023€61.4b€21.9b€3.9b16.3x15.8x2.8x
Mon, 27 Nov 2023€54.9b€21.9b€3.9b14.5x14.1x2.5x
Wed, 25 Oct 2023€48.2b€21.6b€3.8b13.9x12.5x2.2x
Fri, 22 Sep 2023€51.8b€21.7b€3.9b13.2x13.4x2.4x
Sun, 20 Aug 2023€53.3b€21.7b€3.9b14.9x13.8x2.5x
Tue, 18 Jul 2023€61.5b€20.9b€3.5b18.3x17.8x2.9x
Thu, 15 Jun 2023€62.7b€20.9b€3.5b19.4x18.1x3x
Sat, 13 May 2023€55.2b€20.8b€3.4b15.8x16x2.7x
Mon, 10 Apr 2023€58.3b€20.0b€3.1b19x18.8x2.9x
Wed, 08 Mar 2023€55.8b€19.7b€2.9b19.8x19x2.8x
Fri, 03 Feb 2023€58.4b€18.9b€2.7b20x21.8x3.1x
Sun, 01 Jan 2023€47.0b€18.9b€2.7b17.2x17.4x2.5x
Price to Earnings Ratio

17.4x


Total Market Cap: €47.0bTotal Earnings: €2.7bTotal Revenue: €18.9bTotal Market Cap vs Earnings and Revenue0%0%0%
German Semiconductors Industry Price to Earnings3Y Average 22.7x202320242025
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 46.1x which is higher than its 3-year average PE of 22.7x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have declined 24% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

DE Market0.66%
Tech0.67%
Semiconductors1.65%
Semiconductors1.92%
Semiconductor Equipment-1.19%
Industry PE
  • Investors are most optimistic about the Semiconductor Equipment industry even though it's trading below its 3-year average PE ratio of 151x.
    • Analysts are expecting annual earnings growth of 16.5%, which is higher than its past year's earnings decline of 20.8% per year.
  • Investors are most pessimistic about the Semiconductors industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 22.7x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 44% per year.
  • In contrast, the Semiconductor Equipment 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
IFX Infineon Technologies€36.723.5%
+€1.6b		16.4%PE48.4x
AIXA AIXTRON€17.133.0%
+€56.3m		11.8%PE21.3x
ELG Elmos Semiconductor€92.603.0%
+€46.3m		39.0%PE12.8x
CTNK centrotherm international€9.4015.3%
+€26.5m		175.7%PE5.8x
WAF Siltronic€46.600.9%
+€12.6m		1.7%PS1x

Latest News

WAF
€46.60
Siltronic
7D
0.9%
1Y
1.7%

WAF: Customer Inventory Drawdown Will Support Wafer Demand Recovery Into 2026

Analysts have nudged their average price target for Siltronic higher, reflecting increased confidence that wafer demand is stabilizing after what they view as a potential earnings trough and that gradually recovering volumes into 2026 can support fair value around the mid EUR 50s. Analyst Commentary Recent target changes and rating shifts highlight a more constructive stance on Siltronic, even as views on the pace of recovery remain mixed.
CTNK
€9.40
centrotherm international
7D
15.3%
1Y
175.7%
AIXA
€17.13
AIXTRON
7D
3.0%
1Y
11.8%

AIXA: Data Center And AI Power Demand Will Shape Balanced Long Term Outlook

The updated analyst price target for AIXTRON has moved higher, supported by analysts citing an increasingly compelling long term growth outlook tied to data center and artificial intelligence demand. Analyst Commentary Recent Street research reflects a generally constructive stance on AIXTRON, with several price target increases and rating upgrades highlighting confidence in the company’s medium to long term growth profile, particularly in data center and artificial intelligence related demand.
NW1
€0.059
Windon Energy Group
7D
-25.9%
1Y
-40.2%
GY9
€0.011
Smoltek Nanotech Holding
7D
-37.8%
1Y
7.7%

Smoltek Nanotech Holding (FRA:GY9) Has Debt But No Earnings; Should You Worry?

Dec 17
Smoltek Nanotech Holding (FRA:GY9) Has Debt But No Earnings; Should You Worry?
ELG
€92.60
Elmos Semiconductor
7D
3.0%
1Y
39.0%
TPE
€22.42
PVA TePla
7D
-3.2%
1Y
64.2%

TPE Will See Delayed Orders Potentially Unlock Upside As Outlook Stabilizes

Analysts have trimmed their price target for PVA TePla to EUR 26 from EUR 37, citing reduced growth visibility amid macro uncertainty, customer delays and a softer outlook for silicon wafers, even as underlying margin and revenue growth assumptions remain broadly resilient. Analyst Commentary Bullish analysts continue to highlight the company’s capacity to deliver solid operational execution, even as macro headwinds weigh on near term sentiment.
SMHN
€38.22
SUSS MicroTec
7D
-1.9%
1Y
-22.7%

SMHN: Improving AI Demand Will Drive Future Upside Potential

The analyst price target for SUSS MicroTec has been revised higher to EUR 39 from EUR 30, as analysts highlight an improving artificial intelligence outlook, a prospective order inflection, and a still-attractive valuation despite some recent target cuts. Analyst Commentary Recent rating and target changes show a broadly constructive shift in sentiment on SUSS MicroTec, with several upgrades to Buy and higher target prices, even as some houses trim expectations or turn more cautious.
IFX
€36.72
Infineon Technologies
7D
3.5%
1Y
16.4%

IFX: Data Center Power Partnerships Will Drive Long-Term Share Momentum

Analysts have nudged their fair value estimate for Infineon Technologies slightly higher, lifting the price target by about EUR 1 to reflect modestly improved growth and margin assumptions, supported by recent target increases from the Street and growing optimism around long term demand drivers. Analyst Commentary Bullish analysts highlight that recent target increases to the low 40s in euro terms signal confidence that Infineon can defend and gradually expand margins, even as the broader European hardware space faces mixed sentiment.
P4O
€4.48
Planoptik
7D
2.3%
1Y
41.8%

Planoptik's (ETR:P4O) Returns On Capital Are Heading Higher

Dec 06
Planoptik's (ETR:P4O) Returns On Capital Are Heading Higher
SIS
€55.60
First Sensor
7D
0.4%
1Y
-3.8%
CV3
€0.63
Carpevigo Holding
7D
13.6%
1Y
4.2%
PS4
€0.0015
Phoenix Solar
7D
-25.0%
1Y
0%
9TS
€0.0014
TubeSolar
7D
-39.1%
1Y
133.3%