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German (DAX) Software Industry Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies40
  • 7D-0.4%
  • 3M-8.1%
  • 1Y-11.7%
  • YTD-12.6%

Over the last 7 days, the Software industry has remained flat, although notably Northern Data declined by 19%. As for the longer term, the industry has declined 12% in the last year. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025€261.8b€40.8b€7.3b26.5x35.7x6.4x
Wed, 19 Nov 2025€257.3b€40.8b€7.3b25.6x35.1x6.3x
Fri, 17 Oct 2025€291.3b€39.4b€6.7b33x43.6x7.4x
Sun, 14 Sep 2025€277.1b€39.4b€6.7b33.6x41.4x7x
Tue, 12 Aug 2025€314.2b€39.4b€6.7b30.5x47x8x
Thu, 10 Jul 2025€332.9b€38.6b€5.9b31.1x56.7x8.6x
Sat, 07 Jun 2025€341.3b€38.9b€5.9b31x58.1x8.8x
Mon, 05 May 2025€334.6b€39.7b€5.9b32.4x56.3x8.4x
Wed, 02 Apr 2025€313.8b€38.7b€3.3b26.7x94.5x8.1x
Fri, 28 Feb 2025€334.7b€38.5b€3.3b21.4x101.7x8.7x
Sun, 26 Jan 2025€330.2b€37.4b€2.9b23.3x112.3x8.8x
Tue, 24 Dec 2024€295.7b€37.4b€2.9b22.8x100.5x7.9x
Thu, 21 Nov 2024€277.9b€37.4b€2.9b24.8x94.5x7.4x
Sat, 19 Oct 2024€269.0b€36.6b€2.8b26.7x97.7x7.4x
Mon, 16 Sep 2024€253.3b€36.6b€2.8b26.1x92x6.9x
Wed, 14 Aug 2024€244.8b€37.6b€2.7b26.5x91x6.5x
Fri, 12 Jul 2024€235.6b€36.1b€2.8b23.1x84.7x6.5x
Sun, 09 Jun 2024€225.4b€36.5b€2.6b23.3x87.9x6.2x
Tue, 07 May 2024€220.0b€37.1b€2.7b22.7x82.8x5.9x
Thu, 04 Apr 2024€229.0b€36.5b€3.9b20.3x59.4x6.3x
Sat, 02 Mar 2024€223.7b€36.2b€4.1b20.9x55.1x6.2x
Mon, 29 Jan 2024€210.3b€37.0b€4.0b23.7x52.4x5.7x
Wed, 27 Dec 2023€183.8b€38.0b€2.3b24.5x80.7x4.8x
Fri, 24 Nov 2023€188.8b€38.0b€2.3b26.1x83.4x5x
Sun, 22 Oct 2023€164.4b€37.5b€2.5b25.1x64.6x4.4x
Tue, 19 Sep 2023€168.7b€37.6b€1.8b27.1x91.8x4.5x
Thu, 17 Aug 2023€169.5b€37.6b€1.8b28.6x92.1x4.5x
Sat, 15 Jul 2023€173.0b€37.1b€1.9b31x89.6x4.7x
Mon, 12 Jun 2023€167.0b€37.4b€2.2b31.6x74.4x4.5x
Wed, 10 May 2023€164.9b€37.4b€2.3b29x71.9x4.4x
Fri, 07 Apr 2023€157.1b€36.6b€2.9b27.5x54.2x4.3x
Sun, 05 Mar 2023€146.7b€36.5b€2.9b26.3x50.9x4x
Tue, 31 Jan 2023€143.4b€36.4b€2.9b26.3x49.2x3.9x
Thu, 29 Dec 2022€129.8b€36.0b€3.8b25.2x34.3x3.6x
Price to Earnings Ratio

34.3x


Total Market Cap: €129.8bTotal Earnings: €3.8bTotal Revenue: €36.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Software Industry Price to Earnings3Y Average 72.2x202320242025
Current Industry PE
  • Investors are pessimistic on the German Software 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 35.7x which is lower than its 3-year average PE of 72.2x.
  • The industry is trading close to its 3-year average PS ratio of 6.2x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 25% per year over the last three years.
  • Revenues for these companies have grown 4.3% 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 Market0.053%
Tech-0.41%
Software-0.43%
Systems Software-0.28%
Application Software-0.43%
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 70.9x.
    • Analysts are expecting annual earnings growth of 13.4%, which is lower than the prior year's growth of 18.5% per year.
  • Investors are most pessimistic about the Systems Software industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 0.4% per year.
  • In contrast, the Application Software 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
NEM Nemetschek€93.700.6%
+€69.3m		-1.1%PE53x
TMV TeamViewer€5.771.9%
+€16.5m		-39.1%PE7.8x
PSAN PSI Software€46.002.2%
+€15.5m		121.2%PS2.5x
EXL Exasol€2.588.9%
+€5.6m		7.9%PE36.7x
CYR cyan€2.2212.7%
+€5.4m		-15.9%PS5.8x

Latest News

TMV
€5.77
TeamViewer
7D
1.9%
1Y
-39.1%

TMV: Cost Controls And Recurring Revenues Will Support Future Earnings Multiple Expansion

Analysts have slightly reduced their price target on TeamViewer to EUR 11 from EUR 14. This reflects modestly lower assumptions for fair value, revenue growth, and profit margins, even as the longer term earnings multiple outlook edges higher.
CYR
€2.22
cyan
7D
12.7%
1Y
-15.9%

Is cyan AG (ETR:CYR) Trading At A 50% Discount?

Dec 19
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N4G0
€3.18
NAGA Group
7D
-6.9%
1Y
-56.9%
SJJ
€16.70
Serviceware
7D
0.6%
1Y
36.9%

Returns Are Gaining Momentum At Serviceware (ETR:SJJ)

Dec 18
Returns Are Gaining Momentum At Serviceware (ETR:SJJ)
NEM
€93.70
Nemetschek
7D
0.6%
1Y
-1.1%
AOF
€113.40
ATOSS Software
7D
-0.2%
1Y
-0.2%
NB2
€12.00
Northern Data
7D
-16.4%
1Y
-72.7%

NB2 Will Rely On New Leadership To Unlock AI Infrastructure Upside

Analysts have lowered their price target on Northern Data from EUR 27 to EUR 15. This reflects expectations for slightly slower revenue growth and a lower future earnings multiple that together reduce the company’s assessed fair value.
SAP
€208.80
SAP
7D
-0.4%
1Y
-11.7%

SAP: Cloud Conversion And BlackLine M&A Optionality Will Drive Future Upside

The analyst price target for SAP has inched lower by approximately $1 to about $287 per share, as analysts balance slightly higher discount rates and modestly trimmed valuation multiples against still constructive views on the company’s cloud driven growth trajectory and resilient long term positioning highlighted in recent research. Analyst Commentary Recent Street research reflects a predominantly constructive stance on SAP, with several upward price target revisions offset by a modest reduction from one firm.
IXX
€44.40
init innovation in traffic systems
7D
-2.8%
1Y
21.6%
1INN
€87.70
innoscripta
7D
-6.9%
1Y
n/a

Some innoscripta SE (ETR:1INN) Shareholders Look For Exit As Shares Take 25% Pounding

Dec 04
Some innoscripta SE (ETR:1INN) Shareholders Look For Exit As Shares Take 25% Pounding
81D
€5.15
Swissnet
7D
5.5%
1Y
-25.4%

Swissnet AG (FRA:81D) Stock's 26% Dive Might Signal An Opportunity But It Requires Some Scrutiny

Nov 26
Swissnet AG (FRA:81D) Stock's 26% Dive Might Signal An Opportunity But It Requires Some Scrutiny
FAA
€15.90
Fabasoft
7D
-1.2%
1Y
-5.6%

We Think You Should Be Aware Of Some Concerning Factors In Fabasoft's (ETR:FAA) Earnings

Nov 15
We Think You Should Be Aware Of Some Concerning Factors In Fabasoft's (ETR:FAA) Earnings
PSAN
€46.00
PSI Software
7D
2.2%
1Y
121.2%
MUM
€44.75
Mensch und Maschine Software
7D
-1.0%
1Y
-14.8%
EXL
€2.58
Exasol
7D
8.9%
1Y
7.9%

Returns Are Gaining Momentum At Exasol (ETR:EXL)

Aug 17
Returns Are Gaining Momentum At Exasol (ETR:EXL)
R1B
€4.66
Rubean
7D
6.9%
1Y
-2.5%