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German (DAX) Software Industry Analysis
UpdatedSep 17, 2025
DataAggregated Company Financials
Companies41
- 7D-8.1%
- 3M-16.3%
- 1Y5.3%
- YTD-11.1%
Over the last 7 days, the Software industry has dropped 8.1%, driven by a pullback from SAP of 8.4%. Meanwhile, NAGA Group actually outperformed within the industry, gaining 9.0% in the last week. Over the past 12 months, the industry was up 5.3%. Earnings are forecast to grow by 17% annually.
Industry Valuation and Performance
Has the German Software Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 17 Sep 2025 | €265.5b | €39.4b | €6.7b | 33.9x | 39.7x | 6.7x |
| Fri, 15 Aug 2025 | €301.1b | €39.4b | €6.7b | 31.2x | 45.1x | 7.6x |
| Sun, 13 Jul 2025 | €324.5b | €38.6b | €5.9b | 29.2x | 55.2x | 8.4x |
| Tue, 10 Jun 2025 | €335.3b | €38.9b | €5.9b | 30.8x | 57x | 8.6x |
| Thu, 08 May 2025 | €326.8b | €39.0b | €5.8b | 34.1x | 56.1x | 8.4x |
| Sat, 05 Apr 2025 | €290.3b | €38.7b | €3.3b | 24.8x | 87.4x | 7.5x |
| Mon, 03 Mar 2025 | €331.7b | €38.5b | €3.3b | 21.3x | 100.8x | 8.6x |
| Wed, 29 Jan 2025 | €327.6b | €37.5b | €3.0b | 22.8x | 111x | 8.7x |
| Fri, 27 Dec 2024 | €295.8b | €37.4b | €2.9b | 22.8x | 100.6x | 7.9x |
| Sun, 24 Nov 2024 | €284.2b | €37.4b | €2.9b | 24.3x | 96.6x | 7.6x |
| Tue, 22 Oct 2024 | €266.8b | €36.6b | €2.8b | 26.5x | 96.8x | 7.3x |
| Thu, 19 Sep 2024 | €251.8b | €36.6b | €2.8b | 26.7x | 90.5x | 6.9x |
| Sat, 17 Aug 2024 | €251.3b | €37.6b | €2.7b | 26.5x | 93.4x | 6.7x |
| Mon, 15 Jul 2024 | €238.4b | €36.2b | €2.6b | 22.9x | 90.6x | 6.6x |
| Wed, 12 Jun 2024 | €224.9b | €36.5b | €2.6b | 22.6x | 87.7x | 6.2x |
| Fri, 10 May 2024 | €225.0b | €36.4b | €2.5b | 23x | 88.3x | 6.2x |
| Sun, 07 Apr 2024 | €228.0b | €36.5b | €3.9b | 23.5x | 59.2x | 6.3x |
| Tue, 05 Mar 2024 | €226.0b | €36.2b | €4.1b | 20.6x | 55.2x | 6.2x |
| Thu, 01 Feb 2024 | €211.6b | €37.0b | €4.0b | 23.4x | 52.8x | 5.7x |
| Sat, 30 Dec 2023 | €185.5b | €38.0b | €2.3b | 23.9x | 81.4x | 4.9x |
| Mon, 27 Nov 2023 | €187.0b | €38.0b | €2.3b | 24.2x | 82.6x | 4.9x |
| Wed, 25 Oct 2023 | €164.4b | €37.4b | €2.5b | 24.2x | 64.6x | 4.4x |
| Fri, 22 Sep 2023 | €165.3b | €37.6b | €1.8b | 27.3x | 90x | 4.4x |
| Sun, 20 Aug 2023 | €166.5b | €37.6b | €1.8b | 27.8x | 90.5x | 4.4x |
| Tue, 18 Jul 2023 | €172.6b | €37.1b | €1.9b | 31x | 89.4x | 4.6x |
| Thu, 15 Jun 2023 | €170.1b | €37.4b | €2.2b | 32.4x | 75.7x | 4.6x |
| Sat, 13 May 2023 | €163.5b | €37.4b | €2.3b | 29.8x | 71.8x | 4.4x |
| Mon, 10 Apr 2023 | €157.0b | €36.6b | €2.9b | 27.5x | 54.1x | 4.3x |
| Wed, 08 Mar 2023 | €148.8b | €36.5b | €2.9b | 26.2x | 51.7x | 4.1x |
| Fri, 03 Feb 2023 | €150.4b | €36.4b | €2.9b | 26.9x | 51.6x | 4.1x |
| Sun, 01 Jan 2023 | €129.7b | €35.9b | €3.8b | 24.6x | 34.2x | 3.6x |
| Tue, 29 Nov 2022 | €134.8b | €35.9b | €3.8b | 26.3x | 35.4x | 3.8x |
| Thu, 27 Oct 2022 | €131.9b | €34.8b | €4.5b | 24.5x | 29.1x | 3.8x |
| Sat, 24 Sep 2022 | €110.5b | €34.8b | €4.5b | 23x | 24.4x | 3.2x |
Price to Earnings Ratio
24.4x
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 39.7x which is lower than its 3-year average PE of 71.5x.
- The 3-year average PS ratio of 5.9x is lower than the industry's current PS ratio of 6.7x.
Past Earnings Growth
- The earnings for companies in the Software industry have grown 14% 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 Market | -1.54% | |
| Tech | -6.35% | |
| Software | -8.14% | |
| Systems Software | -2.00% | |
| Application Software | -8.16% | |
Industry PE
- Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 70.1x.
- Analysts are expecting annual earnings growth of 16.5%, which is lower than the prior year's growth of 92.4% 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 27% over the next 5 years.
- This is better than its past earnings decline of 6.8% per year.
- In contrast, the Application Software industry is expected to see its earnings grow by 17% 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 | |
|---|---|---|---|---|---|
| N4G NAGA Group | €0.63 | 9.0% +€12.1m | -32.9% | PS2.3x | |
| EXL Exasol | €3.32 | 5.4% +€4.5m | 63.5% | PE47.3x | |
| MUM Mensch und Maschine Software | €46.70 | 0.4% +€3.3m | -16.9% | PE26.6x | |
| OSP2 USU Software | €9.75 | 1.6% +€1.5m | -43.0% | PS1.9x | |
| R1B Rubean | €6.90 | 1.5% +€535.0k | 19.0% | PS20.7x |
