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German (DAX) Software Industry Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies41
  • 7D5.2%
  • 3M-9.1%
  • 1Y-13.8%
  • YTD5.3%

Over the last 7 days, the Software industry has risen 5.2%, driven by gains from SAP of 5.6%. However, the industry is down 14% over the past year. 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
Wed, 14 Jan 2026€267.2b€40.8b€7.3b27.5x36.4x6.6x
Fri, 12 Dec 2025€262.7b€40.8b€7.3b27x35.8x6.4x
Sun, 09 Nov 2025€270.0b€40.8b€7.3b28.9x36.8x6.6x
Tue, 07 Oct 2025€290.0b€39.4b€6.7b34.4x43.4x7.4x
Thu, 04 Sep 2025€289.9b€39.4b€6.7b33.2x43.4x7.4x
Sat, 02 Aug 2025€307.8b€39.4b€6.7b30x46x7.8x
Mon, 30 Jun 2025€323.3b€38.8b€5.9b29.9x55x8.3x
Wed, 28 May 2025€332.2b€38.9b€5.9b35.1x56.8x8.5x
Fri, 25 Apr 2025€303.9b€39.7b€5.9b27.5x51.3x7.7x
Sun, 23 Mar 2025€316.6b€38.6b€3.3b25.7x96x8.2x
Tue, 18 Feb 2025€351.1b€38.5b€3.3b22.3x105.3x9.1x
Thu, 16 Jan 2025€316.8b€37.4b€2.9b22.8x107.7x8.5x
Sat, 14 Dec 2024€301.2b€37.4b€2.9b23.7x102.4x8.1x
Mon, 11 Nov 2024€279.0b€37.3b€2.9b24.8x94.9x7.5x
Wed, 09 Oct 2024€258.8b€36.6b€2.8b26.5x94x7.1x
Fri, 06 Sep 2024€242.8b€36.6b€2.8b28.6x87.5x6.6x
Sun, 04 Aug 2024€238.5b€37.6b€2.7b26.8x88.4x6.3x
Tue, 02 Jul 2024€234.6b€36.1b€2.8b24.3x84.2x6.5x
Thu, 30 May 2024€223.1b€36.5b€2.6b22.2x87.2x6.1x
Sat, 27 Apr 2024€223.0b€37.1b€2.7b22.2x84x6x
Mon, 25 Mar 2024€232.0b€36.5b€3.9b20.5x60.2x6.4x
Wed, 21 Feb 2024€211.1b€36.2b€4.1b21.2x52x5.8x
Fri, 19 Jan 2024€194.7b€38.0b€2.3b23.9x85.5x5.1x
Sun, 17 Dec 2023€187.6b€38.0b€2.3b23.9x82.3x4.9x
Tue, 14 Nov 2023€179.8b€38.0b€2.3b23.7x79.4x4.7x
Thu, 12 Oct 2023€166.0b€37.6b€1.8b26.6x90.8x4.4x
Sat, 09 Sep 2023€174.7b€37.6b€1.8b27x95.1x4.6x
Mon, 07 Aug 2023€163.3b€37.6b€1.8b28.5x88.9x4.3x
Wed, 05 Jul 2023€166.8b€37.2b€1.9b31.7x85.7x4.5x
Fri, 02 Jun 2023€166.0b€37.4b€2.3b31.4x73.2x4.4x
Sun, 30 Apr 2023€165.9b€37.3b€2.3b28.1x72.5x4.4x
Tue, 28 Mar 2023€152.7b€36.6b€2.9b28.7x52.8x4.2x
Thu, 23 Feb 2023€145.7b€36.5b€2.9b25.2x50.6x4x
Sat, 21 Jan 2023€143.5b€36.0b€3.8b25.2x37.5x4x
Price to Earnings Ratio

37.5x


Total Market Cap: €143.5bTotal Earnings: €3.8bTotal Revenue: €36.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Software Industry Price to Earnings3Y Average 72.2x202420252026
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 36.4x 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 6.3x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 24% 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 Market1.54%
Tech4.26%
Software5.23%
Application Software5.25%
Systems Software-1.83%
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 25% 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
SAP SAP€213.455.6%
+€13.3b		-13.7%PE35.1x
AOF ATOSS Software€119.404.9%
+€89.1m		10.6%PE40.7x
TMV TeamViewer€6.188.4%
+€75.3m		-40.5%PE8.4x
1INN innoscripta€90.301.8%
+€16.0m		n/aPE23.2x
CLIQ Cliq Digital€2.86103.1%
+€8.5m		-38.0%PS0.1x

Latest News

AOF
€119.40
ATOSS Software
7D
4.9%
1Y
10.6%
EXL
€2.63
Exasol
7D
-6.1%
1Y
-11.7%
NB2
€12.72
Northern Data
7D
-4.2%
1Y
-73.5%

NB2: Reset Expectations Will Highlight Undervalued AI Infrastructure Upside Over Time

Northern Data's analyst price target has been cut to €15 from €27, as analysts factor in a lower profit margin outlook and a higher future P/E assumption while leaving their fair value estimate broadly unchanged. Analyst Commentary Recent research has shifted the stance on Northern Data to a more neutral position, with the 12 month price target cut to €15 from €27.
NEM
€89.80
Nemetschek
7D
-1.4%
1Y
-4.4%

NEM: Construction Software Digitization Will Support Premium Multiples Despite Mixed Rating Signals

Narrative Update The updated analyst price target for Nemetschek edges lower to about €120 from roughly €123, as analysts factor in slightly adjusted fair value, discount rate and P/E assumptions, while still highlighting the company's position in construction software and noting mixed views on the shares. Analyst Commentary Analysts are split on Nemetschek, with views clustering around how much upside remains at current levels versus the execution needed to justify recent valuation assumptions.
R1B
€6.00
Rubean
7D
33.3%
1Y
33.9%
SAP
€213.45
SAP
7D
5.6%
1Y
-13.7%

SAP: Cloud Conversion And EU AI Cloud Will Drive Future Upside

SAP's updated fair value estimate edges down to about $282.05 from $286.75, even as analysts raise price targets into a €310 to $348 range. This reflects mixed views that balance more cautious revenue assumptions with confidence in the company's cloud pipeline and long term positioning.
TMV
€6.18
TeamViewer
7D
8.4%
1Y
-40.5%

TMV: Cost Controls And Recurring Revenues Will Support Future Earnings Re-Rating

Analysts have trimmed their price target on TeamViewer to €11 from €14, reflecting updated assumptions for the discount rate, margin profile, and future P/E multiples in their models. Analyst Commentary Recent commentary reflects a more cautious stance on TeamViewer, with the trimmed price target to €11 indicating reassessment of both execution risks and valuation assumptions.
CYR
€2.00
cyan
7D
-5.7%
1Y
-28.1%

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Dec 19
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CLIQ
€2.86
Cliq Digital
7D
103.1%
1Y
-38.0%
SJJ
€18.15
Serviceware
7D
-2.9%
1Y
41.8%

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Dec 18
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IXX
€46.80
init innovation in traffic systems
7D
-2.9%
1Y
25.8%
1INN
€90.30
innoscripta
7D
1.8%
1Y
n/a

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

Dec 04
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81D
€5.05
Swissnet
7D
-12.9%
1Y
-25.2%

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Nov 26
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PSAN
€45.00
PSI Software
7D
0.7%
1Y
106.4%
MUM
€43.50
Mensch und Maschine Software
7D
-2.6%
1Y
-17.0%
MSGL
€3.74
msg life ag
7D
2.7%
1Y
19.1%