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German (DAX) Application Software Industry Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies37
  • 7D-8.2%
  • 3M-18.6%
  • 1Y-23.9%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 5.0%, driven by SAP declining 8.0%. Overall the industry is down 22% in 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026€244.8b€40.3b€7.3b24.3x33.5x6.1x
Thu, 18 Dec 2025€258.4b€40.3b€7.3b24x35.4x6.4x
Sat, 15 Nov 2025€263.6b€40.3b€7.3b25.5x36.1x6.5x
Mon, 13 Oct 2025€287.5b€38.9b€6.7b33.8x43.2x7.4x
Wed, 10 Sep 2025€288.0b€38.9b€6.7b30.9x43.2x7.4x
Fri, 08 Aug 2025€319.5b€38.9b€6.7b30.3x47.9x8.2x
Sun, 06 Jul 2025€319.2b€38.1b€5.9b30.4x54.6x8.4x
Tue, 03 Jun 2025€330.2b€38.5b€5.8b45x56.5x8.6x
Thu, 01 May 2025€320.4b€39.2b€5.9b31.9x54.3x8.2x
Sat, 29 Mar 2025€309.4b€38.1b€3.3b25.2x94.6x8.1x
Mon, 24 Feb 2025€341.8b€38.1b€3.3b20.8x103.4x9x
Wed, 22 Jan 2025€321.0b€36.9b€2.9b28x110x8.7x
Fri, 20 Dec 2024€295.6b€36.9b€2.9b28x101.3x8x
Sun, 17 Nov 2024€273.2b€36.9b€2.9b27.7x93.6x7.4x
Tue, 15 Oct 2024€262.6b€36.2b€2.7b30.5x96.1x7.3x
Thu, 12 Sep 2024€245.1b€36.2b€2.7b29.4x89.7x6.8x
Sat, 10 Aug 2024€239.5b€36.2b€2.7b31.1x89.3x6.6x
Mon, 08 Jul 2024€235.4b€34.7b€2.8b30.8x85x6.8x
Wed, 05 Jun 2024€211.1b€35.1b€2.5b25.5x82.9x6x
Fri, 03 May 2024€212.8b€35.8b€2.7b22.2x79.6x5.9x
Sun, 31 Mar 2024€228.8b€35.1b€3.9b20.1x59.1x6.5x
Tue, 27 Feb 2024€219.5b€34.9b€4.1b20.7x53.8x6.3x
Thu, 25 Jan 2024€206.2b€36.0b€2.3b22.1x89.3x5.7x
Sat, 23 Dec 2023€178.7b€36.0b€2.3b23.1x77.4x5x
Mon, 20 Nov 2023€177.9b€36.0b€2.3b23.2x77.5x4.9x
Wed, 18 Oct 2023€158.3b€35.6b€1.9b27.1x84.7x4.4x
Fri, 15 Sep 2023€164.0b€35.7b€1.9b28.9x86.8x4.6x
Sun, 13 Aug 2023€162.7b€35.6b€1.9b31.1x86.1x4.6x
Tue, 11 Jul 2023€159.6b€35.2b€2.0b32.4x81.1x4.5x
Thu, 08 Jun 2023€162.1b€35.4b€2.3b31.1x71.4x4.6x
Sat, 06 May 2023€158.4b€35.4b€2.3b29.7x69.1x4.5x
Mon, 03 Apr 2023€150.8b€34.7b€2.9b27.9x52x4.3x
Wed, 01 Mar 2023€139.0b€34.6b€2.9b26.9x47.8x4x
Fri, 27 Jan 2023€135.4b€34.1b€3.8b27.6x35.5x4x
Price to Earnings Ratio

35.5x


Total Market Cap: €135.4bTotal Earnings: €3.8bTotal Revenue: €34.1bTotal Market Cap vs Earnings and Revenue0%0%0%
German Application Software Industry Price to Earnings3Y Average 70.9x202420252026
Current Industry PE
  • Investors are pessimistic on the German Application 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 34.4x which is lower than its 3-year average PE of 70.9x.
  • The industry is trading close to its 3-year average PS ratio of 6.4x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have grown 24% per year over the last three years.
  • Revenues for these companies have grown 5.7% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does German Application Software compare with similar industries?

DE Market-2.12%
Tech-6.65%
Software-8.16%
Application Software-8.19%
Systems Software1.19%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ESY Easy Software€18.304.0%
+€5.3m		1.7%PE322.7x
NB2 Northern Data€12.410.2%
+€1.9m		-74.0%PS4x
8R20 Universal Digital€0.06927.8%
+€1.1m		-62.0%n/a
CSH CENIT€7.400.8%
+€502.1k		-9.8%PS0.3x
DTD2 B+S Banksysteme€2.183.8%
+€496.8k		-5.2%PE9.3x

Latest News

NEM
€79.90
Nemetschek
7D
-13.4%
1Y
-26.4%

Nemetschek SE's (ETR:NEM) Intrinsic Value Is Potentially 41% Above Its Share Price

Jan 19
Nemetschek SE's (ETR:NEM) Intrinsic Value Is Potentially 41% Above Its Share Price
DTD2
€2.18
B+S Banksysteme
7D
3.8%
1Y
-5.2%
AOF
€102.40
ATOSS Software
7D
-11.7%
1Y
-7.1%
CSH
€7.40
CENIT
7D
0.8%
1Y
-9.8%

CSH: Upcoming Analyst Day Will Highlight Rising Margins And Bullish Outlook

Analysts have revised their price target on CENIT lower, from €17.20 to €16.00. This reflects updated assumptions that combine more moderate revenue growth expectations with higher projected profit margins and a lower future P/E multiple.
NB2
€12.41
Northern Data
7D
0.2%
1Y
-74.0%

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.
R1B
€4.92
Rubean
7D
-20.0%
1Y
6.5%
SAP
€195.96
SAP
7D
-8.0%
1Y
-23.5%

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
€5.67
TeamViewer
7D
-9.8%
1Y
-46.2%

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.
SJJ
€17.60
Serviceware
7D
-3.3%
1Y
35.4%

Returns Are Gaining Momentum At Serviceware (ETR:SJJ)

Dec 18
Returns Are Gaining Momentum At Serviceware (ETR:SJJ)
1INN
€85.60
innoscripta
7D
-7.0%
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
€5.35
Swissnet
7D
0.9%
1Y
-16.4%

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
ESY
€18.30
Easy Software
7D
4.0%
1Y
1.7%
CPU2
€0.78
CPU Softwarehouse
7D
15.6%
1Y
-35.0%
8R20
€0.069
Universal Digital
7D
27.8%
1Y
-62.0%
MUM
€42.40
Mensch und Maschine Software
7D
-2.8%
1Y
-19.4%
M14K
€0.19
Securize IT Solutions
7D
21.4%
1Y
-59.8%