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German (DAX) Application Software Industry Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies37
  • 7D1.1%
  • 3M-16.6%
  • 1Y-36.9%
  • YTDn/a

The Application Software industry is up 1.1% in the last week, with SAP up 1.2%. Meanwhile, Northern Data actually underperformed within the industry, shrinking 7.8% in the last week. In the past year, the industry is down 37%. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026€216.0b€40.6b€7.6b21.9x28.6x5.3x
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
Price to Earnings Ratio

47.8x


Total Market Cap: €139.0bTotal Earnings: €2.9bTotal Revenue: €34.6bTotal Market Cap vs Earnings and Revenue0%0%0%
German Application Software Industry Price to Earnings3Y Average 70.5x202420252026
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 28.6x which is lower than its 3-year average PE of 70.5x.
  • The 3-year average PS ratio of 6.4x is higher than the industry's current PS ratio of 5.3x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have grown 38% per year over the last three years.
  • Revenues for these companies have grown 5.4% 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 Market1.56%
Tech1.66%
Software1.07%
Application Software1.08%
Systems Software0.45%
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
SAP SAP€173.801.2%
+€2.4b		-36.5%PE27.6x
NEM Nemetschek€67.600.9%
+€69.3m		-42.4%PE38.2x
1INN innoscripta€66.601.2%
+€8.0m		n/aPE15.6x
SJJ Serviceware€14.452.8%
+€4.2m		-4.3%PE134.4x
CSH CENIT€6.603.1%
+€1.7m		-12.6%PS0.3x

Latest News

1INN
€66.60
innoscripta
7D
1.2%
1Y
n/a
SAP
€173.80
SAP
7D
1.2%
1Y
-36.5%

SAP: AI And Cloud Progress May Support Trough-Level Rebound Ahead

Our updated analyst price target for SAP edges slightly lower by about €1 to €314. This reflects recent recalibrations from banks that cut their targets in Europe and the US while still highlighting solid long term fundamentals in revenue growth, profitability and P/E assumptions.
NEM
€67.60
Nemetschek
7D
0.9%
1Y
-42.4%

NEM: Construction Software Digitization Will Sustain Premium Multiples Despite Mixed Rating Adjustments

The updated analyst price target for Nemetschek edges lower to about €119 per share, as analysts balance slightly adjusted fair value, discount rate and profit margin assumptions with supportive views on the company's long term revenue growth outlook, reflected in recent upgrades and trimmed targets across the Street. Analyst Commentary Recent Street research on Nemetschek reflects a mix of optimism on growth and digital adoption in construction software, alongside some caution around valuation and execution expectations, which together shape the latest price target adjustments.
TMV
€4.85
TeamViewer
7D
-7.4%
1Y
-61.8%

TMV: Cost Discipline And Cash Generation Will Support Future Earnings Re Rating

Analysts have trimmed their TeamViewer price targets by around €0.40 to €3 in response to updated assumptions for slightly lower revenue growth, a marginally higher discount rate, and modestly adjusted profit margin and P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts appear to see the recent price target trimming as fine tuning rather than a major reset, with adjustments of around €0.40 that keep their broader view of the business model intact.
FAA
€12.40
Fabasoft
7D
-3.1%
1Y
-27.7%
SJJ
€14.45
Serviceware
7D
2.8%
1Y
-4.3%
TBX0
€7.90
tick Trading Software
7D
1.9%
1Y
-3.7%
N4G0
€2.48
NAGA Group
7D
-13.3%
1Y
-59.2%
CSH
€6.60
CENIT
7D
3.1%
1Y
-12.6%

CSH: Upcoming Investor Day Will Highlight Margin Outlook And Undervalued Upside

Analysts have maintained their fair value estimate for CENIT at €16.00, noting that updated assumptions around discount rate, revenue growth, profit margin and future P/E led only to minor adjustments rather than a change in the overall price target. What's in the News CENIT is scheduled to host an Analyst/Investor Day, providing a forum for management to update investors and analysts on the business and outlook (Key Developments).
NB2
€11.61
Northern Data
7D
-7.8%
1Y
-74.4%

NB2: Refined Discount Assumptions Will Clarify Undervalued AI Infrastructure Upside Potential

Analysts have maintained their overall fair value estimate for Northern Data at €26.33, while making adjustments to inputs such as a slightly higher discount rate and marginally revised future P/E and margin assumptions. These changes result in a more refined, yet directionally unchanged, price target narrative.
AOF
€81.90
ATOSS Software
7D
-4.2%
1Y
-30.4%

ATOSS Software SE's (ETR:AOF) 26% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/ERatio

Feb 05
ATOSS Software SE's (ETR:AOF) 26% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/ERatio
OSP2
€8.87
USU Software
7D
-3.6%
1Y
-61.4%
R1B
€4.72
Rubean
7D
-7.5%
1Y
2.2%
ESY
€17.40
Easy Software
7D
-2.2%
1Y
-3.9%
PSAN
€45.20
PSI Software
7D
0.2%
1Y
66.8%
8R20
€0.03
Universal Digital
7D
11.1%
1Y
n/a