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German (DAX) Application Software Industry Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies37
  • 7D-2.2%
  • 3M-16.2%
  • 1Y-25.5%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 2.2%, driven by SAP declining 2.1%. The industry has fallen 25% in the last year. 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
Sun, 25 Jan 2026€246.3b€40.3b€7.3b25.5x33.7x6.1x
Tue, 23 Dec 2025€260.4b€40.3b€7.3b24x35.6x6.5x
Thu, 20 Nov 2025€256.6b€40.3b€7.3b24.3x35.1x6.4x
Sat, 18 Oct 2025€287.4b€38.9b€6.7b32.4x43.1x7.4x
Mon, 15 Sep 2025€276.1b€38.9b€6.7b34.9x41.5x7.1x
Wed, 13 Aug 2025€290.9b€39.0b€6.7b29.2x43.7x7.5x
Fri, 11 Jul 2025€328.9b€38.1b€5.9b31x56.2x8.6x
Sun, 08 Jun 2025€340.4b€38.4b€5.9b38.6x58.2x8.9x
Tue, 06 May 2025€335.1b€39.3b€5.9b34.2x56.6x8.5x
Thu, 03 Apr 2025€311.8b€38.2b€3.3b25.4x94.5x8.2x
Sat, 01 Mar 2025€333.9b€38.1b€3.3b22.8x102.1x8.8x
Mon, 27 Jan 2025€329.5b€36.9b€2.9b27.9x112.9x8.9x
Wed, 25 Dec 2024€295.1b€36.9b€2.9b27.9x101.1x8x
Fri, 22 Nov 2024€281.9b€36.9b€2.9b28.2x96.6x7.6x
Sun, 20 Oct 2024€268.6b€36.2b€2.7b31.3x98.3x7.4x
Tue, 17 Sep 2024€251.9b€36.2b€2.8b29.6x91.1x7x
Thu, 15 Aug 2024€242.4b€36.2b€2.7b31.5x90.5x6.7x
Sat, 13 Jul 2024€235.0b€34.7b€2.8b27.2x84.8x6.8x
Mon, 10 Jun 2024€222.1b€35.1b€2.6b23.5x87x6.3x
Wed, 08 May 2024€219.9b€35.8b€2.7b21.9x82.3x6.1x
Fri, 05 Apr 2024€225.1b€35.1b€3.9b20.2x58.2x6.4x
Sun, 03 Mar 2024€220.3b€34.9b€4.1b20.6x54x6.3x
Tue, 30 Jan 2024€207.3b€35.1b€4.0b22.2x51.3x5.9x
Thu, 28 Dec 2023€180.7b€36.0b€2.3b23.1x78.2x5x
Sat, 25 Nov 2023€182.1b€36.0b€2.3b22.5x79.4x5.1x
Mon, 23 Oct 2023€159.7b€35.5b€2.6b26.8x61.3x4.5x
Wed, 20 Sep 2023€161.9b€35.7b€1.9b27.9x85.7x4.5x
Fri, 18 Aug 2023€160.8b€35.7b€1.9b29.2x85x4.5x
Sun, 16 Jul 2023€168.1b€35.2b€2.0b31.7x85.4x4.8x
Tue, 13 Jun 2023€162.4b€35.4b€2.3b32.4x71.6x4.6x
Thu, 11 May 2023€159.2b€35.4b€2.3b29.5x69.4x4.5x
Sat, 08 Apr 2023€152.0b€34.7b€2.9b28.2x52.3x4.4x
Mon, 06 Mar 2023€141.7b€34.2b€3.8b27.2x37.2x4.1x
Wed, 01 Feb 2023€139.2b€34.6b€2.9b26.1x47.9x4x
Price to Earnings Ratio

47.9x


Total Market Cap: €139.2bTotal Earnings: €2.9bTotal Revenue: €34.6bTotal 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 33.7x 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 36% per year over the last three years.
  • Revenues for these companies have grown 5.2% 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-1.04%
Tech-1.47%
Software-2.17%
Application Software-2.19%
Systems Software2.61%
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
MUM Mensch und Maschine Software€44.504.1%
+€29.1m		-15.1%PE25.5x
NB2 Northern Data€12.872.5%
+€20.5m		-72.4%PS4.1x
TMV TeamViewer€5.821.2%
+€11.0m		-47.7%PE7.9x
1INN innoscripta€88.001.1%
+€10.0m		n/aPE22.6x
SJJ Serviceware€17.505.1%
+€8.9m		33.6%PE162.8x

Latest News

SAP
€197.92
SAP
7D
-2.1%
1Y
-24.9%

SAP: AI Partnerships And BlackLine Option May Support Future Upside

SAP's analyst fair value estimate has shifted from €345.00 to €330.00, as analysts adjust their targets in line with recent Street research that includes a lower Morgan Stanley price target, a higher JPMorgan target, and commentary suggesting a potential valuation trough. Analyst Commentary Recent Street research around SAP highlights a mix of caution and optimism, with more positive analysts pointing to potential upside in the shares despite adjustments to individual price targets.
NEM
€77.75
Nemetschek
7D
-6.1%
1Y
-31.4%

NEM: Construction Software Exposure Will Drive Future Upside Despite Recent Caution

Narrative Update on Nemetschek Our fair value estimate for Nemetschek has shifted to €90.00 from €83.00, reflecting analyst views that the company is well placed within construction software. This is supported by recent price targets in the €110 to €115 range and expectations for solid growth and margins, despite only modest target trims from some firms.
FAA
€16.00
Fabasoft
7D
-2.7%
1Y
-2.7%
TMV
€5.82
TeamViewer
7D
1.2%
1Y
-47.7%

TMV: AI Automation Progress Will Drive Future Re Rating Potential

Analysts have reduced their price targets for TeamViewer, with recent cuts such as Morgan Stanley to €8.25 and Berenberg to €11. This has helped drive a lower blended fair value estimate from about €20.00 to roughly €16.92, reflecting updated views on growth, margins and an adjusted future P/E assumption of 17.72x.
AOF
€101.80
ATOSS Software
7D
-2.9%
1Y
-13.3%
OSP2
€8.70
USU Software
7D
1.5%
1Y
-60.5%
N4G0
€2.92
NAGA Group
7D
-6.3%
1Y
-57.6%
CSH
€7.12
CENIT
7D
-4.6%
1Y
-14.7%

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.
ABT
€0.24
Advanced Bitcoin Technologies
7D
40.2%
1Y
41.9%
NB2
€12.87
Northern Data
7D
2.5%
1Y
-72.4%

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.
CLIQ
€1.60
Cliq Digital
7D
-29.8%
1Y
-71.9%
SJJ
€17.50
Serviceware
7D
5.1%
1Y
33.6%

Returns Are Gaining Momentum At Serviceware (ETR:SJJ)

Dec 18
Returns Are Gaining Momentum At Serviceware (ETR:SJJ)
1INN
€88.00
innoscripta
7D
1.1%
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
ESY
€17.80
Easy Software
7D
-5.8%
1Y
0.6%
MUM
€44.50
Mensch und Maschine Software
7D
4.1%
1Y
-15.1%
MSGL
€3.76
msg life ag
7D
3.3%
1Y
19.0%