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German (DAX) Tech Sector Analysis

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies120
  • 7D-3.6%
  • 3M13.7%
  • 1Y-24.7%
  • YTD-8.7%

Over the last 7 days, the Tech industry has dropped 3.6%, driven by a pullback from Infineon Technologies of 6.1%. The industry has fallen 25% in the last year. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

Has the German Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Jul 2026€305.4b€81.6b€9.3b22x32.9x3.7x
Wed, 10 Jun 2026€329.7b€81.3b€9.3b24.7x35.3x4.1x
Fri, 08 May 2026€301.7b€80.6b€9.2b25.4x32.8x3.7x
Sun, 05 Apr 2026€267.1b€80.0b€9.0b24.7x29.6x3.3x
Tue, 03 Mar 2026€303.2b€80.6b€9.2b27.7x32.8x3.8x
Thu, 29 Jan 2026€333.0b€80.1b€9.1b27.4x36.5x4.2x
Sat, 27 Dec 2025€336.8b€80.1b€9.1b26.2x37.1x4.2x
Mon, 24 Nov 2025€325.6b€80.4b€9.1b25.3x35.7x4x
Wed, 22 Oct 2025€371.3b€80.6b€8.5b29.4x43.7x4.6x
Fri, 19 Sep 2025€361.5b€80.5b€8.5b26.9x42.6x4.5x
Sun, 17 Aug 2025€374.7b€80.6b€8.5b28.6x44.1x4.7x
Tue, 15 Jul 2025€401.8b€79.6b€7.9b27.7x50.9x5x
Thu, 12 Jun 2025€406.9b€80.7b€7.9b27.6x51.5x5x
Sat, 10 May 2025€395.9b€80.8b€7.8b25.4x51x4.9x
Mon, 07 Apr 2025€348.4b€80.3b€5.5b18.4x63.2x4.3x
Wed, 05 Mar 2025€390.9b€79.6b€5.5b16.1x71.1x4.9x
Fri, 31 Jan 2025€398.9b€79.8b€5.9b19.4x67.3x5x
Sun, 29 Dec 2024€363.4b€78.9b€5.5b19.2x65.8x4.6x
Tue, 26 Nov 2024€343.0b€79.0b€5.5b18.7x61.9x4.3x
Thu, 24 Oct 2024€338.5b€79.2b€6.0b19x56.3x4.3x
Sat, 21 Sep 2024€320.0b€78.4b€5.8b19x54.9x4.1x
Mon, 19 Aug 2024€318.1b€79.1b€5.8b20x55.1x4x
Wed, 17 Jul 2024€310.0b€78.3b€6.3b19.6x49.1x4x
Fri, 14 Jun 2024€311.7b€78.6b€6.3b19.4x49.8x4x
Sun, 12 May 2024€301.2b€78.3b€6.3b18.2x47.5x3.8x
Tue, 09 Apr 2024€299.6b€78.8b€8.1b18.8x36.8x3.8x
Thu, 07 Mar 2024€300.8b€78.1b€8.4b18.4x35.9x3.9x
Sat, 03 Feb 2024€289.7b€79.7b€8.4b20.6x34.6x3.6x
Mon, 01 Jan 2024€266.4b€80.7b€6.7b20.6x40x3.3x
Wed, 29 Nov 2023€263.3b€80.3b€6.7b19.5x39.4x3.3x
Fri, 27 Oct 2023€232.0b€79.5b€6.7b19.8x34.8x2.9x
Sun, 24 Sep 2023€237.1b€79.4b€6.3b19.8x37.8x3x
Tue, 22 Aug 2023€239.5b€79.4b€6.3b19.2x38.2x3x
Thu, 20 Jul 2023€252.7b€77.6b€6.0b22.2x42.2x3.3x
Price to Earnings Ratio

42.2x


Total Market Cap: €252.7bTotal Earnings: €6.0bTotal Revenue: €77.6bTotal Market Cap vs Earnings and Revenue0%0%0%
German Tech Sector Price to Earnings3Y Average 45.3x202420252026
Current Industry PE
  • Investors are pessimistic on the German Information Technology 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 32.9x which is lower than its 3-year average PE of 45.3x.
  • The industry is trading close to its 3-year average PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 16% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the German Tech sector?

DE Market-2.61%
Tech-3.59%
Communications0.32%
Software-1.83%
Electronic Equipment and Components-3.26%
IT-3.34%
Semiconductors-6.36%
Tech Hardware-9.39%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 20.8x.
    • Analysts are expecting annual earnings growth of 33.4%, which is higher than its past year's earnings decline of 10.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 74% over the next 5 years.
  • However this is lower than its past earnings growth rate of 158% per year.
  • In contrast, the Communications industry is expected to see its earnings grow by 11% 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€140.960.6%
+€1.1b		-45.4%PE22.5x
IOS IONOS Group€30.905.0%
+€200.3m		-24.6%PE19x
WAF Siltronic€94.953.5%
+€96.0m		120.3%PS2.2x
TMV TeamViewer€5.757.5%
+€65.4m		-38.9%PE7.7x
BSL Basler€29.206.0%
+€50.7m		121.5%PE45.2x

Latest News

A1OS
€36.00
All for One Group
7D
18.0%
1Y
-29.1%
JEN
€40.88
Jenoptik
7D
-6.4%
1Y
106.0%
BKHT
€20.70
Brockhaus Technologies
7D
7.0%
1Y
45.3%
BSL
€29.20
Basler
7D
6.0%
1Y
121.5%
Narrative Update • Jul 10

BSL: Future Index Inclusion And Earnings Guidance Will Shape Fair Value

Analysts have raised their price target for Basler from €22 to €31, pointing to updates in their assumptions for fair value, discount rate, expected revenue growth, profit margin, and future P/E as the key drivers of this change. What's in the News Basler Aktiengesellschaft was added to the Germany SDAX (Total Return) Index, reflecting its inclusion in this German small cap benchmark.
WAF
€94.95
Siltronic
7D
3.5%
1Y
120.3%
TMV
€5.75
TeamViewer
7D
7.5%
1Y
-38.9%
NA9
€76.60
Nagarro
7D
1.9%
1Y
36.5%
Narrative Update • Jul 08

NA9: Acquisition Plan And Delisting Intent Will Shape Future Risk Balance

Analysts have reduced their price target for Nagarro from €95.00 to €81.00, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple that together point to a different balance of risk and reward for the stock. What’s in the News for Nagarro Persistent Systems has agreed to acquire all shares of Nagarro in a deal valued at approximately €1.27b (about $1.45b), with completion targeted for late 2026 or early 2027, according to recent news reports.
BC8
€31.06
Bechtle
7D
-4.7%
1Y
-18.9%
Narrative Update • Jul 08

BC8: 2026 IT Revival Hopes Will Balance Execution And Secure Access Rollout

Analysts have modestly lowered their fair value estimate for Bechtle to approximately €29.65 from €31. Slightly softer assumptions for revenue growth and future P/E are only partly offset by a marginally improved profit margin outlook and a reduced discount rate.
SMHN
€83.85
SUSS MicroTec
7D
-4.1%
1Y
104.4%
Narrative Update • Jul 08

SMHN: Future Earnings Conviction Will Support Rich Pricing Despite Execution Risks

Analysts have lifted their fair value estimate for SUSS MicroTec from €39.92 to €93.00. This reflects updated assumptions on revenue growth, profitability and future P/E after recent research, including mixed rating moves and a wider price target range from €80 to €125.
IFX
€70.37
Infineon Technologies
7D
-8.9%
1Y
88.4%
Narrative Update • Jul 07

IFX: AI Power Demand Optimism Will Test Dresden Fab Execution

Infineon Technologies' analyst fair value estimate has been lifted from €43.00 to €50.00, as analysts point to higher modeled revenue growth and profitability, alongside a series of Street price target increases into the €80 to €100 range supported by AI power demand and capacity commentary. Analyst Commentary Recent Street commentary around Infineon Technologies has centered on how the stock reflects expectations for AI related power demand, new capacity such as the Dresden fab, and the company’s ability to execute on a larger revenue base without substantial new clean room investments.
ELG
€162.80
Elmos Semiconductor
7D
-5.6%
1Y
73.0%
NEM
€56.05
Nemetschek
7D
-3.3%
1Y
-55.3%
SAP
€140.96
SAP
7D
0.6%
1Y
-45.4%
Narrative Update • Jul 01

SAP: Autonomous AI Suite Progress Will Support Future Upside

The analyst price target for SAP is revised from about €234 to about €214, reflecting a series of recent target cuts and mixed commentary from firms that see slower than expected AI adoption alongside ongoing efforts to close product gaps. Analyst Commentary Recent research on SAP highlights a split view, with some bullish analysts seeing room for upside tied to product execution and others taking a more cautious stance as they reassess growth and valuation assumptions.
AIXA
€42.45
AIXTRON
7D
-15.1%
1Y
170.6%
Narrative Update • Jul 01

AIXA: AI Data Center Hopes Will Struggle Against Mounting Execution Risks

The updated analyst price target for Aixtron rises from about €26 to €39. This reflects revised assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent target increases from several banks, including higher estimates up to €70.
YSN
€170.40
secunet Security Networks
7D
-6.4%
1Y
-21.7%
Narrative Update • Jun 30

YSN: Raised Fair Value Will Rely On 2026 Earnings Guidance Holding

Analysts have raised their fair value estimate for secunet Security Networks from €188.00 to €205.00, citing updated assumptions on growth, profitability and a lower future P/E multiple in their price target models. What’s in the News for secunet Security Networks secunet Security Networks confirmed earnings guidance for 2026, maintaining its outlook for the year.
IOS
€30.90
IONOS Group
7D
5.0%
1Y
-24.6%
Narrative Update • Jun 16

IOS: Lower Discount Rate And Steady Margins Will Support Strong Returns

Analysts have nudged their price target for IONOS Group slightly lower to about €33.60, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E that fine tune rather than overhaul their valuation view. What's in the News No recent company specific news or key developments for IONOS Group were identified in the provided sources.