Dutch (AEX) Tech Sector Analysis

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 11 Aug 2026	€642.8b	€40.7b	€12.0b	30.8x	53.7x	15.8x
Thu, 09 Jul 2026	€652.5b	€38.8b	€11.2b	51.3x	58.4x	16.8x
Sat, 06 Jun 2026	€628.2b	€38.8b	€11.2b	49.5x	56.2x	16.2x
Mon, 04 May 2026	€532.1b	€38.8b	€11.2b	44x	47.6x	13.7x
Wed, 01 Apr 2026	€477.9b	€37.7b	€10.5b	43x	45.6x	12.7x
Fri, 27 Feb 2026	€525.9b	€37.8b	€10.5b	44.1x	49.9x	13.9x
Sun, 25 Jan 2026	€505.4b	€37.3b	€10.4b	44.4x	48.7x	13.5x
Tue, 23 Dec 2025	€384.0b	€37.3b	€10.4b	32x	37x	10.3x
Thu, 20 Nov 2025	€379.4b	€37.3b	€10.4b	30.8x	36.5x	10.2x
Sat, 18 Oct 2025	€378.2b	€37.3b	€10.1b	35.8x	37.3x	10.1x
Mon, 15 Sep 2025	€298.4b	€37.3b	€10.1b	29x	29.6x	8x
Wed, 13 Aug 2025	€277.9b	€37.3b	€10.1b	33.6x	27.6x	7.5x
Fri, 11 Jul 2025	€305.7b	€35.4b	€9.4b	42.1x	32.6x	8.6x
Sun, 08 Jun 2025	€297.7b	€35.4b	€9.4b	40.2x	31.8x	8.4x
Tue, 06 May 2025	€269.5b	€35.4b	€9.4b	29.2x	28.8x	7.6x
Thu, 03 Apr 2025	€271.7b	€32.8b	€8.4b	28.9x	32.2x	8.3x
Sat, 01 Mar 2025	€311.0b	€32.8b	€8.4b	36.1x	36.9x	9.5x
Mon, 27 Jan 2025	€318.1b	€30.9b	€7.6b	38.7x	41.8x	10.3x
Wed, 25 Dec 2024	€310.8b	€30.9b	€7.6b	38.8x	40.8x	10.1x
Fri, 22 Nov 2024	€282.6b	€30.9b	€7.6b	35.1x	37.1x	9.2x
Sun, 20 Oct 2024	€296.5b	€30.7b	€7.6b	37.6x	39x	9.7x
Tue, 17 Sep 2024	€321.2b	€29.9b	€7.4b	40.6x	43.3x	10.7x
Thu, 15 Aug 2024	€353.6b	€29.9b	€7.4b	45.3x	47.7x	11.8x
Sat, 13 Jul 2024	€444.9b	€30.5b	€7.8b	50.5x	57.2x	14.6x
Mon, 10 Jun 2024	€423.8b	€30.5b	€7.8b	50.9x	54.5x	13.9x
Wed, 08 May 2024	€377.7b	€30.5b	€7.8b	47.2x	48.6x	12.4x
Fri, 05 Apr 2024	€397.1b	€32.3b	€8.7b	41.4x	45.5x	12.3x
Sun, 03 Mar 2024	€395.3b	€32.3b	€8.7b	41.1x	45.4x	12.2x
Tue, 30 Jan 2024	€353.7b	€33.1b	€8.9b	21.7x	40x	10.7x
Thu, 28 Dec 2023	€306.8b	€32.2b	€8.6b	21.8x	35.6x	9.5x
Sat, 25 Nov 2023	€283.9b	€32.3b	€8.6b	21.2x	32.9x	8.8x
Mon, 23 Oct 2023	€242.7b	€32.3b	€8.4b	20.9x	28.9x	7.5x
Wed, 20 Sep 2023	€246.8b	€31.4b	€7.9b	21.9x	31.4x	7.9x
Fri, 18 Aug 2023	€265.2b	€31.4b	€7.9b	23.9x	33.7x	8.4x

Current Industry PE

Investors are optimistic on the Dutch Information Technology industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 53.2x which is higher than its 3-year average PE of 41.0x.

The 3-year average PS ratio of 10.9x is lower than the industry's current PS ratio of 15.7x.

Past Earnings Growth

The earnings for companies in the Information Technology industry have grown 15% per year over the last three years.
Revenues for these companies have grown 9.0% 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 Dutch Tech sector?


NL Market	3.34%
Tech	6.78%
Semiconductors	6.80%
Electronic Equipment and Components	1.16%
Software	0.60%
IT	-2.03%

Industry PE

Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio.

Analysts are expecting annual earnings growth of 54.1% and investors are willing to pay a premium for that growth.

Investors are most pessimistic about the IT 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 Software industry, expecting annual earnings growth of 54% over the next 5 years.

In contrast, the Electronic Equipment and Components 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?

Company	Last Price	7D	1Y	Valuation
ASML ASML Holding	€1.51k	6.6% +€36.2b	141.4%	PE54.6x
ASM ASM International	€859.60	8.1% +€3.2b	104.3%	PE39.2x
BESI BE Semiconductor Industries	€219.80	9.1% +€1.5b	80.8%	PE85.1x
TOM2 TomTom	€4.00	3.1% +€14.9m	-21.8%	PE14.1x
NEDAP Nedap	€95.90	1.2% +€7.3m	9.1%	PE22.3x

New major risk - Negative shareholders equity

The company has negative equity. Total equity: -€985k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€1.2m free cash flow). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Negative equity (-€985k). Earnings have declined by 56% per year over the past 5 years. Shareholders have been substantially diluted in the past year (80% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€6.30m market cap, or US$7.19m).

Dutch (AEX) Tech Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Source Foundry Draws $400 Million to Take On ASML’s Chip Equipment Leadership

Now 23% overvalued

ASM: AI Capex Demand And Logic Exposure Will Support Future Repricing

First half 2026 earnings released: €0.13 loss per share (vs €0.12 loss in 1H 2025)

First half 2026 earnings released: EPS: €0 (vs €0.10 in 1H 2025)

TOM2: Transit Partnership And Buyback Program Will Drive Future Upside Potential

CMCOM: Index Inclusion And Margin Outlook Will Shape Fairly Valued Shares

New major risk - Negative shareholders equity

The Nedap N.V. (AMS:NEDAP) Half-Yearly Results Are Out And Analysts Have Published New Forecasts

New major risk - Market cap size