As of January 1, 2025, Germany’s DAX index has a trailing price-to-earnings (P/E) ratio of 15.04, while the forward P/E ratio stands at 12.99. The DAX serves as the benchmark index for the German stock market, representing 40 of the country’s largest and most liquid publicly traded companies.
In 2023, German companies faced significant challenges, leading to weaker earnings across various sectors. However, the situation improved in 2024, with corporate earnings rebounding as economic conditions stabilized. Looking ahead to 2025, analysts anticipate moderate earnings growth.
For the most up-to-date, check the data subscriptions provided by Siblis Research.
| Date | DAX Index Price | P/E Ratio (TTM) | EPS (TTM)* | Forward P/E Ratio | EPS (Forward) * |
|---|---|---|---|---|---|
| 12/31/2024 | 19,909.14 | 15.04 | 127.58 | 12.99 | 147.76 |
| 6/30/2024 | 18,235.45 | 14.06 | 125.03 | 11.76 | 149.51 |
| 12/31/2023 | 16,751.64 | 14.91 | 108.30 | 11.17 | 144.53 |
| 6/30/2023 | 16,147.90 | 13.03 | 119.47 | 11.72 | 132.76 |
| 12/31/2022 | 13,923.59 | 12.50 | 107.36 | 10.96 | 122.40 |
| 6/30/2022 | 12,783.77 | 11.08 | 111.20 | 10.60 | 116.21 |
| 12/31/2021 | 15,884.86 | 15.31 | 100.00 | 14.34 | 106.76 |
* The table presents both trailing and forecasted Earnings Per Share (EPS), with values indexed to a base of 100 as of January 1, 2022. EPS (TTM) reflects the aggregate earnings of the DAX index stocks for the past 12 months and is calculated using the net income of the companies. EPS (Forward) is the forecasted (analyst consensus) earnings per share for the next 12 months and is calculated using the estimated operating profit of the companies.
Gain full access to our Global Equity Valuations database with the Professional Subscription Plan. 35+ markets/indices. 40+ years of data.
✔ Comprehensive Valuation Metrics – Price-Earnings Ratios (trailing & forward), Earnings Per Share (trailing & forward), CAPE Ratios, Dividend Yields, Market Cap-to-GNI Ratios, Long-Term Interest Rates – Price levels included, analyze market performance in relation to valuations.
✔ Sector Weightings & Breakdowns – Make your own sector-adjustments using your preferred methodology.
✔ Flexible Data Access – Customize data format and delivery method to fit your specific needs.
✔ Explore a sample dataset here.
Overview of the DAX Index
The DAX is the benchmark stock index for the German equity market. It tracks the performance of the 40 largest and most liquid publicly traded companies listed on the Frankfurt Stock Exchange. Originally consisting of 30 companies, the DAX was expanded to 40 companies in September 2021. Given Germany’s position as Europe’s largest economy, the DAX is closely watched by global investors as an indicator of European economic performance.
Unlike some other indices, the DAX includes dividends in its calculation, assuming reinvestment. This makes it a performance index rather than a simple price index.
Most DAX companies generate a significant portion of their revenue outside Germany. This makes the index companies highly sensitive to global economic conditions, including inflation, interest rates, currency exchange rates, energy prices, and geopolitical events. The largest corporations part of the index are Volkswagen, BMW, Siemens, SAP, BASF, Bayer Deutsche Bank, and Allianz.
The index is calculated and managed by Qontigo that is part of the Deutsche Börse Group. For more information about the index, visit Qontigo.com.