August 2026
Largest Capital Markets Infrastructure Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Tradegate, EUWAX, Stock3 and Tick Trading Software.
 | Tradegate AG Wertpapierhandelsbank is a Germany-based company. It is engaged in providing banking and financial services. In addition to retail banking, the company focuses on the trading of several domestic and foreign securities on the Tradegate Exchange, and the Frankfurt and Berlin stock exchanges. The company's main business activity consists of market specialist activities and market making; it acts as a Market Specialist on the Tradegate Exchange and the Frankfurt Stock Exchange and as an order book manager on the Berlin Stock Exchange. It extends its services to the securities listing on the stock exchanges in Munich, Stuttgart, Hamburg, Hanover, and Dusseldorf. | $96 | -7% | $2.3B | $2.4B | 10.7x | - | ||
| EUWAX AG is based in Germany. It trades securitised derivatives, provides liquidity for German equities and other trading instruments at the Stuttgart stock exchange. It manages various asset classes, such as securitized derivatives, domestic equities, bonds, and active and passive funds. | $54 | -4% | $280M | $282M | 2.9x | - | ||
| Stock3 AG is a technology company specializing in stock exchanges and trading. The group operates a web platform and associated mobile applications, offering the following solutions: technical infrastructure and editorial content related to capital markets; targeted outreach to an audience with active trading and investment behavior, to its advertising partners; a terminal solution for financial market data and analysis to market participants, and the opportunity to conduct securities transactions with various brokers via the parent company's web platform and mobile applications. Geographically, the group is currently active in the DACH region, with a focus on Germany. | $34 | -2% | $37M | $33M | 2.1x | 15.3x | ||
| Tick Trading Software AG develops and distributes software packages for professional trading. The company's products are the TBMX Trading Platform, tick-TS Cloud, e-Trading Compliance Monitor, and others. tick Trading Software AG is active in the field of programming IT software; The focus here is on the programming of EDP software in the financial services segment (stock market software, trading software, etc.). In addition, it offers its customers "Software as a Service" housing and hosting of complex server systems for stock exchange trading in combination with its software solutions. | $7 | -21% | $14M | $9M | 0.8x | 2.3x | ||
| Median | $44 | -6% | $158M | $158M | 2.5x | 8.8x |
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