May 2026
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Largest Construction & Engineering Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Hochtief, TKMS, Bilfinger, Duerr and Friedrich Vorwerk Group.
 | Hochtief AG develops and constructs building and infrastructure projects. It works on complex projects in transportation, energy, urban infrastructure, and mining markets. It expands transportation networks with roads, bridges, and tunnels, or designs and constructs office buildings, hospitals, and power plants. The company leans on expertise and technical know-how in developing, financing, building, and operating in designated business areas. Also, it will partner with external groups to work on specific components of a project. Its regional divisions are Americas, Asia Pacific, and Europe. The Americas and the Asia Pacific account for the majority of sales and are where the company's assets are located. | $598 | +220% | $45B | $38B | 0.8x | 12.8x | ||
| Tkms Ag & Co KGaA is an international maritime industrial group. The company is a system provider in submarine and surface vessel construction, in the field of maritime electronics and security technology and in solutions in the non-military sector. Its portfolio includes the development and manufacture of conventional submarines, specialized submarines such as frigates and corvettes and specialized civilian vessels. The business activities of TKMS comprise the three operating units (i) Submarines, (ii) Surface Vessels and (iii) Atlas Electronics. The majority of the company's revenue is derived from the Submarines segment, which comprises the construction (including design, procurement, and manufacturing) of non-nuclear submarines for use in coastal and offshore areas. | $83 | -- | $5B | $4B | 1.6x | 14.8x | ||
| Bilfinger SE is an international industrial services provider. It delivers customized engineering services to customers in the chemical, pharmaceutical, energy, oil, and gas markets. Its product portfolio attempts to cover the entire value chain, from consulting and planning to installation and maintenance. Bilfinger has three operating segments: Engineering & Maintenance Europe, Engineering & Maintenance International, and Technologies. A majority of the sales are derived from Europe, with Germany being an important region for the company. | $100 | +11% | $4B | $4B | 0.6x | 6.9x | ||
| Duerr AG is engaged in mechanical and plant engineering. The company has five reportable segments; Paint and Final Assembly Systems division plans, builds, and updates paint shops and final assembly lines for the automotive industry; Application Technology includes sales with technologies for the automated spray application of primers, base coats, and clear coats; Woodworking Machinery and Systems, which derives maximum revenue, provides products like panel dividing and through-feed saws, CNC processing centers, drilling machines, sanders, edge banding machines, as well as handling and storage systems; Industrial Automation System provides Production Automation Systems and Measuring and Process Systems for different business areas; and Corporate center. | $24 | -10% | $2B | $2B | 0.3x | 3.8x | ||
| Friedrich Vorwerk Group SE is a driver of the European energy transition. It has four segments Natural Gas segment, which is the key revenue driver, comprises the transport and conversion of raw natural gas into treated natural gas, the electricity segment provides infrastructure for the underground transport and conversion of electricity, which is generated from non-fossil energy sources such as wind, solar, hydro, and regenerative resources, Clean Hydrogen segment comprises the conversion of energy from energy sources into clean hydrogen and its transportation to consumers, Adjacent Opportunities segment concentrates on the related turnkey technologies, and the majority of its revenue comes from Adjacent Opportunities. | $80 | +14% | $2B | $1B | 2.3x | 14.7x | ||
| Wacker Neuson SE manufactures light and heavy equipment for construction, landscaping, gardening, agriculture, recycling, municipal, and rail industries. Excavators, dumpers, loaders, concrete technology, generators, and saws make up just a portion of the company's product portfolio. Besides, the company offers attachments and accessories for products to help deliver optimal solutions. Wacker Neuson has three business segments: Compact Equipment which derives key revenue, Light Equipment, and Services. The company offers a range of services, spare parts, and rental equipment through sales and service stations strategically placed around the world. Europe generates the majority of total revenue, but the company also sells to its customers in the Americas and Asia-Pacific. | $21 | -18% | $1B | $2B | 0.6x | 6.2x | ||
| Instone Real Estate Group SE is a real estate development company. The company is engaged in the development of modern, urban, multi-family homes and the redevelopment of listed buildings for residential use. The company constructs apartment buildings and residential quarters, refurbishment of monument-protected properties, and new buildings of real estate properties and other related activities. The company operates only in one business segment and one geographical segment and generates revenue and holds majority assets in Germany. | $10 | -3% | $431M | $141M | 0.3x | 1.4x | ||
| Steico SE is engaged in the production and sale of a variety of wood fiber insulation products in the European market. Its products include expansion joint fillers, thermal insulation, floor insulation system, multi-purpose rigid insulation boards, multi-purpose wood fiberboards, thermal insulation composite system, sarking, and sheathing boards, construction elements, laminated veneer lumber, sealing systems, and others. The company operates in Germany, European Countries, and the rest of the world. | $25 | +0% | $349M | $462M | 1.0x | 5.8x | ||
| STINAG Stuttgart Invest AG operates as a holding company, which engages in thereal estate, finance and equity investments business. It focuses on the real estate portfolio through its project developments, the acquisition of advanced project developments and existing properties, and the management of its own portfolio. | $17 | -- | $260M | $416M | 12.5x | 20.1x | ||
| BayWa AG is a trading and logistics services company that operates through segments: Agri Trade & Service, Agricultural Equipment, The Renewable Energies segment, which is the majority revenue generator, Heating & Mobility, and Building Materials. The group's core market is in Germany, Austria, and the Netherlands. | $4 | -40% | $235M | $6B | 0.2x | 46.3x | ||
| Branicks Group AG is a commercial real estate investor and asset manager. It operates in the area of portfolio, asset, and property management. The company operates its business through two segments: Commercial Portfolio, and Institutional Business. The Commercial Portfolio segment consists of investments and revenue streams from properties and Institutional Business (IBU) segment comprises all of the real estate investment services for institutional clients who structure and manage funds, club deals, and separate accounts. Key revenue is generated from the commercial portfolio segment. | $1 | -37% | $110M | $2B | 7.3x | 11.1x | ||
| Gateway Real Estate AG is a developer of commercial and residential real estate properties in Germany. The company's operating segment includes Standing Assets; Commercial Properties Development; and Residential Properties Development. Its property portfolio consists of Commercial and Residential Properties, Offices, Hotels, Shopping Centers, Office Refurbishments, and Parking Spaces. Geographically, the company conducts all its business activities in Germany. | $0 | -44% | $70M | $1B | 33.1x | (10.8x) | ||
| ABO Energy GmbH & Co KGaA develops and builds wind and solar farms as well as battery and hydrogen projects worldwide. It monitor, manage, maintain, and repair renewable energy plants with more than 2,500 megawatts of capacity. | $7 | -84% | $64M | $384M | 0.7x | 5.4x | ||
| Muehlhan AG is a Germany-based holding company operating in four segments namely; Ship segment comprises surface coating maintenance and renovation services, such as repair work on hull plankings, as well as the restoration of water, ballast, fuel, and cargo tanks; Oil and gas segment comprises of surface and fire protection, insulation, and scaffolding services; Renewables segment comprises of surface-protection services to the renewable energy market, and Construction/Infrastructure segment comprises of provides coating and scaffolding solutions to industrial customers. It generates contributes a majority of revenue from the Renewables segment. Majority of its revenue comes from the European market, while it also has a presence in the Middle East, North America. | $2 | +2% | $22M | ($5M) | (0.4x) | 1.8x | ||
| Lubke Kelber AG is an residential and commercial investments company in Germany. It participate in real estate investments. | $11 | -2% | $12M | $12M | 11.0x | (23686.9x) | ||
| DT.Eigenheim Union INH ON is engaged in providing affordable homes in the Berlin-Brandenburg metropolitan area. | $0 | -- | $151K | — | — | — | ||
| IGP Advantag AG is an integrated infrastructure service provider with distinctive specialist knowledge along the entire value chain of the Architecture, Engineering and Construction industry. The services offered by the company includes clarification of special planning or building law situations to general planning and project management as well as implementation and construction management to property and quality monitoring and commissioning. | -- | -- | $64K | $11M | 0.2x | 9.2x | ||
| Median | $14 | -3% | $260M | $1B | 0.8x | 6.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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