May 2026
đź“Ł VC round data is live. Check it out!
Largest Diversified Industrials Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Siemens, thyssenkrupp, Indus Holding, Centrotec and BayWa.
 | Siemens is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 71% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020. | $317 | +26% | $242B | $280B | 3.0x | 15.2x | ||
| thyssenkrupp AG is a diversified industrial group with steel operations and capital goods and services businesses. Its segment includes Materials Services, Decarbon Technologies, Automotive Technology, Steel Europe, and Marine Systems. Automotive Technology is one of the German suppliers and engineering partners to the international automotive industry. Decarbon Technologies covers the businesses of Rothe Erde, Uhde, Polysius, and the majority investment in thyssenkrupp Nucera. Material Services includes the distribution of mill-independent materials, distributors, and services. Steel Europe concentrates on the market for high-quality flat carbon steel. Marine Systems is a supplier for submarine and surface vessel construction. it generates the majority of Revenue from Materials Services. | $13 | +26% | $8B | $5B | 0.1x | 1.5x | ||
| Indus Holding AG is a holding company investing in small and midsize enterprises in German-speaking regions. The company has three segments namely: Engineering, Infrastructure and Materials. It derives maximum revenue from Material Segment. | $34 | +29% | $910M | $2B | 0.8x | 6.7x | ||
| Centrotec SE is a holding company. Along with its subsidiaries, it operates in the following segments: Industries, Real Estate, and Finance. The majority of the group's revenue is generated from the Industries segment, which develops, produces, and markets flue gas systems for condensing boiler heating systems and air duct systems for residential ventilation with heat recovery. Roofing products and systems for generating renewable energy complement this segment's portfolio. The Real Estate segment holds and develops real estate for the group's own portfolio or for third parties, and the Finance segment manages investments, venture capital investments, and the investment of its financial resources. | -- | -- | $804M | $949M | 2.5x | 18.5x | ||
| 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 | -41% | $230M | $6B | 0.2x | 46.3x | ||
| MAX Automation SE operates internationally as a high-tech mechanical engineering company and a full-service provider of integrated and complex system and component solutions. The business operations are divided into the segments BDTRONIC Group, Vecoplan Group, AIM Micro, NSM + Jucker, and ELWEMA. It derives the majority of the revenue from the Vecoplan Group segment that develops, manufactures and installs machines and plants for the shredding, conveying and processing of primary and secondary raw materials, mainly for customers in the wood and recycling industry, the waste disposal industry and the paper and plastics industry. | $5 | -33% | $192M | $238M | 0.6x | 6.6x | ||
| LEWAG Holding AG through its subsidiaries is engaged in producing machines and system equipment for cutting and order of flat glass, warehousing and logistics systems and vehicle bodies for the flat glass manufacturing. | $34 | -6% | $162M | $187M | 1.4x | 24.0x | ||
| 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 | -1% | $23M | ($4M) | (0.3x) | 1.5x | ||
| KAP AG is a German industrial holding company that provides engineered products and automotive components. The Flexible films segment generates maximum revenue, it is into extrusion coatings, calendaring and the conditioning of coated products. The engineered products segment includes develops, produces and sells technical fabrics and yarns whereas Surface technologies with chemical and physical conditioning specialized surface processes for refining metallic materials such as aluminum, magnesium, zinc die-casting or steel. Precision components segment manufacturers the precision components Geographically, the business presence of the firm is seen in the region of Germany, Rest of Europe, North/South America, Asia and in Other Countries. | $2 | -82% | $16M | $92M | 0.3x | 7.3x | ||
| KST Beteiligungs AG invests across industries in listed companies in Germany, it focuses on small and mid caps. It acquires investments with long-term goals and assists its clients active throughout the investment period. | $1 | -8% | $5M | $6M | 0.9x | 17.8x | ||
| Webac Holding AG is a holding company for several subsidiaries that are active in mechanical engineering, credit and property management. | $3 | +27% | $3M | $2M | - | 4.9x | ||
| Greiffenberger AG manufactures electrical equipment. The company divides its business activities into three segments; Drive Technology segment, Metal Band Saw Blades and Precision Strip Steel segment and the segment Pipeline Renovation Technology. | $0 | -96% | $146K | $8M | 0.1x | (4.9x) | ||
| 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. | -- | -- | $65K | $11M | 0.2x | 9.2x | ||
| Median | $4 | -6% | $162M | $187M | 0.4x | 7.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.