October 2026
Largest Diversified Industrials Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Siemens, thyssenkrupp, Indus Holding, PARIGROUP and BayWa.
 | Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member. | $304 | +6% | $233B | $271B | 3.1x | 18.4x | ||
| 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. | $16 | +49% | $9.7B | $7.5B | 0.2x | 3.8x | ||
| 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. | $43 | +64% | $1.1B | $1.9B | 1.0x | 7.7x | ||
| 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. | -- | -- | $800M | $776M | 2.1x | 16.5x | ||
| 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. | $9 | +51% | $277M | $6.1B | 0.3x | (6.9x) | ||
| Arenit Industrie SE is a German industrial group focused on acquiring and developing small-and medium-sized industrial businesses. Its operating companies are run under a decentralized model, in which the managing directors are the key decision-makers for their respective businesses. Each company remains independent and continues to operate under its own brand. The group's portfolio of companies is divided into two business areas: Devices and industrial solutions, and Precision manufacturing. All companies command a specific technical expertise and serve B2B customers. | $11 | -- | $239M | $237M | 2.9x | 13.9x | ||
| Brockhaus Technologies AG is a technology holding company engaged in acquiring high-margin, fast-growing technology companies. The company provides active, strategic support to make them more valuable, and more successful. It offers the companies its expertise and gives them access to its network across sectors and international borders. The company offers its investors an opportunity to participate in the growth of these acquired technology companies. It's Business activities consist of its currently two operating segments of HR Benefit & Mobility Platform and Security Technologies, and secondly of its acquisition activities, i.e.. identifying, investigating and acquiring subsidiaries and supporting their long-term growth. | $20 | +32% | $205M | - | - | - | ||
| 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. | $27 | -26% | $128M | $154M | 1.2x | 22.2x | ||
| 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. | $3 | -56% | $121M | $162M | 0.4x | 7.7x | ||
| Blue Cap is a German listed investment company based in Munich that buys, develops and sells medium-sized niche companies, mainly in the B2B sector, that have clear potential to improve earnings and grow. Founded in 2006, it acts as a temporary owner, typically holding portfolio companies for three to seven years while supporting their strategic and operational development, and then selling them at a profit. Its holdings are grouped into Industrials and Business Services divisions; investments have included translation services provider Transline Group, in which it bought a 74% stake in 2022, and plastics specialist Hero, while exits include Gämmerler in 2022, Uniplast in 2023 and Neschen and nokra in 2024. In 2025 the Blue Cap group reported consolidated revenue of €129.1 million, adjusted EBITDA of €7.0 million and consolidated net income of €23.5 million, with an average of 536 employees and five portfolio companies at year end. It publishes an indicative net asset value under IPEV guidelines, which stood at €125.3 million at 31 December 2025, against a year-end market capitalisation of €77.6 million. Group revenue comes from the products and services of its consolidated portfolio companies. | $17 | -25% | $78M | $31M | 0.2x | 2.2x | ||
| 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 | +6% | $23M | $23M | 1.9x | (4.6x) | ||
| 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. | $1 | -81% | $9M | $110M | 0.4x | 11.0x | ||
| 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 | 0% | $6M | $6M | 1.1x | 9.8x | ||
| Webac Holding AG is a holding company for several subsidiaries that are active in mechanical engineering, credit and property management. | $4 | +11% | $3M | $3M | - | 6.5x | ||
| 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 | -97% | $171K | $8M | 0.1x | (4.9x) | ||
| Median | $10 | +6% | $128M | $158M | 1.0x | 7.7x |
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