Deutsche Boerse AG DBOEY

FinancialsInvestment Banking & Investment ServicesGermany

Last close 35.72 USD on Nov 1, 2026, +38.2% year to date

Quant rating

Quant rating C Rank 175 of 304 in Financials

Growth D 230 of 304
Valuation D 261 of 304
Quality B 95 of 304
Revisions D 220 of 304
Momentum A 10 of 304

Wall Street consensus Strong Buy (1.00)Average target 34.33 USD −3.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 65.9B
Enterprise value: 77.0B
52-week range: 23.25 – 35.84
3-year range: 16.65 – 35.84
Dividend yield: 1.36%
Beta (5 years): 0.42
Shares outstanding: 184M
Next earnings: Aug 14, 2025

About the company

Deutsche Boerse AG is a Germany-based exchange organization. The Company is a provider of capital market infrastructure worldwide. It also offers a broad range of products and services along the value chain of financial market transactions. The Company’ business takes place e in four segments: Investment Management Solutions, Trading & Clearing, Fund Services and Securities Services. Investment Management Solutions provides data driven products, index families and software-as-a-service (SaaS) solutions. Trading and clearing segment organise and operate regulated markets for securities, derivatives, commodities, currencies and other asset classes. Fund services segment provide trend towards outsourcing of fund distribution operations. Securities Services segment provides range in fixed-income securities services

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,709	7,296	6,770	5,708	5,055	–
Revenue growth	19.4%	7.8%	18.6%	12.9%	10.2%	13.7%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	81.3%	82.7%	82.8%	81.3%	78.9%	81.4%
Net margin	26.9%	27.6%	28.1%	28.0%	27.2%	27.6%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	31,717
Current ratio	1.01x
Long-term debt (mil)	9,338
Net debt (mil)	42,661
Total equity (mil)	12,473
Net debt / equity	3.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	8,709	+19.4%	8.8x	–	–	–	–	–	–
2026	7,626	−12.4%	10.1x	–	–	–	1.28	–	27.9x
2027	8,089	+6.1%	9.5x	–	–	–	1.39	+8.6%	25.7x
2028	8,463	+4.6%	9.1x	–	–	–	1.52	+9.4%	23.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,626	0.0%	0.0%	0.0%	1.28	0.0%	0.0%	0.0%
2027	8,089	−1.8%	−1.0%	−2.1%	1.39	−3.5%	−2.8%	−2.8%
2028	8,463	−1.7%	−0.9%	−4.4%	1.52	−2.6%	−1.3%	−3.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DBOEY Deutsche Boerse AG	65.9B	–	26.9%	5.19x	27.9x	25.7x	18.7x	17.7x
CME CME Group Inc.	108.5B	0.25x	33.6%	4.08x	24.4x	22.9x	21.7x	20.6x
ICE Intercontinental Exchange, Inc.	94.4B	3.42x	26.2%	3.15x	20.6x	18.9x	15.5x	14.6x
LSEGY London Stock Exchange Group PLC	61.1B	–	13.4%	2.48x	19.6x	17.2x	11.5x	10.6x
NDAQ Nasdaq Inc	59.0B	2.69x	21.6%	4.94x	25.7x	22.5x	19.0x	17.1x
CBOE Cboe Global Markets, Inc.	35.0B	−0.58x	23.2%	6.24x	23.5x	21.9x	16.1x	15.5x
Mean		1.44x	24.2%	4.35x	23.6x	21.5x	17.1x	16.0x
Median		1.47x	24.7%	4.51x	24.0x	22.2x	17.4x	16.3x

Technical analysis

1M+9.2%
3M+17.9%
1Y+39.9%
3Y+131.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Deutsche Boerse AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,709	7,296	6,770	5,708	5,055	4,588
Cost of revenue	1,631	1,262	1,167	1,065	1,065	663
Gross profit	7,078	6,034	5,603	4,642	3,990	3,925
Selling, general & administrative expenses	2,114	1,929	1,709	1,444	1,275	1,097
Research & development	–	–	–	–	–	–
Depreciation/amortization	588	513	462	381	334	323
Interest expense (income), operating	−23.5	−23.6	23.4	0.9	−92.3	−22.7
Unusual expense (income)	–	–	61.5	30.0	28.9	44.5
Other operating expenses	862	613	559	464	455	523
Operating income	3,536	3,002	2,787	2,322	1,989	1,960
Net interest income (expense)	−146	−137	−61.7	−39.1	−18.2	−48.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−35.2	−23.2	−20.0	−28.9	−28.1	−45.9
Net income before taxes	3,356	2,842	2,706	2,254	1,943	1,866
Provision for taxes	884	724	723	581	505	492
Minority interest	−128	−101	−80.3	−73.6	−62.8	−55.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,343	2,017	1,903	1,599	1,375	1,319
Extraordinary items	–	–	–	–	–	–
Net income	2,343	2,017	1,903	1,599	1,375	1,319
EBIT, normalized	3,514	2,995	2,910	2,310	1,894	2,137
EBITDA, normalized	4,093	3,492	3,325	2,667	2,216	2,450
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Deutsche Boerse AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	22,737	21,537	21,777	21,364	19,265	21,628
Receivables	1,596	2,771	3,046	4,856	4,121	1,461
Total inventory	–	–	–	–	–	–
Prepaid expenses	163	141	140	137	106	82.6
Other current assets	297,999	182,381	211,548	239,210	206,662	145,500
Total current assets	322,495	206,830	236,512	265,566	230,154	168,670
Property, plant & equipment	740	709	668	676	675	648
Goodwill	9,557	8,649	9,064	6,329	6,362	4,833
Intangibles	4,904	4,440	4,707	2,886	2,918	2,156
Long-term investments	1,137	1,870	2,557	2,521	2,395	1,515
Note receivable	–	–	–	–	–	–
Other long-term assets	10,176	7,455	8,846	9,804	10,912	8,642
Total assets	349,008	229,953	262,354	287,782	253,415	186,465
Liabilities
Accounts payable	722	930	1,671	2,183	801	475
Payable/accrued	–	–	–	–	–	–
Accrued expenses	406	376	377	281	111	108
Short-term debt	17,755	17,316	17,971	17,400	16,345	17,027
Current portion of long-term debt	1,847	956	93.8	75.8	754	62.4
Other current liabilities	297,147	183,643	213,210	242,965	211,117	147,345
Total current liabilities	317,878	203,221	233,322	262,905	229,127	165,018
Long-term debt	6,498	6,986	8,255	4,852	3,934	3,658
Minority interest	607	506	484	630	607	474
Other liabilities	10,738	8,089	9,630	10,327	11,553	9,783
Total liabilities	335,722	218,802	251,692	278,715	245,221	178,932
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	221	195	210	203	216	232
Additional paid-in capital	1,853	1,584	1,657	1,467	1,546	1,652
Retained earnings (accumulated deficit)	11,988	9,254	8,710	7,432	7,024	6,457
Treasury stock	−1,077	−468	−387	−481	−521	−568
Other equity	301	586	473	446	−70.0	−240
Total equity	13,286	11,151	10,662	9,067	8,194	7,533
Total liabilities & shareholders' equity	349,008	229,953	262,354	287,782	253,415	186,465

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Deutsche Boerse AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,471	2,119	1,983	1,673	1,438	1,374
Depreciation, depletion & amortization	585	496	416	357	322	313
Deferred taxes	−5.9	14.6	14.3	69.1	−0.1	−14.5
Non-cash items	330	123	192	134	−240	86.6
Changes in working capital	−79.9	−257	208	425	−487	−34.6
Cash from operations	3,300	2,496	2,813	2,658	1,033	1,724
Investing activities
Capital expenditures	−446	−373	−296	−348	−235	−239
Other investing cash flows	543	311	−4,116	−1,157	−2,230	−723
Cash from investing	96.3	−62.1	−4,411	−1,505	−2,465	−962
Financing activities
Financing cash flow items	−71.6	−53.3	120	−40.5	−46.5	−32.5
Cash dividends paid	−862	−722	−730	−629	−626	−650
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,358	−626	3,141	−349	1,580	372
Cash from financing	−2,291	−1,402	2,531	−1,018	908	−310
Foreign exchange effects	29.4	−29.5	−1.9	−40.5	−7.2	−10.9
Net change in cash	1,135	1,002	931	94.4	−531	441
Free cash flow	2,854	2,122	2,517	2,310	799	1,486

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.