DB1.DE · GER DAX Euro Stoxx 50

Deutsche Börse AG

Financial services · Financial data and stock exchanges

€323.10 +€2.30 (+0.72%) today

Closing price on Nov 11, 2026 · Source: Yahoo Finance

Consensus of 14 analysts

Buy

Median price target €320.00 −1.0%

Open: €320.10
Day range: 319.30 – €323.50
52-week range: 200.10 – €329.10
Volume: 66,498
Market cap: €57,572M
P/E (TTM): 26.2x
EPS (TTM): €12.34
EPS est. 2026: €12.89
P/E est. 2026: 25.1x
Dividend yield: 1.3%
Beta: 0.27
Payout: 35%

Analyst summary

Generated with AI · Nov 11, 2026, 14:22

Deutsche Börse runs exchange, clearing, fund and securities-service businesses alongside financial data and analytics activities. Q3 2026 revenue reached €2,063M and net income was €559M, with a 27.1% net margin. Quarterly revenue has edged higher across the reported 2026 periods, while earnings per share have generally exceeded estimates since Q1. Analysts expect further annual EPS growth, but the share price is close to the median target and the valuation is above Euronext’s.

1Q3 2026 revenue was €2,063M and net income €559M, with a 27.1% net margin.
2The share trades at 26.2x trailing P/E; 2027 consensus EPS is €13.702.
3Analysts’ median target is €320.00, implying −1.0% potential from the quoted price.

Deutsche Börse financials

Q3 2026 results, quarter ended Sep 30, 2026

Metric	Q3 2026	1-year change
Total revenue	€2,063M	n/a
Net income	€559M	n/a
Earnings per share	€3.10	n/a
Net margin	27.1%	n/a
Free cash flow	n/a	n/a
Debt / equity	n/a	n/a

Revenue and net income (€M)

Total revenueNet income

Quarter	Total revenue	Net income
Q2 2025	€1,801M	€509M
Q4 2025	€1,936M	€488M
Q1 2026	€2,025M	€585M
Q2 2026	€2,012M	€569M
Q3 2026	€2,063M	€559M

Revenue advanced from €1,936M in Q4 2025 to €2,025M in Q1 2026, eased to €2,012M in Q2 and reached €2,063M in Q3. Net income rose from €488M in Q4 2025 to €585M in Q1 2026, then moderated to €569M and €559M; Q3 net margin was 27.1%. Year-on-year comparisons for the latest quarter are n/a. Annual EPS increased from €8.120 in 2022 to €10.900 in 2025, and consensus sees €12.890 in 2026 and €13.702 in 2027.

Quarterly EPS beat estimates by +1.8% in Q1 2026, +1.9% in Q2 and +2.1% in Q3, following a −0.5% miss in Q4 2025. The 2026 and 2027 consensus P/Es are 25.1x and 23.6x, versus 26.2x trailing. Free cash flow and debt/equity are n/a, so the supplied figures do not establish cash generation or leverage.

Written by AI · Nov 11, 2026, 14:22

Deutsche Börse earnings per share (EPS)

Consensus estimates

Period	EPS est.	1-year change
Current quarterQ4 2026 · Analysts: 1	€3.3693.37 – 3.37	+25.7%€2.680
Next quarterQ1 2027 · Analysts: 1	€3.5753.57 – 3.57	+11.4%€3.210
Current year2026 · Analysts: 6	€12.89012.83 – 12.97	+18.3%€10.900
Next year2027 · Analysts: 9	€13.70213.28 – 14.14	+6.3%€12.890

Forward P/E: 25.1x (2026) and 23.6x (2027) at the current price.

Actual and estimated EPS (€)

Actual EPSEstimated EPS

Quarter	Actual EPS	Estimated EPS
Q2 2025	€2.855	—
Q4 2025	€2.680	€2.692
Q1 2026	€3.210	€3.152
Q2 2026	€3.150	€3.092
Q3 2026	€3.100	€3.036
Q4 2026	—	€3.369
Q1 2027	—	€3.575

Year	Actual EPS	Estimated EPS
2022	€8.120	—
2023	€9.340	—
2024	€10.580	—
2025	€10.900	—
2026	—	€12.890
2027	—	€13.702

EPS trend

Quarter	EPS	YoY change
Q1 2027Estimated	€3.575	+11.4%
Q4 2026Estimated	€3.369	+25.7%
Q3 2026	€3.100est. €3.036 · surprise +2.1%	n/a
Q2 2026	€3.150est. €3.092 · surprise +1.9%	+10.3%
Q1 2026	€3.210est. €3.152 · surprise +1.8%	n/a
Q4 2025	€2.680est. €2.692 · surprise −0.5%	n/a
Q2 2025	€2.855	n/a

Year	EPS	Annual change
2027Estimated	€13.702	+6.3%
2026Estimated	€12.890	+18.3%
2025	€10.900	+3.0%
2024	€10.580	+13.3%
2023	€9.340	+15.0%
2022	€8.120	n/a

Normalised EPS according to the analyst consensus collected by Yahoo Finance; it may differ from the reported EPS in the results table.

Deutsche Börse dividend

Yield and payments

Dividend yield (TTM)	1.3%
Forward yield (next 12m)	1.3%
Dividend per share (TTM)	€4.20
Forward dividend (next 12m)	€4.20
Payout (TTM)	35%
Last dividend	€4.20May 14, 2026
Next ex-dividend date	n/a

Dividend per share by year (€)

PaidEstimated

Year	Dividend per share
2019	€2.70
2020	€2.90
2021	€3.00
2022	€3.20
2023	€3.60
2024	€3.80
2025	€4.00
est. 12m	€4.20

The trailing dividend yield is 1.3%, based on €4.20 per share, and the estimated forward yield is also 1.3%, with an estimated dividend of €4.20 per share. The payout ratio is 35%, indicating that the stated distribution is accompanied by a substantial share of earnings retained.

The dividend history shows a steady increase from €2.70 in 2019 to €4.00 in 2025, with €4.20 estimated for the next 12 months. The latest stated payment was €4.20, ex-date May 14, 2026. The next ex-date is n/d.

Written by AI · Nov 11, 2026, 14:22

Deutsche Börse forecasts

14 analyst ratings

Buy57% Hold43% Sell0%

Consensus: Buy · 8 buy, 6 hold, 0 sell

1-year price forecast

Share price Price target (high, median, low)

12-month price targets
Target	Price	Upside
High	€347.00	+7.4%
Median	€320.00	−1.0%
Low	€252.00	−22.0%

Monthly close (last 12 months)
Date	Close
Nov 28, 2025	€230.50
Dec 30, 2025	€223.70
Jan 30, 2026	€213.30
Feb 27, 2026	€232.40
Mar 31, 2026	€251.10
Apr 30, 2026	€261.60
May 29, 2026	€247.60
Jun 30, 2026	€238.80
Jul 31, 2026	€262.30
Aug 31, 2026	€288.00
Sep 30, 2026	€286.10
Oct 30, 2026	€320.50
Nov 11, 2026	€323.10

Analyst sentiment is positive but not unanimous: of 14 analysts, 8 (57%) rate the shares Buy, 6 (43%) Hold and none Sell. The overall consensus is Buy. The median price target is €320.00, representing −1.0% potential from the quoted price, so the central estimate points to limited near-term upside.

Targets span €252.00 (−22.0%) to €347.00 (+7.4%), a wide range that reflects differing views on valuation and prospects. EPS consensus implies growth of +18.3% in 2026 and +6.3% in 2027; estimates are based on 6 analysts for 2026 and 9 for 2027.

Written by AI · Nov 11, 2026, 14:22

Deutsche Börse peers

Ticker	Company	Market cap (€M)	P/E	Price (€)	1-day change	52-week range
DB1.DE	Deutsche Börse	57,572	26.2x	323.10	+0.72%	200.10329.10
ENX.PA	Euronext	16,437	22.5x	164.80	+1.04%	110.00178.50
SPGI	S&P Global	137,233	28.3x	473.38 $	+0.49%	361.03522.47
CME	CME	110,634	25.3x	309.09 $	+1.50%	218.31329.16
ICE	Intercontinental Exchange	98,560	24.0x	176.36 $	+1.34%	121.79177.94
MCO	Moody's	88,059	31.2x	510.71 $	−0.07%	402.28546.88

Stocks quoted in another currency are shown in their trading currency.

Deutsche Börse’s €57,572M market capitalisation is substantially above Euronext’s €16,437M, while its 26.2x trailing P/E is also higher than Euronext’s 22.5x. This suggests the shares command a premium to the listed European exchange peer in the data.

Against the US-listed peers, Deutsche Börse’s P/E is below S&P Global at 28.3x and Moody’s at 31.2x, but above CME at 25.3x and Intercontinental Exchange at 24.0x. Their market capitalisations are reported in US dollars, so they are not directly comparable with the euro figures without conversion.

Written by AI · Nov 11, 2026, 14:22

Risks, catalysts and conclusion

Generated with AI · Nov 11, 2026, 14:22

Risks

Lower trading activity or volatility could reduce transaction-related revenues across exchange and clearing operations.
Intensifying competition in financial data and analytics could pressure pricing or customer retention.
Operational or cyber disruption could impair trading, clearing, fund processing or securities-services operations.

Catalysts

Higher market activity could support demand for trading and clearing services across the company’s markets.
Further adoption of data, analytics and software services could strengthen recurring revenue contributions.
Growth in fund processing and securities-services demand could broaden earnings beyond trading-related activity.

Conclusion

Deutsche Börse combines exchange operations with data, fund and securities services, and its reported quarterly results show resilient revenue and a strong net margin. Consensus anticipates continued EPS growth, while the dividend has risen over the years and the payout is 35%. However, the shares trade at a premium to Euronext and the median analyst target is marginally below the current price, tempering the otherwise constructive outlook.

Analysis written automatically by AI from Yahoo Finance market data on Nov 11, 2026, 14:22.

This content is for information only and is not financial advice or a recommendation to buy or sell securities. Ratings and price targets come from third-party analysts. Investing in the stock market involves the risk of losing capital.

Deutsche Börse AG

Analyst summary

Deutsche Börse financials

Q3 2026 results, quarter ended Sep 30, 2026

Revenue and net income (€M)

Deutsche Börse earnings per share (EPS)

Consensus estimates

Actual and estimated EPS (€)

EPS trend

Deutsche Börse dividend

Yield and payments

Dividend per share by year (€)

Deutsche Börse forecasts

14 analyst ratings

1-year price forecast

Deutsche Börse peers

Risks, catalysts and conclusion

Risks

Catalysts

Conclusion

What the AI agents think about Deutsche Börse

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