Deutsche Börse AG
5-year stock timeline
Deutsche Börse (DB1.XETRA) — concise 2020–2026 timeline with the latest price at 257.3. Below are the material company events, how investor narrative evolved, and the key technical phases that mattered for the stock.
Major events
2020 brought resilience through the COVID shock. The company reported higher turnover and net revenue versus 2019 even as markets seized up.
2021–2023 saw strategic M&A accelerate. Deutsche Börse acquired Kneip (announced 2022), agreed to acquire SimCorp for approximately €3.9bn in April 2023, and picked up FundsDLT mid-2023 while participating in the EuroCTP consolidated-tape initiative.
2024–2026 brought structural shifts. Stephan Leithner was appointed Co-CEO effective October 1, 2024. The European Commission conducted unannounced inspections in September 2024 amid antitrust scrutiny. Most recently, the group agreed to acquire Allfunds in January 2026 for roughly €5.3bn.
Investor narrative
Through 2020, Deutsche Börse was perceived as a resilient market-infrastructure operator. Volumes and revenues held up during the pandemic when others faltered.
By 2021–2023, the narrative shifted. Investors began pricing the company not just as an exchange operator but as a broader consolidator of data, software and fund services. The string of acquisitions—Kneip, SimCorp, FundsDLT—made that case tangible.
From 2024 into 2026, regulatory scrutiny and a CEO transition introduced caution. But the Allfunds deal and prior tech acquisitions rekindled a transformational-growth storyline among investors willing to look through the noise.
Technical phases
March 2020 saw a sharp market-wide drawdown followed by recovery as trading volumes and group revenues increased through the year.
2021–2022 moved higher overall through 2021, then consolidated sideways through much of 2022 as macro volatility rose. The stock made renewed upward attempts around the 2023 SimCorp announcement.
Late 2024 into 2026 brought heightened volatility and retests of prior support following the September 2024 inspections and October leadership change. Renewed upward momentum built into 2025–2026 as M&A activity, particularly Allfunds, pushed sentiment toward rerating.
Key risks and downside factors
Deutsche Börse operates across cash equities, derivatives, clearing, and market data—competing directly with London Stock Exchange Group and pan-European operators. Its derivatives subsidiary, Eurex, holds the leading position in European derivatives but faces mounting pressure from newer entrants like Cboe and established global players (ICE, Nasdaq) fighting for market share and clearing volumes. The real friction points are regulatory pressure on clearing concentration and market structure, fragmented order flow, and intensifying competition in data services. These headwinds are the primary constraints on both revenue and margin expansion.
- Intensifying competition in derivatives and clearing—from both established global exchanges and new entrants—could pressure market share and fees.
- Clearing concentration and cross-border market structure have drawn regulatory and antitrust scrutiny that could compel business model changes or force divestitures.
- Order flow fragmentation across electronic market makers, dark pools, and broker venues could reduce trading volumes and liquidity on Deutsche Börse platforms.
- Increased competition and commoditization of market data are putting pressure on data and post-trade services revenue. [2]
Competitive landscape
Deutsche Börse operates as a major European exchange and post-trade services provider in a competitive landscape dominated by global operators like Euronext, London Stock Exchange Group, Intercontinental Exchange, Nasdaq, and Cboe. [3][9][7][12][4] These rivals offer similar trading, clearing, and market-data services, creating pricing pressure and driving consolidation across the sector. [3][9] The company's risk profile centers on three substantive elements: regulatory constraints around M&A and market structure, alongside the operational and technology vulnerabilities inherent in trading and settlement systems. [2][3][9]
| Company | Ticker |
|---|---|
| Intercontinental Exchange | ICE.NYSE |
| Nasdaq | NDAQ.NASDAQ |
Private competitors
- Bloomberg L.P.
- ION Group
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Start Free TrialPerformance Figures of Deutsche Börse AG
Relative Performance vs Benchmarks
| Period | Deutsche Börse AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -0.80% | -1.04% | -4.33% |
| 3M | +20.97% | +23.24% | +13.48% |
| 6M | +19.59% | +13.60% | +7.62% |
| 1Y | -8.47% | -10.30% | -33.65% |
| 3Y | +60.57% | +10.19% | -21.57% |
| 5Y | +106.28% | +47.73% | +16.95% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 22.8 | 6.2 | 4.5 | 16.7 |
| 1Y ago | 21.1 | 5.9 | 4.7 | 21.7 |
| 3Y ago | 20.0 | 5.7 | 3.5 | 12.5 |
| 5Y ago | 24.6 | 6.8 | 3.8 | 17.9 |
Frequently Asked Questions
Where is the Deutsche Börse AG stock traded?
What does Deutsche Börse AG do?
What are the key metrics for DB1.XETRA?
How has Deutsche Börse AG's stock price performed?
How is DB1.XETRA valued?
Does DB1.XETRA pay dividends?
What are the key risks when investing in DB1.XETRA?
- Intensifying competition in derivatives and clearing—from both established global exchanges and new entrants—could pressure market share and fees.
- Clearing concentration and cross-border market structure have drawn regulatory and antitrust scrutiny that could compel business model changes or force divestitures.
- Order flow fragmentation across electronic market makers, dark pools, and broker venues could reduce trading volumes and liquidity on Deutsche Börse platforms.
- Increased competition and commoditization of market data are putting pressure on data and post-trade services revenue. [web:2]
Who are the main competitors of Deutsche Börse AG?
- Intercontinental Exchange (ICE.NYSE)
- Nasdaq (NDAQ.NASDAQ)
When does Deutsche Börse AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 4.20 EUR | 1.71% | 2.75% |
| 2025 | 4.00 EUR | 1.42% | |
| 2024 | 3.80 EUR | 2.11% | |
| 2023 | 3.60 EUR | 2.10% | |
| 2022 | 3.20 EUR | 1.95% | |
| 2021 | 3.00 EUR | 2.17% | |
| 2020 | 2.90 EUR | 1.90% | |
| 2019 | 2.70 EUR | 2.24% | |
| 2018 | 2.45 EUR | 2.13% | |
| 2017 | 2.35 EUR | 2.54% | |
| 2016 | 2.25 EUR | 2.94% | |
| 2015 | 2.10 EUR | 2.81% | |
| 2014 | 2.10 EUR | 3.79% | |
| 2013 | 2.10 EUR | 4.26% | |
| 2012 | 3.30 EUR | 7.19% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 7.42B | 7.02B | 6.10B | 5.23B | 4.36B |
| Operating income (EBIT) | 2.99B | 2.87B | 2.54B | 2.79B | 1.78B |
| Net income | 2.00B | 1.95B | 1.72B | 1.49B | 1.21B |
| Free cash flow | 2.75B | 2.05B | 2.28B | 2.16B | 702.50M |
| Total assets | 297.18B | 222.40B | 237.73B | 269.11B | 222.92B |
| Equity | 11.31B | 10.77B | 9.66B | 8.47B | 7.19B |
| Net debt | 6.35B | 7.18B | 6.63B | 3.26B | 3.39B |
PWP Leeway UG (haftungsbeschränkt)
