Study: Germany’s fastest-growing and most profitable ‘Mittelstand’ companies 2019

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Dr. Sebastian
Dr. Sebastian

11 / 2019

Germany’s fastest-growing and most profitable ‘Mittelstand’ companies 2019

Munich Strategy has identified Germany’s fastest-growing and most profitable ‘Mittelstand’ companies in cooperation with business newspaper Handelsblatt. The study “TOP 100 Ranking of the ‘Mittelstand’” has been published for the tenth year running.

3.500 medium-sized German companies with an annual turnover of 10 million to about 1 billion euros were analyzed for the study. Criteria for the ranking: the companies’ revenue growth and EBIT margin during a five-year period (weighted fifty percent each).

High strategic discipline

The average revenue of the TOP 100 (12.5%) lies significantly above the revenue of the total “Mittelstand” (4.9%) and that of DAX corporations (3.4%). The TOP 100 have a permanent growth drive and pursue their goal of being the number one in their respective sectors and markets with strategic discipline. They achieved continuous double-digit growth rates in the past five years and rarely experienced growth spurts that require a continuous change of strategy.

Defensive power

In addition to revenue growth, the TOP 100 have also strengthened their defensive power compared to the previous year. This way, the average EBIT margin for the evaluation period improved by 1.8% to 16.0% (DAX companies: 9%). Thanks to a high degree of adaptability, the TOP 100 can react to fluctuating market and competitive conditions in a flexible way. Additionally, their financing is often times planned in the long-term and with reliable partners.

International reach

The TOP 100 differentiate from the mainstream regarding internationalization. With ~60%, the top companies reach the highest export share whereas the weaker companies generate only 40% of their turnover in countries outside Germany. More importantly, the weaker companies are less focused and active in 45 countries on average, whereas the TOP 100 are only active in 26 countries. To them, globalization means multiplying market leadership in other regions.

Content of the study

  • Ranking of all TOP 100 companies including their annual revenue 2017/18, revenue growth and EBIT margin during a five-year period, their location, industry and position in the previous year
  • Profiles of all TOP 20 companies including their performance during a five-year period
  • Performance comparison of TOP 100 companies, average ‚Mittelstand‘ companies and DAX companies
  • TOP 20 ranked based on revenue growth and EBIT margin, industry and regional analysis, newcomers and longterm champions 

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Nominal charge: € 299,00 plus VAT 
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Munich Strategy GmbH & Co. KG
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80333 München
t +49 – 89 – 1250 1590

Read more (in German)

“Das sind die Mittelständler mit dem höchsten Plus bei Umsatz und Rendite”
Article about the TOP 100 2019 on

Read more (in German)

“Die Besten haben starke Abwehrkräfte”
Interview with Dr. Sebastian Theopold on