National rank
#7
Position in the 2026 German CEO Performance Ranking.
CEO & company research profile · Reviewed 2026-09-13
Stephan Leithner: Deutsche Börse
Stephan Leithner ranks #7 in the 2026 German CEO Performance Ranking with a Meridian score of 82.4. This expanded profile shows the operating record, strategic case, risk factors and category scores behind that result.
Meridian score
82.4 / 100
Composite score using the common seven-factor Meridian framework.
Company
Deutsche Börse
A nationally significant listed company included in the 2026 research universe.
Leadership tenure
Deutsche Börse CEO since January 2025
Tenure is considered when deciding how much operating evidence can reasonably be attributed to the current CEO.
Operating record
2025 performance snapshot
Deutsche Börse achieved its best result on record in 2025, with net revenue excluding treasury up 9% to €5.2bn and EBITDA excluding treasury up 14% to €2.7bn.
Recurring data, analytics and market-infrastructure earnings provide a strong quality profile, with M&A integration central to the next phase.
Seven-factor score breakdown
| Factor | Weight | Score |
|---|---|---|
| Shareholder performance | 25% | 83 / 100 |
| Revenue & earnings | 20% | 91 / 100 |
| Capital efficiency | 15% | 94 / 100 |
| Strategic execution | 15% | 89 / 100 |
| Innovation & future investment | 10% | 82 / 100 |
| Workforce signal | 10% | 80 / 100 |
| Governance | 5% | 87 / 100 |
Category scores are editorial-data assessments based on the published methodology and available public evidence. They are designed for comparative research, not investment advice.
Strategic assessment
Strategic execution
Increase recurring data, analytics, fund-services and software revenue while using acquisitions to broaden the exchange group's infrastructure role.
Capital allocation
The business has highly attractive incremental economics, allowing earnings to grow faster than revenue when integration is executed well.
Innovation and future investment
Data, analytics, trading technology and post-trade infrastructure provide a strong digital moat, though less frontier-R&D intensity than industrial technology peers.
Workforce and operating model
Integration and technology modernisation are the main organisational themes.
What could change the ranking
Risks and counterweights
Shorter CEO tenure, acquisition integration and sensitivity to market-activity mix constrain the score.
Future editions can move the score materially when annual results, acquisitions, capital-allocation decisions, management changes, regulatory events or significant governance developments alter the evidence base.
View the primary or investor source used for this profile.
Meridian uses annual reports, official results, filings and attributable investor disclosures as the primary evidence layer. Comparative scores are versioned and may change as new evidence becomes available.