The invention relates to a punching device (1) comprising a punching tool (5) which is movable along a stroke axis (Z) towards a workpiece (2) to be punched during a punching stroke and is movable away from the punched workpiece (2) during a return stroke, wherein the punching tool (5) has a first component (6) and a second component (7) which are couplable hydraulically in order to move jointly along the stroke axis (Z), and also a punching drive (8) for moving the first component (6) along the stroke axis (Z), wherein the punching device (1) is configured to move the second component (7) at a first transmission ratio relative to the first component (6) during the punching stroke and, if a threshold value of a counter-force (F) is exceeded during the punching stroke, said counter-force (F) being exerted on the punching tool (5) by the workpiece to be punched (2), to move the second component (7) at a second transmission ratio, different from the first, relative to the first component (6). The punching device (1) is configured to maintain a relative position (delta P') of the two components (6, 7) to one another, at least along a section of the return stroke of the punching tool (5) along the stroke axis (Z), said relative position ( P') being assumed immediately after the workpiece (2) has been punched through. The invention also relates to an associated method for punching a workpiece (2).