Rankings Software, cloud & internet Dassault Systèmes
Dassault Systèmes
61
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−5
- AI disruption and software de-rating−4
- Future segment and capital allocation (Life Sciences)−3
Strengths
- Recurring revenue+2
- High and stable FCF+1
- Net cash+1
How the score is built
From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 24.99 EUR
- Median analyst target
- 24.00 EUR
- Upside to median
- −4.0%
- Analysts
- 21
- Target range
- 17.00 – 33.35 EUR
- 52-week change
- +4%
- P/E (trailing)
- 25.2
- Forward P/E
- 18.1
- PEG
- 3.19
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−8 of −30
- −5Quality of growthRevenue has stalled: €6.21bn in 2024, €6.24bn in 2025 and €6.21bn TTM (−1.7% reported). Licence sales have fallen from 1.13 to €1.02bn, Q4 2025 delivered only 1% growth, and guidance for 2026 is 3–5% at constant exchange rates.
- −3Future segment and capital allocation (Life Sciences)Life Sciences – built on the $5.8bn Medidata acquisition in 2019 and designated a growth engine – fell 4% in 2025 and 3% in Q2 2026 due to low order intake in 2025 and the loss of Moderna; Centric PLM fell over 10% in Q4 2025. A further $1.8bn is now being committed to the area (ArisGlobal).
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own history and growthForward P/E 15.4 vs 17.5–53 in 2021–25 and EV/EBITDA 14.5 vs 18–56 are the lowest in the period, but the history was built on about 10% growth. With 3–5% revenue growth and 3–6% EPS growth, trailing IFRS P/E 21.7 and FCF yield 5.7% are a fair price rather than a discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−10 of −35
- −4AI disruption and software de-ratingThe share fell 18% in one day on 11 February 2026 and was then −54% over a year; the market fears that AI will erode seat-based engineering software. The share is still −26% over 52 weeks.
- −3Execution and credibilityThe medium-term target was cut in June 2025 from about 10% to 7–8% annual growth and the doubling of EPS postponed to 2029; 2025 ended at the bottom of the guided range, and CEO Pascal Daloz called the year 'disappointing'. Guidance of 3–5% for 2026 is clearly below the path towards 7–8%.
- −2Acquisition risk (ArisGlobal)ArisGlobal is being bought for USD 1.8bn in cash plus AI-related earn-outs of about EUR 175m in expected 2026 revenue – about 9 times revenue – and uses most of the net cash on another life science acquisition while Medidata is still shrinking.
- −1Macro and customers (Europe)Europe – the home market with heavy automotive and industrial exposure – was flat in Q2 2026, while growth came from Asia (+8%) and the Americas (+5%).
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Recurring revenueSubscription and support make up 4.6 of EUR 5.6bn software revenue (about 82%); subscription revenue grew 8% in Q2, 3DEXPERIENCE 14% and 3DEXPERIENCE in the cloud 60%. ARR EUR 4.44bn.
- +1High and stable FCFFCF margin 25.6% TTM and FCF of €1.39–1.59bn every year since 2021; cash conversion 134% in H1 2026.
- +1Net cashNet cash of €2.28bn at June 2026 (net debt/EBITDA −1.4); interest cover 35x.
Caveats
What the score does not capture, or where the data is weak.
The company steers by non-IFRS (operating margin guidance 32.2–32.6%, EPS 1.30–1.34 €), while the IFRS operating margin is 25% TTM and IFRS EPS 0.97 € (trailing P/E 21.7 vs forward 15.4); the difference is mainly amortisation of acquired intangibles and share-based pay. Net cash of 2.28 bn € at 30/6 falls to about 0.7 bn € when the ArisGlobal purchase (1.8 bn USD cash) closes in Q3/Q4. The family holding Groupe Industriel Marcel Dassault controls about 40% of capital and the majority of votes via double voting rights (float about 51%) – mentioned, not scored. Q3 results 28/10. Insider trading has not been investigated.
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