olivLaw · European equity research
Dassault Systèmes SE DSY.PA
France · Euronext Paris · ISIN FR0014003TT8 · Vertical: Listed companies from France
Dassault Systèmes designs software platforms for simulation, modelling and data management for industry, centred on the 3DEXPERIENCE platform and new AI-native solutions. For investors the relevance lies in how the shift towards SaaS and AI could change the structure of its revenue.
At the close of 06 Nov 2026, Dassault Systèmes SE (DSY.PA) stock was 25.95 EUR (−0.92% on the day), with market capitalisation 34.1 bn EUR, P/E 28.8 on diluted EPS of 0.90 EUR over the last 12 months, dividend yield 1.00%, beta 0.58, 52-week range 15.96–26.19 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.3
- strong (55–70)
- Bollinger (20, 2)
- 21.76 – 26.61
- in the upper half of the band · %B 0.86 · band width 20.0%
- SMA 50 / 200
- 22.34 / 20.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.08 / 0.94
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.1% | −0.2% | +20.2 pp | — |
| 3 months | +16.6% | −5.4% | +22.0 pp | — |
| 6 months | +32.8% | +4.4% | +28.4 pp | — |
| Year to date | +8.9% | +6.5% | +2.4 pp | — |
| 1 year | +11.6% | +10.0% | +1.6 pp | −7.4% |
| 3 years | −35.1% | +48.6% | −83.7 pp | −18.0% |
| 5 years | −52.3% | +41.4% | −93.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 26.5, median 37.2, max 56.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.0 bn | 6.2 bn | 6.2 bn |
| Revenue YoY | unavailable | +4.4% | +0.4% |
| Net income | 1.1 bn | 1.2 bn | 1.2 bn |
| Net income YoY | unavailable | +14.2% | −0.3% |
| Diluted EPS | 0.79 | 0.90 | 0.90 |
| Diluted EPS YoY | unavailable | +13.9% | 0.0% |
| net % | 17.7% | 19.3% | 19.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.1 bn EUR
- Financial debt
- 1.1 bn EUR
- Net debt
- -3.0 bn EUR
- Equity
- 8.8 bn EUR
- Total assets
- 15.1 bn EUR
- Debt / equity
- 0.13x
- Current ratio
- 1.60x
- ROE
- 13.4%
- ROA
- 7.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.0 bn | 6.2 bn | 6.2 bn | esef· 07 Apr 2026verified |
| Research & development | 1.2 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Operating income | 1.2 bn | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Pre-tax income | 1.3 bn | 1.5 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Income tax | 250.7 m | 279.9 m | 270.8 m | esef· 07 Apr 2026verified |
| Net income | 1.1 bn | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Diluted EPS | 0.79 | 0.90 | 0.90 | esef· 07 Apr 2026verified |
| Dividend per share | 0.21 | 0.23 | 0.26 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.6 bn | 4.0 bn | 4.1 bn | esef· 07 Apr 2026verified |
| Receivables | 1.7 bn | 2.1 bn | — | esef· 24 Sept 2025verified |
| Current assets | 5.8 bn | 6.6 bn | 6.8 bn | esef· 07 Apr 2026verified |
| Goodwill | 4.8 bn | 5.0 bn | 4.7 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 2.8 bn | 2.6 bn | 2.2 bn | esef· 07 Apr 2026verified |
| Total assets | 14.6 bn | 15.5 bn | 15.1 bn | esef· 07 Apr 2026verified |
| Long-term debt | 2.0 bn | 2.0 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Current liabilities | 3.6 bn | 3.5 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Equity | 7.8 bn | 9.1 bn | 8.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.7 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Investing cash flow | -161.6 m | -191.7 m | -404.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -536.7 m | -1.2 bn | -789.4 m | esef· 07 Apr 2026verified |
| Dividends paid | 276.2 m | 302.7 m | 342.6 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 34.1 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.54 – 26.35 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E10.11 – 26.35 (Mid 14.91)20 companies used · median multiple 16.6x · quartiles 11.2x – 29.3x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)3.54 – 4.82 (Mid 4.08)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.0% | 76 (vs peers) | 28% |
| Net margin · Quality | 19.2% | 95 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 28.8x | 35 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.0% | 14 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial67/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns· partial14/100 · 1/2 factors with a value
- Valuation· partial35/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DASSAULT SYSTEMES (DSY.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.2 bn EUR in 2025; YoY growth 0.4%; net margin 19.2%; ROE 13.4%.
The estimated value range is 6.82–15.59 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.49 EUR, the price of 25.95 EUR leaves a potential of -63.4% (value / price − 1) and a margin of safety of -173.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.0%
- Net margin: 19.2%
What contradicts it
- Shareholder yield (distributions): 1.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 108.2 bn | 32.8 | 12.9% | 12.2% | −2.0% | +25% / +31% |
| DSY.PADassault Systemes | 34.1 bn | 28.8 | 13.4% | 19.2% | +0.4% | +8% / −40% |
| AC.PAAccor | 13.9 bn | 31.1 | 9.6% | 8.0% | +0.6% | +7% / +57% |
| ADP.PAAeroports De Paris | 11.6 bn | 33.9 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.0 bn | 113.0 | 0.9% | 0.7% | −5.0% | +10% / −38% |
| ALO.PAAlstom | 5.7 bn | 17.9 | 3.1% | 1.7% | +3.7% | −52% / −6% |
| AF.PAAir France - Klm | 4.6 bn | 14.5 | — | 1.0% | +4.8% | +28% / +16% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.7 bn | 31.0 | 5.0% | 4.1% | −4.8% | +31% / +4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 799.8 m | 21.0 | 8.9% | 8.5% | +44.8% | −12% / +42% |
| AUB.PAAubay | 629.9 m | 16.8 | 13.6% | 6.3% | +11.3% | −3% / +37% |
| ASY.PAAssystem | 503.5 m | 69.4 | 2.5% | 1.1% | +7.4% | −19% / −19% |
| ATO.PAAtos Se | 472.0 m | — | -23,400.0% | -17.5% | −16.5% | −46% / −94% |
| ARAMI.PAAramis Group | 291.4 m | 14.7 | 10.0% | 0.8% | +6.3% | −34% / −18% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 184.6 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ATEME.PAAteme | 153.5 m | 161.3 | 2.8% | 1.0% | +2.2% | +94% / +89% |
| ALCIS.PACatering International & Services | 144.6 m | 28.3 | 9.3% | 1.9% | +5.8% | +39% / +106% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALCGM.PACegedim | 142.4 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.4 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 62.9 m | 11.7 | 5.1% | 1.5% | +7.4% | −31% / −26% |
| ABEO.PAAbeo | 59.3 m | 7.1 | 6.9% | 3.0% | +12.6% | −15% / −55% |
1- and 3-year price returns: for DSY.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.86 Total return -42% · Per year -42% | 26.33 Total return 2% · Per year 2% | 39.74 Total return 54% · Per year 54% |
| 3 years | 13.25 Total return -47% · Per year -19% | 26.52 Total return 5% · Per year 2% | 44.11 Total return 74% · Per year 20% |
| 5 years | 11.81 Total return -51% · Per year -13% | 26.71 Total return 8% · Per year 2% | 48.96 Total return 96% · Per year 14% |
- Exit P/E± 6.63
- Net margin± 4.64
- Annual revenue growth± 3.97
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dassault Systèmes designs software platforms for simulation, modelling and data management for industry, centred on the 3DEXPERIENCE platform and new AI-native solutions. For investors the relevance lies in how the shift towards SaaS and AI could change the structure of its revenue.
SWOT
Strengths
- The integrated 3DEXPERIENCE platform and a broad industrial solutions portfolio give the company a recognised competitive advantage in customers' strategic projects 1.
- The extended enterprise model, with partners in hardware, product development and consulting, allows coverage of wider markets 1.
- Experience in complex enterprise projects can strengthen long-standing relationships with industrial customers 1.
Weaknesses
- Long sales cycles and complex implementation projects can slow revenue recognition and raise costs 1.
- Dependence on partners, distributors and infrastructure suppliers can expose the company to external disruptions 1.
- Rapid integration of acquisitions and organisational expansion create operational pressure and compliance risks 1.
Opportunities
- Adoption of AI-native solutions and Virtual Twins as a Service could open new revenue streams 1.
- Expansion into diversification industries and new markets, supported by partners, could widen the customer base 1.
- Development of cloud and SaaS offerings could attract customers looking for flexible subscriptions 1.
Risks
- Long sales cyclesmedium
Customers treat software investments as strategic decisions, which could lengthen sales cycles 1.
- Cybersecurityhigh
Cyberattacks and intrusions could affect customer data and the continuity of online services 1.
- Intellectual property protectionhigh
In some countries protection is weak, and piracy could affect growth and software revenue 1.
- Complex regulationmedium
Requirements on personal data, AI, taxation and sanctions could raise compliance costs and generate litigation 1.
- Dependence on partnersmedium
Disruptions at hardware, cloud or distribution partners could affect delivery and the company's revenue 1.
Investment thesis
What would need to be true (bull case)
- If adoption of AI-native solutions and cloud services accelerates, the company could benefit from higher recurring revenue and a stronger position in industrial projects 1.
- The integrated 3DEXPERIENCE platform could become a durable advantage if customers extend its use across the whole organisation 1.
- Expansion into new industries, supported by a broader partner ecosystem, could diversify growth sources 1.
What would break the thesis
- If new cloud and AI competitors win contracts at lower prices, margins and growth could come under pressure 1.
- Long sales cycles and economic tensions could delay revenue recognition from new projects 1.
- Dependence on partners and external infrastructure could expose the company to disruptions that are hard to control 1.
What to watch
- Evolution of revenue from cloud and SaaS subscriptionsNext annual report
- Customer adoption of AI-native solutions2027
- Competitive pressure from new cloud and AI playersNext annual report
- Evolution of the partner ecosystem and market coverage2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dassault Systèmes develops and sells software for design, simulation, collaboration and computer-aided manufacturing, grouped in the 3DEXPERIENCE platform. Its strategy rests on an extended enterprise model in which partners in hardware, product development and consulting help implement solutions at customers. The company has broadened its portfolio through acquisitions and organic growth, including the launch of the 3D UNIV+RSES concepts in 2025 1.
Customers usually implement the solutions as complex enterprise projects, which makes sales cycles long, as the annual report shows 1. Sales are made through its own sales force and a global network of distributors and value-added resellers.
From 2025 the company promotes AI-native solutions such as Virtual Companions, Generative Experiences and Virtual Twins as a Service, whose adoption depends on a transformation of the partner ecosystem 1.
Segments
3DEXPERIENCE platform
The integrated platform combining design, simulation, collaboration and data management solutions, which forms the base of the company's strategy for industrial customers 1.
3D UNIV+RSES solutions
The 2025 extension of the offer to new industries and users, including individuals, which broadened the company's field of activity 1.
AI-native solutions
New categories such as Virtual Companions, Generative Experiences and Virtual Twins as a Service, whose adoption requires partnerships and a change in the sales model 1.
Market context
The company operates in the industrial software market, where large customers invest in long-term strategic projects. The source mentions expansion towards diversification industries and new markets, where the company relies on partners for coverage 1.
The market is influenced by the concentration of historic competitors, the emergence of local players backed by national policies, and new cloud and AI models that may change customer requirements 1.
Trends
- Shift to SaaS and cloudmixed
The development of SaaS and IaaS offerings could open new revenue streams, but requires new sales, support and skill processes, which may strain the organisation 1.
- Artificial intelligencemixed
AI could accelerate adoption of native solutions, but also favours the emergence of new competitors of all sizes and could facilitate counterfeiting of the technology 1.
- Geopolitical and economic tensionsheadwind
Geopolitical tensions, sanctions and deflationary pressures in Asia could lengthen sales cycles and affect customers' ability to pay 1.
- Partner ecosystemtailwind
Transforming the partner ecosystem is needed to accelerate adoption of the new solutions, which could support growth if partnerships strengthen 1.
Competitive position
The company competes with providers of design, simulation and product lifecycle management software, as well as with new cloud and AI players. The source stresses that market changes can put pressure on prices and cause contract losses 1.
The company's advantage rests on an integrated platform and a broad partner ecosystem, yet its dependence on partners and the arrival of competitors with large local resources could limit its position 1.
- Siemens Digital Industries Software
Industrial software provider for design and simulation, cited as part of competition in the company's historic markets 1.
- PTCPTC
Provider of product lifecycle management solutions, involved in competition for industrial contracts 1.
- Emerging cloud and AI players
New companies developing SaaS and AI solutions that may compete on scale, quality and availability of online services 1.
- Local providers backed by national policies
Local players that may benefit from policies encouraging national solutions in certain markets 1.
News & filings
In the press
- Here’s Why Dassault Scrapped The Falcon 5X Before It Ever Entered ServiceSimple Flying · 31 Oct 2026 · EN
- Dassault Systèmes raises 2026 targetsCNA (Channel NewsAsia) · 28 Oct 2026 · EN
- Dassault Systèmes raises 2026 growth targetCNA (Channel NewsAsia) · 28 Oct 2026 · EN
- ► Dassault Aviation signs a Cooperation Agreement with AED Cluster PortugalEuropean Defence Review · 25 Sept 2026 · RO
- Dassault Aviation tests AI algorithms on Rafale fighter jetCNA (Channel NewsAsia) · 22 Sept 2026 · EN
- Why Dassault Is Quietly Ending The Falcon 900LX After 40 Years Of Trijet DominanceSimple Flying · 06 Sept 2026 · EN
- TUE. T-77/24 | Dassault Aviation/Comisia. Tribunalul anulează excluderea aviației de afaceri din taxonomia verdeJuridice.ro · 11 Aug 2026 · RO
- Defense boom lifts European stocks amid strong earnings; Dassault pops 8%CNBC World · 23 Jul 2026 · EN
- Dassault Talks With France on Jet Alternative After Airbus FlopBloomberg Markets · 22 Jul 2026 · EN
- Lovitură pentru Comisia Europeană: Dassault câștigă disputa privind avioanele private sustenabileMediafax · 24 Jun 2026 · RO
- Şeful Airbus Defence exclude eşecul total al programului european FCAS, în ciuda conflictului dintre Airbus şi DassaultMoney.ro · 28 May 2026 · RO
- Dassault and Airbus bury the largest European military program, the FCAS, after 9 years of industrial warReddit r/europe (top day) · 18 May 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Dassault Systèmes SE · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.