# Bechtle AG (BC8.XETRA)

Canonical: https://gigainvestors.com/s/BC8.XETRA

Analysis as of: 2026-10-16T07:37:22.802Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 34.94 per share; close as of 2026-10-15.

Estimated value: low EUR 30.62 per share, central EUR 40.02 per share, high EUR 46.33 per share. Buy at or below the central value EUR 40.02 per share. Valuation as of 2026-10-16T07:37:22.802Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: pass

- ROIC, median of available years: 20.9%

- ROIC, second-lowest year: 18.2%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 15.9%

- Recent gross margin (lower of latest and 3-year median): 17.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.3%

- FY2017: 21.5%

- FY2018: 20.4%

- FY2019: 20.7%

- FY2020: 23.3%

- FY2021: 25.1%

- FY2022: 21.0%

- FY2023: 18.2%

- FY2024: 18.4%

- FY2025: 15.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 16.8%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 17.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 1.03×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.5% vs 18.2%

- Per-share earnings: 0.82 to 1.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 3.4B

- Cumulative retained earnings: EUR 1.3B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.4%

- Per-share value change: EUR 1.13

- Per-share value, starting three-year median: EUR 0.82

- Per-share value, ending three-year median: EUR 1.95

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 981M

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 18.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.82

- FY2017: EUR 0.91

- FY2018: EUR 1.09

- FY2019: EUR 1.35

- FY2020: EUR 1.53

- FY2021: EUR 1.84

- FY2022: EUR 1.99

- FY2023: EUR 2.11

- FY2024: EUR 1.95

- FY2025: EUR 1.82

### accounting: pass

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.9%

- FY2017: 4.2%

- FY2018: -0.2%

- FY2019: -0.6%

- FY2020: -4.6%

- FY2021: -1.8%

- FY2022: 3.9%

- FY2023: -4.9%

- FY2024: -7.4%

- FY2025: -1.1%

## Holders

## Price story

Down 46% since Oct 2021 · sales +1.6%

Story as of 2026-10-16T10:00:09.021Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

### Sales · FY2024–2025

sales +1.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.1B 

- FY2017: EUR 3.6B 

- FY2018: EUR 4.3B 

- FY2019: EUR 5.4B 

- FY2020: EUR 5.8B 

- FY2021: EUR 5.3B 

- FY2022: EUR 6.0B 

- FY2023: EUR 6.4B 

- FY2024: EUR 6.3B 

- FY2025: EUR 6.4B 

### Gross margin · FY2025

gross margin 17.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.3% 

- FY2017: 15.2% 

- FY2018: 14.9% 

- FY2019: 14.3% 

- FY2020: 14.7% 

- FY2021: 17.3% 

- FY2022: 17.5% 

- FY2023: 16.4% 

- FY2024: 18.1% 

- FY2025: 17.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are EUR 6.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2025: revenue 6405874000; grossProfit 1106416000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BC8.XETRA: Bechtle AG provides information technology (IT) services in Germany, France, Benelux, and Europe. It operates through IT System House & Managed Services and IT E-Commerce segments. The company offers IT strategy consulting, hardware and software solutions, IT infrastructure consulting, modern workplace, application solutions, project planning and implementation, system integration, maintenance and training to multi cloud and managed services, and IT security services and artificial intelligence. The company also provides data centers workplace, networking, cybersecurity, IoT solutions, data and analytics, engineering and manufacturing, consulting, professional, managed, financial, and e-procurement services. In addition, it offers business applications, including business intelligence, collaboration, customer relationship management, and enterprise resource planning. Bechtle AG was founded in 1983 and is headquartered in Neckarsulm, Germany.

### Why customers stay

Margins ranged from 16.4% to 18.1% during 2023–25; it earns 20.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2023: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2024: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2025: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); 10-year return on capital observations [[2016,0.253038647243716],[2017,0.21544370234923127],[2018,0.20365091482256018],[2019,0.20708415845879583],[2020,0.23276850826760115],[2021,0.2514474240714809],[2022,0.21038685302348709],[2023,0.18209000205282128],[2024,0.1843451166093284],[2025,0.15016930391176095]]; median 0.20873550574114147. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); Gross margin observations: [[2021,0.17340682451702377],[2022,0.17474277040729574],[2023,0.163870483374471]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2016: growth capex 10565812.987341247; upkeep 29331187.012658753; owner earnings 101754812.98734125. Growth capex / owner earnings = 0.1038360022209041.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2017: growth capex 18500991.660134867; upkeep 48672008.33986513; owner earnings 97819991.66013487. Growth capex / owner earnings = 0.18913303248291607.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2018: growth capex 14452000; upkeep 41977000; owner earnings 137141000. Growth capex / owner earnings = 0.10538059369553962.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2019: growth capex 0; upkeep 48619000; owner earnings 183020600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2020: growth capex 0; upkeep 65973000; owner earnings 195563800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2021: growth capex 0; upkeep 58269000; owner earnings 247430000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2022: growth capex 0; upkeep 81698000; owner earnings 251507000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2023: growth capex 0; upkeep 101178000; owner earnings 252249800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2024: growth capex 0; upkeep 88666000; owner earnings 251793400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); FY2025: growth capex 0; upkeep 121017000; owner earnings 217409400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); Dividend observations: [[2016,29400000],[2017,31500000],[2018,37800000],[2019,42000000],[2020,50400000],[2021,56700000],[2022,69300000],[2023,81900000],[2024,88200000],[2025,88200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BC8.XETRA SharesStats.PercentInsiders = 35.047 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years; actual growth was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:22.802Z); Ten-year compound average after fade. Initial solved rate 0.031232001131218587. Price 34.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7773968253968254 → FY2025 1.7254714285714285. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 14.65 per share

- 2016-12: EUR 16.47 per share

- 2017-01: EUR 15.64 per share

- 2017-02: EUR 16.39 per share

- 2017-03: EUR 16.96 per share

- 2017-04: EUR 17.56 per share

- 2017-05: EUR 19.04 per share

- 2017-06: EUR 18.75 per share

- 2017-07: EUR 20.28 per share

- 2017-08: EUR 19.32 per share

- 2017-09: EUR 21.13 per share

- 2017-10: EUR 22.81 per share

- 2017-11: EUR 23.90 per share

- 2017-12: EUR 23.17 per share

- 2018-01: EUR 24.47 per share

- 2018-02: EUR 23.38 per share

- 2018-03: EUR 21.93 per share

- 2018-04: EUR 23.42 per share

- 2018-05: EUR 25.12 per share

- 2018-06: EUR 22.03 per share

- 2018-07: EUR 25.58 per share

- 2018-08: EUR 29.88 per share

- 2018-09: EUR 29.15 per share

- 2018-10: EUR 26.17 per share

- 2018-11: EUR 23.55 per share

- 2018-12: EUR 22.62 per share

- 2019-01: EUR 23.12 per share

- 2019-02: EUR 25.13 per share

- 2019-03: EUR 27.52 per share

- 2019-04: EUR 30.47 per share

- 2019-05: EUR 33.53 per share

- 2019-06: EUR 33.67 per share

- 2019-07: EUR 33.63 per share

- 2019-08: EUR 30.00 per share

- 2019-09: EUR 31.12 per share

- 2019-10: EUR 32.38 per share

- 2019-11: EUR 39.80 per share

- 2019-12: EUR 41.73 per share

- 2020-01: EUR 43.57 per share

- 2020-02: EUR 39.63 per share

- 2020-03: EUR 38.97 per share

- 2020-04: EUR 44.07 per share

- 2020-05: EUR 52.83 per share

- 2020-06: EUR 52.33 per share

- 2020-07: EUR 54.97 per share

- 2020-08: EUR 56.40 per share

- 2020-09: EUR 57.63 per share

- 2020-10: EUR 49.10 per share

- 2020-11: EUR 60.90 per share

- 2020-12: EUR 59.47 per share

- 2021-01: EUR 58.37 per share

- 2021-02: EUR 52.10 per share

- 2021-03: EUR 53.30 per share

- 2021-04: EUR 56.45 per share

- 2021-05: EUR 52.53 per share

- 2021-06: EUR 52.22 per share

- 2021-07: EUR 58.05 per share

- 2021-08: EUR 61.22 per share

- 2021-09: EUR 59.30 per share

- 2021-10: EUR 64.80 per share

- 2021-11: EUR 63.78 per share

- 2021-12: EUR 62.94 per share

- 2022-01: EUR 52.72 per share

- 2022-02: EUR 46.05 per share

- 2022-03: EUR 51.20 per share

- 2022-04: EUR 44.32 per share

- 2022-05: EUR 41.54 per share

- 2022-06: EUR 39.01 per share

- 2022-07: EUR 45.01 per share

- 2022-08: EUR 38.23 per share

- 2022-09: EUR 37.13 per share

- 2022-10: EUR 35.00 per share

- 2022-11: EUR 34.37 per share

- 2022-12: EUR 33.06 per share

- 2023-01: EUR 38.57 per share

- 2023-02: EUR 39.93 per share

- 2023-03: EUR 43.99 per share

- 2023-04: EUR 42.05 per share

- 2023-05: EUR 36.68 per share

- 2023-06: EUR 36.32 per share

- 2023-07: EUR 40.03 per share

- 2023-08: EUR 44.94 per share

- 2023-09: EUR 44.24 per share

- 2023-10: EUR 42.08 per share

- 2023-11: EUR 45.48 per share

- 2023-12: EUR 45.39 per share

- 2024-01: EUR 48.34 per share

- 2024-02: EUR 47.66 per share

- 2024-03: EUR 48.98 per share

- 2024-04: EUR 45.30 per share

- 2024-05: EUR 44.64 per share

- 2024-06: EUR 43.94 per share

- 2024-07: EUR 40.88 per share

- 2024-08: EUR 38.94 per share

- 2024-09: EUR 40.12 per share

- 2024-10: EUR 31.36 per share

- 2024-11: EUR 31.10 per share

- 2024-12: EUR 31.10 per share

- 2025-01: EUR 32.50 per share

- 2025-02: EUR 32.88 per share

- 2025-03: EUR 34.20 per share

- 2025-04: EUR 37.40 per share

- 2025-05: EUR 38.38 per share

- 2025-06: EUR 39.78 per share

- 2025-07: EUR 38.22 per share

- 2025-08: EUR 38.82 per share

- 2025-09: EUR 39.24 per share

- 2025-10: EUR 36.64 per share

- 2025-11: EUR 44.40 per share

- 2025-12: EUR 43.68 per share

- 2026-01: EUR 43.84 per share

- 2026-02: EUR 34.20 per share

- 2026-03: EUR 29.16 per share

- 2026-04: EUR 29.04 per share

- 2026-05: EUR 33.42 per share

- 2026-06: EUR 30.98 per share

- 2026-07: EUR 36.10 per share

- 2026-08: EUR 37.32 per share

- 2026-09: EUR 34.48 per share

- 2026-10: EUR 35.28 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 10.63 per share, central EUR 14.23 per share, high EUR 16.55 per share

- FY2017: low EUR 11.67 per share, central EUR 15.52 per share, high EUR 18.04 per share

- FY2018: low EUR 16.11 per share, central EUR 22.45 per share, high EUR 26.14 per share

- FY2019: low EUR 20.39 per share, central EUR 28.57 per share, high EUR 33.33 per share

- FY2020: low EUR 22.93 per share, central EUR 31.78 per share, high EUR 36.93 per share

- FY2021: low EUR 21.83 per share, central EUR 30.08 per share, high EUR 34.88 per share

- FY2022: low EUR 23.51 per share, central EUR 33.00 per share, high EUR 38.53 per share

- FY2023: low EUR 29.89 per share, central EUR 41.56 per share, high EUR 48.35 per share

- FY2024: low EUR 31.04 per share, central EUR 41.17 per share, high EUR 47.48 per share

- FY2025: low EUR 28.56 per share, central EUR 37.46 per share, high EUR 43.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations