# Dassault Systemes SE (DSY.PA)

Canonical: https://gigainvestors.com/s/DSY.PA

Analysis as of: 2026-10-16T07:34:14.085Z. Financial observations: FY1996–FY2026.

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 23.16 per share; close as of 2026-10-15.

Estimated value: low EUR 18.84 per share, central EUR 24.12 per share, high EUR 27.55 per share. Buy at or below the central value EUR 24.12 per share. Valuation as of 2026-10-16T07:34:14.085Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: 0.22×

- FY2019: 0.20×

- FY2020: 0.15×

- FY2021: 0.21×

- FY2022: 0.23×

- FY2023: 0.22×

- FY2024: 0.22×

- FY2025: 0.22×

- LTM to Jun 2026: 0.25×

### moat: pass

- ROIC, median of available years: 34.1%

- ROIC, second-lowest year: 15.8%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 83.8%

- Recent gross margin (lower of latest and 3-year median): 83.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 17.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 88.3%

- FY2017: 34.0%

- FY2018: 88.0%

- FY2019: 15.8%

- FY2020: 15.0%

- FY2021: 26.4%

- FY2022: 29.5%

- FY2023: 34.2%

- FY2024: 35.2%

- FY2025: 36.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.7B

- Net income, five-year total: EUR 5.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.1 pp

- Working capital / revenue, final three-year average: 27.7%

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

- FY2021: 1.44×

- FY2022: 1.39×

- FY2023: 1.29×

- FY2024: 1.22×

- FY2025: 1.23×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 88.0% vs 35.2%

- Per-share earnings: 0.35 to 0.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: EUR 13B

- Cumulative retained earnings: EUR 5.3B

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: EUR 0.55

- Per-share value, starting three-year median: EUR 0.35

- Per-share value, ending three-year median: EUR 0.90

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.6B

- Cumulative net income, 10 years: EUR 7.8B

- ROIC, first three-year median: 88.0%

- ROIC, last three-year median: 35.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.35

- FY2017: EUR 0.41

- FY2018: EUR 0.44

- FY2019: EUR 0.47

- FY2020: EUR 0.38

- FY2021: EUR 0.58

- FY2022: EUR 0.70

- FY2023: EUR 0.79

- FY2024: EUR 0.90

- FY2025: EUR 0.90

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -3.2%

- FY2018: -4.1%

- FY2019: -4.1%

- FY2020: -5.8%

- FY2021: -5.9%

- FY2022: -4.2%

- FY2023: -3.5%

- FY2024: -3.0%

- FY2025: -2.9%

## Holders

## Price story

Down 56% since Nov 2021 · "Dassault Systemes Shares Slump on Weak Sales, Guidance" (finance.yahoo.com, Feb 2026) · sales -0.5%

Story as of 2026-10-16T09:59:59.715Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

- 2025-04-24: France's Dassault Systemes cuts margin outlook on tariff volatility ([finance.yahoo.com](https://finance.yahoo.com/news/software-firm-dassault-systemes-cuts-050306512.html))

- 2025-07-24: Dassault Systemes confirms 2025 outlook, implies lower margins on FX hit ([finance.yahoo.com](https://finance.yahoo.com/news/software-firm-dassault-systemes-q2-050751186.html))

- 2025-10-23: Dassault Systemes cuts full-year revenue growth outlook after missing expectations ([finance.yahoo.com](https://finance.yahoo.com/news/software-firm-dassault-posts-stable-051026161.html))

- 2026-02-11: Dassault Systemes Shares Slump on Weak Sales, Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/037ebcb2-6bb5-39e2-9157-b66888d65430/dassault-systemes-shares.html))

### Sales · FY2025–2026

sales -0.5%; source https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2017: EUR 3.2B 

- FY2018: EUR 3.5B 

- FY2019: EUR 4.0B 

- FY2020: EUR 4.5B 

- FY2021: EUR 4.9B 

- FY2022: EUR 5.7B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.2B 

- FY2025: EUR 6.2B 

- FY2026: EUR 6.2B 

### Gross margin · FY2025

gross margin 83.7%; source https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2016: 84.8% 

- FY2017: 85.3% 

- FY2018: 85.3% 

- FY2019: 84.2% 

- FY2020: 83.2% 

- FY2021: 83.7% 

- FY2022: 83.8% 

- FY2023: 77.3% 

- FY2024: 83.6% 

- FY2025: 83.7% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are EUR 6.2 billion.

- Source: https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: revenue 6235700000; grossProfit 5221100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSY.PA: Dassault Systèmes SE provides software solutions and services worldwide. The company offers 3D modeling applications, such as SOLIDWORKS, CATIA, GEOVIA, and BIOVIA; social and collaborative applications, including 3DEXCITE, CENTRIC PLM, and ENOVIA; and simulation applications comprising SIMULIA, DELMIA, 3DVIA. It also provides information intelligence applications consisting of NETVIBES and MEDIDATA; and OUTSCALE, an infrastructure for business experiences, as well as 3DEXPERIENCE platform, a business and innovation platform that provides organizations with a holistic and real-time vision of their business activity and ecosystem. The company distributes its products through direct and indirect sales channels, as well as commercial partners. It primarily serves companies in the aerospace and defense; architecture, engineering and construction; business services; cities and public services; consumer packaged goods " retail; high-tech; home and lifestyle; industrial equipment; infrastructure, energy, and materials; life sciences and healthcare; marine and offshore; and transportation & mobility industries. The company was incorporated in 1981 and is headquartered in Vélizy-Villacoublay, France.

### Why customers stay

Margins ranged from 77.3% to 83.7% during 2023–25; it earns 34.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 77.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 83.6%.

- Source: https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 83.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.8834479307875869],[2017,0.33955481950650535],[2018,0.8799786920193684],[2019,0.1577055202758361],[2020,0.1499264073087725],[2021,0.26393920295006185],[2022,0.2949437081690936],[2023,0.3424527288861606],[2024,0.35210450158332124],[2025,0.3637095092189658]]; median 0.341003774196333. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 340.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 56655000; owner earnings 596974000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 84538000; owner earnings 652554000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 72400000; owner earnings 734700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 98300000; owner earnings 773840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 127000000; owner earnings 839840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 103700000; owner earnings 1110280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 132300000; owner earnings 1293860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 145300000; owner earnings 1353060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 193400000; owner earnings 1468280000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 160500000; owner earnings 1473400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,101944000],[2017,51300000],[2018,38000000],[2019,168800000],[2020,182500000],[2021,147100000],[2022,223500000],[2023,276200000],[2024,302700000],[2025,342600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: cash repurchases 340300000 EUR.

### Are managers owners

Insiders own 49.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSY.PA SharesStats.PercentInsiders = 49.051 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.07331998900262165. Price 23.16; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.45094303797468355 → FY2025 1.1091538693164709. Closing-price date 2026-10-15.

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

- 2016-10: EUR 14.43 per share

- 2016-11: EUR 14.40 per share

- 2016-12: EUR 14.48 per share

- 2017-01: EUR 14.34 per share

- 2017-02: EUR 15.25 per share

- 2017-03: EUR 16.23 per share

- 2017-04: EUR 16.39 per share

- 2017-05: EUR 16.43 per share

- 2017-06: EUR 15.70 per share

- 2017-07: EUR 16.58 per share

- 2017-08: EUR 16.55 per share

- 2017-09: EUR 17.12 per share

- 2017-10: EUR 18.23 per share

- 2017-11: EUR 18.06 per share

- 2017-12: EUR 17.72 per share

- 2018-01: EUR 18.58 per share

- 2018-02: EUR 21.25 per share

- 2018-03: EUR 22.08 per share

- 2018-04: EUR 21.45 per share

- 2018-05: EUR 24.03 per share

- 2018-06: EUR 24.00 per share

- 2018-07: EUR 25.56 per share

- 2018-08: EUR 27.92 per share

- 2018-09: EUR 25.75 per share

- 2018-10: EUR 22.17 per share

- 2018-11: EUR 21.20 per share

- 2018-12: EUR 20.74 per share

- 2019-01: EUR 21.91 per share

- 2019-02: EUR 25.73 per share

- 2019-03: EUR 26.55 per share

- 2019-04: EUR 28.21 per share

- 2019-05: EUR 26.57 per share

- 2019-06: EUR 28.06 per share

- 2019-07: EUR 27.60 per share

- 2019-08: EUR 25.63 per share

- 2019-09: EUR 26.15 per share

- 2019-10: EUR 27.21 per share

- 2019-11: EUR 28.60 per share

- 2019-12: EUR 29.31 per share

- 2020-01: EUR 31.34 per share

- 2020-02: EUR 28.40 per share

- 2020-03: EUR 27.00 per share

- 2020-04: EUR 26.71 per share

- 2020-05: EUR 30.45 per share

- 2020-06: EUR 30.72 per share

- 2020-07: EUR 30.82 per share

- 2020-08: EUR 31.57 per share

- 2020-09: EUR 31.95 per share

- 2020-10: EUR 29.31 per share

- 2020-11: EUR 31.01 per share

- 2020-12: EUR 33.23 per share

- 2021-01: EUR 32.95 per share

- 2021-02: EUR 34.38 per share

- 2021-03: EUR 36.48 per share

- 2021-04: EUR 38.59 per share

- 2021-05: EUR 37.65 per share

- 2021-06: EUR 40.90 per share

- 2021-07: EUR 46.52 per share

- 2021-08: EUR 48.31 per share

- 2021-09: EUR 45.47 per share

- 2021-10: EUR 50.38 per share

- 2021-11: EUR 53.19 per share

- 2021-12: EUR 52.31 per share

- 2022-01: EUR 42.45 per share

- 2022-02: EUR 43.49 per share

- 2022-03: EUR 44.72 per share

- 2022-04: EUR 42.54 per share

- 2022-05: EUR 39.19 per share

- 2022-06: EUR 35.12 per share

- 2022-07: EUR 41.66 per share

- 2022-08: EUR 38.58 per share

- 2022-09: EUR 35.74 per share

- 2022-10: EUR 33.95 per share

- 2022-11: EUR 35.09 per share

- 2022-12: EUR 33.50 per share

- 2023-01: EUR 34.06 per share

- 2023-02: EUR 36.58 per share

- 2023-03: EUR 37.88 per share

- 2023-04: EUR 36.67 per share

- 2023-05: EUR 41.11 per share

- 2023-06: EUR 40.63 per share

- 2023-07: EUR 38.89 per share

- 2023-08: EUR 36.61 per share

- 2023-09: EUR 35.30 per share

- 2023-10: EUR 38.82 per share

- 2023-11: EUR 42.97 per share

- 2023-12: EUR 44.24 per share

- 2024-01: EUR 48.24 per share

- 2024-02: EUR 43.19 per share

- 2024-03: EUR 41.04 per share

- 2024-04: EUR 37.03 per share

- 2024-05: EUR 37.07 per share

- 2024-06: EUR 35.30 per share

- 2024-07: EUR 35.04 per share

- 2024-08: EUR 35.28 per share

- 2024-09: EUR 35.63 per share

- 2024-10: EUR 31.46 per share

- 2024-11: EUR 32.65 per share

- 2024-12: EUR 33.50 per share

- 2025-01: EUR 37.80 per share

- 2025-02: EUR 37.98 per share

- 2025-03: EUR 34.94 per share

- 2025-04: EUR 32.84 per share

- 2025-05: EUR 33.00 per share

- 2025-06: EUR 30.73 per share

- 2025-07: EUR 28.89 per share

- 2025-08: EUR 26.60 per share

- 2025-09: EUR 28.51 per share

- 2025-10: EUR 24.63 per share

- 2025-11: EUR 24.11 per share

- 2025-12: EUR 23.84 per share

- 2026-01: EUR 23.22 per share

- 2026-02: EUR 18.55 per share

- 2026-03: EUR 17.27 per share

- 2026-04: EUR 19.10 per share

- 2026-05: EUR 18.81 per share

- 2026-06: EUR 17.82 per share

- 2026-07: EUR 20.05 per share

- 2026-08: EUR 22.84 per share

- 2026-09: EUR 20.49 per share

- 2026-10: EUR 22.54 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.52 per share, central EUR 11.00 per share, high EUR 12.56 per share

- FY2017: low EUR 8.95 per share, central EUR 11.80 per share, high EUR 13.52 per share

- FY2018: low EUR 7.99 per share, central EUR 8.80 per share, high EUR 9.87 per share

- FY2019: low EUR 8.22 per share, central EUR 9.15 per share, high EUR 10.40 per share

- FY2020: low EUR 8.86 per share, central EUR 9.86 per share, high EUR 11.20 per share

- FY2021: low EUR 12.94 per share, central EUR 17.88 per share, high EUR 20.63 per share

- FY2022: low EUR 15.00 per share, central EUR 20.88 per share, high EUR 24.19 per share

- FY2023: low EUR 13.65 per share, central EUR 15.17 per share, high EUR 17.20 per share

- FY2024: low EUR 18.37 per share, central EUR 25.48 per share, high EUR 29.44 per share

- FY2025: low EUR 17.55 per share, central EUR 22.80 per share, high EUR 26.20 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

Prior published observations retained from 2026-10-15T06:39:59.587Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/96950065LBWY0APQIM86/2025-12-31/ESEF/FR/0/96950065LBWY0APQIM86-2025-12-31-1-fr/reports/96950065LBWY0APQIM86-2025-12-31-1-fr.xhtml); period 2025-12-31, filed 2026-04-07.

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.