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Dassault Systemes SE (DSY) Fair Value & Analysis

Technology · FR · Market cap €23.5B · ISIN FR0014003TT8

What is Dassault Systemes SE really worth?

DS Dassault Systemes SE DSY · PA
Price€21.02
Fair Value€25.46
Upside+21.1%
Quality76/100

A strong business, trading 17% below our fair value of €25.46.

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Strengths

Healthy Growth (revenue 5y +7.0 %/yr)
Solidly profitable · 19.9% net margin
Low debt · generates free cash flow
Wide moat 74/100

Risks

!Mixed vs. peers (8/15)
!Weak on dividend: 28 out of 100
Evidence: High Range €17.78 – €31.65

Fair value as of: Sep 3, 2026

From 26 valuation models · updated yesterday

Share price −1.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

€54.19 €15.75 Fair Value €25.46 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range €15.75 – €54.19 · fair‑value band €17.78 – €31.65 · the €21.02 price screens below the €25.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Dassault Systemes SE (DSY) currently trades at €21.02, while our model-based Fair Value estimate is €25.46, implying the stock looks roughly 17.4% undervalued today. The Quality Score stands at 76/100 (high quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of €27.05 per share, and 11 of the 26 models we run sit above the €21.02 price. Bear case: the Dividend Discount group reads lowest at €4.20, and 15 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Dassault Systemes SE generated revenue of €6.2B at a net margin of 19.9%. Revenue declined 4.1% year over year. It earns a return on equity of 13.4%. The balance sheet holds a net cash position of €956M. Fundamentals as of Sep 3, 2026

Our scenario range runs from €17.78 (bear case) to €31.65 (bull case); at €21.02, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −38% fair-value upside, at 21%, DSY screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.6251 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €15.90 €25.37 €40.93 79
Growth DCF €15.95 €25.01 €39.74 77
Owner Earnings €16.89 €27.05 €43.75 75
All 26 models by family
DCF Models
FCF DCF best evidence €15.90 €25.37 €40.93 79
Owner Earnings €16.89 €27.05 €43.75 75
5Y Revenue Exit €12.89 €19.55 €28.25 72
5Y EBITDA Exit €18.60 €30.83 €45.74 74
5Y P/E Exit €18.38 €30.40 €43.68 70
10Y Revenue Exit €13.51 €20.04 €29.33 66
10Y EBITDA Exit €17.53 €28.11 €43.39 67
10Y P/E Exit €17.39 €27.81 €41.74 63
Earnings-Based
Graham-Dodd €6.19 €24.56 €33.37 64
Lynch FV €6.08 €8.69 €11.30 61
PEG = 1.0 €6.08 €8.69 €11.30 57
EPV €10.12 €11.43 €12.57 74
Dividend Discount
Gordon GGM €2.39 €4.98 €7.90 66
DDM Multi-Stage €2.39 €4.20 €5.22 66
Multiples
P/E Multiple €19.11 €25.49 €31.86 63
P/S Multiple €11.61 €15.47 €19.34 58
P/B Multiple €11.61 €15.47 €19.34 55
EV/EBIT €20.82 €27.00 €33.19 66
EV/EBITDA €21.74 €28.23 €34.72 67
EV/Revenue €11.65 €15.67 €19.69 54
Asset-Based
NCAV (Graham) €3.35 €4.48 €6.69 54
Growth DCF
Growth DCF €15.95 €25.01 €39.74 77
Rev-Margin DCF €12.89 €19.52 €27.69 72
Economic Profit
Residual Income €6.46 €8.12 €19.78 69
ROIC Compounder €10.98 €13.80 €17.40 72
Growth Earnings
Growth-Adj P/E €12.88 €18.40 €23.92 67

Widest divergence: DCF Models (€27.05) versus Dividend Discount (€4.20). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 22.8
P/S ratio 4.38 P/E × margin
EPS (TTM) €0.9200 price ÷ EPS = P/E 22.8
Dividend yield 1.4% payout 31.7%
Net margin 19.2% FY2025
Return on equity 13.4% TTM
More key figures
Profitability
Return on assets (EBIT) 8.6% avg 5y
Operating margin 23.4% TTM
Growth
Revenue (TTM) €6.2B TTM
Revenue growth (YoY) −4.1% 3y avg +3.2%
EPS growth (YoY) +10.8%
Balance sheet & cash flow
Free cash flow €1.5B FY2025
Net cash €956M FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 74 · Market factors (momentum, volatility) 44

Profitability 55
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dassault Systemes SE reported revenue of €6.2B in FY2025 versus €4.9B in FY2021, a compound +6.4%/yr. Reported net income was €1.2B in FY2025, compounding +11.5%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€6.2B
Latest YoY
+0.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.0%
Avg. revenue growth/yr (29Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+15.4% (14.0 + 1.4)
Revenue +6.4%/yr
FY21 €4.9B
FY22 €5.7B
FY23 €6.0B
FY24 €6.2B
FY25 €6.2B
Net income +11.5%/yr
FY21 €774M
FY22 €932M
FY23 €1.1B
FY24 €1.2B
FY25 €1.2B
Character of growth · EPS growth decomposed (2014-2025) +12.6 % p.a.
Revenue per share +9.0 %

of which total revenue +9.4 % · buybacks/dilution −0.4 %

EBIT margin +0.3 %
Tax rate +2.3 %
Residual (interest, one-offs) +0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Dassault Systemes SE Fair Value". https://www.fairvalue-calculator.com/stock/DSY

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Software - Application · 691 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 76 · Top 25%
Fair Value upside +21% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 23% · Top 25%
Revenue growth −4% · Below median
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 22.8× · Cheaper than median
P/B 3.10× · Pricier than median
P/S (TTM) 4.42× · Pricier than 75% of peers
P/FCF 18.6× · Pricier than median
EV/EBITDA 14.6× · Cheaper than median
PEG 3.04× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE61 · sector 0
FUTURE0 · sector 37
PAST54 · sector 12
HEALTH94 · sector 98
DIVIDEND28 · sector 28

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

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Salesforce, Inc CRM $252.05 $249.28 −1%
ServiceNow, Inc NOW $138.43 $43.73 −68%
Cadence Design Systems, Inc CDNS $340.39 $112.57 −67%
Snowflake Inc SNOW $329.11 $42.27 −87%
Adobe Inc ADBE $289.15 $454.04 +57%
Automatic Data Processing, Inc ADP $284.68 $177.51 −38%
Intuit Inc INTU $348.00 $363.46 +4%

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Frequently asked questions

Is Dassault Systemes SE (DSY) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of €25.46 versus a price of €21.02, about +21% upside (undervalued).
What is the fair value of DSY?
Our model-based fair value for Dassault Systemes SE is €25.46 (as of Sep 3, 2026), built from audited fundamentals. The current price: €21.02.
What is the quality score of DSY?
Dassault Systemes SE has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Dassault Systemes SE (DSY)?
Dassault Systemes SE reported trailing-twelve-month revenue of about €6.2B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of DSY?
The net profit margin of Dassault Systemes SE is about 19.9%, meaning it keeps roughly 19.9% of revenue as net income. Based on the latest reported figures.
Does Dassault Systemes SE pay a dividend?
Dassault Systemes SE currently shows a dividend yield of about 1.39% relative to its recent price (as of Sep 3, 2026).
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