Dassault Systèmes SE (DSY.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+29.3%

€32.73

vs €25.31 price

Levered DCF

€34.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.96

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.2×	36.81×	55.3×	47.17×	88.66×	87.45×	62.36×	47.14×
P/B	3.57×	4.85×	7.43×	6.01×	11.06×	8.55×	7.3×	5.87×
P/S	5.04×	7.08×	9.78×	7.76×	14.1×	9.72×	9.46×	7.7×
EV / EBITDA	15.58×	22.27×	32.14×	23.04×	43.51×	35.68×	33.55×	24.09×
Gross margin	83.7%	83.6%	77.3%	83.8%	83.7%	83.2%	84.2%	85.3%
Operating margin	22.4%	21.9%	21.8%	23.0%	21.0%	15.0%	20.2%	22.1%
Net margin	19.2%	19.3%	17.7%	16.4%	15.9%	11.0%	15.3%	16.4%
Current ratio	1.6×	1.87×	1.62×	1.68×	1.36×	1.8×	1.72×	2.08×
Debt / equity	0.36×	0.34×	0.46×	0.49×	0.72×	0.96×	1.02×	0.22×
Interest coverage	21.89×	18.37×	20.9×	32.09×	36.15×	18×	32.25×	49.88×
Dividend yield	1.1%	0.7%	0.5%	0.5%	0.2%	0.4%	0.4%	0.1%
Payout ratio	28.6%	25.2%	26.3%	24.0%	19.0%	37.2%	27.4%	6.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	13.2%	13.4%	12.7%	12.5%	9.7%	11.8%	12.5%
Return on invested capital	9.2%	8.8%	8.7%	7.9%	6.7%	4.6%	5.1%	10.3%
Return on assets	7.9%	7.7%	7.2%	6.5%	5.4%	3.8%	4.4%	7.1%
Free cash flow yield	4.7%	3.3%	2.4%	3.2%	2.2%	2.6%	2.9%	3.1%
Earnings yield	3.8%	2.7%	1.8%	2.1%	1.1%	1.1%	1.6%	2.1%
Enterprise value	€30.4B	€43.1B	€58.2B	€44.8B	€70B	€46B	€41.4B	€25B
Net debt / EBITDA	-0.49×	-0.46×	0.02×	0.42×	0.93×	2.08×	2.72×	-1.74×
Cash conversion cycle (days)	38	33	44	115	98	-17	-48	-3