<div id="readability-page-1"><div><p>Dassault Systèmes (ENXTPA:DSY) closed out FY 2025 with fourth quarter revenue of €1.7b and basic EPS of €0.33, while trailing twelve month figures sat at €6.2b in revenue and EPS of €0.91. Over the past year, revenue has moved in a tight range around the €6.2b level and EPS has hovered close to €0.91 on a trailing basis. This provides a consistent read on the earnings power behind the current €17.62 share price, with margins holding around the high teens.</p> <p>See our full analysis for Dassault Systèmes.</p><p>With the headline numbers on the table, the next step is to see how they line up with the prevailing narratives around Dassault Systèmes's growth, quality, and risks that many investors focus on.</p> <p>See what the community is saying about Dassault Systèmes</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/e8c9cd60-25a6-47e5-8f46-6659089efeed/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA0LTAz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/e8c9cd60-25a6-47e5-8f46-6659089efeed/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA0LTAz"/><figcaption>ENXTPA:DSY Earnings &amp; Revenue History as at Apr 2026</figcaption></figure> <h2>19.2% Net Margin Shows Solid Profitability</h2> <ul> <li> Over the last twelve months, Dassault Systèmes converted €6.2b of revenue into €1.2b of net income, giving a net profit margin of 19.2% that is very close to the prior 19.3%.   </li> <li> Consensus narrative argues that recurring, subscription based revenue and wider adoption of 3DEXPERIENCE should gradually lift margins. However, the near flat move from 19.3% to 19.2% shows that higher R&amp;D, sales investment and currency effects are currently soaking up some of the benefit:     <ul> <li> On the supportive side, 83% of software revenue is recurring and trailing twelve month EPS of about €0.91 sits on €1.2b of net income, which aligns with the view that the business model produces consistent profitability.       </li> <li> On the other hand, guidance cuts tied to euro dollar moves and higher costs such as share based compensation in the narrative help explain why margins are steady rather than clearly expanding at this stage.       </li> </ul> </li> </ul> <h2>Revenue Around €6.2b, Growth Forecast Near 4.4%</h2> <ul> <li> Trailing twelve month revenue is €6.2b, and forecasts in the data point to revenue growth of about 4.4% per year, compared with the cited French market forecast of 5.5% per year.   </li> <li> Bulls highlight that AI platforms, 3D virtual twins and a subscription model can support stronger multi year revenue growth, and the current 4.4% forecast creates a clear tension with that view:     <ul> <li> Supporters point to bullish assumptions where revenue grows 7.4% annually and earnings reach €1.9b by around 2028, which would be a step up from today’s €1.2b of trailing net income.       </li> <li> Yet the base case in the data still sits at 4.3% to 4.4% annual revenue growth, so anyone leaning on the bullish scenario needs to be comfortable that adoption of AI and subscription offerings will push actual growth well above the published forecasts.       </li> </ul> </li> </ul><p> Over the last year, the mix of steady €6.2b revenue and 19.2% margins has given bulls plenty of support for a quality narrative. However, the gap between current 4.4% revenue forecasts and the higher growth rates in the optimistic scenarios is where the real debate sits for long term holders. <strong>🐂 Dassault Systèmes Bull Case</strong></p><h2>P/E Of 19.3x And DCF Value Of €22.27</h2> <ul> <li> The shares trade on a trailing P/E of 19.3x, below the European Software average of 22.6x but slightly above the peer average of 18.9x, while a DCF fair value of €22.27 sits above the current €17.62 price.   </li> <li> Bears focus on rising competition and higher compliance and R&amp;D spending, and the valuation data gives them some points to work with as well as some pushback:     <ul> <li> Critics highlight that forecast earnings growth of about 6.95% per year is below the French market’s 12% and that the company’s P/E is a touch richer than the 18.9x peer average, which fits the view that investors might already be paying up for quality.       </li> <li> At the same time, the shares sit about 21% below the DCF fair value of €22.27 and below the analyst consensus target of €23.40, which challenges the idea that the market is overly optimistic and instead suggests some caution is already reflected in the €17.62 price.       </li> </ul> </li> </ul><p> Skeptics warn that a 19.3x P/E with below market growth could still be demanding, so the gap between the current price and the €22.27 DCF fair value is an important figure to weigh when deciding how much risk you are comfortable taking on valuation. <strong>🐻 Dassault Systèmes Bear Case</strong></p><h2>Next Steps</h2> <p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Dassault Systèmes on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p> <p>With mixed views on growth, quality and valuation in play, it makes sense to look through the numbers yourself and decide how they stack up against your expectations. To get a balanced view of both the upside and the concerns that other investors are watching, take a closer look at the 2 key rewards and 1 important warning sign.</p> <h2>See What Else Is Out There</h2> <p>The tension between modest 4.4% revenue growth forecasts, below market earnings growth and a slightly richer P/E suggests limited upside for investors seeking stronger expansion.</p> <p>If that feels underwhelming and you want ideas where pricing looks more compelling relative to quality and outlook, check out the 246 high quality undervalued stocks today and compare opportunities side by side.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

DASTY

<p>Dassault Systèmes (ENXTPA:DSY) reported FY 2025 Q4 revenue of €1.7b and EPS of €0.33, with trailing twelve-month figures at €6.2b in revenue and EPS of €0.91. The net profit margin stands at 19.2%. Revenue growth is forecasted at 4.4% annually, while bulls argue for higher growth potential through AI and subscription models. The shares trade at a P/E of 19.3x, below the European software average, with a DCF fair value of €22.27, suggesting caution in valuation amid mixed growth narratives.</p>

Simplywall

Dassault Systèmes (ENXTPA:DSY) Margin Holding Near 19% Tests Bullish Expansion Narrative