The Gemini Brief- Investment Deep Dives

Dassault Systèmes SE (DSY.PA): An Analysis of a Premier PLM Software Provider

All investment deep dives on this site have been written by Google Gemini with light human editing. Nothing on this site constitutes investment advise. All materials on this site are for informational purposes only.

The Gemini Brief - Investment Deep Dives
The Gemini Brief – Investment Deep Dives
Dassault Systèmes SE (DSY.PA): An Analysis of a Premier PLM Software Provider
Loading
/

Executive Summary

This report provides a comprehensive analysis of Dassault Systèmes SE, a leading global provider of Product Lifecycle Management (PLM), 3D design, and simulation software. The company stands as a premier, high-quality software enterprise with a deeply entrenched market position in the structurally growing PLM industry. Its primary economic moat is derived from a superior, integrated platform strategy centered on the 3DEXPERIENCE platform, which creates exceptionally high switching costs for its extensive customer base. The successful and ongoing transition to a subscription-based business model has significantly enhanced the predictability and resilience of its financial profile, characterized by high margins, strong recurring revenues, and robust cash flow generation.

The company’s strategic direction is focused on capitalizing on major secular trends, including the digitalization of manufacturing, the shift to cloud-based software delivery, and the application of advanced technologies to new and existing verticals. Expansion into high-growth sectors, most notably Life Sciences & Healthcare through the landmark acquisition of Medidata, represents a significant long-term opportunity to diversify its revenue base away from traditional manufacturing. More recently, the company has articulated a new, ambitious vision centered on “3D UNIV+RSES” and the integration of generative Artificial Intelligence (AI) at the core of its platform. This initiative is positioned as a potentially transformative, long-term growth lever, aiming to evolve the company’s value proposition from a provider of tools to a partner in automated innovation.

Despite these strengths, Dassault Systèmes faces several key challenges and risks. The company retains cyclical exposure to its core industrial end-markets, such as automotive and aerospace, which are sensitive to macroeconomic conditions. The competitive landscape is intense, featuring well-capitalized and technologically sophisticated peers, including Siemens Digital Industries Software and Autodesk, who are pursuing similar platform-based strategies. Furthermore, significant execution risk is associated with integrating large-scale acquisitions and successfully commercializing ambitious, long-range technological visions like 3D UNIV+RSES. The performance of the Life Sciences segment, while showing signs of recovery, has yet to deliver the consistent high growth anticipated at the time of the Medidata acquisition.

From a valuation perspective, Dassault Systèmes has historically traded at a premium to the broader market and many of its peers. This premium reflects its high-quality financial profile, market leadership, and durable competitive advantages. The central question for investors is whether the company’s future growth prospects, particularly from its strategic initiatives in the cloud, Life Sciences, and AI, are sufficient to justify this valuation, especially in the context of persistent macroeconomic headwinds and significant execution requirements.

Company Overview & Business Model

Introduction to Dassault Systèmes

Dassault Systèmes SE is a French multinational software company that develops solutions for 3D product design, simulation, and Product Lifecycle Management (PLM). Founded in 1981 as a subsidiary of the aerospace company Dassault Aviation, its initial purpose was to create 3D software to design complex aircraft, thereby reducing the need for physical prototypes and shortening development cycles.1 This heritage in mission-critical, high-consequence engineering has shaped the company’s culture and technological focus for over four decades. Today, the company defines its mission as being a “catalyst for human progress” by providing businesses and individuals with “virtual universes to imagine sustainable innovations”.2 It is a global leader, serving over 350,000 customers of all sizes across a diverse set of industries.3

Core Business Segments & Product Lines

The company organizes its operations and reporting into three broad sectors, which are defined by the industries and customers they serve.5 This structure allows for a tailored go-to-market approach and specialized solution development.

Industrial Innovation

Constituting 54% of software revenue in fiscal year 2024, Industrial Innovation is the company’s largest and most established segment.6 It provides the foundational software that has made Dassault Systèmes a leader in complex manufacturing. The segment’s portfolio includes the company’s flagship brands:

  • CATIA (Computer-Aided Three-dimensional Interactive Application): The cornerstone product, CATIA is a world-leading software suite for high-end product design and engineering, particularly for products with complex surfaces and assemblies.1
  • SIMULIA: Provides advanced simulation software that allows engineers to perform virtual testing of product performance, reliability, and safety before physical prototyping.1
  • DELMIA: Offers solutions for digital manufacturing, enabling companies to plan, simulate, and optimize their global production processes.1
  • ENOVIA: A collaborative PLM platform that manages the entire product lifecycle, from initial concept through to end-of-life, serving as a central repository for all product-related data.1

This segment primarily targets the Transportation & Mobility, Aerospace & Defense, and Industrial Equipment industries, where its solutions are deeply embedded in core engineering and manufacturing workflows.5

Life Sciences & Healthcare

Representing 21% of software revenue in fiscal year 2024, the Life Sciences & Healthcare segment is a key strategic growth area for Dassault Systèmes.6 This segment was significantly scaled through the $5.8 billion acquisition of Medidata Solutions in 2019, the company’s largest to date.9 The product portfolio includes:

  • MEDIDATA: A cloud-based platform that provides comprehensive solutions for managing clinical trials, including data capture, patient monitoring, and trial analytics.3
  • BIOVIA: Offers a suite of scientific informatics software for research, development, and laboratory management, enabling scientists to model and simulate biological and chemical systems.3

The overarching strategy for this segment is to connect the “lab to the fab,” creating a continuous digital thread that extends from early-stage research and clinical trials through to manufacturing and supply chain optimization.13 The target customers are pharmaceutical, biotechnology, and medical device companies, as well as patient care organizations.5

Mainstream Innovation

Accounting for 25% of software revenue in fiscal year 2024, the Mainstream Innovation segment is focused on providing accessible, powerful, and broadly applicable solutions to a wider market, including a significant number of small and medium-sized businesses (SMBs).6 The segment is anchored by two key brands:

  • SOLIDWORKS: One of the most widely used 3D CAD applications in the world, known for its ease of use and large, active user community.1
  • CENTRIC PLM: A PLM solution specifically tailored for the fast-moving consumer goods, retail, and fashion industries, acquired via the acquisition of Centric Software.3

This segment serves industries such as High-Tech, Home & Lifestyle, and Consumer Packaged Goods – Retail.5

The 3DEXPERIENCE Platform: The Strategic Core

The 3DEXPERIENCE platform is the central pillar of Dassault Systèmes’ corporate strategy and technology architecture. It is not a single product but rather a unified business and technology framework that integrates the company’s vast portfolio of applications—spanning design, analysis, simulation, and data intelligence—into a single, collaborative, cloud-enabled environment.1 The platform’s fundamental purpose is to provide a “single source of truth” for all product-related information, ensuring digital continuity across the entire value chain, from initial ideation to manufacturing, service, and eventual retirement.16

The strategic importance of the platform cannot be overstated. It is the primary vehicle for driving the company’s key growth initiatives. It facilitates the critical shift to cloud-based delivery, enables the sale of higher-value, integrated subscription packages, and creates a formidable competitive moat by deeply embedding the entire Dassault ecosystem into a customer’s most critical workflows. The platform’s revenue growth serves as a key performance indicator of the strategy’s success. This is evidenced by strong growth figures, with 3DEXPERIENCE software revenue increasing 20% in the second quarter of 2025 and 22% in the fourth quarter of 2024, demonstrating robust customer adoption.6

Business Model Evolution: Shift to Recurring Revenue

In line with the broader software industry, Dassault Systèmes has been executing a strategic transition from a traditional perpetual license model to a subscription-based business model.21 Under the legacy model, customers paid a large, one-time fee for a perpetual license and a smaller, recurring annual fee for maintenance and support. The new model shifts this to a recurring subscription fee that provides access to the software, support, and updates, offered both for on-premise deployment and as a cloud-based Software-as-a-Service (SaaS) solution.

This transition has a profound and positive impact on the company’s financial profile. It significantly enhances revenue predictability and visibility, smooths out the lumpiness of large license deals, and increases the total lifetime value of a customer. Furthermore, the lower initial cost of a subscription model reduces the barrier to entry for new customers, particularly for SMBs that may lack the capital for large upfront software expenditures.22 The success of this transition is evident in the company’s financial results. For the full fiscal year 2024, recurring revenue streams accounted for a substantial 80% of total software revenue.6 This figure rose to 86% in the first quarter of 2025, underscoring the resilience and stability of the business model.23

Customer Retention & Economic Moat

Dassault Systèmes benefits from a powerful and durable economic moat, driven primarily by extremely high customer switching costs. The company’s software is not a discretionary IT expense; it is a mission-critical system of record that is deeply integrated into the core engineering, research, and manufacturing processes of its clients. For a customer in the aerospace or automotive industry, migrating decades of complex product designs, simulation data, and manufacturing plans from a platform like CATIA or ENOVIA to a competitor’s system would be a monumental undertaking. Such a transition would be prohibitively expensive, extraordinarily time-consuming, and fraught with immense operational risk, including potential data corruption and the need to retrain thousands of engineers. This dynamic creates a powerful lock-in effect, resulting in very high customer retention rates and a stable, predictable revenue base.

The 3DEXPERIENCE platform serves to amplify and deepen this moat. By encouraging customers to move from using individual point solutions (like CATIA for design) to adopting the fully integrated platform, Dassault increases its “stickiness” and makes it exponentially more difficult for competitors to gain a foothold. A competitor is no longer just competing against a single product but must offer a compelling alternative for the entire, interconnected workflow. This strategy of platform-based consolidation is proving effective at the highest levels of industry. The recent strategic partnership with Volkswagen Group, which involves deploying the 3DEXPERIENCE platform across multiple brands and displacing several competitor solutions, is a prime example of this moat-deepening strategy in action.24 This demonstrates that the platform is not merely a product bundle but a potent competitive weapon that expands wallet share and systematically locks out rivals.

Industry Dynamics & Market Position

Market Size & Growth Trajectory

Dassault Systèmes operates within the global Computer-Aided Design (CAD), Computer-Aided Manufacturing (CAM), and Product Lifecycle Management (PLM) software market. This is a large, established, and structurally growing industry. However, it is important to note that market size estimates vary depending on the scope and methodology of the reporting agency. Some reports focusing narrowly on CAD and PLM estimate the 2024 market size to be approximately $16.6 billion.21 Other, more expansive reports that include a broader range of engineering applications place the market size closer to $28 billion.22

Despite these variations in absolute size, there is a strong consensus on the market’s growth trajectory. Projections consistently point to a compound annual growth rate (CAGR) in the range of 7.7% to 8.3% through the 2030-2033 forecast period.21 This steady, high-single-digit growth provides a powerful secular tailwind for all major participants in the industry, including Dassault Systèmes.

Key Industry Drivers (Digital Transformation)

The growth of the CAD/PLM market is propelled by the overarching trend of digital transformation across global industries. Several key technological and business drivers are compelling companies to increase their investment in these solutions:

  • Smart Manufacturing and Industry 4.0: The convergence of the physical and digital worlds, characterized by the adoption of the Internet of Things (IoT), 3D printing, robotics, and advanced automation, is a primary catalyst. These technologies generate vast amounts of data and create unprecedented complexity, making advanced software essential for managing and optimizing modern manufacturing operations.21
  • Digital Twin and Digital Thread: These concepts are at the forefront of modern engineering. A “digital twin” is a virtual, dynamic representation of a physical product, process, or system, while a “digital thread” is the framework that connects data throughout a product’s lifecycle. PLM software serves as the foundational technology that enables the creation and management of these digital twins, allowing for advanced simulation, predictive maintenance, and operational optimization.21
  • Cloud Adoption: The migration from on-premise software to cloud-based SaaS solutions is a dominant trend across the industry. Cloud platforms offer superior scalability, lower upfront costs, enhanced accessibility for remote teams, and easier collaboration across the supply chain.21 Cloud-based deployments are consistently projected to be the fastest-growing segment of the market.21
  • Sustainability and ESG Mandates: There is increasing pressure on companies from regulators, investors, and consumers to design and manufacture more sustainable products. This is driving demand for simulation and lifecycle assessment tools that can help engineers optimize for energy efficiency, reduce material waste, and ensure compliance with evolving environmental, social, and governance (ESG) standards.22

Competitive Landscape Analysis

The PLM and engineering software market is best described as an oligopoly, dominated by a few large, well-capitalized, and technologically sophisticated players.28 According to 2024 market data from APPS RUN THE WORLD, Dassault Systèmes is the overall market leader in the broad PLM & Engineering software space, commanding a 16.5% market share.28 The primary competitors are:

  • Dassault Systèmes SE (DSY.PA): The company’s key strength lies in its dominance of the high-end, complex design market, particularly in its heritage industries of aerospace and automotive. Its primary competitive differentiator is the integrated 3DEXPERIENCE platform. Customer surveys consistently rank Dassault’s product quality as number one against its direct competitors.29
  • Siemens Digital Industries Software: A division of the German industrial conglomerate Siemens AG, this is arguably Dassault’s most direct and formidable competitor. Siemens possesses a unique value proposition by combining its deep expertise in industrial automation hardware with a comprehensive software portfolio. Its Teamcenter PLM solution is a powerful direct competitor to Dassault’s ENOVIA, and its Siemens Xcelerator platform mirrors the integrated strategy of the 3DEXPERIENCE platform.30 The Digital Industries segment’s fiscal 2024 results showed a 26% comparable growth in software revenue, highlighting its competitive strength in this domain.31
  • Autodesk, Inc. (ADSK): A U.S.-based software giant, Autodesk is the dominant player in the Architecture, Engineering, and Construction (AEC) market with its iconic AutoCAD and Revit products. It also has a strong presence in the Media & Entertainment industry.32 While its core strengths are in different end-markets, its Fusion 360 platform represents a growing competitive threat in the mainstream manufacturing space. Like Dassault, Autodesk is aggressively pursuing a transition to a subscription and cloud-based business model.32
  • PTC Inc. (PTC): Another major U.S.-based competitor, PTC is a strong player in PLM with its Windchill product. The company has differentiated itself by pioneering the connection between PLM and emerging technologies like IoT (with its ThingWorx platform) and Augmented Reality (with Vuforia). PTC’s strategy is heavily focused on creating a “digital thread” that connects the engineering design process all the way through to the service and operation of a product in the field.35

Dassault’s Competitive Advantages (The Moat)

Dassault Systèmes’ market leadership is underpinned by several durable competitive advantages that form a wide economic moat:

  • Technological Leadership and Integrated Platform: The 3DEXPERIENCE platform is the company’s single most important competitive differentiator. While competitors are also pursuing platform strategies, Dassault’s is arguably the most mature, comprehensive, and deeply integrated, offering a unified data model and user experience across design, simulation, manufacturing, and lifecycle management.16
  • Deep Domain Expertise: With over four decades of experience working with the world’s most demanding engineering organizations in aerospace, automotive, and defense, the company has accumulated an unparalleled depth of knowledge regarding complex industrial workflows and customer requirements.1
  • High Switching Costs: As detailed in the previous section, the immense cost, complexity, and operational risk associated with switching PLM providers create a powerful lock-in effect for existing customers.
  • Control of Proprietary Data Formats: A critical and often underappreciated aspect of the company’s moat is its control over the native data formats for its software. For instance, products designed in CATIA are not easily or perfectly transferable to a competitor’s system without the risk of data loss, corruption, or translation errors. This “data gravity” creates a powerful incentive for customers to remain within the Dassault ecosystem, not only for the software’s advanced functionality but also to protect the integrity of their intellectual property, which may represent decades of accumulated design and engineering work. For a company like Boeing, which has used CATIA for generations of aircraft development, their digital asset library is inextricably linked to the Dassault platform, making a switch a near-insurmountable challenge.28 This transforms the 3DEXPERIENCE platform from a simple software tool into the secure, long-term custodian of a company’s most valuable IP.

Financial Performance & Analysis

Historical Revenue Growth

Dassault Systèmes has demonstrated a consistent and resilient track record of top-line growth. Over the five-year period from fiscal year 2020 to 2024, total revenue (non-IFRS) grew from €4.45 billion to €6.21 billion, representing a compound annual growth rate of approximately 8.7%.36 This growth has been driven by a combination of organic expansion and strategic acquisitions.

A breakdown of this growth reveals several key trends. The core Industrial Innovation and Mainstream Innovation segments have been reliable contributors to growth. The Life Sciences segment has exhibited more volatility, particularly following the large Medidata acquisition, as it faced tough comparisons post-COVID and worked through integration challenges.6 Geographically, the company’s revenue base is well-diversified. For FY24, the Americas contributed 39% of software revenue, Europe 38%, and Asia 22%.7 Recent performance has shown particular strength in the Americas and Asia, while growth in Europe has been tempered by weakness in the automotive sector.5

Profitability Trends

A hallmark of Dassault Systèmes’ financial profile is its high and stable profitability, which is characteristic of a top-tier software company with a strong competitive position. The company has consistently maintained non-IFRS operating margins above 30%. For the full fiscal year 2024, the non-IFRS operating margin was 31.9%.6 The company has guided for this margin to expand further to a range of 32.2% to 32.4% in fiscal year 2025.19 Gross margins are exceptionally high, consistently exceeding 80%, reflecting the low marginal cost of software replication and the high value placed on the company’s intellectual property.38

It is important to note the recent slight adjustments in margin guidance. Management revised its FY25 operating margin expansion target downward slightly, from a prior range of 70-100 basis points of expansion to 50-70 basis points. This adjustment was attributed to a strategic decision to gain additional flexibility for investments in its next-generation “Gen 7” platform, which is central to the new AI and 3D UNIV+RSES initiatives.23 This indicates a period of increased investment in research and development and go-to-market capabilities, which may temper margin expansion in the near term but is deemed necessary to fuel the next phase of long-term growth. This is a classic “invest for growth” strategy, connecting the company’s ambitious technological vision directly to its financial planning.

Cash Flow Generation

Dassault Systèmes is a prolific generator of cash flow, a direct result of its high-margin, recurring revenue business model. For the first half of 2025, cash flow from operations totaled €1.15 billion.39 On an annual basis, the company’s free cash flow has been consistently strong, reaching approximately €1.46 billion ($1.59 billion) in fiscal year 2024.38 This robust and predictable cash flow provides the company with significant financial flexibility to fund its capital allocation priorities, which include strategic acquisitions, debt repayment, and returns to shareholders, without needing to rely on external capital markets.

Balance Sheet Strength

The company maintains a strong and healthy balance sheet. As of June 30, 2025, Dassault Systèmes held a net financial position of €1.51 billion, composed of €4.08 billion in cash, cash equivalents, and short-term investments, against €2.58 billion in debt related to borrowings.39 This conservative capital structure is recognized by credit rating agencies. S&P Global Ratings has affirmed a long-term credit rating of ‘A’ with a stable outlook for the company, citing its robust business model, strong market position, and healthy financial metrics.16

Returns on Capital

Dassault Systèmes has demonstrated an ability to generate strong returns on shareholder capital. The company’s Return on Equity (ROE) has been consistently in the double digits. Over the past ten years, the average ROE was 12.21%, and the trailing-twelve-month ROE as of August 2025 was 13.29%.41 These figures indicate that management has been effective and efficient in deploying shareholder capital to generate profits.

The following table provides a five-year summary of key non-IFRS financial metrics, illustrating the company’s consistent performance trajectory.

Metric (€ millions, except per share data)FY 2020FY 2021FY 2022FY 2023FY 2024
Total Revenue4,4524,8605,6655,9516,214
Software Revenue4,0184,4525,1275,3605,613
% Recurring Revenue of Software80%80%81%80%80%
Operating Income1,4291,5501,8221,9261,980
Operating Margin (%)32.1%31.9%32.2%32.4%31.9%
Diluted EPS (€)0.770.911.131.181.28
Data compiled from company financial reports and press releases.6 Note: Historical data may be subject to restatements; figures are presented as reported in available sources.

Growth Opportunities & Strategic Initiatives

Cloud Migration & SaaS Transition

The transition to cloud-based delivery is a primary growth vector for Dassault Systèmes. The 3DEXPERIENCE platform on the cloud is the cornerstone of this strategy. It aims to achieve two main objectives: first, to increase adoption and consumption among the existing customer base by offering a more flexible and scalable deployment model; and second, to attract new customers, particularly within the SMB segment, who may lack the capital or IT infrastructure to support a traditional on-premise software installation.21 The market opportunity is substantial, with industry surveys indicating that 89% of business leaders view digital transformation as a strategic priority and 90% of best-in-class organizations are already utilizing cloud platforms.43 Monitoring the growth of the company’s cloud-related revenue will be a critical indicator of the success of this strategic initiative.

Expansion into New Verticals

To sustain long-term growth, Dassault Systèmes is actively pursuing a strategy of diversification beyond its traditional manufacturing base into new, high-potential industry verticals.

  • Life Sciences & Healthcare: This represents the company’s most significant and ambitious diversification effort. The strategic vision is to apply its core competencies in modeling and simulation to create a “virtual twin of the human body,” which can be used to accelerate drug discovery, optimize clinical trials, and enable personalized medicine.12 The acquisition of MEDIDATA provided a powerful entry point into the clinical trial space, while the BIOVIA brand addresses the research and laboratory environment.12 While the long-term potential is immense, the segment’s recent financial performance has been relatively flat, indicating that market penetration is proving to be a gradual process with significant challenges to overcome.19
  • Infrastructure & Cities: This initiative targets the application of virtual twin technology to large-scale projects in sectors such as energy, architecture, engineering, construction (AEC), and public services.5 While this market is characterized by long sales cycles and complex procurement processes, it represents a substantial long-term opportunity to digitalize the design, construction, and operation of the world’s infrastructure.

Product Innovation & R&D

Innovation remains at the core of Dassault Systèmes’ strategy, with a clear focus on integrating next-generation technologies into its platform.

  • Generative AI and “3D UNIV+RSES”: In early 2025, the company unveiled its new strategic vision centered on “3D UNIV+RSES,” which embeds generative AI at the core of its IP Lifecycle Management offerings.20 This initiative is positioned as the driver of the company’s next major growth cycle, aiming to create “virtual-plus-real” environments that bridge the gap between the digital and physical worlds.46 The company is actively developing generative design capabilities, which use AI algorithms to automatically generate and optimize 3D models based on a set of user-defined constraints (such as weight, strength, and cost), a technology that has the potential to dramatically accelerate product development timelines.48
  • A Defensible AI Strategy: The “3D UNIV+RSES” concept, while ambitious, is underpinned by a coherent and defensible strategy. The core idea is to leverage Dassault’s most unique asset: its vast, proprietary repository of 3D models and simulation data accumulated over four decades.24 This rich dataset provides a significant advantage for training industry-specific, “scientific, trustable” AI models.46 This approach is distinct from leveraging generic large language models; it aims to create specialized AI that understands the complex physics and engineering principles of its target industries. This could create a powerful new competitive moat, transforming the 3DEXPERIENCE platform from a passive system of record into an “intelligent innovation assistant” that actively participates in the creation process.24 The strategic partnership with French AI leader Mistral AI is a key component in executing this vision.50

Acquisition Strategy

Mergers and acquisitions have been and will continue to be an integral part of Dassault Systèmes’ growth strategy. The company has a long and successful track record in this area, having completed approximately 90 acquisitions since its founding.9 The M&A strategy is primarily focused on acquiring key technologies, domain expertise, and market access to accelerate the company’s expansion into new industries and technological domains.

Notable recent acquisitions include:

  • Medidata Solutions (2019, $5.8B): A transformative acquisition that established a major foothold in the Life Sciences clinical trial market.11
  • Centric Software (2018): Provided a tailored PLM solution for the consumer goods, retail, and fashion industries.9
  • IQMS (2018): Added manufacturing ERP capabilities for the SMB market.9
  • Contentserv (2025): The most recent acquisition, aimed at enhancing product content management capabilities.9

Management has clearly stated that targeted M&A will remain a key component of its capital allocation framework to support its long-term growth and EPS ambitions.47

Capital Allocation & Shareholder Returns

Management’s Stated Priorities

Dassault Systèmes’ management team has articulated a clear and disciplined capital allocation strategy. The primary uses of the company’s strong free cash flow are, in order of priority: (1) repayment of financial debt to maintain a strong balance sheet; (2) share repurchases, primarily to offset the dilutive effect of employee stock-based compensation programs; (3) payment of a regular dividend to shareholders; and (4) funding select, strategic acquisitions that align with the company’s mission and market expansion objectives.39

Long-Term Financial Ambition

At its Capital Markets Day in June 2025, management unveiled a new, ambitious long-term financial target: to double the company’s non-IFRS diluted earnings per share (EPS) by the year 2029.46 This goal serves as the primary financial compass for the company’s strategic planning. Achieving this target is predicated on the successful execution of three key pillars: a gradual acceleration in top-line revenue growth, the successful scaling and monetization of the new 3D UNIV+RSES platform, and the continuation of a disciplined and strategic capital allocation policy. This ambitious target signals a high degree of management confidence in the company’s long-term prospects, but it also establishes a high bar for future performance. To double EPS in approximately five years implies a CAGR in the range of 15%, which would require a combination of accelerating revenue growth, meaningful operating margin expansion, and accretive capital deployment through buybacks and M&A.

Dividend Policy

Dassault Systèmes has a consistent history of returning capital to shareholders through dividends. The company typically declares an annual dividend, with ex-dividend dates occurring in May of each year.52 While the dividend is an important component of total shareholder return, the company maintains a moderate payout ratio. This reflects a balanced approach that prioritizes reinvesting a significant portion of earnings back into the business to fund organic growth initiatives and strategic acquisitions.

Share Repurchase Programs

The company actively uses share repurchase programs as another lever for returning capital to shareholders. The primary stated purpose of these buybacks is to offset the share dilution that results from employee stock-based compensation plans.39 The Board of Directors has been granted authorization to cancel repurchased shares, which would have the effect of reducing the total share count and providing an incremental boost to EPS.53

Recent Developments & Challenges (2023-2025)

Macroeconomic Headwinds and Cyclical Exposure

In recent periods, management has acknowledged the impact of a challenging global macroeconomic environment on customer spending patterns. In its Q3 2024 results, the company specifically cited “continued scrutiny and contraction of the automotive market” in Europe and the US as a key reason for revising its full-year 2024 revenue growth guidance downward.37 This development clearly highlights the company’s inherent cyclical exposure to the capital expenditure budgets of its core manufacturing customer base.

Strategic Pivot to AI and “3D UNIV+RSES”

The most significant strategic development in the 2024-2025 period has been the company’s decisive pivot towards an AI-centric strategy. This was formally announced in February 2025 with the unveiling of the “3D UNIV+RSES” concept and further detailed at the June 2025 Capital Markets Day.45 This new vision, which aims to position Dassault Systèmes at the heart of a new “Generative Economy,” represents a fundamental evolution of the company’s value proposition. It will be the central strategic theme and the primary focus of investment and communication for the foreseeable future.

Performance in Life Sciences

The performance of the Life Sciences segment remains a key area of focus for investors. After a prolonged period of flat revenue growth following the Medidata acquisition, the business has shown recent signs of a gradual recovery. The company reported a sequential improvement in MEDIDATA revenue in Q3 2024, followed by a return to 1% growth in Q4 2024.6 While these are positive indicators, the recovery is still in its early stages. The successful execution of the broader strategy to expand PLM solutions across the entire pharmaceutical value chain, from research to manufacturing, will be critical for this segment to become a consistent, high-growth contributor.

Competitive Dynamics and Key Wins

The competitive environment remains highly intense. Siemens’ Digital Industries software business continues to post strong growth, and Autodesk is aggressively promoting its own platform strategy in manufacturing and AEC.31 In this context, Dassault’s ability to secure large, strategic, and competitive “displacement” wins is a critical indicator of its market position. The recent announcement of an expanded partnership with the Volkswagen Group, where the 3DEXPERIENCE platform was chosen to standardize processes across multiple brands, represents a major competitive victory and a powerful endorsement of the company’s integrated platform strategy.24

Valuation Analysis

Historical Valuation Multiples

Dassault Systèmes has historically commanded premium valuation multiples, reflecting its status as a high-quality, market-leading software company with a strong financial profile. An analysis of its historical valuation reveals this trend:

  • EV/EBITDA: Data from Finbox shows that the company’s enterprise value-to-EBITDA multiple averaged 39.7x for the fiscal years 2020 through 2024. This multiple saw significant expansion during the high-growth technology market of 2021, peaking at 57.7x, before contracting to 28.7x at the end of fiscal year 2024. The last-twelve-months (LTM) EV/EBITDA multiple stands at 24.5x.54
  • Price/Earnings (P/E): High P/E ratios are common across the engineering and design software sector. While specific historical P/E data for Dassault is limited in the provided materials, key competitors trade at elevated multiples. For example, Autodesk has a trailing P/E ratio of approximately 61x, and Siemens Ltd. (the Indian subsidiary) trades at a P/E of 43.7x, indicating that the market assigns high valuations to leaders in this space.55

Peer Valuation Benchmarking

To contextualize Dassault’s valuation, it is essential to compare it against its primary competitors. The following table provides a snapshot of key valuation and performance metrics.

MetricDassault SystèmesAutodeskSiemens AGPTC
Market Cap~$42.5B 57~$62.5B~$186B 58~$25.8B 59
EV/LTM Sales~5.4x~10.3x 55~2.7x 58~10.4x
EV/LTM EBITDA~24.5x 54~41.6x 55~15.7x 58~30.0x
LTM P/E~31.8x~60.8x 55~19.3x 58~50.2x
LTM Revenue Growth (%)~4.1% 60~12.0% 61~6.0% 58~10.0% 62
LTM EBITDA Margin (%)~31.1% 38~24.7%~17.0% 58~34.7%
ROE (%)~13.3% 41~42.4% 55~12.0%~20.0%
Note: Data as of latest available reports (mid-to-late 2025). Multiples are calculated based on available LTM data and may vary. Siemens AG figures represent the entire conglomerate, not just the Digital Industries segment, which impacts comparability.

Valuation Assessment

The peer comparison reveals several important points. Dassault Systèmes trades at a lower EV/Sales and P/E multiple than Autodesk and PTC, but at a significant premium to the industrial conglomerate Siemens AG. Its EV/EBITDA multiple is more moderate compared to Autodesk. This premium valuation relative to Siemens is justified by Dassault’s pure-play, high-margin software business model.

Overall, the company’s valuation appears to be supported by its superior and consistent profitability, its extensive recurring revenue base, and its dominant, defensible market position. However, the current multiples leave little room for error in execution. The market is pricing in a continuation of strong performance and successful execution of its long-term strategic initiatives. Any significant stumbles, particularly in achieving the growth targets for the Life Sciences segment or in commercializing the new AI-driven platform, could lead to a contraction in these valuation multiples. The central debate for investors is whether the long-term growth potential offered by these new initiatives is sufficient to justify the current premium and drive future value creation.

Risk Assessment

A comprehensive investment analysis requires a thorough evaluation of the potential risks to the business and its financial performance. For Dassault Systèmes, these risks can be categorized as follows:

Business & Competitive Risks

  • Intense Competition: The primary business risk stems from the highly competitive nature of the PLM and engineering software market. Dassault faces constant pressure from well-funded, technologically advanced global competitors, most notably Siemens Digital Industries Software and Autodesk. These competitors are pursuing similar platform-based, cloud-centric strategies, which could erode Dassault’s market share or lead to pricing pressure over time.16
  • Technology Disruption: The software industry is characterized by rapid and often disruptive technological change. The swift evolution of technologies like AI, cloud computing, and generative design could potentially allow new, more agile competitors to enter the market or enable existing rivals to develop leapfrog technologies that challenge Dassault’s established position.27

Execution Risks

  • Cloud Transition: While the transition to a cloud-based SaaS model is a strategic imperative, it is not without risk. A poorly managed transition could lead to customer disruption, revenue recognition challenges, and a failure to achieve the anticipated financial benefits.
  • New Market Expansion: The strategic push into new verticals like Life Sciences & Healthcare and Infrastructure & Cities presents significant execution challenges. These markets have long sales cycles, require deep and specialized domain expertise, and feature different competitive dynamics than traditional manufacturing. The relatively flat performance of the Life Sciences segment to date highlights the risk that market penetration could be slower, more difficult, and more costly than initially projected.16
  • M&A Integration: Dassault’s growth strategy relies in part on acquisitions. Integrating large and complex acquisitions, such as Medidata, carries significant risk. These risks include potential culture clashes, difficulties in integrating disparate technology platforms, and the failure to realize the projected cost and revenue synergies, which could lead to an impairment of the significant goodwill carried on the balance sheet.

Cyclical & Macroeconomic Exposure

  • Industrial Customer Base: A significant portion of Dassault’s revenue is derived from customers in cyclical industries, particularly automotive, aerospace, and industrial equipment. These industries’ capital expenditure and R&D budgets are sensitive to the broader global economic cycle. A significant economic downturn would likely lead to reduced customer spending on new software licenses and services, negatively impacting Dassault’s growth.16
  • Currency Exposure: As a global company with headquarters in the Eurozone and significant revenues and expenses in other currencies (most notably the U.S. Dollar), Dassault’s reported financial results are subject to the risk of adverse movements in foreign exchange rates.16

Operational and Security Risks

  • Cybersecurity and Data Protection: As a provider of cloud software and a custodian of its customers’ most sensitive intellectual property—their product designs and engineering data—Dassault Systèmes is a high-value target for sophisticated cyberattacks. A significant data breach could result in severe reputational damage, loss of customer trust, and substantial financial liabilities.63
  • Regulatory and Geopolitical Risks: Operating in numerous countries exposes the company to a complex and evolving web of regulations, including trade compliance, data privacy laws, and export controls. Geopolitical instability could also disrupt operations or impact customer demand in affected regions.64

Management Quality & Corporate Governance

Leadership Team Evaluation

The quality and vision of the leadership team are critical factors in Dassault Systèmes’ long-term success. The company benefits from a combination of long-standing strategic leadership and a planned transition to a new generation of executives.

  • Bernard Charlès (Executive Chairman): Having served as CEO from 1995 until the end of 2023, Bernard Charlès is widely regarded as the chief architect of the company’s modern strategy. He was the driving force behind the strategic pivot from a 3D design company to a comprehensive PLM provider and the visionary behind the creation of the 3DEXPERIENCE platform.15 His transition to Executive Chairman ensures strategic continuity and allows the company to continue benefiting from his deep industry knowledge and long-term perspective.
  • Pascal Daloz (Chief Executive Officer): Mr. Daloz assumed the role of CEO on January 1, 2024, representing a well-telegraphed leadership succession.66 He is a company veteran, having joined in 2001 and held numerous senior strategic and operational roles, including Chief Operating Officer. His background in strategy and finance positions him well to execute on the company’s next phase of growth, which is heavily focused on the AI-driven “Generative Economy”.66
  • Rouven Bergmann (Chief Financial Officer): As CFO, Mr. Bergmann is responsible for the company’s financial strategy and operations. His commentary in quarterly earnings releases and investor presentations demonstrates a commitment to clear and transparent communication with the financial community.19

Strategic Vision & Guidance Reliability

The management team has successfully articulated a clear, consistent, and ambitious long-term strategic vision for the company. The evolution from 3D design to PLM, to the 3DEXPERIENCE platform, and now to “3D UNIV+RSES” and the Generative Economy represents a logical and forward-looking progression. The company has a practice of providing detailed quarterly and full-year financial guidance, and its track record of meeting or exceeding these targets is a key factor in its credibility with investors.

Corporate Governance

Dassault Systèmes is a French Societas Europaea (SE), a public company registered in accordance with European Union corporate law. Its governance practices are outlined in its Universal Registration Document.4 A key aspect of its ownership structure is the significant influence of the founding Dassault family, who maintain a substantial ownership stake through the family holding company, Groupe Industriel Marcel Dassault. This concentrated ownership can be viewed as both a strength and a potential risk. It provides a high degree of stability and a long-term investment horizon, insulating management from short-term market pressures. However, it also concentrates voting control, which can reduce the influence of minority shareholders.

Concluding Assessment

Synthesis of Findings

Dassault Systèmes SE stands as a best-in-class enterprise software company, possessing a wide and durable economic moat in the structurally attractive Product Lifecycle Management market. The company’s financial profile is exceptionally strong, defined by a highly predictable recurring revenue stream, industry-leading profitability, and robust free cash flow generation. Its strategic positioning is sound, built upon the deeply integrated 3DEXPERIENCE platform, which creates powerful lock-in effects and provides a foundation for future growth. Management has demonstrated a clear vision and a consistent track record of execution.

Bull vs. Bear Case Summary

The investment thesis for Dassault Systèmes can be distilled into a clear bull and bear case:

  • The Bull Case: The bull case rests on the belief that Dassault Systèmes is uniquely positioned to capitalize on the next wave of industrial digitalization. Proponents would argue that the continued adoption of the 3DEXPERIENCE platform, particularly on the cloud, will drive sustained revenue growth and margin expansion. They would point to the vast, underpenetrated opportunities in Life Sciences & Healthcare and Infrastructure & Cities as powerful long-term growth engines. Furthermore, bulls would contend that the new strategic focus on generative AI and “3D UNIV+RSES” is a visionary move that could unlock a new S-curve of growth, transforming the company’s value proposition and enabling it to meet or exceed its ambitious goal of doubling EPS by 2029.
  • The Bear Case: The bear case centers on three primary concerns: valuation, cyclicality, and execution risk. Skeptics would argue that the company’s premium valuation already reflects a scenario of near-perfect execution, leaving little margin for safety in the event of a misstep. They would highlight the company’s exposure to a cyclical downturn in its core manufacturing markets, which could pressure growth in the near to medium term. Finally, bears would point to the significant execution risks associated with the complex and challenging expansion into the Life Sciences market, as evidenced by its recent muted performance, and the high degree of uncertainty surrounding the commercialization and adoption of the ambitious but abstract “3D UNIV+RSES” vision.

Final Objective Assessment

An investment in Dassault Systèmes is fundamentally a long-term commitment to the secular trend of the digitalization of the physical world. The company’s solutions are the digital bedrock upon which modern products—from aircraft and automobiles to medical devices and consumer goods—are designed, simulated, and manufactured. The key determination for a potential investor is twofold. First, one must assess management’s ability to successfully execute on its next-generation platform strategy, particularly in navigating the complexities of new markets and pioneering the industrial application of generative AI. Second, an investor must be comfortable underwriting a premium valuation for a best-in-class asset that faces identifiable cyclical headwinds and significant, albeit potentially rewarding, execution risks. The company’s future performance will ultimately depend on its ability to translate its compelling technological vision into sustained, profitable growth.

Works cited

  1. Dassault Systèmes (DSY) Investor Relations Material – Quartr, accessed August 26, 2025, https://quartr.com/companies/dassault-syst-mes-se_11642
  2. Investor Relations – Dassault Systèmes, accessed August 26, 2025, https://investor.3ds.com/
  3. Press Release Publication of the English version of the 2024 Universal Registration Document, accessed August 26, 2025, https://ml-eu.globenewswire.com/Resource/Download/996b4d5b-876f-41ab-be27-0e21460651a0
  4. Dassault Systèmes: Filing of the 2024 Universal Registration Document – Stock Titan, accessed August 26, 2025, https://www.stocktitan.net/news/DASTY/dassault-systemes-filing-of-the-2024-universal-registration-u4icik6zy2ed.html
  5. Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance – GlobeNewswire, accessed August 26, 2025, https://www.globenewswire.com/news-release/2025/04/24/3067064/0/en/Dassault-Syst%C3%A8mes-Solid-start-to-the-year-with-strong-subscription-growth-EPS-at-the-high-end-of-guidance.html
  6. Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint, accessed August 26, 2025, https://investor.3ds.com/news-releases/news-release-details/dassault-systemes-strong-q4-results-driven-new-business/
  7. Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint – GlobeNewswire, accessed August 26, 2025, https://www.globenewswire.com/news-release/2025/02/04/3019975/0/en/Dassault-Syst%C3%A8mes-Strong-Q4-results-driven-by-new-business-acceleration-and-expanded-3DEXPERIENCE-footprint.html
  8. Beatrix Martinez Appointed Vice President, Investor Relations, Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/newsroom/media-alerts/beatrix-martinez-appointed-vice-president-investor-relations-dassault-systemes
  9. Acquisitions | About – Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/about/company/acquisitions
  10. Dassault Systèmes to acquire Medidata Solutions for $5.8bn. – MergerLinks, accessed August 26, 2025, https://news.mergerlinks.com/daily-review/dassault-syst-mes-to-acquire-medidata-solutions-for-$-5-8bn
  11. Dassault Systemes – M&A Summary and Business Overview – Mergr, accessed August 26, 2025, https://mergr.com/company/dassault-systemes
  12. A new leader in life sciences | Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/insights/corporate-reports/new-leader-life-sciences
  13. Dassault Systèmes SE (DASTY) Q2 2025 Earnings Call Transcript | Seeking Alpha, accessed August 26, 2025, https://seekingalpha.com/article/4804021-dassault-systemes-se-dasty-q2-2025-earnings-call-transcript
  14. Life Sciences and Healthcare Solutions | Dassault Systèmes®, accessed August 26, 2025, https://www.3ds.com/industries/life-sciences-healthcare/life-sciences-and-healthcare-solutions
  15. DSY Investor Relations – Dassault Systemes SE – Alpha Spread, accessed August 26, 2025, https://www.alphaspread.com/security/par/dsy/investor-relations
  16. Dassault Systemes SE Affirmed At ‘A’ On Large Lev | S&P Global Ratings, accessed August 26, 2025, https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3284534
  17. Dassault Systèmes SE (DASTY) Q2 2025 Earnings Call Transcript Summary – Moomoo, accessed August 26, 2025, https://www.moomoo.com/news/post/55893905/dassault-syste-mes-se-dasty-q2-2025-earnings-call-transcript
  18. Highlights – Investor Relations – Dassault Systèmes, accessed August 26, 2025, https://investor.3ds.com/highlights-q2-2025/
  19. Dassault Systèmes: Q2 well aligned with objectives; – GlobeNewswire, accessed August 26, 2025, https://www.globenewswire.com/news-release/2025/07/24/3120737/0/en/Dassault-Syst%C3%A8mes-Q2-well-aligned-with-objectives-Reaffirming-2025-growth-outlook-Advancing-AI-for-software-defined-industries.html
  20. Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint, accessed August 26, 2025, https://www.3ds.com/newsroom/press-releases/dassault-systemes-strong-q4-results-driven-new-business-acceleration-and-expanded-3dexperience-footprint
  21. CAD and PLM Software Market Size & Share | Growth [2032], accessed August 26, 2025, https://www.fortunebusinessinsights.com/cad-and-plm-software-market-107132
  22. Product Life Cycle Management (PLM) Software Market, accessed August 26, 2025, https://www.globenewswire.com/de/news-release/2025/08/22/3137754/0/en/Product-Life-Cycle-Management-PLM-Software-Market-Assessment-2025-2030-SMEs-Propel-PLM-Market-Growth-Embrace-SaaS-Solutions-at-9-CAGR.html
  23. Press Release Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance, accessed August 26, 2025, https://investor.3ds.com/static-files/4f45d1da-1359-402f-bfed-4585ae63f475
  24. New Position in the Global Leaders Strategy: Dassault Systèmes – Cerno Capital – Investment Management, accessed August 26, 2025, https://cernocapital.com/new-position-in-the-global-leaders-strategy-dassault-systemes
  25. Computer Aided Design (CAD) and PLM Software Market Size and Forecast 2032, accessed August 26, 2025, https://www.credenceresearch.com/report/computer-aided-design-cad-and-plm-software-market
  26. Cad And Plm Software Market Size, Growth, Share, & Analysis Report – 2033, accessed August 26, 2025, https://datahorizzonresearch.com/cad-and-plm-software-market-46795
  27. CAD and PLM Software Market Size, Share & Growth Report 2032 – SNS Insider, accessed August 26, 2025, https://www.snsinsider.com/reports/cad-and-plm-software-market-2737
  28. Top 10 PLM and Engineering Software Vendors, Market Size and Forecast 2024-2029, accessed August 26, 2025, https://www.appsruntheworld.com/top-10-product-lifecycle-management-engineering-software-vendors-and-market-forecast/
  29. Dassault Systèmes Competitors | Comparably, accessed August 26, 2025, https://www.comparably.com/companies/dassault-syst-mes/competitors
  30. Siemens-Limited-Annual-Report-2024.pdf – Digital Asset Management, accessed August 26, 2025, https://assets.new.siemens.com/siemens/assets/api/uuid:b00f75f6-a8c8-484a-97b8-6fbb7e7b8d1f/Siemens-Limited-Annual-Report-2024.pdf
  31. Annual Financial Report 2024 – Digital Asset Management – Siemens, accessed August 26, 2025, https://assets.new.siemens.com/siemens/assets/api/uuid:ae46683e-14dd-4455-a882-09d4184457c7/Annual-Financial-Report-FY2024.pdf
  32. Autodesk (ADSK) Investor Relations Material – Quartr, accessed August 26, 2025, https://quartr.com/companies/autodesk-inc_4541
  33. About Us | Autodesk Company Info, Mission, and Values, accessed August 26, 2025, https://www.autodesk.com/company
  34. ADSK Investor Relations – Autodesk Inc – Alpha Spread, accessed August 26, 2025, https://www.alphaspread.com/security/nasdaq/adsk/investor-relations
  35. PTC Inc. – Investor Relations, accessed August 26, 2025, https://investor.ptc.com/investor-overview/default.aspx
  36. Revenue For Dassault Systemes (0HB4) – Finbox, accessed August 26, 2025, https://finbox.com/LSE:0HB4/explorer/total_rev/
  37. Dassault Systèmes: Third quarter results in-line – Anticipating top line acceleration in 4Q – Confirming full year EPS objective, accessed August 26, 2025, https://investor.3ds.com/news-releases/news-release-details/dassault-systemes-third-quarter-results-line-anticipating-top/
  38. Dassault Systemes SA (DASTY) – Free Cash Flow per Share (Annual) – AlphaQuery, accessed August 26, 2025, https://www.alphaquery.com/stock/DASTY/fundamentals/annual/free-cash-flow-per-share
  39. Financing Information – Dassault Systèmes – Investor Relations, accessed August 26, 2025, https://investor.3ds.com/financing-information/
  40. Dassault Systemes SA Free Cash Flow 2010-2025 | DASTY – Macrotrends, accessed August 26, 2025, https://www.macrotrends.net/stocks/charts/DASTY/dassault-systemes-sa/free-cash-flow
  41. Dassault Systèmes SE – ROE – Wisesheets, accessed August 26, 2025, https://www.wisesheets.io/roe/DASTF
  42. Dassault Systemes SE, accessed August 26, 2025, https://investor.3ds.com/static-files/ad170eee-3877-41a1-bd00-25ae313a2996
  43. Cloud | Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/cloud
  44. Life Sciences & Healthcare | Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/industries/life-sciences-healthcare
  45. Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services, accessed August 26, 2025, https://www.3ds.com/newsroom/press-releases/dassault-systemes-reveals-3d-universes-and-related-ai-based-services
  46. Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities, accessed August 26, 2025, https://investor.3ds.com/news-releases/news-release-details/dassault-systemes-doubling-eps-2029-3d-univrses-creating-new/
  47. Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities – Stock Titan, accessed August 26, 2025, https://www.stocktitan.net/news/DASTY/dassault-systemes-doubling-eps-by-2029-3d-univ-rses-creating-new-8pyc7syli77m.html
  48. Innovative Generative Design Software | Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/store/cad/generative-design
  49. AI-Driven Generative Experiences – CATIA – Dassault Systemes, accessed August 26, 2025, https://www.3ds.com/products/catia/ai-driven-generative-experiences
  50. Dassault Systèmes – Wikipedia, accessed August 26, 2025, https://en.wikipedia.org/wiki/Dassault_Syst%C3%A8mes
  51. Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities, accessed August 26, 2025, https://ml-eu.globenewswire.com/Resource/Download/6541fcd8-21cb-4084-9b08-af5579a7877c
  52. DASTY – Dassault Systemes SE ADR Dividends – Morningstar, accessed August 26, 2025, https://www.morningstar.com/stocks/pinx/dasty/dividends
  53. Investor Relations – Dassault Systemes, accessed August 26, 2025, https://investor.3ds.com/static-files/9cdffcc6-cd4c-43e7-9242-3ee3ad06118a
  54. EV / EBITDA For Dassault Systemes (DSYP) – Finbox, accessed August 26, 2025, https://finbox.com/BATS-CHIXE:DSYP/explorer/ev_to_ebitda_ltm/
  55. Autodesk (BMV:ADSK) Statistics & Valuation Metrics – Stock Analysis, accessed August 26, 2025, https://stockanalysis.com/quote/bmv/ADSK/statistics/
  56. SIEMENS P/E – Siemens Ltd – Alpha Spread, accessed August 26, 2025, https://www.alphaspread.com/security/nse/siemens/relative-valuation/ratio/price-to-earnings
  57. Dassault Systèmes: filing of the English version of the 2024 Universal Registration Document – Stock Titan, accessed August 26, 2025, https://www.stocktitan.net/news/DASTY/dassault-systemes-filing-of-the-english-version-of-the-2024-lfv9gpmjv6x0.html
  58. Siemens – Public Comps and Valuation Multiples, accessed August 26, 2025, https://multiples.vc/public-comps/siemens-valuation-multiples
  59. PTC (Nasdaq:PTC) – Stock Analysis – Simply Wall St, accessed August 26, 2025, https://simplywall.st/stocks/us/software/nasdaq-ptc/ptc
  60. Dassault Systèmes SE (DASTY) Revenue – Stock Analysis, accessed August 26, 2025, https://stockanalysis.com/quote/otc/DASTY/revenue/
  61. AUTODESK, INC. ANNOUNCES FISCAL 2025 FOURTH QUARTER AND FULL-YEAR RESULTS, accessed August 26, 2025, https://investors.autodesk.com/news-releases/news-release-details/autodesk-inc-announces-fiscal-2025-fourth-quarter-and-full-year
  62. PTC ANNOUNCES FOURTH FISCAL QUARTER AND FULL FISCAL YEAR 2024 RESULTS, accessed August 26, 2025, https://investor.ptc.com/resources/news/news-details/2024/PTC-ANNOUNCES-FOURTH-FISCAL-QUARTER-AND-FULL-FISCAL-YEAR-2024-RESULTS/default.aspx
  63. Dassault Systemes Security Rating, Vendor Risk Report, and Data Breaches – UpGuard, accessed August 26, 2025, https://www.upguard.com/security-report/dassault-systemes
  64. Health, Safety, Security & Environmental Risk – Dassault Systemes, accessed August 26, 2025, https://www.3ds.com/industries/infrastructure-energy-materials/health-safety-security-environmental-risk
  65. Capital Risk & Opportunities | Infrastructure, Energy & Materials – Dassault Systèmes®, accessed August 26, 2025, https://www.3ds.com/industries/infrastructure-energy-materials/capital-risk-opportunities
  66. Sustainability Experts | Dassault Systèmes, accessed August 26, 2025, https://www.3ds.com/sustainability/circular-economy/circularity-action/sustainability-experts