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Global digital-engineering and IT-services company building custom software, spun off from Allgeier and headquartered in Germany.
Global digital-engineering and IT-services company building custom software, spun off from Allgeier and headquartered in Germany.
Bills clients for engineers' time, usually by the hour or day and sometimes at a fixed project price, so growth comes from adding engineers and keeping them busy. Much of the work is delivered by teams in lower-cost countries such as India and Eastern Europe. Founder-led, with Manas Fuloria as chief executive.
In one line: A German/global Thoughtworks or EPAM for custom software engineering.
Moat: none (scale, installed base). Global delivery scale and engineering talent pool, but IT services is a competitive, people-based business with low switching costs.
Headquarters: Munich, Germany · Founded: 1996 · Employees: 18,003
Size Nagarro (NA9.DE) is a Germany Information Technology company (Information Technology Services) with a market value of $1.12B, the 136th largest of 205 Germany companies the cockpit tracks. Shares closed at €77.50 on 6 Nov 2026.
Performance Over six months the shares gained 78.2%, against -7.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +4.5%); the operating margin is 8.3% (peer median 0.4%).
Valuation It trades at 16.9× forward earnings against a peer median of 26.0× (5th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (7.2% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.00B | €999M | €972M | €912M | €856M |
| Revenue growth | — | +3% | +7% | +7% | — |
| Gross profit | €162M | €163M | €153M | €140M | €163M |
| EBITDA | €119M | €133M | €128M | €115M | €138M |
| Net income | €49.7M | €39.5M | €49.2M | €49.2M | €77.4M |
| Free cash flow | €84.3M | €80.0M | €65.1M | €60.2M | €70.0M |
| Capital expenditure | €6.75M | €7.76M | €7.37M | €6.88M | €4.14M |
| Total debt | €378M | €382M | €384M | €323M | €272M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nagarro NA9.DE | $1.12B | +78% | +1% | 8% | 16.9× | 3.8% |
| EPAM Systems EPAM | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% |
| Globant GLOB | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NA9.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | +0.7% | 11th highest of 21 |
| 6-month return | +78.2% | -7.2% | 5th highest of 21 |
| Distance from 52-week high | -3.9% | -40.8% | highest of 21 |
| Revenue growth (TTM) | +1.3% | +4.5% | 9th lowest of 21 |
| Operating margin | 8.3% | 0.4% | 7th highest of 21 |
| Forward P/E | 16.9× | 26.0× | 5th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 16.6% | 4th least demanding of 15 |
| Growth delivered (Del g) | +18.4% | +8.8% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -14.6 pp | +5.9 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +6.6 pp | -5.2 pp | 6th highest of 20 |
| EV / EBITDA | 10.5× | 21.5× | 3rd cheapest of 8 |
| Net debt / EBITDA | 2.1× | -1.7× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nagarro NA9.DE | Germany | $1.12B | +78% | +1% | 8% | 16.9× | 3.8% | +18.4% |
| DTS 9682.T | Japan | $1.14B | +14% | 0% | 12% | 15.5× | -9.1% | +8.4% |
| Northsand,Inc 446A.T | Japan | $1.11B | +99% | +60% | 21% | 26.0× | 2.3% | n/a |
| E2E Networks E2E.NS | India | $1.06B | +49% | +252% | 28% | 60.1× | n/a | n/a |
| Wonders Information 300168.SZ | China | $1.05B | -16% | +3% | -17% | 487.0× | 51.6% | -7.6% |
| Grid Dynamics GDYN | United States | $1.05B | +88% | +7% | 4% | 21.8× | 27.8% | +29.9% |
| Shanghai Fengyuzhu Culture Technology 603466.SS | China | $1.21B | +40% | -23% | -4% | 74.3× | n/a | n/a |
| China Reform Health Management & Services 000503.SZ | China | $1.03B | -11% | +6% | -45% | n/a | n/a | n/a |
| Taiji Computer 002368.SZ | China | $1.24B | -23% | -37% | -27% | n/a | 4.1% | -1.8% |
| Systena 2317.T | Japan | $1.02B | +4% | +6% | 16% | 14.5× | -10.9% | +9.2% |
| Zhejiang Whyis Technology 301218.SZ | China | $1.27B | +147% | +23% | -15% | n/a | n/a | n/a |
| ZW Soft 688083.SS | China | $1.27B | -12% | +2% | -15% | 95.2× | 30.3% | +14.5% |
| Shenzhen Das Intellitech 002421.SZ | China | $996M | +5% | -17% | -17% | n/a | 14.8% | -8.8% |
| Rapid7 RPD | United States | $989M | +113% | 0% | 2% | 7.7× | 21.4% | +15.9% |
| Shanghai Ganglian E-Commerce 300226.SZ | China | $979M | -21% | +1% | 0% | 19.9× | 6.1% | +3.9% |
| Bittium BITTI.HE | Finland | $1.31B | -3% | +48% | 22% | 42.4× | 18.4% | +8.8% |
| Strait Innovation Internet 300300.SZ | China | $964M | -23% | -8% | -66% | n/a | n/a | n/a |
| Nanjing Sciyon Wisdom Technology 002380.SZ | China | $957M | -22% | +7% | 12% | 16.2× | 11.3% | +17.4% |
| 4DMedical 4DX.AX | Australia | $952M | -33% | +21% | -814% | n/a | n/a | n/a |
| Insigma Technology 600797.SS | China | $943M | -28% | -13% | 0% | n/a | 20.0% | -2.9% |
| Both Engineering Technology 601133.SS | China | $1.34B | -26% | +14% | 5% | 35.7× | 24.3% | +16.2% |