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German maker of software for architecture, engineering, construction and media/entertainment (BIM software).
German maker of software for architecture, engineering, construction and media/entertainment (BIM software).
Is moving from perpetual licences plus annual maintenance to subscriptions, so revenue recognised over time rises as customers convert. Brands such as Allplan, Vectorworks, Graphisoft and Bluebeam run as independent units under the group. Founder Georg Nemetschek's family foundations hold a large stake.
Moat: narrow (switching costs, installed base, brand). Design/BIM software gets deeply embedded in firm workflows, creating high switching costs.
Headquarters: Munich, Germany · Founded: 1963 · Employees: 4,061
Size Nemetschek (NEM.DE) is a Germany Information Technology company (Packaged Software) with a market value of $8.39B, the 54th largest of 205 Germany companies the cockpit tracks. Shares closed at €64.75 on 6 Nov 2026.
Performance Over six months the shares gained 10.2%, against +14.9% for the median peer and +2.6% for the Germany market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +21.1%); the operating margin is 25.7% (peer median 2.9%).
Valuation It trades at 29.9× forward earnings against a peer median of 42.2× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.7 points above its cost of capital (7.4% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.26B | €1.19B | €996M | €852M | €802M |
| Revenue growth | — | +20% | +17% | +6% | — |
| Gross profit | €655M | €588M | €482M | €399M | €374M |
| EBITDA | €399M | €373M | €298M | €258M | €254M |
| Net income | €246M | €217M | €175M | €161M | €162M |
| Free cash flow | €348M | €368M | €277M | €237M | €192M |
| Capital expenditure | €15.0M | €13.7M | €13.7M | €12.7M | €19.0M |
| Total debt | €550M | €405M | €570M | €76.3M | €149M |
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 |
|---|---|---|---|---|---|---|
| Nemetschek NEM.DE | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% |
| Autodesk ADSK | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% |
| Trimble TRMB | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% |
| Bentley Systems BSY | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% |
| Procore Technologies PCOR | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% |
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 | NEM.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -4.0% | 10th highest of 21 |
| 6-month return | +10.2% | +14.9% | 11th highest of 21 |
| Distance from 52-week high | -33.1% | -23.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +12.8% | +21.1% | 7th lowest of 21 |
| Operating margin | 25.7% | 2.9% | 5th highest of 21 |
| Forward P/E | 29.9× | 42.2× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 18.8% | 6th least demanding of 18 |
| Growth delivered (Del g) | +14.8% | +23.1% | 6th lowest of 18 |
| Hurdle (Req g minus delivered) | -3.7 pp | -10.4 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +10.7 pp | -7.4 pp | 4th highest of 17 |
| EV / EBITDA | 19.2× | 22.3× | 5th cheapest of 10 |
| Net debt / EBITDA | 0.4× | -0.4× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nemetschek NEM.DE | Germany | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% | +14.8% |
| Snap SNAP | United States | $8.39B | -18% | +13% | -5% | 32.3× | 2.7% | +18.8% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 66.7× | 25.9% | +25.3% |
| CSG Digital Power Grid Research Institute 301638.SZ | China | $8.52B | -37% | +18% | 10% | n/a | 18.0% | +8.2% |
| DigitalOcean DOCN | United States | $8.55B | -56% | +28% | 12% | 44.7× | 41.6% | +23.1% |
| 360 Security Technology 601360.SS | China | $8.63B | -26% | +7% | -4% | 172.6× | 55.2% | -5.7% |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| Netskope NTSK | United States | $8.70B | +83% | +30% | -94% | n/a | n/a | n/a |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% | +44.4% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 55.6× | 20.7% | +27.1% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| Paylocity PCTY | United States | $9.03B | +56% | +11% | 22% | 19.0× | 2.3% | +22.8% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 17.0× | -6.9% | +6.5% |
| Elastic ESTC | United States | $9.12B | +65% | +16% | -1% | 24.4× | 13.0% | +23.4% |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 357.4× | n/a | n/a |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 39.6× | 34.1% | +49.9% |