Bechtle AG BECTY

Information TechnologySoftware & IT ServicesGermany

Last close 7.60 USD on Nov 1, 2026, −32.4% year to date

Quant rating

Quant rating C Rank 97 of 200 in Information Technology

Growth C 94 of 200
Valuation C 128 of 200
Quality B 58 of 200
Revisions C 105 of 200
Momentum C 118 of 200

Wall Street consensus Buy (1.94)Average target 47.78 USD +528.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.7B
Enterprise value: 5.4B
52-week range: 6.00 – 11.25
3-year range: 6.00 – 11.25
Dividend yield: 2.10%
Beta (5 years): 0.66
Shares outstanding: 126M
Next earnings: Nov 13, 2026

About the company

Bechtle AG is a Germany-based information technology (IT) provider and system integrator. It designs IT architectures from IT infrastructure to digitalization, multi-cloud, modern workplace and security. The Company operates through two segments: IT System House and Managed Services and IT E-Commerce. The IT System House and Managed Services segment cover a sale of hardware and software solutions, IT strategy consulting, IT infrastructure consulting, modern workplace, application solutions, project planning and implementation, system integration, maintenance and training to the provision of cloud and managed services, IT security services and artificial intelligence. It also specializes in business applications. The IT E-Commerce segment is primarily focused on the retail business, including the online shop and telesales trading activities. It offers hardware and standard software, with a product portfolio that comprises around 35,000 products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,524	6,528	7,088	6,451	6,031	–
Revenue growth	15.2%	−7.9%	9.9%	7.0%	−2.2%	4.1%
EPS (basic, normalized)	2.11	2.12	2.30	2.12	2.10	–
EPS growth	−0.7%	−7.7%	8.2%	0.9%	–	–
Gross margin	18.6%	18.1%	17.5%	17.5%	17.3%	17.8%
Net margin	3.6%	3.9%	4.1%	4.2%	4.4%	4.0%
ROE	11.6%	13.4%	16.2%	17.4%	18.4%	15.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	614
Current ratio	1.86x
Long-term debt (mil)	1,157
Net debt (mil)	656
Total equity (mil)	2,366
Net debt / equity	0.28x
Net debt / EBITDA	1.15x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,524	+15.2%	0.7x	572	+14.4%	9.4x	2.11	−0.7%	3.6x
2026	7,772	+3.3%	0.7x	582	+1.7%	9.2x	2.22	+5.2%	3.4x
2027	8,238	+6.0%	0.7x	629	+8.0%	8.5x	2.42	+9.0%	3.1x
2028	8,752	+6.2%	0.6x	675	+7.4%	7.9x	2.67	+10.6%	2.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,772	+0.1%	+3.3%	+3.9%	2.22	−0.5%	+2.4%	+2.2%
2027	8,238	+0.1%	+3.4%	+4.0%	2.42	−0.7%	+2.7%	+2.4%
2028	8,752	+0.1%	+4.0%	+4.4%	2.67	−0.5%	+4.2%	+3.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,503	1,475	1,511	1,816	1,461	1,487	1,588	1,869	1,572	1,732
Sales mean (mil)	1,580	1,742	1,488	1,814	1,460	1,491	1,559	1,876	1,545	1,661
Surprise	−4.8%	−15.4%	+1.6%	+0.1%	+0.1%	−0.3%	+1.9%	−0.3%	+1.7%	+4.3%
EPS reported	0.46	0.48	0.44	0.57	0.31	0.38	0.45	0.68	0.36	0.46
EPS mean	0.47	0.49	0.48	0.58	0.34	0.34	0.47	0.70	0.34	0.42
Surprise	−2.7%	−2.9%	−8.9%	−1.3%	−8.5%	+10.6%	−4.3%	−2.2%	+5.3%	+9.9%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BECTY Bechtle AG	4.7B	1.15x	3.6%	2.04x	3.4x	3.1x	9.2x	8.5x
KBR KBR Inc	4.9B	2.32x	5.8%	2.98x	9.6x	9.6x	7.1x	7.1x
FIGR Figure Technology Solutions, Inc.	4.8B	−2.14x	12.2%	3.42x	19.9x	14.4x	8.4x	6.3x
GDS GDS Holdings Limited	4.6B	6.61x	7.8%	0.93x	34.2x	−301.2x	11.1x	10.8x
WK Workiva Inc.	4.5B	−0.34x	−3.0%	−46.59x	24.8x	20.7x	23.2x	18.4x
ATOGY AUTO1 Group SE	4.5B	4.66x	1.0%	5.27x	15.1x	9.5x	18.9x	13.5x
Mean		2.04x	4.6%	−5.33x	17.8x	−40.7x	13.0x	10.8x
Median		1.73x	4.7%	2.51x	17.5x	9.6x	10.2x	9.7x

Technical analysis

1M−7.0%
3M+3.4%
1Y−12.9%
3Y−15.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bechtle AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,524	6,528	7,088	6,451	6,031	6,168
Cost of revenue	6,124	5,350	5,850	5,324	4,985	5,122
Gross profit	1,399	1,179	1,238	1,127	1,046	1,046
Selling, general & administrative expenses	957	785	792	712	643	666
Research & development	–	–	–	–	–	–
Depreciation/amortization	99.9	78.9	76.6	69.3	69.6	68.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.8	5.2	6.8	3.6	0.9	6.1
Other operating expenses	−59.1	−54.3	−59.5	−38.4	−38.1	−31.9
Operating income	394	364	422	380	370	338
Net interest income (expense)	−13.0	−6.5	−8.6	−5.3	−5.9	−7.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	381	357	413	375	364	331
Provision for taxes	113	104	120	106	101	95.5
Minority interest	1.0	0.7	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	269	254	293	269	263	235
Extraordinary items	–	–	–	–	–	–
Net income	269	254	293	269	263	235
EBIT, normalized	402	369	429	384	371	344
EBITDA, normalized	589	514	571	504	488	464
Basic EPS, normalized	2.11	2.12	2.30	2.12	2.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bechtle AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	549	756	610	387	550	667
Receivables	2,139	1,580	1,523	1,458	1,176	1,074
Total inventory	448	391	485	650	584	368
Prepaid expenses	–	–	–	0	0	0
Other current assets	23.4	4.3	3.4	2.0	4.7	0.9
Total current assets	3,159	2,731	2,622	2,496	2,314	2,111
Property, plant & equipment	637	504	488	391	390	400
Goodwill	1,156	887	808	593	534	548
Intangibles	226	158	130	107	112	138
Long-term investments	–	0	35.9	–	–	–
Note receivable	70.7	62.3	74.5	71.8	65.8	68.3
Other long-term assets	125	24.4	39.3	30.7	17.0	17.4
Total assets	5,373	4,366	4,197	3,690	3,433	3,282
Liabilities
Accounts payable	1,126	856	694	748	697	520
Payable/accrued	–	–	–	–	–	–
Accrued expenses	135	93.0	98.3	246	207	218
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	165	252	81.2	174	88.9	72.2
Other current liabilities	608	464	534	377	334	320
Total current liabilities	2,033	1,665	1,408	1,546	1,327	1,130
Long-term debt	684	589	729	386	467	610
Minority interest	3.2	3.8	–	–	–	–
Other liabilities	246	130	137	112	101	123
Total liabilities	2,966	2,387	2,274	2,044	1,895	1,863
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	148	130	139	135	143	51.3
Additional paid-in capital	82.2	71.4	73.8	43.1	45.7	152
Retained earnings (accumulated deficit)	2,177	1,777	1,710	1,468	1,349	1,216
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	2,407	1,979	1,923	1,646	1,538	1,419
Total liabilities & shareholders' equity	5,373	4,366	4,197	3,690	3,433	3,282

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bechtle AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	381	357	413	375	364	331
Depreciation, depletion & amortization	187	145	140	120	117	120
Deferred taxes	–	–	–	–	–	–
Non-cash items	19.2	6.1	−0.6	15.0	19.1	42.1
Changes in working capital	−247	69.2	−45.9	−385	−177	−105
Cash from operations	340	578	507	125	323	388
Investing activities
Capital expenditures	−142	−91.8	−112	−87.4	−66.2	−80.6
Other investing cash flows	−153	−122	−200	−153	17.4	−98.3
Cash from investing	−295	−214	−312	−240	−48.8	−179
Financing activities
Financing cash flow items	−27.8	−21.5	−16.5	−5.9	−7.6	−8.7
Cash dividends paid	−104	−91.3	−90.4	−74.2	−64.5	−61.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−222	−38.3	138	−27.2	−132	−25.9
Cash from financing	−354	−151	31.2	−107	−204	−96.1
Foreign exchange effects	−2.4	1.5	1.6	6.1	7.3	−1.6
Net change in cash	−310	215	228	−216	78.0	111
Free cash flow	198	486	395	37.4	257	307

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.