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1. Company Snapshot

1.a. Company Description

Nemetschek SE provides software solutions for architecture, engineering, construction, media, and entertainment markets in Germany, rest of Europe, the Americas, the Asia Pacific, and internationally.It operates through four segments: Design, Build, Manage, and Media & Entertainment.The Design segment offers software solutions primarily under the Allplan, Graphisoft, Solibri, Precast, Vectorworks, SCIA, dRofus, Data Design System, Frilo, and RISA brands for architects, designers, engineers, structural engineers, specialist planners, and landscape designers, as well as developers and general contractors.


This segment provides building information modeling (BIM) solutions for computer aided design and computer aided engineering in 2D and 3D building design and imaging.The Build segment offers integrated complete 5D BIM solutions primarily under the Bluebeam brand that support bidding and awarding, invoicing, budgeting, scheduling, and cost calculation; and commercial enterprise resource planning solutions.This segment serves construction companies, developers, building supplies, and general contractors, as well as planning offices, architects, and civil engineers.


The Manage segment provides commercial property management services under the Crem brand; and modular and integrated software solutions for property, facility, and workplace management under the Spacewell brand for facility and property managers, banks, and insurance and property companies; and intelligent smart building platform.The Media & Entertainment segment offers software solutions under the Maxon name for rendering 3D modeling, animation, and visual effects that are used in film, television, advertising, and video game productions, as well as in medicine, product design, and infographics.The company was founded in 1963 and is headquartered in Munich, Germany.

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1.b. Last Insights on NEM

Nemetschek SE faces challenges despite strong financial prospects. The company's recent earnings call highlighted robust revenue, EBITDA, and EPS growth, driven by its successful subscription model transition. However, short-term concerns arise from uneven AI adoption in the AEC sector, with only 27% of firms currently using AI. Additionally, the company's valuation appears stretched, with a projected fair value of €115. With no recent share buyback announcements, investors focus on the company's ability to sustain growth momentum. (Source: Nemetschek SE Q3 2025 Earnings Call Highlights)

1.c. Company Highlights

2. Nemetschek Group's Strong Q3 2025 Earnings Report

The Nemetschek Group has reported a strong third quarter with accumulated revenue growing by 22.9% on a reported basis and 25% on an FX-adjusted basis to EUR 866 million. The recurring part of the business was the main growth driver, with revenues increasing by 61.3% to EUR 614.7 million. The reported EBITDA increased by 28.4% to EUR 264.3 million, with a corresponding EBITDA margin of 30.5%. The earnings per share (EPS) came in at EUR 0.48, below analyst estimates of EUR 0.57.

Publication Date: Nov -10

📋 Highlights
  • Recurring Revenue Surge:: Recurring revenue jumped 61.3% to €614.7M, driven by subscription transitions and SaaS growth of 46.4% (FX-adjusted).
  • Build Segment Outperformance:: The Build segment grew 47.2% with a 35.7% EBITDA margin, fueled by Bluebeam’s traction and international expansion.
  • Design Segment Momentum:: Design revenue rose 13.1% to €389.3M, with strong subscription transition progress and a 27.5% EBITDA margin.
  • AI and M&A Acceleration:: Acquired Firmus AI and Manufacton, with Bluebeam Max and Unbound integrating AI-powered tools to boost productivity and growth.
  • Strong Balance Sheet:: Equity ratio at 44.1% and net debt/EBITDA below 1x provide flexibility for M&A and investments, supporting 2025 guidance (20-22% revenue growth, ~31% EBITDA margin).

Segment Performance

The Design segment grew by 13.1% to EUR 389.3 million, with a reported EBITDA margin of 27.5%. The Build segment delivered a stellar performance, with reported growth of 47.2% and an EBITDA margin of 35.7%. The Manage segment recorded a modest growth in the first half, but saw a clear reacceleration of growth momentum in the third quarter, with a plus of 7.3%. The Media segment continued to be impacted by mixed market dynamics, with revenue increasing only moderately by 1.3% to EUR 89.8 million.

AI Investments and Strategic Roadmap

The company is accelerating its AI roadmap through targeted M&A and venture investments, having acquired Firmus AI and Manufacton, and investing in highly innovative start-ups. As Yves Padrines mentioned, "We are deeply convinced that AI represents a tremendous opportunity for us as a vertical software company." The company has introduced several AI features across its segments, including the AI visualizer and Nemetschek AI assistant in the Design segment, and Bluebeam Max in the Build segment.

Valuation and Outlook

With a P/E Ratio of 57.31 and an EV/EBITDA of 32.1, the market is pricing in high growth expectations. The company's ROE is 22.17%, indicating strong profitability. The Net Debt / EBITDA ratio is below 1x, indicating a healthy balance sheet. The company expects to continue its strong path with attractive growth and high profitability, despite the high comparison base and ongoing subscription and SaaS transition. Analysts estimate next year's revenue growth at 13.6%.

Growth Drivers

The Build segment is expected to continue its strong growth, driven by Bluebeam's traction and the design segment's recovery. The company is seeing strong adoption of AI features, particularly in design and planning. Bluebeam Max is expected to have a significant impact on growth over time, but not necessarily next year. The company's focus on operational excellence and prioritization of high-return-on-investment projects is expected to drive attractive margins and increased leverage.

3. NewsRoom

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Prosegur Cash And 2 European Stocks That Could Be Trading Below Their Estimated Value

Nov -24

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Nemetschek's (ETR:NEM) Solid Earnings Have Been Accounted For Conservatively

Nov -12

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Nemetschek SE (NEMKY) Q3 2025 Earnings Call Highlights: Strong Revenue and EPS Growth Amid ...

Nov -06

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New Bluebeam Report Shows Early AI Adopters in AEC Seeing Significant ROI Despite Uneven Adoption

Oct -28

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AI in Construction Market Global Forecast Report 2025-2032, Profiles of Autodesk, Procore Technologies, Trimble, Oracle, Bentley Systems, Hexagon, Nemetschek, IBM, Microsoft, SAP

Oct -13

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Bluebeam Unveils Bluebeam Max, Next-Generation AI-Powered Innovations at Unbound 2025

Oct -01

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Bluebeam Expands Procore Partnership for Construction Collaboration with Two Powerful Integrations

Sep -23

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.84%)

6. Segments

Design

Expected Growth: 12%

Nemetschek SE's 12% growth driven by increasing adoption of Building Information Modelling (BIM) and digitalization in the Architecture, Engineering, and Construction (AEC) industry. Strong demand for design software, particularly in the infrastructure and industrial sectors, fuels growth. Strategic acquisitions and expansion into new markets also contribute to the company's rapid expansion.

Build

Expected Growth: 13%

Nemetschek SE's 13% growth driven by increasing adoption of Building Information Modelling (BIM) and digitalization in the Architecture, Engineering, and Construction (AEC) industry. Strong demand for sustainable and energy-efficient buildings, government initiatives, and strategic acquisitions also contribute to growth.

Media

Expected Growth: 14%

Nemetschek SE's Media segment growth is driven by increasing demand for digitalization in the AEC industry, adoption of Building Information Modelling (BIM) and Virtual Design and Construction (VDC) technologies, and rising need for data-driven decision making. Additionally, the company's strategic acquisitions and investments in emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML) are contributing to its growth.

Manage

Expected Growth: 16%

Nemetschek SE's 16% growth is driven by increasing adoption of its building information modeling (BIM) software, expansion into new markets, and strategic acquisitions. The company's focus on digitalization, sustainability, and infrastructure development also contributes to its growth. Additionally, Nemetschek's strong brand portfolio, including Graphisoft, Vectorworks, and Allplan, enables it to capitalize on the growing demand for construction and architecture software.

7. Detailed Products

Allplan

Allplan is a Building Information Modeling (BIM) software that supports architects, engineers, and contractors in designing, constructing, and managing buildings and infrastructure projects.

Graphisoft ArchiCAD

ArchiCAD is a BIM software that enables architects to create, collaborate, and deliver building designs and projects.

Bluebeam Revu

Bluebeam Revu is a project management and collaboration software that enables architects, engineers, and contractors to markup, collaborate, and manage project documents and data.

Solibri

Solibri is a model checking and quality assurance software that enables architects, engineers, and contractors to validate and assure the quality of BIM models and data.

NEVARIS

NEVARIS is a construction management software that enables contractors and construction companies to manage and control construction projects, including scheduling, cost management, and quality control.

Crem Solutions

Crem Solutions is a software that enables facility managers and property owners to manage and maintain buildings and facilities, including maintenance scheduling, energy management, and space management.

SCIA Engineer

SCIA Engineer is a structural analysis and design software that enables engineers to analyze, design, and optimize structures, including bridges, buildings, and industrial facilities.

RISA

RISA is a structural analysis and design software that enables engineers to analyze, design, and optimize structures, including buildings, bridges, and industrial facilities.

8. Nemetschek SE's Porter Forces

Forces Ranking

Threat Of Substitutes

Nemetschek SE operates in the software industry, where substitutes are available, but they are not a significant threat to the company's business. The company's products are specialized and have a strong market presence, making it difficult for substitutes to gain traction.

Bargaining Power Of Customers

Nemetschek SE's customers are primarily architects, engineers, and construction companies. While they have some bargaining power, it is limited due to the company's strong brand reputation and the specialized nature of its products.

Bargaining Power Of Suppliers

Nemetschek SE's suppliers are primarily technology and service providers. The company has a strong negotiating position due to its size and market presence, which limits the bargaining power of its suppliers.

Threat Of New Entrants

The software industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise. These barriers make it difficult for new entrants to challenge Nemetschek SE's market position.

Intensity Of Rivalry

The software industry is highly competitive, with several established players competing for market share. Nemetschek SE faces intense competition from companies such as Autodesk, Trimble, and Bentley Systems, which can lead to pricing pressure and increased marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.06%
Debt Cost 5.36%
Equity Weight 96.94%
Equity Cost 8.30%
WACC 8.21%
Leverage 3.16%

11. Quality Control: Nemetschek SE passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fortnox

A-Score: 5.3/10

Value: 0.0

Growth: 9.6

Quality: 8.9

Yield: 0.0

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Sage

A-Score: 5.2/10

Value: 0.9

Growth: 5.3

Quality: 7.1

Yield: 3.1

Momentum: 6.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Sportradar

A-Score: 4.8/10

Value: 1.3

Growth: 8.0

Quality: 6.8

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Nemetschek

A-Score: 4.6/10

Value: 0.2

Growth: 7.3

Quality: 7.9

Yield: 0.6

Momentum: 6.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
SoftwareONE

A-Score: 3.2/10

Value: 6.0

Growth: 1.2

Quality: 4.5

Yield: 5.6

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Monday

A-Score: 2.8/10

Value: 2.2

Growth: 9.1

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

93.15$

Current Price

93.15$

Potential

-0.00%

Expected Cash-Flows