Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Bechtle AG is a leading European IT service provider and Germany's largest IT system house, specializing in comprehensive information technology solutions. Founded in 1983 and headquartered in Neckarsulm, Germany, it combines IT services with the direct sale of hardware, software, and peripherals, while also managing and maintaining IT infrastructure for clients in industry, trade, finance, and the public sector. The company operates through two main segments: IT System House & Managed Services, which delivers strategy consulting, system integration, project implementation, training, data centers, networking, security, and AI solutions; and IT E-Commerce, offering over 70,000 products via online shops, catalogues, and telesales under brands like ARP, Bechtle direct, and Comsoft direct. With more than 16,000 employees across 120 locations in 14 European countries and partnerships worldwide, Bechtle employs an integrated decentralization model for local agility and global strength. It emphasizes sustainability through its Strategy 2030, focusing on ethical practices, environment, people, and digital innovation, serving over 70,000 customers with vendor-neutral, future-ready IT architectures.
Operating margin is thin at 5.22%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 1.6%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 64% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (FY)
€6.41B
▲ +1.6% YoY
Net Income (FY)
€228M
▼ -6.7% YoY
Op. Margin
5.22%
▼ -0.3pp YoY
ROIC
9.37%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (FY)
€169M
▼ -64.1% YoY
Op. Cash Flow (FY)
€169M
▼ -64.1% YoY
Net Debt
-€217M
Net Cash Position
Cash & Equiv.
€467M
3Y CAGR: +2.0%
3Y CAGR: +69.0%
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