ATOSS Software (AOF) AI Stock Analysis

• Market Cap: €1.31B
• Dividend Yield: 1.88%
• Average Volume (3M): 25.29K
• Price to Earnings (P/E): 27.1
• Beta (1Y): 0.87
• Revenue Growth: 10.61%
• EPS Growth: 12.46%
• Country: DE
• Employees: 805
• Sector: General
• Sector Strength: N/A
• Industry: Software - Application
• EPS (TTM): 0.90
• Shares Outstanding: 15,906,272
• 10 Day Avg. Volume: 18,314
• 30 Day Avg. Volume: 25,288
• PEG Ratio: 1.47
• Price to Book (P/B): 22.68
• Price to Sales (P/S): 10.65
• P/FCF Ratio: 31.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €142.40
• Price Target Upside: 66.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: €99.00 ▲(15.79% Upside)
• Action: Downgraded Date: 02/04/26
• Date: Action: Downgraded 02/04/26

Overall score reflects strong financial performance (profitability, growth, low leverage, and solid cash generation) offset by weak technical momentum (price below major moving averages, negative MACD, and oversold readings). Valuation is moderate-to-expensive (P/E ~32) with some support from a ~2.18% dividend yield.

Positive Factors

Recurring subscription revenue

A subscription-based licensing model provides durable revenue visibility and client retention benefits. Recurring contracts support predictable cash flows, easier multi-year planning, and higher customer lifetime value, strengthening resilience through economic cycles.

Sustained top-line growth

Consistent multi-year revenue expansion demonstrates successful market penetration and product-market fit. This scale gains operating leverage opportunities, supports continued R&D and sales investment, and underpins durable competitive positioning in workforce management software.

High margins and strong cash conversion

Robust profitability and solid OCF-to-net-income conversion indicate efficient operations and strong cash generation. High margins provide buffer for reinvestment, dividend capacity and resilience versus competitors, supporting sustained returns and funding organic growth.

Negative Factors

Rising liabilities

An increase in liabilities, even against low leverage, can pressure liquidity and reduce financial flexibility if growth of obligations outpaces cash generation. Over several quarters this could necessitate higher borrowing or slower investment if unchecked.

Revenue mix includes professional services

Significant professional services revenue can be lumpy and lower-margin versus subscription fees. Dependence on services makes revenue less predictable, increases sales-to-revenue cycle complexity, and can slow margin expansion as services scale with contract wins.

EPS growth lags revenue growth

Slower EPS growth relative to revenue suggests not all top-line gains translate to shareholder earnings, possibly due to reinvestment, higher operating costs, or amortization. Persisting divergence could limit earnings per share leverage from growth.

ATOSS Software Business Overview & Revenue Model

Company Description

ATOSS Software AG, together with its subsidiaries, develops and sells workforce management software in Germany, Austria, Switzerland, and internationally. The company's solutions include Crewmeister; ATOSS Time Control, a software solution for time and attendance management, and workforce scheduling for small to medium-sized customers, as well as large decentralized organizations; and ATOSS Staff Efficiency Suite is multi-client for large-scale companies and international corporations for comprehensive time and attendance management, resource planning, and demand planning. In addition, the company offers software implementation and training services; and sells software licenses. It serves customers in the manufacturing and production, healthcare and social services, retail and chain stores, hospitality, logistics and transportation, and service industries. ATOSS Software AG was founded in 1987 and is headquartered in Munich, Germany.

How the Company Makes Money

ATOSS Software generates revenue primarily through the sale of software licenses and subscription services for its workforce management solutions. The company employs a recurring revenue model, where clients pay for software licenses on a subscription basis, ensuring a steady income stream. Additional revenue comes from professional services, including consulting, implementation, and training, which help clients effectively integrate and utilize the software. ATOSS also benefits from strategic partnerships with technology providers and industry associations, enhancing its market reach and driving sales through co-marketing efforts and bundled offerings.

ATOSS Software Financial Statement Overview

Summary

Strong fundamentals: high profitability (recent net margin ~26.64%), solid revenue growth (2019 €71.39M to 2024 €170.63M), low leverage (debt-to-equity ~0.08), and healthy operating/free cash flow generation. Main watch item is rising liabilities, though overall balance sheet strength remains high.

Income Statement

ATOSS Software has demonstrated impressive revenue growth over the years, with a notable increase from €71.39M in 2019 to €170.63M in 2024. Gross and net profit margins are strong, with a recent net profit margin of 26.64%, indicating high profitability. The EBIT and EBITDA margins are also robust, showing efficient operational management.

Balance Sheet

The company's balance sheet is strong with a low debt-to-equity ratio of 0.08, indicating minimal leverage. The equity ratio of 55.93% showcases a solid equity base. Return on Equity (ROE) is high, reflecting effective utilization of equity to generate profits, although the growth in liabilities should be monitored.

Cash Flow

ATOSS Software exhibits healthy cash flow generation with consistent growth in operating and free cash flows. The operating cash flow to net income ratio is strong, demonstrating effective conversion of profits into cash. Free cash flow growth is positive, supporting future investments and dividends.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	178.91M	170.63M	151.20M	113.92M	97.07M	86.05M
Gross Profit	138.83M	131.62M	116.58M	82.71M	70.85M	62.27M
EBITDA	66.12M	64.72M	52.80M	31.68M	28.42M	27.03M
Net Income	45.92M	45.45M	35.77M	19.38M	19.34M	17.71M
Balance Sheet
Total Assets	126.58M	143.16M	114.40M	90.34M	81.45M	67.95M
Cash, Cash Equivalents and Short-Term Investments	89.98M	111.08M	81.74M	50.56M	44.21M	34.49M
Total Debt	7.45M	6.59M	8.42M	10.25M	10.65M	10.22M
Total Liabilities	58.77M	63.19M	52.64M	42.75M	42.01M	35.64M
Stockholders Equity	67.92M	80.08M	61.87M	47.70M	39.55M	32.38M
Cash Flow
Free Cash Flow	44.09M	58.55M	50.78M	25.25M	25.23M	22.65M
Operating Cash Flow	44.85M	59.47M	52.65M	26.27M	26.28M	23.20M
Investing Cash Flow	-756.55K	-10.93M	10.07M	-2.68M	-13.43M	-4.58M
Financing Cash Flow	-37.30M	-30.11M	-25.50M	-17.38M	-15.81M	-12.74M

ATOSS Software Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 85.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AOF, the sentiment is Negative. The current price of 85.5 is below the 20-day moving average (MA) of 89.59, below the 50-day MA of 102.80, and below the 200-day MA of 114.96, indicating a bearish trend. The MACD of -6.13 indicates Positive momentum. The RSI at 30.60 is Neutral, neither overbought nor oversold. The STOCH value of 6.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:AOF.

ATOSS Software Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AOF	69 Neutral	€1.31B	27.11	74.27%	1.88%	10.61%	12.46%
MUM	69 Neutral	€644.67M	21.30	34.89%	4.15%	-33.50%	-6.00%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
CSH	52 Neutral	€55.23M	-11.91	-11.64%	0.56%	3.58%	-253.00%