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Mensch und Maschine Software SE
(XETRA:MUM)
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Rating:66Neutral
Price Target:
€37.00
▲(5.11% Upside)
Action:Downgraded
Date:07/24/26
The score is driven primarily by solid underlying financial quality (strong free cash flow and improving leverage) but is capped by a meaningful TTM drop in operating profitability. Technical signals are also weak (negative MACD and trading below key moving averages), while valuation is a positive support due to the combination of a moderate P/E and a very high dividend yield.
Positive Factors
Free Cash Flow Strength
Very strong free cash flow and sharp FCF growth provide durable internal funding for dividends, share repurchases, debt reduction, or product investment. FCF near net income (≈0.89x) supports earnings quality and cushions the business versus cyclical revenue swings.
Negative Factors
Operating Margin Deterioration
Material compression in operating margins erodes the company’s ability to convert revenue into sustainable operating profits. If structural cost pressures or mix shifts persist, reduced operating leverage could curtail reinvestment, dividends, or resilience to demand shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Very strong free cash flow and sharp FCF growth provide durable internal funding for dividends, share repurchases, debt reduction, or product investment. FCF near net income (≈0.89x) supports earnings quality and cushions the business versus cyclical revenue swings.
Read all positive factors
Mensch und Maschine Software SE (MUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€626.16M
Dividend Yield10.75%
Average Volume (3M)13.41K
Price to Earnings (P/E)18.9
Beta (1Y)0.52
Revenue Growth-8.23%
EPS Growth10.46%
CountryDE
Employees1,192
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.97
Shares Outstanding17,149,052
10 Day Avg. Volume15,791
30 Day Avg. Volume13,412
Financial Highlights & Ratios
PEG Ratio3.85
Price to Book (P/B)9.52
Price to Sales (P/S)3.14
P/FCF Ratio53.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.15
Revenue Forecast (FY)€258.52M
Mensch und Maschine Software SE Business Overview & Revenue Model
Company Description
Mensch und Maschine Software SE, established in Starnberg, Germany, in 1984, provides sophisticated computer-aided design, manufacturing, and engineering (CAD/CAM/CAE), product data management, and building information modeling/management solution...
How the Company Makes Money
MuM generates revenue mainly through a combination of (1) Autodesk-related software business and (2) proprietary software and services.
1) Autodesk-related business (reselling/distribution + services)
- Software subscriptions and licensing: MuM e...
Mensch und Maschine Software SE Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 248.47M | 238.59M | 325.84M | 322.31M | 320.48M | 266.16M |
| Gross Profit | 59.88M | 60.20M | 174.59M | 168.53M | 161.14M | 138.42M |
| EBITDA | 62.81M | 50.23M | 56.29M | 55.35M | 51.80M | 43.72M |
| Net Income | 32.48M | 31.81M | 30.49M | 28.87M | 26.01M | 21.30M |
Balance Sheet | ||||||
| Total Assets | 197.89M | 201.16M | 211.89M | 187.20M | 187.45M | 160.79M |
| Cash, Cash Equivalents and Short-Term Investments | 16.13M | 15.76M | 43.00M | 24.87M | 24.37M | 20.00M |
| Total Debt | 57.45M | 49.41M | 19.13M | 19.20M | 37.86M | 23.41M |
| Total Liabilities | 121.64M | 116.41M | 106.98M | 87.44M | 101.69M | 67.99M |
| Stockholders Equity | 70.26M | 78.67M | 98.46M | 92.85M | 78.69M | 86.33M |
Cash Flow | ||||||
| Free Cash Flow | 25.53M | 14.04M | 52.02M | 44.16M | 33.35M | 31.60M |
| Operating Cash Flow | 26.92M | 16.26M | 62.32M | 50.59M | 39.05M | 36.91M |
| Investing Cash Flow | -10.80M | -11.05M | -10.93M | -7.21M | -6.12M | -8.26M |
| Financing Cash Flow | -27.24M | -31.93M | -33.54M | -42.97M | -28.41M | -25.02M |
Mensch und Maschine Software SE Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €146.85M | 13.91 | 27.13% | 3.75% | 3.67% | 18.47% | |
73 Outperform | €594.94M | 13.41 | 26.73% | ― | 15.81% | 63.97% | |
70 Outperform | €6.70B | 27.25 | 25.76% | 1.19% | 12.75% | 30.85% | |
69 Neutral | €940.23M | 7.22 | 68.55% | ― | 5.39% | 3.05% | |
66 Neutral | €626.16M | 18.88 | 40.19% | 11.36% | -8.23% | 10.46% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
43 Neutral | €749.03M | -18.21 | -53.99% | ― | 2.02% | -814.09% |
* Technology Sector Average
DE:MUM
Mensch und Maschine Software SE
36.35
-11.89
-24.65%
DE:NEM
Nemetschek
56.65
-78.60
-58.11%
DE:PSAN
PSI AG fuer Produkte und Systeme der Informationstechnologie
45.30
18.30
67.78%
DE:SHF
SNP Schneider Neureither & Partner AG (Schneider Neureither & Partner AG)
81.40
8.40
11.51%
DE:TMV
TeamViewer AG
6.40
-2.80
-30.49%
DE:FAA
Fabasoft AG
13.75
-2.05
-12.99%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.