ATOSS Software combines a localized European compliance moat, recurring cloud growth, debt-free finances, and a probability-weighted five-year value of EUR 158.13.
Overview
ATOSS Software SE provides specialized workforce-management software that automates scheduling, demand forecasting, time control, and compliance for enterprises, SMEs, and small businesses. Its three product families serve organizations ranging from large international groups to agile smaller employers, with approximately 15,900 cloud customers managing more than four million employees across over 50 countries. **The core investment case is a localized regulatory moat:** ATOSS embeds European labor laws, collective agreements, and works-council rules into scheduling workflows, producing high switching costs and cloud gross retention above 96%. Approximately 94% of revenue comes from DACH, but international expansion offers a long runway. Q1 2026 revenue rose 11% to EUR 51.44 million, EBIT increased 17% to EUR 18.16 million, and EPS of EUR 0.80 beat consensus by 11.11%. Recurring revenue reached 71% of sales, while cloud ARR grew 27% to EUR 109.80 million. Management maintained EUR 215 million FY2026 revenue guidance and raised minimum EBIT-margin guidance to 34%. At EUR 71.50, the stock trades below an average analyst target of EUR 124.00 and offers a probability-weighted five-year target of EUR 158.13, although the 2026/2027 CEO transition and DACH concentration remain important risks.