diff --git a/rewrite-maven/src/main/java/org/openrewrite/maven/UpgradeDependencyVersion.java b/rewrite-maven/src/main/java/org/openrewrite/maven/UpgradeDependencyVersion.java
index 94e9523f0d5..000830b1239 100644
--- a/rewrite-maven/src/main/java/org/openrewrite/maven/UpgradeDependencyVersion.java
+++ b/rewrite-maven/src/main/java/org/openrewrite/maven/UpgradeDependencyVersion.java
@@ -299,12 +299,27 @@ private Xml.Tag upgradeDependency(ExecutionContext ctx, Xml.Tag t) throws MavenD
                             ResolvedManagedDependency dm = findManagedDependency(t);
                             // if a managed dependency is expressed as a property, change the property value
                             if (dm != null &&
-                                dm.getRequested().getVersion() != null &&
-                                dm.getRequested().getVersion().startsWith("${") &&
-                                !implicitlyDefinedVersionProperties.contains(dm.getRequested().getVersion())) {
-                                doAfterVisit(new ChangePropertyValue(dm.getRequested().getVersion().substring(2,
-                                        dm.getRequested().getVersion().length() - 1),
-                                        newerVersion, overrideManagedVersion, false).getVisitor());
+                                    dm.getRequested().getVersion() != null &&
+                                    dm.getRequested().getVersion().startsWith("${") &&
+                                    !implicitlyDefinedVersionProperties.contains(dm.getRequested().getVersion())) {
+                                Parent parent = getResolutionResult().getPom().getRequested().getParent();
+                                ManagedDependency requestedBom = dm.getRequestedBom();
+
+                                // change property only if the dependency is managed by the parent
+                                if (parent != null && requestedBom != null && requestedBom.getGroupId().equals(parent.getGroupId()) &&
+                                        requestedBom.getArtifactId().equals(parent.getArtifactId()) &&
+                                        Objects.equals(requestedBom.getVersion(), parent.getVersion())) {
+                                    doAfterVisit(new ChangePropertyValue(dm.getRequested().getVersion().substring(2,
+                                            dm.getRequested().getVersion().length() - 1),
+                                            newerVersion, overrideManagedVersion, false).getVisitor());
+                                } else {
+                                    // add a new explicit version tag
+                                    Xml.Tag versionTag = Xml.Tag.build("<version>" + newerVersion + "</version>");
+
+                                    //noinspection ConstantConditions
+                                    t = (Xml.Tag) new AddToTagVisitor<>(t, versionTag, new MavenTagInsertionComparator(t.getChildren()))
+                                            .visitNonNull(t, 0, getCursor().getParent());
+                                }
                             } else {
                                 // if the version is not present and the override managed version is set,
                                 // add a new explicit version tag
diff --git a/rewrite-maven/src/test/java/org/openrewrite/maven/UpgradeDependencyVersionTest.java b/rewrite-maven/src/test/java/org/openrewrite/maven/UpgradeDependencyVersionTest.java
index 63b2e70bc43..4f362f2cc9e 100644
--- a/rewrite-maven/src/test/java/org/openrewrite/maven/UpgradeDependencyVersionTest.java
+++ b/rewrite-maven/src/test/java/org/openrewrite/maven/UpgradeDependencyVersionTest.java
@@ -854,6 +854,64 @@ void upgradeVersionDefinedViaPropertyInLocalParent() {
         );
     }
 
+    @Test
+    void upgradeVersionDefinedViaImplicitPropertyInDependencyManagementBom() {
+        rewriteRun(
+          spec -> spec.recipe(new UpgradeDependencyVersion("org.flywaydb", "flyway-core", "10.15.0", "", true, null)),
+          pomXml(
+            """
+              <project>
+                  <groupId>com.mycompany</groupId>
+                  <artifactId>my-child</artifactId>
+                  <version>1</version>
+                  <dependencies>
+                      <dependency>
+                          <groupId>org.flywaydb</groupId>
+                          <artifactId>flyway-core</artifactId>
+                      </dependency>
+                  </dependencies>
+                  <dependencyManagement>
+                      <dependencies>
+                          <dependency>
+                              <groupId>org.springframework.boot</groupId>
+                              <artifactId>spring-boot-dependencies</artifactId>
+                              <version>3.3.0</version>
+                              <type>pom</type>
+                              <scope>import</scope>
+                          </dependency>
+                      </dependencies>
+                  </dependencyManagement>
+              </project>
+              """,
+            """
+              <project>
+                  <groupId>com.mycompany</groupId>
+                  <artifactId>my-child</artifactId>
+                  <version>1</version>
+                  <dependencies>
+                      <dependency>
+                          <groupId>org.flywaydb</groupId>
+                          <artifactId>flyway-core</artifactId>
+                          <version>10.15.0</version>
+                      </dependency>
+                  </dependencies>
+                  <dependencyManagement>
+                      <dependencies>
+                          <dependency>
+                              <groupId>org.springframework.boot</groupId>
+                              <artifactId>spring-boot-dependencies</artifactId>
+                              <version>3.3.0</version>
+                              <type>pom</type>
+                              <scope>import</scope>
+                          </dependency>
+                      </dependencies>
+                  </dependencyManagement>
+              </project>
+              """
+          )
+        );
+    }
+
     @Issue("https://github.com/openrewrite/rewrite/issues/4193")
     @Test
     void upgradeVersionDefinedViaImplicitPropertyInRemoteParent() {