A Business at a Glance
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BENTLEY SYSTEMS INC
BSY
$10.3B
Mkt Cap
$31.40
+4.25%
BENTLEY SYSTEMS INC (BSY) has a current P/E ratio of 36.9, compared to its historical median P/E of 64.3. The stock is currently considered Cheap based on its historical valuation range.
BENTLEY SYSTEMS INC (BSY) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
BENTLEY SYSTEMS INC (BSY) has a market capitalization of $10.1B. It is classified as a large-cap stock.
Yes, BENTLEY SYSTEMS INC (BSY) pays a dividend with a trailing twelve-month yield of 0.84%. The company also returns capital through share buybacks, with a buyback yield of 1.34%.
Based on historical P/E analysis, BENTLEY SYSTEMS INC (BSY) appears cheap. The current P/E of 36.9 is 43% below its historical median of 64.3. The estimated fair value CAGR (P/E method) is 13.6%.
BENTLEY SYSTEMS INC (BSY) operates in the Services-Prepackaged Software industry, within the Technology sector.
BENTLEY SYSTEMS INC (BSY) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bentley Systems is an infrastructure engineering software company serving enterprises and professionals across the complete infrastructure lifecycle, from design and construction through operation and maintenance of assets. The company operates across four primary sectors: Public Works/Utilities (59% of sector-attributable ARR), Resources including mining and oil and gas (27%), Industrial including manufacturing and power generation (9%), and Commercial/Facilities (5%). Bentley's business model centers on subscription-based software delivered through its portfolio of open modeling applications (MicroStation, OpenBridge, OpenBuildings, OpenFlows), cloud-connected infrastructure solutions via Bentley Infrastructure Cloud, and asset analytics capabilities powered by its Cesium and iTwin Platform for digital twins and AI integration. The company generates revenue primarily through subscription licenses (92% of total revenues) with smaller contributions from perpetual licenses and professional services, serving engineering firms, utilities, government agencies, and asset owners globally. Bentley's competitive differentiation rests on its comprehensive, integrated portfolio spanning multiple engineering disciplines, open file format support enabling data portability, and increasingly AI-powered and cloud-native capabilities that support both project delivery collaboration and long-term asset performance optimization.
【Infrastructure investment momentum sustained】 Management expects continued robust global infrastructure investment to drive growth through 2026, with particular strength anticipated in public works, utilities, mining, and data center-related projects. The company is positioned to benefit from a structural shift in engineering services business models away from hourly billing toward value-based and outcome-based pricing, which is expected to increase software and cloud services consumption per engineer as firms adopt AI-powered automation and analytics. Bentley plans to expand its addressable market further into critical resources and asset operations, with Asset Analytics and new AI-powered applications contributing incremental revenue streams beyond traditional subscription growth. The company remains focused on disciplined capital allocation, having completed deleveraging and now prioritizing programmatic acquisitions to scale its platform capabilities.
| Metric | Target | Period |
|---|---|---|
| Total revenues (constant currency growth) | 11%-13% | FY2026 |
| Total revenues (reported) | $1.685 billion-$1.715 billion | FY2026 |
| Subscription revenues (constant currency growth) | 11%-13% | FY2026 |
| Service revenues (constant currency growth) | 15%-20% | FY2026 |
| ARR growth (constant currency) | 10.5%-12.5% | FY2026 |
| Adjusted operating income less operating stock-based compensation | $495 million-$510 million | FY2026 |
| Free cash flow | $500 million-$570 million | FY2026 |
Total revenues (constant currency growth) (FY2026): “For 2026, we expect our total revenues constant currency growth to be in the range of 11%-13%.”
Total revenues (reported) (FY2026): “At current exchange rates, this translates to total revenues in the range of $1.685 billion-$1.715 billion.”
Subscription revenues (constant currency growth) (FY2026): “Our mainstay subscription revenues, which comprise 92% of our business, are expected to grow between 11% and 13% in constant currency.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.5B | 1.4B | 1.2B | 1.1B | 965M |
| Net Income | 282M | 278M | 235M | 327M | 175M | 93M |
| EPS | $0.86 | $0.85 | $0.72 | $1.00 | $0.55 | $0.30 |
| Free Cash Flow | 492M | 520M | 421M | 392M | 256M | 270M |
| ROIC | 13.2% | 9.2% | 7.6% | 9.9% | 8.5% | 9.3% |
| Gross Margin | 81.6% | 59.8% | 60.3% | 78.3% | 78.4% | 77.6% |
| Debt/Equity | 0.91 | 1.08 | 1.37 | 1.78 | 3.18 | 3.64 |
| Dividends/Share | $0.26 | $0.28 | $0.24 | $0.20 | $0.12 | $0.12 |
| Operating Income | 374M | 363M | 302M | 231M | 209M | 95M |
| Operating Margin | 24.0% | 24.1% | 22.3% | 18.8% | 19.0% | 9.8% |
| ROE | 23.0% | 24.9% | 24.4% | 44.9% | 35.6% | 24.8% |
| Shares Outstanding | 322M | 327M | 326M | 327M | 318M | 311M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 692M | 737M | 802M | 965M | 1.1B | 1.2B | 1.4B | 1.5B | 1.6B |
| Gross Margin | 60.1% | 61.2% | 79.1% | 77.6% | 78.4% | 78.3% | 60.3% | 59.8% | 81.6% |
| R&D | 175M | 184M | 186M | 221M | 258M | 275M | 281M | 308M | 318M |
| SG&A | 89M | 97M | 113M | 150M | 175M | 181M | 210M | 217M | 229M |
| EBIT | 121M | 142M | 150M | 95M | 209M | 231M | 302M | 363M | 374M |
| Op. Margin | 17.5% | 19.3% | 18.7% | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% | 24.0% |
| Net Income | 142M | 103M | 126M | 93M | 175M | 327M | 235M | 278M | 282M |
| Net Margin | 20.5% | 14.0% | 15.8% | 9.7% | 15.9% | 26.6% | 17.3% | 18.5% | 18.1% |
| Non-Recurring | 6.8M | 584K | 10M | 0 | 0 | 2.4M | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | 34.0% | 18.7% | 9.3% | 8.5% | 9.9% | 7.6% | 9.2% | 13.2% |
| ROE | N/A | 42.8% | 37.4% | 24.8% | 35.6% | 44.9% | 24.4% | 24.9% | 23.0% |
| ROA | N/A | 20.4% | 11.9% | 4.9% | 6.0% | 10.1% | 7.0% | 8.0% | 8.0% |
| Cash Flow | |||||||||
| Op. Cash Flow | 161M | 171M | 258M | 288M | 274M | 417M | 435M | 538M | 512M |
| Free Cash Flow | 143M | 154M | 242M | 270M | 256M | 392M | 421M | 520M | 492M |
| Owner Earnings | 124M | 131M | 190M | 186M | 128M | 331M | 347M | 451M | 360M |
| CapEx | 19M | 17M | 16M | 18M | 19M | 25M | 14M | 18M | 21M |
| Maint. CapEx | 29M | 32M | 36M | 53M | 72M | 12M | 14M | 15M | 77M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 13M | 362K | 3.8M | 0 |
| D&A | 29M | 32M | 36M | 53M | 72M | 12M | 14M | 15M | 77M |
| CapEx/OCF | N/A | N/A | 6.4% | 6.1% | 6.8% | 6.0% | 3.2% | 3.4% | 4.1% |
| Capital Allocation | |||||||||
| Dividends Paid | 20M | 25M | 423M | 33M | 34M | 59M | 72M | 85M | 85M |
| Dividend Yield | N/A | N/A | 4.1% | 0.2% | 0.3% | 0.4% | 0.4% | 0.5% | 0.8% |
| Share Buybacks | 46M | 24M | 0 | 0 | 28M | 0 | 64M | 125M | 135M |
| Buyback Yield | 0.0% | N/A | 0.7% | N/A | 0.3% | N/A | 0.4% | 1.0% | 1.3% |
| Stock-Based Comp | 7.9M | 8.1M | 32M | 49M | 75M | 73M | 74M | 73M | 75M |
| Debt Repayment | 160M | 216M | 432K | 5.6M | 2.0M | 0 | 6.2M | 9.8M | 9.8M |
| Balance Sheet | |||||||||
| Net Debt | N/A | 113M | 172M | 1.2B | 1.8B | 1.5B | 1.4B | 1.2B | 1.0B |
| Cash & Equiv. | 81M | 121M | 122M | 329M | 72M | 68M | 64M | 123M | 105M |
| Long-Term Debt | N/A | 234M | 246M | 1.4B | 1.8B | 1.5B | 1.4B | 1.2B | 1.1B |
| Debt/Equity | N/A | 0.70 | 0.86 | 3.64 | 3.18 | 1.78 | 1.37 | 1.08 | 0.91 |
| Interest Coverage | 12.6 | 14.6 | 20.8 | 8.2 | 6.0 | 6.6 | 17.8 | 47.8 | 73.5 |
| Equity | N/A | 335M | 342M | 409M | 573M | 883M | 1.0B | 1.2B | 1.2B |
| Total Assets | N/A | 995M | 1.1B | 2.7B | 3.2B | 3.3B | 3.4B | 3.6B | 3.5B |
| Total Liabilities | N/A | 660M | 784M | 2.3B | 2.6B | 2.4B | 2.4B | 2.4B | 2.3B |
| Intangibles | N/A | 46M | 46M | 246M | 292M | 249M | 214M | 193M | 181M |
| Retained Earnings | N/A | -53M | -376M | -440M | -371M | -162M | -76M | -40M | -22M |
| Working Capital | N/A | -39M | -125M | 22M | -212M | -341M | -372M | -421M | -489M |
| Current Assets | N/A | 354M | 340M | 616M | 416M | 420M | 442M | 539M | 518M |
| Current Liabilities | N/A | 392M | 466M | 594M | 628M | 760M | 814M | 960M | 1.0B |
| Per Share Data | |||||||||
| EPS | 0.49 | 0.35 | 0.42 | 0.30 | 0.55 | 1.00 | 0.72 | 0.85 | 0.86 |
| Owner EPS | 0.43 | 0.44 | 0.63 | 0.60 | 0.40 | 1.01 | 1.07 | 1.38 | 1.12 |
| Book Value | N/A | 1.14 | 1.14 | 1.32 | 1.80 | 2.70 | 3.19 | 3.64 | 3.81 |
| Cash Flow/Share | 0.56 | 0.58 | 0.86 | 0.93 | 0.86 | 1.28 | 1.34 | 1.65 | 1.12 |
| Dividends/Share | 0.08 | 0.10 | 1.62 | 0.12 | 0.12 | 0.20 | 0.24 | 0.28 | 0.26 |
| Shares Out. | 290.0M | 294.5M | 300.7M | 310.6M | 317.7M | 326.7M | 326.0M | 326.8M | 321.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 88.9 | 159.5 | 64.3 | 52.2 | 65.7 | 45.9 | 36.7 |
| P/FCF | N/A | N/A | 46.4 | 54.9 | 43.9 | 43.5 | 36.6 | 24.5 | 20.6 |
| EV/EBIT | N/A | N/A | 74.7 | 165.4 | 61.7 | 80.0 | 55.2 | 37.9 | 29.7 |
| Price/Book | N/A | N/A | 32.8 | 36.3 | 19.6 | 19.3 | 14.8 | 10.7 | 8.2 |
| Price/Sales | N/A | N/A | 12.8 | 17.2 | 10.7 | 12.3 | 12.0 | 10.4 | 6.5 |
| FCF Yield | N/A | N/A | 2.2% | 1.8% | 2.3% | 2.3% | 2.7% | 4.1% | 4.9% |
| Market Cap | 0 | N/A | 11.2B | 14.9B | 11.2B | 17.0B | 15.4B | 12.7B | 10.1B |
| Avg. Price | 0.00 | N/A | 34.24 | 53.52 | 36.89 | 46.30 | 49.64 | 47.83 | 31.40 |
| Year-End Price | 0.00 | N/A | 37.32 | 47.85 | 35.35 | 52.16 | 47.29 | 39.00 | 31.40 |
BENTLEY SYSTEMS INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
BENTLEY SYSTEMS INC trades at 36.9x trailing earnings, compared to its 15-year median P/E of 64.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 0.7x vs a median of 43.7x. The company's 5-year average ROIC is 8.9% with a gross margin of 70.9%. Total shareholder yield (dividends + buybacks) is 2.2%. At current prices, the estimated annualized return to fair value is +58.2%.
BENTLEY SYSTEMS INC (BSY) has a net profit margin of 18.5%. This is a healthy margin.
BENTLEY SYSTEMS INC (BSY) generated $520 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BENTLEY SYSTEMS INC (BSY) has a debt-to-equity ratio of 1.08. This indicates moderate leverage.
BENTLEY SYSTEMS INC (BSY) reported earnings per share (EPS) of $0.85 in its most recent fiscal year.
BENTLEY SYSTEMS INC (BSY) has a return on equity (ROE) of 24.9%. This indicates the company generates strong returns for shareholders.
BENTLEY SYSTEMS INC (BSY) has a 5-year average gross margin of 70.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for BENTLEY SYSTEMS INC (BSY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BENTLEY SYSTEMS INC (BSY) has a book value per share of $3.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust global infrastructure investment to drive growth through 2026, with particular strength anticipated in public works, utilities, mining, and data center-related projects. The company is positioned to benefit from a structural shift in engineering services business models away from hourly billing toward value-based and outcome-based pricing, which is expected to increase software and cloud services consumption per engineer as firms adopt AI-powered automation and analytics. Bentley plans to expand its addressable market further into critical resources and asset operations, with Asset Analytics and new AI-powered applications contributing incremental revenue streams beyond traditional subscription growth. The company remains focused on disciplined capital allocation, having completed deleveraging and now prioritizing programmatic acquisitions to scale its platform capabilities.
Based on recent SEC filings and earnings calls, BENTLEY SYSTEMS INC (BSY) has provided the following forward guidance: Total revenues (constant currency growth): 11%-13% (FY2026); Total revenues (reported): $1.685 billion-$1.715 billion (FY2026); Subscription revenues (constant currency growth): 11%-13% (FY2026); Service revenues (constant currency growth): 15%-20% (FY2026); ARR growth (constant currency): 10.5%-12.5% (FY2026), plus 2 additional metrics.
Service revenues (constant currency growth) (FY2026): “In our smaller revenue streams, we expect a re-acceleration in our service revenues with constant currency growth between 15% and 20%.”
ARR growth (constant currency) (FY2026): “we are projecting constant currency AR growth between 10.5% and 12.5%, reflecting momentum in our established business, and that upside from our AI-powered Asset Analytics initiatives isn't necessarily annual recurring.”
Adjusted operating income less operating stock-based compensation (FY2026): “For 2026, we expect Adjusted operating income less operating stock-based compensation expense to be in the range of $495 million-$510 million.”
Free cash flow (FY2026): “we remain on track to meet our full year free cash flow outlook of $500 million-$570 million.”