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Bentley Systems, IncorporatedNasdaqGS:BSY Stock Report

Market Cap US$16.7b
Share Price
US$52.94
My Fair Value
US$59
10.4% undervalued intrinsic discount
1Y6.8%
7D-1.6%
Portfolio Value
​
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Bentley Systems, Incorporated

NasdaqGS:BSY Stock Report

Market Cap: US$16.7b

Bentley Systems (BSY) Stock Overview

Provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. More details

BSY fundamental analysis
Snowflake Score
Valuation0/6
Future Growth3/6
Past Performance2/6
Financial Health2/6
Dividends0/6

Rewards

Earnings are forecast to grow 15.93% per year

Risk Analysis

Profit margins (17.9%) are lower than last year (29.2%)

Has a high level of debt

Significant insider selling over the past 3 months


BSY Community Fair Values

Create Narrative

See what 14 others think this stock is worth. Follow their fair value or set your own to get alerts.

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Bentley Systems

Fiscal Constraints And Open-Source Competition Will Erode Margins

Key Takeaways Reductions in global infrastructure spending and increased competition from open-source and established rivals threaten Bentley's growth, pricing power, and long-term customer retention. Rising compliance, cybersecurity costs, and demands for AI-driven, cloud-native solutions could erode margins, require significant reinvestment, and put legacy products at risk.
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US$42.00
FV
26.0% overvalued intrinsic discount
9.69%
Revenue growth p.a.
0users have liked this narrative
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0users have followed this narrative
about 1 month ago author updated this narrative
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Bentley Systems

Global Infrastructure Investments Will Drive Digital Twin Adoption

Key Takeaways Strategic acquisitions, AI integration, and government-driven infrastructure digitization position Bentley for sustained growth, increased margins, and long-term outperformance versus more cyclical firms. Expanding into operations and maintenance through cloud analytics unlocks premium pricing, strong retention, and recurring revenue, with significant potential that may be undervalued by the market.
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US$65.00
FV
18.6% undervalued intrinsic discount
11.75%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
3users have followed this narrative
about 2 months ago author updated this narrative
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Bentley Systems

Global Infrastructure Investment And Digital Transformation Will Expand Market Opportunities

Key Takeaways Ongoing global infrastructure investment and digital transformation trends are boosting demand for Bentley's advanced AI and cloud solutions, supporting strong revenue and margin growth. Broadening the customer base and rapid adoption of subscription models improve revenue stability, reduce exposure to market cycles, and enhance long-term earnings prospects.
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US$59.08
FV
10.4% undervalued intrinsic discount
9.75%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
2users have followed this narrative
4 days ago author updated this narrative
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Bentley Systems, Incorporated Competitors

Price History & Performance

Summary of share price highs, lows and changes for Bentley Systems
Historical stock prices
Current Share PriceUS$52.94
52 Week HighUS$59.25
52 Week LowUS$36.51
Beta1.1
1 Month Change-0.38%
3 Month Change5.84%
1 Year Change6.80%
3 Year Change57.33%
5 Year Changen/a
Change since IPO58.08%

Recent News & Updates

Bentley Systems: Engineering Software Leader, Stretched Valuation

Sep 12

Bentley Systems, Incorporated's (NASDAQ:BSY) P/E Still Appears To Be Reasonable

Sep 03
Bentley Systems, Incorporated's (NASDAQ:BSY) P/E Still Appears To Be Reasonable

Recent updates

Bentley Systems: Engineering Software Leader, Stretched Valuation

Sep 12

Bentley Systems, Incorporated's (NASDAQ:BSY) P/E Still Appears To Be Reasonable

Sep 03
Bentley Systems, Incorporated's (NASDAQ:BSY) P/E Still Appears To Be Reasonable

Here's What's Concerning About Bentley Systems' (NASDAQ:BSY) Returns On Capital

Jul 24
Here's What's Concerning About Bentley Systems' (NASDAQ:BSY) Returns On Capital

Bentley Systems, Incorporated's (NASDAQ:BSY) Share Price Matching Investor Opinion

May 25
Bentley Systems, Incorporated's (NASDAQ:BSY) Share Price Matching Investor Opinion

Capital Allocation Trends At Bentley Systems (NASDAQ:BSY) Aren't Ideal

Apr 25
Capital Allocation Trends At Bentley Systems (NASDAQ:BSY) Aren't Ideal

Here's Why Bentley Systems (NASDAQ:BSY) Can Manage Its Debt Responsibly

Apr 09
Here's Why Bentley Systems (NASDAQ:BSY) Can Manage Its Debt Responsibly

When Should You Buy Bentley Systems, Incorporated (NASDAQ:BSY)?

Mar 25
When Should You Buy Bentley Systems, Incorporated (NASDAQ:BSY)?

Bentley Systems Faces Political Uncertainties Amid High Valuation (Downgrade)

Feb 28

Should You Be Adding Bentley Systems (NASDAQ:BSY) To Your Watchlist Today?

Feb 21
Should You Be Adding Bentley Systems (NASDAQ:BSY) To Your Watchlist Today?

Are Bentley Systems, Incorporated (NASDAQ:BSY) Investors Paying Above The Intrinsic Value?

Feb 06
Are Bentley Systems, Incorporated (NASDAQ:BSY) Investors Paying Above The Intrinsic Value?

Be Wary Of Bentley Systems (NASDAQ:BSY) And Its Returns On Capital

Jan 23
Be Wary Of Bentley Systems (NASDAQ:BSY) And Its Returns On Capital

Bentley Systems: Undervalued Stock With Robust Operational Efficiency Presents A Buying Opportunity

Jan 15

Subdued Growth No Barrier To Bentley Systems, Incorporated's (NASDAQ:BSY) Price

Dec 27
Subdued Growth No Barrier To Bentley Systems, Incorporated's (NASDAQ:BSY) Price

Bentley Systems: Rating Upgrade On Cheaper Valuation And Positive Growth Outlook

Dec 27

These 4 Measures Indicate That Bentley Systems (NASDAQ:BSY) Is Using Debt Reasonably Well

Nov 27
These 4 Measures Indicate That Bentley Systems (NASDAQ:BSY) Is Using Debt Reasonably Well

Do Bentley Systems' (NASDAQ:BSY) Earnings Warrant Your Attention?

Oct 30
Do Bentley Systems' (NASDAQ:BSY) Earnings Warrant Your Attention?

Bentley: Becoming Bullish Considering Growth Initiatives And Earnings Quality (Rating Upgrade)

Oct 21

Bentley Systems (NASDAQ:BSY) May Have Issues Allocating Its Capital

Oct 16
Bentley Systems (NASDAQ:BSY) May Have Issues Allocating Its Capital

Why Bentley Systems, Incorporated (NASDAQ:BSY) Could Be Worth Watching

Oct 01
Why Bentley Systems, Incorporated (NASDAQ:BSY) Could Be Worth Watching

Bentley Systems, Incorporated's (NASDAQ:BSY) Popularity With Investors Is Under Threat From Overpricing

Sep 17
Bentley Systems, Incorporated's (NASDAQ:BSY) Popularity With Investors Is Under Threat From Overpricing

Bentley Systems: Valuation Is A Concern On Economic Uneasiness (Downgrade)

Aug 08

Bentley Systems: Premium Business Trading At Premium Valuation

May 23

Bentley Systems: Keep This On Your Watchlist

Mar 14

Shareholder Returns

BSYUS SoftwareUS Market
7D-1.6%4.5%1.7%
1Y6.8%26.6%18.7%

Return vs Industry: BSY underperformed the US Software industry which returned 26.4% over the past year.

Return vs Market: BSY underperformed the US Market which returned 18.5% over the past year.

Price Volatility

Is BSY's price volatile compared to industry and market?
BSY volatility
BSY Average Weekly Movement2.8%
Software Industry Average Movement7.7%
Market Average Movement6.4%
10% most volatile stocks in US Market17.2%
10% least volatile stocks in US Market3.0%

Stable Share Price: BSY has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: BSY's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19845,500Nicholas Cuminswww.bentley.com

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation applications, including ADINA, AutoPIPE, LEGION, OpenPaths, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS. It also provides infrastructure cloud applications, such as ProjectWise, SYNCHRO, and AssetWise, as well as Cesim and iTwin platform that enables users to create and curate cloud native 4D/5D digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Experience, and iTwin IoT platforms.

Bentley Systems, Incorporated Fundamentals Summary

How do Bentley Systems's earnings and revenue compare to its market cap?
BSY fundamental statistics
Market capUS$16.65b
Earnings (TTM)US$254.29m
Revenue (TTM)US$1.42b
65.5x
P/E Ratio
11.7x
P/S Ratio

Is BSY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
BSY income statement (TTM)
RevenueUS$1.42b
Cost of RevenueUS$266.04m
Gross ProfitUS$1.15b
Other ExpensesUS$899.31m
EarningsUS$254.29m

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)0.81
Gross Margin81.26%
Net Profit Margin17.91%
Debt/Equity Ratio107.2%

How did BSY perform over the long term?

See historical performance and comparison

Dividends

0.5%
Current Dividend Yield
32%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/09/14 15:16
End of Day Share Price 2025/09/12 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bentley Systems, Incorporated is covered by 26 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Joseph VruwinkBaird
Gal MundaBerenberg
Michael FunkBofA Global Research