The Bull Case For Bentley Systems (BSY) Could Change Following Expanded Buybacks and AI Infrastructure Launch

• In November 2025, Bentley Systems announced a US$0.07 per-share dividend for the fourth quarter and expanded its stock repurchase program, authorizing up to US$500 million in Class B shares and convertible notes through 2028.
• This move was accompanied by a report of 12% year-over-year revenue growth, driven by strong subscription revenues and highlighted by the introduction of new AI-powered infrastructure solutions.
• We'll explore how Bentley's expanded buyback program and advances in Infrastructure AI may influence its long-term investment outlook.

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Bentley Systems Investment Narrative Recap

To believe in Bentley Systems as a shareholder, you need confidence in the ongoing digital transformation of infrastructure and a continued shift toward AI-driven and subscription-based software models. The recent dividend announcement and expanded US$500 million buyback program may boost short-term shareholder returns, but do not meaningfully affect the primary catalyst, adoption of Infrastructure AI, or address the most significant risk of competitive and technological disruption from rivals and emerging AI models.

Among Bentley’s latest news, the company’s 12% year-over-year revenue growth stands out, powered by strong demand for subscription services and increased annual recurring revenue. This announcement directly supports the narrative that deeper digitalization and infrastructure software adoption can underpin dependable cash flow, which remains central to the company’s ability to fund dividends, buybacks, and continued product innovation.

Yet, while buybacks and revenue growth offer some reassurance, investors should be aware that competition from established software peers and innovative AI entrants could reshape...

Read the full narrative on Bentley Systems (it's free!)

Bentley Systems' narrative projects $1.9 billion in revenue and $443.2 million in earnings by 2028. This requires 9.7% yearly revenue growth and a $188.9 million earnings increase from the current $254.3 million.

Uncover how Bentley Systems' forecasts yield a $58.21 fair value, a 39% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members placed Bentley Systems’ fair value between US$37.65 and US$65, based on four independent estimates. While opinions vary, the accelerating shift toward AI in engineering software may influence how future earnings and market share are distributed.

Explore 4 other fair value estimates on Bentley Systems - why the stock might be worth as much as 55% more than the current price!

Build Your Own Bentley Systems Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Bentley Systems research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Bentley Systems research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bentley Systems' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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