Bentley Systems, Incorporated

NasdaqGS:BSY Stock Report

Market Cap: US$15.1b

Bentley Systems Valuation

Is BSY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BSY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BSY ($48.01) is trading above our estimate of fair value ($36.55)

Significantly Below Fair Value: BSY is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BSY?

Key metric: As BSY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BSY. This is calculated by dividing BSY's market cap by their current earnings.
What is BSY's PE Ratio?
PE Ratio41.5x
EarningsUS$364.27m
Market CapUS$15.12b

Price to Earnings Ratio vs Peers

How does BSY's PE Ratio compare to its peers?

The above table shows the PE ratio for BSY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average64.5x
DOCU DocuSign
18.9x-39.0%US$19.2b
MANH Manhattan Associates
78.7x10.1%US$17.2b
DT Dynatrace
100.7x20.7%US$16.4b
PTC PTC
59.7x14.9%US$22.5b
BSY Bentley Systems
41.5x7.9%US$15.1b

Price-To-Earnings vs Peers: BSY is good value based on its Price-To-Earnings Ratio (41.5x) compared to the peer average (64.5x).

Price to Earnings Ratio vs Industry

How does BSY's PE Ratio compare vs other companies in the US Software Industry?

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
YXT YXT.COM Group Holding
2.4xn/aUS$156.80m
NISN Nisun International Enterprise Development Group
1.8xn/aUS$29.01m
NXTT Next Technology Holding
0.6xn/aUS$14.33m
ULY Urgent.ly
0.07x-13.0%US$6.75m
BSY 41.5xIndustry Avg. 41.2xNo. of Companies11PE020406080100+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BSY is expensive based on its Price-To-Earnings Ratio (41.5x) compared to the US Software industry average (41.2x).

Price to Earnings Ratio vs Fair Ratio

What is BSY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BSY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio41.5x
Fair PE Ratio34.9x

Price-To-Earnings vs Fair Ratio: BSY is expensive based on its Price-To-Earnings Ratio (41.5x) compared to the estimated Fair Price-To-Earnings Ratio (34.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BSY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$48.01
US$57.81
+20.4%
11.7%US$65.00US$45.00n/a13
Dec ’25US$49.50
US$58.29
+17.8%
11.6%US$65.00US$45.00n/a12
Nov ’25US$48.41
US$58.19
+20.2%
11.1%US$64.00US$45.00n/a12
Oct ’25US$49.78
US$58.19
+16.9%
11.1%US$64.00US$45.00n/a12
Sep ’25US$51.47
US$59.40
+15.4%
9.5%US$64.00US$45.00n/a12
Aug ’25US$47.60
US$60.23
+26.5%
7.0%US$64.00US$48.00n/a12
Jul ’25US$49.03
US$60.15
+22.7%
7.0%US$64.00US$48.00n/a12
Jun ’25US$50.24
US$60.15
+19.7%
7.0%US$64.00US$48.00n/a12
May ’25US$51.47
US$58.32
+13.3%
9.8%US$64.00US$42.00n/a12
Apr ’25US$50.37
US$58.32
+15.8%
9.8%US$64.00US$42.00n/a12
Mar ’25US$51.16
US$58.24
+13.8%
9.8%US$64.00US$42.00n/a12
Feb ’25US$51.36
US$57.40
+11.8%
10.5%US$64.00US$42.00n/a12
Jan ’25US$52.18
US$57.40
+10.0%
10.5%US$64.00US$42.00n/a12
Dec ’24US$52.96
US$57.54
+8.6%
10.1%US$64.00US$42.00US$49.5013
Nov ’24US$48.02
US$56.46
+17.6%
10.2%US$64.00US$42.00US$48.4113
Oct ’24US$50.16
US$56.54
+12.7%
10.3%US$64.00US$42.00US$49.7813
Sep ’24US$50.18
US$57.75
+15.1%
7.2%US$64.00US$50.00US$51.4712
Aug ’24US$53.81
US$54.50
+1.3%
10.0%US$63.00US$47.00US$47.6012
Jul ’24US$54.23
US$52.17
-3.8%
7.7%US$60.00US$47.00US$49.0312
Jun ’24US$49.39
US$51.18
+3.6%
6.1%US$58.00US$47.00US$50.2411
May ’24US$42.78
US$46.80
+9.4%
4.7%US$50.00US$43.00US$51.4710
Apr ’24US$42.99
US$46.80
+8.9%
4.7%US$50.00US$43.00US$50.3710
Mar ’24US$39.86
US$46.80
+17.4%
4.7%US$50.00US$43.00US$51.1610
Feb ’24US$40.59
US$45.10
+11.1%
6.5%US$50.00US$39.00US$51.3610
Jan ’24US$36.96
US$45.10
+22.0%
6.5%US$50.00US$39.00US$52.1810
Dec ’23US$40.07
US$44.60
+11.3%
7.4%US$50.00US$39.00US$52.9610

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 08:53
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Bentley Systems, Incorporated is covered by 24 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