Comprehensive Stock Comparison
Compare Bentley Systems, Incorporated (BSY) vs Salesforce, Inc. (CRM) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | BSY | 11.0% revenue growth vs CRM's 9.6% |
| Value | CRM | Lower P/E (16.5x vs 26.9x), PEG 1.35 vs 1.77 |
| Quality / Margins | BSY | 18.5% net margin vs CRM's 18.0% |
| Stability / Safety | BSY | Beta 0.79 vs CRM's 1.04 |
| Dividends | CRM | 0.9% yield, 2-year raise streak, vs BSY's 0.7% |
| Momentum (1Y) | BSY | -16.1% vs CRM's -34.0% |
| Efficiency (ROA) | BSY | 7.8% ROA vs CRM's 6.6%, ROIC 11.4% vs 10.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Bentley Systems provides infrastructure engineering software solutions for designing, constructing, and operating infrastructure assets like roads, bridges, and utilities. It generates revenue primarily through recurring subscription fees — accounting for over 90% of total revenue — with the remainder from perpetual licenses and professional services. The company's moat lies in its deep domain expertise and comprehensive software ecosystem that creates high switching costs for engineering professionals in specialized infrastructure sectors.
Salesforce is a cloud-based customer relationship management (CRM) software company that helps businesses manage sales, service, marketing, and commerce operations. It generates revenue primarily through subscription fees for its SaaS platform—with sales cloud (~30%), service cloud (~25%), and platform/other (~45%) being its main segments. Its competitive moat lies in its massive ecosystem of integrated applications, enterprise data architecture, and high switching costs for customers deeply embedded in its platform.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
CRM leads in 2 of 6 categories (Valuation Metrics, Total Returns). BSY leads in 1 (Profitability & Efficiency). 3 tied.
Financial Metrics (TTM)
CRM is the larger business by revenue, generating $41.5B annually — 27.7x BSY's $1.5B. Profitability is closely matched — net margins range from 18.5% (BSY) to 18.0% (CRM).
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $41.5B |
| EBITDAEarnings before interest/tax | $459M | $11.4B |
| Net IncomeAfter-tax profit | $278M | $7.5B |
| Free Cash FlowCash after capex | $520M | $14.4B |
| Gross MarginGross profit ÷ Revenue | +81.5% | +77.7% |
| Operating MarginEBIT ÷ Revenue | +24.1% | +21.5% |
| Net MarginNet income ÷ Revenue | +18.5% | +18.0% |
| FCF MarginFCF ÷ Revenue | +34.6% | +34.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.9% | +12.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +12.5% | +18.3% |
Valuation Metrics
At 25.0x trailing earnings, CRM trades at a 42% valuation discount to BSY's 43.0x P/E. Adjusting for growth (PEG ratio), CRM offers better value at 2.04x vs BSY's 2.84x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| Market CapShares × price | $11.1B | $187.4B |
| Enterprise ValueMkt cap + debt − cash | $12.2B | $186.8B |
| Trailing P/EPrice ÷ TTM EPS | 43.00x | 24.97x |
| Forward P/EPrice ÷ next-FY EPS est. | 26.86x | 16.54x |
| PEG RatioP/E ÷ EPS growth rate | 2.84x | 2.04x |
| EV / EBITDAEnterprise value multiple | 33.68x | 20.95x |
| Price / SalesMarket cap ÷ Revenue | 7.36x | 4.51x |
| Price / BookPrice ÷ Book value/share | 10.23x | 3.15x |
| Price / FCFMarket cap ÷ FCF | 21.24x | 13.01x |
Profitability & Efficiency
BSY delivers a 23.4% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $13 for CRM. CRM carries lower financial leverage with a 0.11x debt-to-equity ratio, signaling a more conservative balance sheet compared to BSY's 1.08x. On the Piotroski fundamental quality scale (0–9), BSY scores 9/9 vs CRM's 8/9, reflecting strong financial health.
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +23.4% | +12.6% |
| ROA (TTM)Return on assets | +7.8% | +6.6% |
| ROICReturn on invested capital | +11.4% | +10.9% |
| ROCEReturn on capital employed | +14.0% | +11.9% |
| Piotroski ScoreFundamental quality 0–9 | 9 | 8 |
| Debt / EquityFinancial leverage | 1.08x | 0.11x |
| Net DebtTotal debt minus cash | $1.2B | -$590M |
| Cash & Equiv.Liquid assets | $123M | $7.3B |
| Total DebtShort + long-term debt | $1.3B | $6.7B |
| Interest CoverageEBIT ÷ Interest expense | 9.01x | 44.14x |
Total Returns (with DRIP)
A $10,000 investment in CRM five years ago would be worth $9,104 today (with dividends reinvested), compared to $8,429 for BSY. Over the past 12 months, BSY leads with a -16.1% total return vs CRM's -34.0%. The 3-year compound annual growth rate (CAGR) favors CRM at 6.6% vs BSY's -2.7% — a key indicator of consistent wealth creation.
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -4.2% | -23.2% |
| 1-Year ReturnPast 12 months | -16.1% | -34.0% |
| 3-Year ReturnCumulative with dividends | -8.0% | +21.1% |
| 5-Year ReturnCumulative with dividends | -15.7% | -9.0% |
| 10-Year ReturnCumulative with dividends | +12.1% | +192.3% |
| CAGR (3Y)Annualised 3-year return | -2.7% | +6.6% |
Risk & Volatility
BSY is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than CRM's 1.04 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 1.04x |
| 52-Week HighHighest price in past year | $59.25 | $303.07 |
| 52-Week LowLowest price in past year | $30.96 | $174.57 |
| % of 52W HighCurrent price vs 52-week peak | +61.7% | +64.3% |
| RSI (14)Momentum oscillator 0–100 | 59.1 | 47.5 |
| Avg Volume (50D)Average daily shares traded | 2.1M | 8.6M |
Analyst Outlook
Wall Street rates BSY as "Buy" and CRM as "Buy". Consensus price targets imply 53.5% upside for CRM (target: $299) vs 31.3% for BSY (target: $48). For income investors, CRM offers the higher dividend yield at 0.85% vs BSY's 0.70%.
| Metric | BSYBentley Systems, … | CRMSalesforce, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.00 | $299.00 |
| # AnalystsCovering analysts | 12 | 97 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | +0.9% |
| Dividend StreakConsecutive years of raises | 3 | 2 |
| Dividend / ShareAnnual DPS | $0.26 | $1.66 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +6.7% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Sep 20 | Feb 26 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 100 | 102.24 | +2.2% |
| Salesforce, Inc. (CRM) | 100 | 83.18 | -16.8% |
Salesforce, Inc. (CRM) returned -9% over 5 years vs Bentley Systems, In… (BSY)'s -16%.
Chart 2Revenue Growth — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | $692M | $1.5B | +117.1% |
| Salesforce, Inc. (CRM) | $8.4B | $41.5B | +394.8% |
Salesforce, Inc.'s revenue grew from $8.4B (2017) to $41.5B (2026) — a 19.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 20.5% | 18.5% | -9.9% |
| Salesforce, Inc. (CRM) | 3.8% | 18.0% | +366.6% |
Salesforce, Inc.'s net margin went from 4% (2017) to 18% (2026).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 96.5 | 44.9 | -53.5% |
| Salesforce, Inc. (CRM) | 393.2 | 25 | -93.6% |
Bentley Systems, Incorporated has traded in a 45x–161x P/E range over 6 years; current trailing P/E is ~43x. Salesforce, Inc. has traded in a 25x–393x P/E range over 7 years; current trailing P/E is ~25x.
Chart 5EPS Growth — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 0.54 | 0.85 | +57.4% |
| Salesforce, Inc. (CRM) | 0.26 | 7.8 | +2900.0% |
Salesforce, Inc.'s EPS grew from $0.26 (2017) to $7.80 (2026) — a 46% CAGR.
Chart 6Free Cash Flow — 5 Years
Bentley Systems, Incorporated generated $520M FCF in 2025 (+92% vs 2021). Salesforce, Inc. generated $14B FCF in 2026 (+252% vs 2021).
BSY vs CRM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BSY or CRM a better buy right now?
Salesforce, Inc. (CRM) offers the better valuation at 25.0x trailing P/E (16.5x forward), making it the more compelling value choice. Analysts rate Bentley Systems, Incorporated (BSY) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BSY or CRM?
On trailing P/E, Salesforce, Inc. (CRM) is the cheapest at 25.0x versus Bentley Systems, Incorporated at 43.0x. On forward P/E, Salesforce, Inc. is actually cheaper at 16.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Salesforce, Inc. wins at 1.35x versus Bentley Systems, Incorporated's 1.77x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — BSY or CRM?
Over the past 5 years, Salesforce, Inc. (CRM) delivered a total return of -9.0%, compared to -15.7% for Bentley Systems, Incorporated (BSY). A $10,000 investment in CRM five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRM returned +192.3% versus BSY's +12.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BSY or CRM?
By beta (market sensitivity over 5 years), Bentley Systems, Incorporated (BSY) is the lower-risk stock at 0.79β versus Salesforce, Inc.'s 1.04β — meaning CRM is approximately 30% more volatile than BSY relative to the S&P 500. On balance sheet safety, Salesforce, Inc. (CRM) carries a lower debt/equity ratio of 11% versus 108% for Bentley Systems, Incorporated — giving it more financial flexibility in a downturn.
05Which has better profit margins — BSY or CRM?
Bentley Systems, Incorporated (BSY) is the more profitable company, earning 18.5% net margin versus 18.0% for Salesforce, Inc. — meaning it keeps 18.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BSY leads at 24.1% versus 21.5% for CRM. At the gross margin level — before operating expenses — BSY leads at 81.5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BSY or CRM more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Salesforce, Inc. (CRM) is the more undervalued stock at a PEG of 1.35x versus Bentley Systems, Incorporated's 1.77x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Salesforce, Inc. (CRM) trades at 16.5x forward P/E versus 26.9x for Bentley Systems, Incorporated — 10.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CRM: 53.5% to $299.00.
07Which pays a better dividend — BSY or CRM?
All stocks in this comparison pay dividends. Salesforce, Inc. (CRM) offers the highest yield at 0.9%, versus 0.7% for Bentley Systems, Incorporated (BSY).
08Is BSY or CRM better for a retirement portfolio?
For long-horizon retirement investors, Bentley Systems, Incorporated (BSY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.79), 0.7% yield). Both have compounded well over 10 years (BSY: +12.1%, CRM: +192.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BSY and CRM?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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