Comprehensive Stock Comparison
Compare Bentley Systems, Incorporated (BSY) vs SAP SE (SAP) 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 SAP's 3.4% |
| Value | BSY | Lower P/E (26.9x vs 27.8x), PEG 1.77 vs 4.20 |
| Quality / Margins | SAP | 19.9% net margin vs BSY's 18.5% |
| Stability / Safety | BSY | Beta 0.79 vs SAP's 0.86 |
| Dividends | SAP | 1.3% yield, 2-year raise streak, vs BSY's 0.7% |
| Momentum (1Y) | BSY | -16.1% vs SAP's -25.8% |
| Efficiency (ROA) | SAP | 10.4% ROA vs BSY's 7.8%, ROIC 16.1% vs 11.4% |
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.
SAP is a global enterprise software company that provides business applications, technology platforms, and cloud services for organizations worldwide. It generates revenue primarily through software licenses and cloud subscriptions — with cloud services now representing over 40% of total revenue — along with consulting and support services. The company's key advantage is its deep integration across business functions — from finance to supply chain to HR — creating switching costs and network effects within its large enterprise customer base.
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
SAP leads in 3 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 3 categories are tied.
Financial Metrics (TTM)
SAP is the larger business by revenue, generating $36.7B annually — 24.4x BSY's $1.5B. Profitability is closely matched — net margins range from 19.9% (SAP) to 18.5% (BSY). On growth, BSY holds the edge at +11.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $36.7B |
| EBITDAEarnings before interest/tax | $459M | $11.5B |
| Net IncomeAfter-tax profit | $278M | $7.3B |
| Free Cash FlowCash after capex | $520M | $8.4B |
| Gross MarginGross profit ÷ Revenue | +81.5% | +73.3% |
| Operating MarginEBIT ÷ Revenue | +24.1% | +27.0% |
| Net MarginNet income ÷ Revenue | +18.5% | +19.9% |
| FCF MarginFCF ÷ Revenue | +34.6% | +22.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.9% | +2.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +12.5% | +14.7% |
Valuation Metrics
At 28.5x trailing earnings, SAP trades at a 34% valuation discount to BSY's 43.0x P/E. Adjusting for growth (PEG ratio), BSY offers better value at 2.84x vs SAP's 4.32x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| Market CapShares × price | $11.1B | $234.7B |
| Enterprise ValueMkt cap + debt − cash | $12.2B | $234.5B |
| Trailing P/EPrice ÷ TTM EPS | 43.00x | 28.52x |
| Forward P/EPrice ÷ next-FY EPS est. | 26.86x | 27.77x |
| PEG RatioP/E ÷ EPS growth rate | 2.84x | 4.32x |
| EV / EBITDAEnterprise value multiple | 33.68x | 17.84x |
| Price / SalesMarket cap ÷ Revenue | 7.36x | 5.63x |
| Price / BookPrice ÷ Book value/share | 10.23x | 4.44x |
| Price / FCFMarket cap ÷ FCF | 21.24x | 25.07x |
Profitability & Efficiency
BSY delivers a 23.4% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $16 for SAP. SAP carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to BSY's 1.08x.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| ROE (TTM)Return on equity | +23.4% | +16.2% |
| ROA (TTM)Return on assets | +7.8% | +10.4% |
| ROICReturn on invested capital | +11.4% | +16.1% |
| ROCEReturn on capital employed | +14.0% | +18.3% |
| Piotroski ScoreFundamental quality 0–9 | 9 | 9 |
| Debt / EquityFinancial leverage | 1.08x | 0.18x |
| Net DebtTotal debt minus cash | $1.2B | -$149M |
| Cash & Equiv.Liquid assets | $123M | $8.2B |
| Total DebtShort + long-term debt | $1.3B | $8.1B |
| Interest CoverageEBIT ÷ Interest expense | 9.01x | 8.94x |
Total Returns (with DRIP)
A $10,000 investment in SAP five years ago would be worth $17,166 today (with dividends reinvested), compared to $8,429 for BSY. Over the past 12 months, BSY leads with a -16.1% total return vs SAP's -25.8%. The 3-year compound annual growth rate (CAGR) favors SAP at 22.4% vs BSY's -2.7% — a key indicator of consistent wealth creation.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| YTD ReturnYear-to-date | -4.2% | -14.9% |
| 1-Year ReturnPast 12 months | -16.1% | -25.8% |
| 3-Year ReturnCumulative with dividends | -8.0% | +83.4% |
| 5-Year ReturnCumulative with dividends | -15.7% | +71.7% |
| 10-Year ReturnCumulative with dividends | +12.1% | +193.8% |
| CAGR (3Y)Annualised 3-year return | -2.7% | +22.4% |
Risk & Volatility
BSY is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than SAP's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 0.86x |
| 52-Week HighHighest price in past year | $59.25 | $313.28 |
| 52-Week LowLowest price in past year | $30.96 | $189.22 |
| % of 52W HighCurrent price vs 52-week peak | +61.7% | +64.3% |
| RSI (14)Momentum oscillator 0–100 | 59.1 | 45.3 |
| Avg Volume (50D)Average daily shares traded | 2.1M | 2.4M |
Analyst Outlook
Wall Street rates BSY as "Buy" and SAP as "Buy". Consensus price targets imply 106.1% upside for SAP (target: $415) vs 31.3% for BSY (target: $48). For income investors, SAP offers the higher dividend yield at 1.31% vs BSY's 0.70%.
| Metric | BSYBentley Systems, … | SAPSAP SE |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.00 | $415.33 |
| # AnalystsCovering analysts | 12 | 43 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | +1.3% |
| Dividend StreakConsecutive years of raises | 3 | 2 |
| Dividend / ShareAnnual DPS | $0.26 | $2.24 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +0.9% |
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% |
| SAP SE (SAP) | 100 | 132.15 | +32.1% |
SAP SE (SAP) returned +72% over 5 years vs Bentley Systems, In… (BSY)'s -16%. A $10,000 investment in SAP 5 years ago would be worth $17,166 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | $692M | $1.5B | +117.1% |
| SAP SE (SAP) | $22.1B | $35.3B | +60.2% |
SAP SE's revenue grew from $22.1B (2016) to $35.3B (2025) — a 5.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 20.5% | 18.5% | -9.9% |
| SAP SE (SAP) | 16.5% | 19.9% | +20.6% |
SAP SE's net margin went from 17% (2016) to 20% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 96.5 | 44.9 | -53.5% |
| SAP SE (SAP) | 33.5 | 40.6 | +21.2% |
Bentley Systems, Incorporated has traded in a 45x–161x P/E range over 6 years; current trailing P/E is ~43x. SAP SE has traded in a 29x–93x P/E range over 9 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 0.54 | 0.85 | +57.4% |
| SAP SE (SAP) | 3.03 | 5.99 | +97.7% |
SAP SE's EPS grew from $3.03 (2016) to $5.99 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
Bentley Systems, Incorporated generated $520M FCF in 2025 (+92% vs 2021). SAP SE generated $8B FCF in 2025 (+44% vs 2021).
BSY vs SAP: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BSY or SAP a better buy right now?
SAP SE (SAP) offers the better valuation at 28.5x trailing P/E (27.8x 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 SAP?
On trailing P/E, SAP SE (SAP) is the cheapest at 28.5x versus Bentley Systems, Incorporated at 43.0x. On forward P/E, Bentley Systems, Incorporated is actually cheaper at 26.9x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Bentley Systems, Incorporated wins at 1.77x versus SAP SE's 4.20x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — BSY or SAP?
Over the past 5 years, SAP SE (SAP) delivered a total return of +71.7%, compared to -15.7% for Bentley Systems, Incorporated (BSY). A $10,000 investment in SAP five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SAP returned +193.8% 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 SAP?
By beta (market sensitivity over 5 years), Bentley Systems, Incorporated (BSY) is the lower-risk stock at 0.79β versus SAP SE's 0.86β — meaning SAP is approximately 8% more volatile than BSY relative to the S&P 500. On balance sheet safety, SAP SE (SAP) carries a lower debt/equity ratio of 18% versus 108% for Bentley Systems, Incorporated — giving it more financial flexibility in a downturn.
05Which has better profit margins — BSY or SAP?
SAP SE (SAP) is the more profitable company, earning 19.9% net margin versus 18.5% for Bentley Systems, Incorporated — meaning it keeps 19.9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SAP leads at 28.0% versus 24.1% for BSY. 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 SAP 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, Bentley Systems, Incorporated (BSY) is the more undervalued stock at a PEG of 1.77x versus SAP SE's 4.20x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Bentley Systems, Incorporated (BSY) trades at 26.9x forward P/E versus 27.8x for SAP SE — 0.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SAP: 106.1% to $415.33.
07Which pays a better dividend — BSY or SAP?
All stocks in this comparison pay dividends. SAP SE (SAP) offers the highest yield at 1.3%, versus 0.7% for Bentley Systems, Incorporated (BSY).
08Is BSY or SAP better for a retirement portfolio?
For long-horizon retirement investors, SAP SE (SAP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.86), 1.3% yield, +193.8% 10Y return). Both have compounded well over 10 years (SAP: +193.8%, BSY: +12.1%), 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 SAP?
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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