Comprehensive Stock Comparison
Compare Bentley Systems, Incorporated (BSY) vs PDF Solutions, Inc. (PDFS) 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 PDFS's 8.2% |
| Value | BSY | Lower P/E (26.9x vs 30.3x) |
| Quality / Margins | BSY | 18.5% net margin vs PDFS's -0.0% |
| Stability / Safety | BSY | Beta 0.79 vs PDFS's 1.58 |
| Dividends | BSY | 0.7% yield; 3-year raise streak; PDFS pays no meaningful dividend |
| Momentum (1Y) | PDFS | +50.0% vs BSY's -16.1% |
| Efficiency (ROA) | BSY | 7.8% ROA vs PDFS's -0.0%, ROIC 11.4% vs -0.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
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.
PDF Solutions provides proprietary software and hardware solutions for semiconductor design and manufacturing optimization. It generates revenue through software subscriptions—primarily its Exensio analytics platform—and sales of physical intellectual property products like characterization vehicles and test chips, with professional services contributing additional income. The company's moat lies in its deep integration across the semiconductor value chain—from design to manufacturing—and its proprietary data analytics that help chipmakers improve yield and reduce costs.
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
BSY leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). PDFS leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
BSY is the larger business by revenue, generating $1.5B annually — 7.3x PDFS's $207M. BSY is the more profitable business, keeping 18.5% of every revenue dollar as net income compared to PDFS's -0.0%. On growth, PDFS holds the edge at +23.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $207M |
| EBITDAEarnings before interest/tax | $459M | $9M |
| Net IncomeAfter-tax profit | $278M | -$53,000 |
| Free Cash FlowCash after capex | $520M | -$21M |
| Gross MarginGross profit ÷ Revenue | +81.5% | +71.2% |
| Operating MarginEBIT ÷ Revenue | +24.1% | +1.2% |
| Net MarginNet income ÷ Revenue | +18.5% | -0.0% |
| FCF MarginFCF ÷ Revenue | +34.6% | -9.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.9% | +23.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +12.5% | -74.8% |
Valuation Metrics
At 43.0x trailing earnings, BSY trades at a 87% valuation discount to PDFS's 337.8x P/E. On an enterprise value basis, BSY's 33.7x EV/EBITDA is more attractive than PDFS's 310.7x.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| Market CapShares × price | $11.1B | $1.3B |
| Enterprise ValueMkt cap + debt − cash | $12.2B | $1.2B |
| Trailing P/EPrice ÷ TTM EPS | 43.00x | 337.80x |
| Forward P/EPrice ÷ next-FY EPS est. | 26.86x | 30.30x |
| PEG RatioP/E ÷ EPS growth rate | 2.84x | — |
| EV / EBITDAEnterprise value multiple | 33.68x | 310.73x |
| Price / SalesMarket cap ÷ Revenue | 7.36x | 7.44x |
| Price / BookPrice ÷ Book value/share | 10.23x | 5.36x |
| Price / FCFMarket cap ÷ FCF | 21.24x | — |
Profitability & Efficiency
BSY delivers a 23.4% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $-0 for PDFS. PDFS carries lower financial leverage with a 0.02x 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 PDFS's 6/9, reflecting strong financial health.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| ROE (TTM)Return on equity | +23.4% | -0.0% |
| ROA (TTM)Return on assets | +7.8% | -0.0% |
| ROICReturn on invested capital | +11.4% | -0.3% |
| ROCEReturn on capital employed | +14.0% | -0.2% |
| Piotroski ScoreFundamental quality 0–9 | 9 | 6 |
| Debt / EquityFinancial leverage | 1.08x | 0.02x |
| Net DebtTotal debt minus cash | $1.2B | -$85M |
| Cash & Equiv.Liquid assets | $123M | $91M |
| Total DebtShort + long-term debt | $1.3B | $5M |
| Interest CoverageEBIT ÷ Interest expense | 9.01x | 1.39x |
Total Returns (with DRIP)
A $10,000 investment in PDFS five years ago would be worth $18,191 today (with dividends reinvested), compared to $8,429 for BSY. Over the past 12 months, PDFS leads with a +50.0% total return vs BSY's -16.1%. The 3-year compound annual growth rate (CAGR) favors BSY at -2.7% vs PDFS's -3.4% — a key indicator of consistent wealth creation.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| YTD ReturnYear-to-date | -4.2% | +14.3% |
| 1-Year ReturnPast 12 months | -16.1% | +50.0% |
| 3-Year ReturnCumulative with dividends | -8.0% | -9.8% |
| 5-Year ReturnCumulative with dividends | -15.7% | +81.9% |
| 10-Year ReturnCumulative with dividends | +12.1% | +197.4% |
| CAGR (3Y)Annualised 3-year return | -2.7% | -3.4% |
Risk & Volatility
BSY is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than PDFS's 1.58 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PDFS currently trades 91.3% from its 52-week high vs BSY's 61.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 1.58x |
| 52-Week HighHighest price in past year | $59.25 | $36.99 |
| 52-Week LowLowest price in past year | $30.96 | $15.91 |
| % of 52W HighCurrent price vs 52-week peak | +61.7% | +91.3% |
| RSI (14)Momentum oscillator 0–100 | 59.1 | 57.2 |
| Avg Volume (50D)Average daily shares traded | 2.1M | 250K |
Analyst Outlook
Wall Street rates BSY as "Buy" and PDFS as "Buy". Consensus price targets imply 31.3% upside for BSY (target: $48) vs 12.5% for PDFS (target: $38). BSY is the only dividend payer here at 0.70% yield — a key consideration for income-focused portfolios.
| Metric | BSYBentley Systems, … | PDFSPDF Solutions, In… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.00 | $38.00 |
| # AnalystsCovering analysts | 12 | 5 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | — |
| Dividend StreakConsecutive years of raises | 3 | 1 |
| Dividend / ShareAnnual DPS | $0.26 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +0.5% |
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% |
| PDF Solutions, Inc. (PDFS) | 100 | 158.05 | +58.0% |
PDF Solutions, Inc. (PDFS) returned +82% over 5 years vs Bentley Systems, In… (BSY)'s -16%. A $10,000 investment in PDFS 5 years ago would be worth $18,191 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | $692M | $1.5B | +117.1% |
| PDF Solutions, Inc. (PDFS) | $107M | $179M | +67.0% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 20.5% | 18.5% | -9.9% |
| PDF Solutions, Inc. (PDFS) | 8.5% | 2.3% | -73.3% |
Chart 4P/E Ratio History — 6 Years
| Stock | 2020 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 96.5 | 44.9 | -53.5% |
Bentley Systems, Incorporated has traded in a 45x–161x P/E range over 6 years; current trailing P/E is ~43x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 0.54 | 0.85 | +57.4% |
| PDF Solutions, Inc. (PDFS) | 0.28 | 0.1 | -64.3% |
Chart 6Free Cash Flow — 5 Years
Bentley Systems, Incorporated generated $520M FCF in 2025 (+92% vs 2021). PDF Solutions, Inc. generated $-7M FCF in 2024 (-4022% vs 2021).
BSY vs PDFS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BSY or PDFS a better buy right now?
Bentley Systems, Incorporated (BSY) offers the better valuation at 43.0x trailing P/E (26.9x 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 PDFS?
On trailing P/E, Bentley Systems, Incorporated (BSY) is the cheapest at 43.0x versus PDF Solutions, Inc. at 337.8x. On forward P/E, Bentley Systems, Incorporated is actually cheaper at 26.9x.
03Which is the better long-term investment — BSY or PDFS?
Over the past 5 years, PDF Solutions, Inc. (PDFS) delivered a total return of +81.9%, compared to -15.7% for Bentley Systems, Incorporated (BSY). A $10,000 investment in PDFS five years ago would be worth approximately $18K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PDFS returned +197.4% 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 PDFS?
By beta (market sensitivity over 5 years), Bentley Systems, Incorporated (BSY) is the lower-risk stock at 0.79β versus PDF Solutions, Inc.'s 1.58β — meaning PDFS is approximately 99% more volatile than BSY relative to the S&P 500. On balance sheet safety, PDF Solutions, Inc. (PDFS) carries a lower debt/equity ratio of 2% versus 108% for Bentley Systems, Incorporated — giving it more financial flexibility in a downturn.
05Which has better profit margins — BSY or PDFS?
Bentley Systems, Incorporated (BSY) is the more profitable company, earning 18.5% net margin versus 2.3% for PDF Solutions, 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 -0.3% for PDFS. 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 PDFS more undervalued right now?
On forward earnings alone, Bentley Systems, Incorporated (BSY) trades at 26.9x forward P/E versus 30.3x for PDF Solutions, Inc. — 3.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BSY: 31.3% to $48.00.
07Which pays a better dividend — BSY or PDFS?
In this comparison, BSY (0.7% yield) pays a dividend. PDFS does not pay a meaningful dividend and should not be held primarily for income.
08Is BSY or PDFS 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). PDF Solutions, Inc. (PDFS) carries a higher beta of 1.58 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BSY: +12.1%, PDFS: +197.4%), 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 PDFS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. BSY pays a dividend while PDFS does not, making them suitable for different income and tax situations. 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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