Comprehensive Stock Comparison
Compare Bentley Systems, Incorporated (BSY) vs PTC Inc. (PTC) 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 | PTC | 19.2% revenue growth vs BSY's 11.0% |
| Value | PTC | Lower P/E (19.3x vs 26.9x), PEG 0.48 vs 1.77 |
| Quality / Margins | PTC | 28.6% net margin vs BSY's 18.5% |
| Stability / Safety | BSY | Beta 0.79 vs PTC's 1.00 |
| Dividends | BSY | 0.7% yield; 3-year raise streak; PTC pays no meaningful dividend |
| Momentum (1Y) | PTC | -4.3% vs BSY's -16.1% |
| Efficiency (ROA) | PTC | 12.7% ROA vs BSY's 7.8%, ROIC 14.9% 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.
PTC is a software company that provides product lifecycle management (PLM), computer-aided design (CAD), and industrial Internet of Things (IoT) solutions. It generates revenue primarily through software subscriptions—roughly 85% of total—with the remainder coming from professional services and perpetual licenses. The company's moat lies in its integrated platform approach that connects CAD, PLM, and IoT capabilities, creating switching costs for manufacturers who rely on its tools throughout the entire product development lifecycle.
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
PTC leads in 4 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 1 category is tied.
Financial Metrics (TTM)
PTC is the larger business by revenue, generating $2.9B annually — 1.9x BSY's $1.5B. PTC is the more profitable business, keeping 28.6% of every revenue dollar as net income compared to BSY's 18.5%. On growth, PTC holds the edge at +21.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BSYBentley Systems, … | PTCPTC Inc. |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $2.9B |
| EBITDAEarnings before interest/tax | $459M | $1.2B |
| Net IncomeAfter-tax profit | $278M | $818M |
| Free Cash FlowCash after capex | $520M | $888M |
| Gross MarginGross profit ÷ Revenue | +81.5% | +84.2% |
| Operating MarginEBIT ÷ Revenue | +24.1% | +38.0% |
| Net MarginNet income ÷ Revenue | +18.5% | +28.6% |
| FCF MarginFCF ÷ Revenue | +34.6% | +31.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.9% | +21.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +12.5% | +104.4% |
Valuation Metrics
At 25.8x trailing earnings, PTC trades at a 40% valuation discount to BSY's 43.0x P/E. Adjusting for growth (PEG ratio), PTC offers better value at 0.64x vs BSY's 2.84x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | BSYBentley Systems, … | PTCPTC Inc. |
|---|---|---|
| Market CapShares × price | $11.1B | $18.7B |
| Enterprise ValueMkt cap + debt − cash | $12.2B | $19.9B |
| Trailing P/EPrice ÷ TTM EPS | 43.00x | 25.75x |
| Forward P/EPrice ÷ next-FY EPS est. | 26.86x | 19.35x |
| PEG RatioP/E ÷ EPS growth rate | 2.84x | 0.64x |
| EV / EBITDAEnterprise value multiple | 33.68x | 17.81x |
| Price / SalesMarket cap ÷ Revenue | 7.36x | 6.83x |
| Price / BookPrice ÷ Book value/share | 10.23x | 4.94x |
| Price / FCFMarket cap ÷ FCF | 21.24x | 21.85x |
Profitability & Efficiency
BSY delivers a 23.4% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $21 for PTC. PTC carries lower financial leverage with a 0.36x 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 PTC's 8/9, reflecting strong financial health.
| Metric | BSYBentley Systems, … | PTCPTC Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +23.4% | +21.3% |
| ROA (TTM)Return on assets | +7.8% | +12.7% |
| ROICReturn on invested capital | +11.4% | +14.9% |
| ROCEReturn on capital employed | +14.0% | +19.5% |
| Piotroski ScoreFundamental quality 0–9 | 9 | 8 |
| Debt / EquityFinancial leverage | 1.08x | 0.36x |
| Net DebtTotal debt minus cash | $1.2B | $1.2B |
| Cash & Equiv.Liquid assets | $123M | $184M |
| Total DebtShort + long-term debt | $1.3B | $1.4B |
| Interest CoverageEBIT ÷ Interest expense | 9.01x | 19.74x |
Total Returns (with DRIP)
A $10,000 investment in PTC five years ago would be worth $11,011 today (with dividends reinvested), compared to $8,429 for BSY. Over the past 12 months, PTC leads with a -4.3% total return vs BSY's -16.1%. The 3-year compound annual growth rate (CAGR) favors PTC at 7.7% vs BSY's -2.7% — a key indicator of consistent wealth creation.
| Metric | BSYBentley Systems, … | PTCPTC Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -4.2% | -7.9% |
| 1-Year ReturnPast 12 months | -16.1% | -4.3% |
| 3-Year ReturnCumulative with dividends | -8.0% | +24.9% |
| 5-Year ReturnCumulative with dividends | -15.7% | +10.1% |
| 10-Year ReturnCumulative with dividends | +12.1% | +406.6% |
| CAGR (3Y)Annualised 3-year return | -2.7% | +7.7% |
Risk & Volatility
BSY is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than PTC's 1.00 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PTC currently trades 71.3% 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, … | PTCPTC Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 1.00x |
| 52-Week HighHighest price in past year | $59.25 | $219.69 |
| 52-Week LowLowest price in past year | $30.96 | $133.38 |
| % of 52W HighCurrent price vs 52-week peak | +61.7% | +71.3% |
| RSI (14)Momentum oscillator 0–100 | 59.1 | 49.1 |
| Avg Volume (50D)Average daily shares traded | 2.1M | 861K |
Analyst Outlook
Wall Street rates BSY as "Buy" and PTC as "Buy". Consensus price targets imply 31.3% upside for BSY (target: $48) vs 30.8% for PTC (target: $205). BSY is the only dividend payer here at 0.70% yield — a key consideration for income-focused portfolios.
| Metric | BSYBentley Systems, … | PTCPTC Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.00 | $204.83 |
| # AnalystsCovering analysts | 12 | 33 |
| Dividend YieldAnnual dividend ÷ price | +0.7% | — |
| Dividend StreakConsecutive years of raises | 3 | — |
| Dividend / ShareAnnual DPS | $0.26 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +1.6% |
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% |
| PTC Inc. (PTC) | 100 | 186.52 | +86.5% |
PTC Inc. (PTC) returned +10% over 5 years vs Bentley Systems, In… (BSY)'s -16%. A $10,000 investment in PTC 5 years ago would be worth $11,011 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | $692M | $1.5B | +117.1% |
| PTC Inc. (PTC) | $1.1B | $2.7B | +140.2% |
PTC Inc.'s revenue grew from $1.1B (2016) to $2.7B (2025) — a 10.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 20.5% | 18.5% | -9.9% |
| PTC Inc. (PTC) | -4.8% | 26.8% | +661.1% |
PTC Inc.'s net margin went from -5% (2016) to 27% (2025).
Chart 4P/E Ratio History — 7 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 96.5 | 44.9 | -53.5% |
| PTC Inc. (PTC) | 188.4 | 28.7 | -84.8% |
Bentley Systems, Incorporated has traded in a 45x–161x P/E range over 6 years; current trailing P/E is ~43x. PTC Inc. has traded in a 29x–188x P/E range over 7 years; current trailing P/E is ~26x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Bentley Systems, In… (BSY) | 0.54 | 0.85 | +57.4% |
| PTC Inc. (PTC) | -0.48 | 6.08 | +1366.7% |
PTC Inc.'s EPS grew from $-0.48 (2016) to $6.08 (2025).
Chart 6Free Cash Flow — 5 Years
Bentley Systems, Incorporated generated $520M FCF in 2025 (+92% vs 2021). PTC Inc. generated $857M FCF in 2025 (+149% vs 2021).
BSY vs PTC: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BSY or PTC a better buy right now?
PTC Inc. (PTC) offers the better valuation at 25.8x trailing P/E (19.3x 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 PTC?
On trailing P/E, PTC Inc. (PTC) is the cheapest at 25.8x versus Bentley Systems, Incorporated at 43.0x. On forward P/E, PTC Inc. is actually cheaper at 19.3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: PTC Inc. wins at 0.48x versus Bentley Systems, Incorporated's 1.77x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — BSY or PTC?
Over the past 5 years, PTC Inc. (PTC) delivered a total return of +10.1%, compared to -15.7% for Bentley Systems, Incorporated (BSY). A $10,000 investment in PTC five years ago would be worth approximately $11K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PTC returned +406.6% 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 PTC?
By beta (market sensitivity over 5 years), Bentley Systems, Incorporated (BSY) is the lower-risk stock at 0.79β versus PTC Inc.'s 1.00β — meaning PTC is approximately 26% more volatile than BSY relative to the S&P 500. On balance sheet safety, PTC Inc. (PTC) carries a lower debt/equity ratio of 36% versus 108% for Bentley Systems, Incorporated — giving it more financial flexibility in a downturn.
05Which has better profit margins — BSY or PTC?
PTC Inc. (PTC) is the more profitable company, earning 26.8% net margin versus 18.5% for Bentley Systems, Incorporated — meaning it keeps 26.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PTC leads at 35.9% versus 24.1% for BSY. At the gross margin level — before operating expenses — PTC leads at 83.8%, 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 PTC 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, PTC Inc. (PTC) is the more undervalued stock at a PEG of 0.48x versus Bentley Systems, Incorporated's 1.77x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, PTC Inc. (PTC) trades at 19.3x forward P/E versus 26.9x for Bentley Systems, Incorporated — 7.5x 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 PTC?
In this comparison, BSY (0.7% yield) pays a dividend. PTC does not pay a meaningful dividend and should not be held primarily for income.
08Is BSY or PTC 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%, PTC: +406.6%), 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 PTC?
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 PTC 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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