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BSYBentley Systems, Incorporated
$31.86$9.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
BSY logo

Bentley Systems, Incorporated

BSY
NASDAQ · Application Software
$31.86
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$9.31B
P/E37.5x
52W High$57.25
Volume2.65M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Accelerating Infrastructure Software Growth Tempered by Consumption Volatility

Bentley Systems is executing a steady acceleration in infrastructure software revenue, with growth rising from 7.4% in 2024Q1 to 12.8% in 2026Q2, driven by sustained demand in Public Works and Resources sectors. The company maintains a highly asset-light model...

GrowthAccelerating
ProfitabilityStable
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

BSY price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

-13% Peers

P/E is 13% below peer median

03

Market leadership

RS 40 · Lag

Laggard (Underperforming 60% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 6
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated from 7.4% in 2024Q1 to 12.8% in 2026Q2, with gross margin stable at 82.0% and operating margin fluctuating between 17.6% and 31.1% due to investment cycles, while EPS growth swung from -70.4% in 2024Q4 to +13.6% in 2026Q2.

Analyst Consensus+25.5% target
Buy(12 analysts)
7 Buy4 Hold1 Sell

The Bull Case

Upside Catalysts

Revenue and earnings growth

Bentley Systems reported strong first-quarter 2026 results with revenue rising to US$424.18 million and net income increasing to US$95.39 million, reflecting solid financial performance.

Recurring revenue strength

The company highlighted robust subscription and recurring revenues, indicating a stable and predictable income stream.

AI product development

Bentley Systems is actively developing AI-powered products, such as Blyncsy technology, which is being deployed in large-scale infrastructure projects.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
BSY-15.94%
S&P 500 (^GSPC)+13.20%
1-Year Return
BSY-39.90%
S&P 500 (^GSPC)+15.98%
3-Year Return
BSY-33.14%
S&P 500 (^GSPC)+77.72%
5-Year Return
BSY-49.32%
S&P 500 (^GSPC)+76.06%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
37.5x
Forward P/EExpansion
22.8x
EV/EBITDA0th %ile
24.4x
FCF YieldCash Flow
5.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
37.5x
64.9x
0th· Low
EV/EBITDA
24.4x
50.0x
0th· Low
Price/FCF
17.9x
44.3x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$17.41-45.4%
Base (Fair)$32.00-1.8%
Bull$48.39+51.9%
$17.41 Bear$32.00 Base$48.39 Bull
Current Market Price: $31.86
Trades at a 0.4% discount to Base DCF ($32.00)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.5B+11.0% YoY
Net income
$278M+18.3% YoY
Free cash flow
$520M+23.5% YoY
Operating margin
24.1%+1.8 pts YoY
ROIC (TTM)11.4%
Avg ROIC 5Y-
ROE (TTM)24.9%
Piotroski Score9 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$0.35+10.7%
vs $0.32
$411M-0.3%
vs $412M
Q2 2026
May 7, 2026
$0.38+7.0%
vs $0.36
$424M+1.0%
vs $420M
Q1 2026
Feb 26, 2026
$0.27+3.9%
vs $0.26
$392M+2.6%
vs $382M
Q4 2025
Nov 5, 2025
$0.27-1.7%
vs $0.27
$376M+1.6%
vs $370M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·Sep 11, 2026
Bentley Systems, Incorporated Declares Third Quarter 2026 Dividend

EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq: BSY) (the “Company”), the infrastructure engineering software company, today announced that its Board of Directors (the “Board”) declared a $0.07 per share dividend for the third quarter of 2026. The cash dividend is payable on September 29, 2026, to all stockholders of record of Class A and Class B common stock as of the close of business on September 22, 2026. About Bentley Systems Around the world, infrastructure professiona.

Defense World·Sep 8, 2026
Public Employees Retirement System of Ohio Buys Shares of 46,816 Bentley Systems, Incorporated $BSY

Public Employees Retirement System of Ohio purchased a new position in Bentley Systems, Incorporated (NASDAQ: BSY) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 46,816 shares of the company's stock, valued at approximately $1,399,000. A number of other institutional investors

Business Wire·Sep 4, 2026
Bentley Systems Opens Philadelphia Tech Hub and Experience Center

PHILADELPHIA--(BUSINESS WIRE)--Bentley Systems Opens Philadelphia Tech Hub and Experience Center.

Defense World·Aug 31, 2026
Bentley Systems, Incorporated (NASDAQ:BSY) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Bentley Systems, Incorporated (NASDAQ: BSY - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the fourteen brokerages that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price

Filtered for Bentley Systems, IncorporatedMore Headlines
04

Compare before deciding

Benchmark BSY against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Bentley Systems, Incorporated (BSY)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BSY logoBSYBentley Systems, IncorporatedCurrent
$31.86$9.31B37.4810.99%18.5%24.91%0.8%
ADSK logoADSKAutodesk, Inc.
$219.62$46.37B41.9917.53%21.08%52.5%—
CDNS logoCDNSCadence Design Systems, Inc.
$302.95$83.56B74.6214.12%23.61%22.88%—
PTC logoPTCPTC Inc.
$140.00$16.17B23.0319.18%41.43%32.64%—
TRMB logoTRMBTrimble Inc.
$59.30$13.82B33.89-2.61%-2.77%-1.87%—
CAT logoCATCaterpillar Inc.
$808.01$372.2B42.914.29%14.5%54.14%—

Compare BSY vs Peers

Bentley Systems, Incorporated (BSY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADSK

Most directly comparable listed peer for BSY.

Scale Benchmark

vs MSFT

Larger-name benchmark to compare BSY against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADSK, CDNS, PTC, TRMB

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

BSY SEC Filings & Documents

Bentley Systems, Incorporated (BSY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 6, 2026·SEC

Material company update

May 26, 2026·SEC

Material company update

May 7, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 26, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

Aug 6, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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BSY Frequently Asked Questions

Bentley Systems, Incorporated (BSY) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Bentley Systems, Incorporated's revenue?

Bentley Systems, Incorporated (BSY) reported $1.60B in revenue for fiscal year 2025. This represents a 132% increase from $691.7M in 2018.

How fast is Bentley Systems, Incorporated growing?

Bentley Systems, Incorporated (BSY) grew revenue by 11.0% over the past year. This is steady growth.

Is BSY profitable?

Yes, Bentley Systems, Incorporated (BSY) is profitable, generating $290.0M in net income for fiscal year 2025 (18.5% net margin).

Dividend & Returns
Does BSY pay dividends?

Yes, Bentley Systems, Incorporated (BSY) pays a dividend with a yield of 0.80%. This makes it attractive for income-focused investors.

What is BSY's return on equity?

Bentley Systems, Incorporated (BSY) has a return on equity (ROE) of 24.9%. This is excellent, indicating efficient use of shareholder capital.

What is Bentley Systems, Incorporated's free cash flow?

Bentley Systems, Incorporated (BSY) generated $498.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in BSY back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →