Upside case
Bull case
$56+75.6%
BSY would need investors to value it at roughly 41x earnings — about 18x more generous than today's 24x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Bentley Systems, Incorporated (BSY) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
12
analysts
6 bullish · 1 bearish · 12 covering BSY
Strong Buy
0
Buy
6
Hold
5
Sell
1
Strong Sell
0
Consensus Target
$48
+48.3% vs today
Scenario Range
$18 – $56
Model bear to bull value window
Coverage
12
Published analyst ratings
Valuation Context
23.6x
Forward P/E · Market cap $9.7B
BSY price targets
Three scenarios for where BSY stock could go
Current
~$32
Confidence
71 / 100
Updated
May 1, 2026
Where we are now
Current · $32
Bear
$18
Base
$45
Bull
$56
Market caseClosest to today
Base case
$45+40.5%
At 33x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$18-42.4%
If investor confidence fades or macro conditions deteriorate, a 10x multiple contraction could push BSY down roughly 42% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Bentley Systems, Incorporated
BSY · NASDAQTechnologySoftware - ApplicationDecember year-end
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.
Market Cap
$9.7B
Revenue TTM
$1.5B
Net Income TTM
$278M
Net Margin
18.5%
BSY Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+11.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$0.35/$0.30
Revenue
$371M/$366M
Q3 2025
EPS
$0.32/$0.28
Revenue
$364M/$364M
Q4 2025
EPS
$0.27/$0.27
Revenue
$376M/$370M
Q1 2026
EPS
$0.27/$0.26
Revenue
$392M/$382M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.35/$0.30 | +15.5% | $371M/$366M | +1.2% |
| Q3 2025 | $0.32/$0.28 | +12.3% | $364M/$364M | +0.1% |
| Q4 2025 | $0.27/$0.27 | -1.7% | $376M/$370M | +1.6% |
| Q1 2026 | $0.27/$0.26 | +3.9% | $392M/$382M | +2.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$1.7B
+11.9% YoY
FY2
$1.9B
+11.1% YoY
EPS Outlook
FY1
$1.06
+27.6% YoY
FY2
$1.19
+12.2% YoY
Trailing FCF (TTM)$520M
FCF Margin: 34.6%
Next Earnings
May 7, 2026
Expected EPS
$0.38
Expected Revenue
$420M
BSY beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
BSY Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $5.0B
Product Mix
Latest annual revenue by segment or product family
Subscriptions And Licenses
28.5%
+12.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
United States, Canada, And Latin America
52.6%
+10.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Subscriptions And Licenses is the largest disclosed segment at 28.5% of FY 2025 revenue, up 12.1% YoY.
United States, Canada, And Latin America is the largest reported region at 52.6%, up 10.3% YoY.
BSY Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $47 — implies +40.0% from today's price.
Upside to Fair Value
40.0%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BSY
37.7x
vs
S&P 500
25.2x
+50% premium
vs Technology Trailing P/E
BSY
37.7x
vs
Technology
27.5x
+37% premium
vs BSY 5Y Avg P/E
Today
37.7x
vs
5Y Average
78.6x
52% discount
Forward PE
23.6x
S&P 500
19.1x
+24%
Technology
21.7x
+9%
5Y Avg
—
—
Trailing PE
37.7x
S&P 500
25.2x
+50%
Technology
27.5x
+37%
5Y Avg
78.6x
-52%
PEG Ratio
2.49x
S&P 500
1.75x
+43%
Technology
1.47x
+70%
5Y Avg
—
—
EV/EBITDA
29.9x
S&P 500
15.3x
+96%
Technology
17.4x
+72%
5Y Avg
49.6x
-40%
Price/FCF
18.6x
S&P 500
21.3x
-13%
Technology
19.8x
-6%
5Y Avg
42.0x
-56%
Price/Sales
6.5x
S&P 500
3.1x
+106%
Technology
2.4x
+168%
5Y Avg
12.2x
-47%
Dividend Yield
0.80%
S&P 500
1.88%
-58%
Technology
1.18%
-32%
5Y Avg
0.39%
+102%
| Metric | BSY | S&P 500 | Technology | 5Y Avg BSY |
|---|---|---|---|---|
| Forward PE | 23.6x | 19.1x+24% | 21.7x | — |
| Trailing PE | 37.7x | 25.2x+50% | 27.5x+37% | 78.6x-52% |
| PEG Ratio | 2.49x | 1.75x+43% | 1.47x+70% | — |
| EV/EBITDA | 29.9x | 15.3x+96% | 17.4x+72% | 49.6x-40% |
| Price/FCF | 18.6x | 21.3x-13% | 19.8x | 42.0x-56% |
| Price/Sales | 6.5x | 3.1x+106% | 2.4x+168% | 12.2x-47% |
| Dividend Yield | 0.80% | 1.88% | 1.18% | 0.39% |
BSY trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBSY Financial Health
Verdict
Strong
BSY generates $520M in free cash flow at a 34.6% margin — 11.4% ROIC signals a durable competitive advantage · returns 2.1% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$1.5B
Revenue Growth
TTM vs prior year
+11.0%
Gross Margin
Gross profit as a share of revenue
81.5%
Operating Margin
Operating income divided by revenue
24.1%
Net Margin
Net income divided by revenue
18.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.83
Free Cash Flow (TTM)
Cash generation after capex
$520M
FCF Margin
FCF as share of revenue — the primary cash quality signal
34.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.4%
ROA
Return on assets, trailing twelve months
7.8%
Cash & Equivalents
Liquid assets on the balance sheet
$123M
Net Debt
Total debt minus cash
$1.2B
Debt Serviceability
Net debt as a multiple of annual free cash flow
2.2× FCF
~2.2 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
23.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.1%
Dividend
0.8%
Buyback
1.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$125M
Dividend / Share
Annualized trailing dividend per share
$0.26
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
333M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageBSY Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Liquidity Concerns
BlackSky Technology Inc. is not yet cash flow positive and may need to raise additional funds. A significant setback, such as a launch failure, could critically impact its financial stability.
High Risk
Customer Concentration
A substantial portion of BlackSky's revenue is derived from a small number of major customers, which poses a significant risk to its revenue stability.
High Risk
Financial Stability
BlackSky has a history of substantial net losses and consistently negative free cash flow, leading to significant cash burn. Their notable debt-to-equity ratio further exacerbates financial stability concerns.
Medium
Market and Economic Factors
BlackSky faces risks from economic and political changes, natural and human disruptions, and fluctuations in capital markets. These factors could adversely affect its operations and financial performance.
Medium
Technological and Operational Risks
The company is exposed to risks related to innovation, new product development, and reliance on technology. Cybersecurity threats and the protection of intellectual property are also significant concerns.
Medium
Demand and Competition
BlackSky is at risk from fluctuating demand for its services and competition from other providers. Reliance on key customers and pricing pressures could impact its market position.
Medium
Valuation Concerns
Valuation metrics indicate that BlackSky Technology Inc. may be overvalued, with a Value Score of F. This suggests it could be a poor investment choice for value-focused investors.
Lower
Slowing Growth and Increased Investment
Bentley Systems has experienced a slowdown in its average annual recurring revenue (ARR) growth and plans to increase spending to maintain market position. This may pressure free cash flow margins.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BSY Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Revenue Growth
Bentley Systems has demonstrated strong revenue growth, with a reported 12% year-over-year increase driven by subscriptions. Projections indicate continued growth, with a narrative suggesting $1.9 billion in revenue by 2028, requiring approximately 9.7% annual growth.
AI Integration for Future Growth
The company is actively introducing new AI-powered infrastructure solutions, which is seen as a key driver for future growth. This strategic focus on AI is expected to enhance their product offerings and market competitiveness.
Financial Strength and Profitability
Bentley Systems is showing strong financial results with net profit margins around 18.5%. The company is expected to maintain strong profitability with 15-20% growth in operating income and $500M-$570M in free cash flow for FY26.
Enhanced Shareholder Returns
Bentley Systems has expanded its stock repurchase program, authorizing up to $500 million in Class B shares and convertible notes through 2028. They also announced a quarterly dividend of $0.07 per share, reflecting a commitment to returning value to shareholders.
Dominant Market Position
Bentley Systems is considered a dominant player in its niche markets within the infrastructure software sector. This strong market position provides a competitive advantage and potential for sustained growth.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BSY Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$32.07
52W Range Position
4%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$30.83
+4.0% from the low
52-Week High
$59.25
-45.9% from the high
1 Month
-8.61%
3 Month
-3.32%
YTD
-15.9%
1 Year
-26.7%
3Y CAGR
-8.6%
5Y CAGR
-7.9%
10Y CAGR
-0.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BSY vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
23.6x
vs 20.5x median
+15% above peer median
Revenue Growth
+11.9%
vs +7.9% median
+50% above peer median
Net Margin
18.5%
vs 16.6% median
+12% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BSY BSY Bentley Systems, Incorporated | $9.7B | 23.6x | +11.9% | 18.5% | Buy | +48.3% |
ADS ADSK Autodesk, Inc. | $52.0B | 19.6x | +16.9% | 16.6% | Buy | +39.0% |
CDN CDNS Cadence Design Systems, Inc. | $98.0B | 44.7x | +15.0% | 20.9% | Buy | +4.5% |
PTC PTC PTC Inc. | $16.3B | 17.8x | +7.9% | 41.6% | Buy | +42.4% |
TRM TRMB Trimble Inc. | $15.0B | 20.5x | -0.9% | 12.4% | Buy | +49.8% |
CAT CAT Caterpillar Inc. | $431.2B | 40.1x | +5.2% | 13.3% | Buy | -11.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BSY Dividend and Capital Return
BSY returns capital mainly through $125M/year in buybacks (1.3% buyback yield), with a modest 0.80% dividend — combining for 2.1% total shareholder yield.
Dividend UnknownFCF Well Covered
Total Shareholder Yield
2.1%
Dividend + buyback return per year
Buyback Yield
1.3%
Dividend Yield
0.80%
Payout Ratio
—
How BSY Splits Its Return
Div 0.80%
Buyback 1.3%
Dividend 0.80%Buybacks 1.3%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.26
Growth Streak
Consecutive years of dividend increases
3Y
3Y Div CAGR
32.6%
5Y Div CAGR
56.3%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$125M
Estimated Shares Retired
4M
Approx. Share Reduction
1.2%
Shares Outstanding
Current diluted share count from the screening snapshot
333M
At 1.2%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.07 | — | — | — |
| 2025 | $0.28 | +16.7% | 1.0% | 1.7% |
| 2024 | $0.24 | +20.0% | 0.5% | 1.0% |
| 2023 | $0.20 | +66.7% | 0.3% | 0.7% |
| 2022 | $0.12 | 0.0% | 0.6% | 0.9% |
FAQ
7 questionsBSY Investor Questions
Common questions answered from live analyst data and company financials.
01Is Bentley Systems, Incorporated (BSY) stock a buy or sell in 2026?
Bentley Systems, Incorporated (BSY) is rated Buy by Wall Street analysts as of 2026. Of 12 analysts covering the stock, 6 rate it Buy or Strong Buy, 5 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $48, implying +48.3% from the current price of $32. The bear case scenario is $18 and the bull case is $56.
02What is the BSY stock price target for 2026?
The Wall Street consensus price target for BSY is $48 based on 12 analyst estimates. The high-end target is $55 (+71.5% from today), and the low-end target is $40 (+24.7%). The base case model target is $45.
03Is Bentley Systems, Incorporated (BSY) stock overvalued in 2026?
BSY trades at 23.6x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Bentley Systems, Incorporated (BSY) stock in 2026?
The primary risks for BSY in 2026 are: (1) Liquidity Concerns — BlackSky Technology Inc. (2) Customer Concentration — A substantial portion of BlackSky's revenue is derived from a small number of major customers, which poses a significant risk to its revenue stability. (3) Financial Stability — BlackSky has a history of substantial net losses and consistently negative free cash flow, leading to significant cash burn. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Bentley Systems, Incorporated's revenue and earnings forecast?
Analyst consensus estimates BSY will report consensus revenue of $1.7B (+11.9% year-over-year) and EPS of $1.06 (+27.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.9B in revenue.
06When does Bentley Systems, Incorporated (BSY) report its next earnings?
Bentley Systems, Incorporated is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $0.38 and revenue of $420M. Over recent quarters, BSY has beaten EPS estimates 75% of the time.
07How much free cash flow does Bentley Systems, Incorporated generate?
Bentley Systems, Incorporated (BSY) generated $520M in free cash flow over the trailing twelve months — a free cash flow margin of 34.6%. BSY returns capital to shareholders through dividends (0.8% yield) and share repurchases ($125M TTM).