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Bentley Systems, Incorporated BSY

Technology — Software Application
Dividend Champion (5y) Cash Flow Champion (3y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
0.03
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 1 — — — 1 — — — — — —
Insider Ownership
50.45%

Capital & Financial Ratios

Market Cap
9,490.00
Revenue
1,602.04
Net Income
289.82
Free Cash Flow
498.50
Net Debt
1,070.20
Current Ratio
0.59
Debt/Equity
1.01
P/E ratio
35.03
P/S ratio
6.34
P/B ratio
8.45
Past 5Y EPS Growth
12.90%
This Y EPS Growth
15.67%
Next Y EPS Growth
12.17%
Next 5Y EPS Growth
14.68%
in millions of $

Dividends

Payout Ratio
0.33
Annual Dividend Rate
0.20
Annual Dividend Yield
0.24%
total individual payouts
2028 ‡‡‡‡
2027 ‡‡‡‡‡
2026 0.28
—
—
—
2025 0.28
—
—
—
—
2024 0.24
—
—
—
—
2023 0.20
—
—
—
—
2022 0.12
—
—
—
—
2021 0.12
—
—
—
—
2020 0.03
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 68.41 64.01 123.28 146.98
Receivables 293.54 314.47 342.69 359.18
Inventory — — — —
Other — — — —
419.56 442.07 539.03 587.89
2023 2024 2025 Q'26
Payables 18.09 16.48 26.95 22.79
ST’ Debt 10.00 — — 6.88
Other — 366.90 463.31 496.32
760.36 814.33 960.21 988.14
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow — ‡‡‡‡‡ ‡‡‡‡‡
Earnings — ‡‡‡‡‡ ‡‡‡‡‡
Book Value — ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 424.18 410.73 — —
—
’25 370.54 364.11 375.55 391.58
1,501.78
’24 337.76 330.34 335.17 349.82
1,353.10
’23 314.41 296.75 306.61 310.64
1,228.41
’22 275.52 268.29 268.33 286.95
1,099.08
’21 222.01 223.92 251.39 267.73
965.05
’20 194.69 184.29 203.00 219.57
801.54
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 193.41 71.51 — —
—
’25 219.42 61.09 116.38 141.59
538.46
’24 204.97 62.59 86.11 81.63
435.29
’23 176.22 80.60 72.82 87.05
416.70
’22 101.73 67.00 69.47 36.13
274.32
’21 132.80 16.22 58.40 80.61
288.02
’20 72.61 63.57 39.84 82.32
258.34
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 187.86 63.80 — —
—
’25 216.37 56.99 110.68 136.17
520.21
’24 201.37 59.50 84.30 76.09
421.25
’23 171.94 73.63 65.17 80.96
391.69
’22 99.94 64.59 63.08 30.56
258.16
’21 130.14 14.13 51.99 74.22
270.49
’20 68.11 58.10 36.28 79.40
241.89
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.30 0.25 — —
—
’25 0.28 0.22 0.18 0.18
(0.85)
’24 0.22 0.22 0.13 0.16
0.72
’23 0.14 0.15 0.16 0.54
1.00
’22 0.18 0.17 0.12 0.08
0.55
’21 0.18 0.14 (0.16) 0.12
0.30
’20 0.10 0.15 0.02 0.17
0.42

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — ‡‡‡‡ ‡‡‡‡‡ 26.32 33.75 43.82 36.51 — — —
Low Price
— — — — ‡‡‡‡‡ ‡‡‡‡‡ 48.91 55.37 57.19 59.25 — — —
High Price
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,000 5,200 5,500 7,900 — — —
Employees
— — ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.22 0.24 0.25 0.19 — — —
Revenue/Emp
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,099.08 1,228.41 1,353.10 1,501.78 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 78.44% 78.34% 80.95% 81.52% — — —
Gross Margin
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 198.28 183.53 293.06 350.73 ‡‡‡‡‡ — —
EBT
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18.04% 14.94% 21.66% 23.35% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
— ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 174.78 326.79 234.43 277.79 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 78.83 79.15 71.95 73.46 — — —
Depreciation
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.55 3.93 4.30 4.77 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
— — ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ 0.57 1.05 0.75 (0.88) ‡‡‡‡‡ ‡‡‡‡ ‡‡‡
Earnings/Sh
— — ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.89 1.33 1.38 1.71 ‡‡‡‡ — —
Cash Flow/Sh
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.05) (0.08) (0.04) (0.06) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.83 1.25 1.34 1.65 — — —
Free CF/Sh
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.85 2.83 3.31 3.78 ‡‡‡‡ — —
Book Value/Sh
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 309.23 312.36 314.89 314.69 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 65.59 47.01 63.11 43.38 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.33 12.55 10.87 8.00 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.81 17.44 14.12 10.10 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.89 13.74 11.85 8.75 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 50.62 43.09 38.08 25.27 — — —
EV/FCF
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 274.32 416.70 435.29 538.46 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (16.17) (25.00) (14.05) (18.25) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 258.16 391.69 421.25 520.21 ‡‡‡‡‡ — —
FCF
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (212.46) (340.81) (372.26) (421.18) — — —
Working Cap'
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,780.70 1,528.40 1,388.09 1,248.91 — — —
Total Debt
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,709.01 1,459.99 1,324.08 1,125.63 — — —
Net Debt
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 573.45 883.98 1,041.12 1,189.49 — — —
Sh' Equity
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.00% 10.08% 6.99% 7.99% ‡‡‡‡‡ — —
ROA
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.71% 6.15% 7.98% 9.79% — — —
ROIC
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.56% 44.84% 24.39% 24.91% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Bentley Systems (BSY) trades at subdued valuations that scream opportunity for value hunters, boasting resilient 15% revenue CAGR through 2024 and projected 10-11% annual growth into 2027, fueled by its dominant subscription model in digital twins and infrastructure software amid U.S. IIJA tailwinds. Free cash flow per share has surged 61% since 2021, gross margins hover at 81%, and analysts eye 32-85% upside to targets, with forward multiples compressing attractively—yet this glosses over glaring red flags like persistent insider selling totaling $66 million (zero buys) and lingering net debt at $1.32 billion, even after reductions.

Profitability has rebounded with EBT margins at 21.7% and ROIC at 8%, underscoring operational leverage as revenue per employee climbs 34%, but balance sheet leverage remains a powder keg in a high-rate world, with negative working capital and acquisition integration risks echoing 2021’s margin plunge. Stock volatility has decoupled from fundamentals, lagging peers amid tech rotations, positioning BSY as a contrarian play for cash-flow focused investors willing to stomach 20-30% drawdowns.

While consensus chases infra hype, skeptics should brace for competition from Autodesk, delayed spending, and insider caution signaling deeper troubles—making dips below current levels the true entry, with Q1 2026 earnings a pivotal test of FCF strength and debt discipline.

Read full commentary →

Bentley Systems, Incorporated (BSY) Latest News

News by impact score

Fine-tune

18 Sep

3 , 5:12 PM
Bentley Systems announces a new dividend and establishes a tech hub in Philadelphia, developments that could alter the investment case for the company. New dividend and Philadelphia tech hub point to expanded operations and shareholder returns at Bentley Systems.

15 Aug

3 , 4:21 AM
Bentley Systems held its Q2 earnings call covering financial results and addressed the top 5 analyst questions on operations, growth drivers and outlook. Q2 earnings call updates on financials and strategy can moderately shift investor views and near-term stock movement.

14 Aug

4 , 9:48 AM
Bentley Systems explores AI strategy amid risks and opportunities affecting infrastructure software development and competitive positioning. AI strategy moves signal major shifts in BSY trajectory and investor sentiment.

3 www.trefis.com, 4:45 PM
Bentley Systems (BSY) encounters a critical resistance threshold tied to Autodesk (ADSK) stock performance, signaling potential shifts in competitive dynamics within the infrastructure software sector that could influence BSY investor sentiment and near-term valuation. ADSK stock movement sets a benchmark that may moderately sway BSY's positioning in shared CAD and design markets without altering core operations.

13 Aug

4 transcript www.fool.com, 12:57 PM
Bentley Systems (BSY) held its Q2 2026 earnings call, covering financial results, business performance, and forward outlook. Quarterly earnings calls deliver performance metrics and guidance that frequently shift investor views and stock trajectory.

9 Aug

4 , 9:01 PM
Bentley Systems advances AI strategy, expands products, and benefits from sector momentum in its Q2 outlook. AI strategy and product expansion represent major moves that can significantly alter company trajectory and investor sentiment.

6 Aug

3 app.moby.co, 5:13 PM
Bentley Systems reported Q2 2026 financial results in its earnings call, covering revenue, profits, operational metrics, and forward guidance. Quarterly earnings data and guidance typically produce moderate short-term effects on valuation and sentiment without altering long-term trajectory.

3 www.marketbeat.com, 11:04 AM
Bentley Systems Q2 revenue rose 9% to $314 million with 13% subscription growth. Operating margins expanded and full-year guidance was raised. Management highlighted infrastructure demand, 19% ARR growth and new platform adoptions while noting stable retention and continued investment in AI features. Q2 results and raised guidance signal steady growth and margin improvement but do not indicate transformative shifts in competitive position.

3 , 7:00 AM
Bentley Systems, Incorporated announced second quarter 2026 results. Quarterly results announcements deliver financial metrics that can shift near-term market views and valuation.

10 Jul

3 , 2:15 PM
Bentley Systems reported Q1 earnings placed in comparison with other vertical software stocks. Q1 earnings release and peer comparison can moderately shift near-term investor views on BSY.

24 Jun

4 Business Wire, 4:00 AM
Bentley Systems prioritizes digital twins and AI initiatives to accelerate predictive insights and infrastructure resilience per new research. Digital twins and AI prioritization drives major product innovation in Bentley's core infrastructure software.

9 Jun

4 Simply Wall St., 4:08 AM
Bentley Systems is issuing new debt to fund AI investments as part of a potential shift in its capital allocation strategy. Debt financing paired with AI investments marks a major strategic shift that can materially alter financial structure and growth trajectory.

2 Jun

3 Business Wire, 7:00 AM
SewerAI secures major strategic investment to advance underground infrastructure management technologies with direct relevance to Bentley Systems infrastructure solutions. Investment strengthens BSY positioning in underground infrastructure but remains non-transformative to core operations or market trajectory.

20 May

3 www.marketbeat.com, 4:03 AM
Bentley Systems is advancing infrastructure AI initiatives while monetization efforts stay in early stages. Focus on infrastructure AI supports product innovation with limited immediate effect on financial trajectory due to early monetization.

19 May

3 Simply Wall St., 12:10 PM
Bentley Systems beat Q1 2026 earnings expectations and posted revenue growth that supports an updated valuation assessment with positive investor implications. Strong Q1 earnings beat lifts near-term financial outlook and valuation multiples for Bentley Systems without signaling major strategic shifts.

17 May

3 StockStory, 12:20 PM
Bentley Systems addressed five key analyst questions during its Q1 earnings call covering financial performance, growth initiatives, and market outlook. Earnings call analyst questions highlight operational and strategic details that moderately shape near-term investor sentiment for BSY.

14 May

3 Business Wire, 9:00 AM
NXT BLD and Bentley Systems launched NXT Activate Accelerator to support next-generation innovators in architecture, engineering, and construction (AEC) software. Launching an accelerator bolsters ecosystem innovation and competitive positioning in AEC without fundamentally transforming core operations.

11 May

4 StockStory, 10:20 PM
Bentley Systems (BSY) reported strong Q1 results driven by AI initiatives and robust performance in the resources sector. AI initiatives and resources sector strength represent major strategic advancements likely to significantly enhance BSY's competitive position and market performance.

7 May

4 transcript www.fool.com, 3:20 PM
Bentley Systems (BSY) Q1 2026 earnings call transcript covers first-quarter financial results, revenue growth, profitability metrics, full-year guidance, and strategic initiatives in digital infrastructure software. Q1 2026 earnings results, updated guidance, and executive insights represent major strategic updates likely to shift investor sentiment and BSY's valuation trajectory.

4 www.marketbeat.com, 11:43 AM
Bentley Systems Q1 earnings call highlights financial results, revenue growth, profitability metrics, and forward guidance. Q1 earnings highlights detail financial performance and guidance with potential to significantly shift investor sentiment and company trajectory.

4 Zacks, 9:30 AM
Bentley Systems (BSY) Q1 earnings compared to estimates, with key metrics analyzed. Q1 earnings beat or miss versus estimates significantly influences financial trajectory and investor sentiment.

4 , 8:56 AM
Bentley Systems (NASDAQ:BSY) Q1 CY2026 sales topped estimates. Q1 CY2026 sales beating estimates indicates strong financial performance, significantly boosting investor sentiment and stock trajectory.

4 Business Wire, 7:00 AM
Bentley Systems, Incorporated (BSY) announced first quarter 2026 results, highlighting key financial metrics and performance updates. Quarterly earnings releases like Q1 2026 directly impact BSY's financial trajectory, stock price, and investor sentiment.

3 app.moby.co, 4:42 PM
Bentley Systems, Incorporated released Q1 2026 earnings call summary highlighting financial results, revenue growth, and future outlook. Quarterly earnings summary impacts financial performance and market sentiment moderately without fundamentally altering long-term trajectory.

6 May

3 Zacks, 9:15 AM
Bentley Systems (BSY) Q1 earnings preview highlights critical factors beyond headline estimates, including guidance, margins, backlog growth, subscription trends, and competitive dynamics ahead of results release. Q1 earnings preview influences investor expectations on financials and outlook, with moderate potential to sway short-term market performance.

29 Apr

4 Business Wire, 8:00 AM
Bentley Systems achieved a key U.S. Government security milestone, enabling expanded role in modernizing national infrastructure through secure software solutions. U.S. Government security milestone unlocks federal contracts and boosts BSY's infrastructure market position.

28 Apr

3 Simply Wall St., 6:14 AM
Bentley Systems (BSY) shares plunged 6.8% due to investor concerns over decelerating annual recurring revenue (ARR) growth and intensifying margin pressures, prompting questions about near-term financial health and strategic outlook. Slower ARR growth and margin pressures triggered a 6.8% stock drop, moderately impacting financial performance and market sentiment without fundamentally altering long-term trajectory.

23 Apr

4 Zacks, 12:00 PM
Bentley Systems (BSY) upgraded to Strong Buy by analysts, highlighting strong growth prospects in infrastructure engineering software amid robust demand and strategic initiatives. Analyst upgrade to Strong Buy reflects improved outlook on growth and performance, likely driving positive investor sentiment and stock momentum.

10 Apr

3 Zacks, 9:35 AM
Bentley Systems (BSY) stock plunged 13.0% over the past four weeks, but key indicators point to a potential reversal in the downward trend. Indicators signaling stock trend reversal after 13% drop moderately influence market sentiment and near-term performance.

6 Apr

3 Simply Wall St., 9:19 PM
Bentley Systems (BSY) shares weakened recently amid mixed signals on valuation multiples, prompting a reassessment of the company's overall valuation. Share price weakness and mixed multiples create moderately noticeable uncertainty around BSY's financial performance and investor sentiment.
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