Bentley Systems, Incorporated (BSY) vs Figma, Inc. (FIG)

Bentley Systems, Incorporated and Figma, Inc. are both Software Application companies. Figma, Inc. is the larger, with a market value of $11.4B against $9.7B — 1.2× the size. Figma, Inc. has negative trailing earnings, so its P/E is not meaningful; Bentley Systems, Incorporated trades at 33.8×. Figma, Inc. grew revenue faster over the last twelve months: 43.4% against 12.9%. Bentley Systems, Incorporated has the higher net margin (18.1% vs −118.2%) and the higher return on invested capital (10.4% vs 0.00%). Across the 18 metrics below, Bentley Systems, Incorporated leads on 13 and Figma, Inc. on 5.

Valuation

Metric BSY FIG Software Application median
P/E 33.81 n/m 24.79
P/S 6.12 8.57 2.67
P/B 8.16 7.43 3.01
Price to free cash flow 19.66 49.65 16.59
EV/EBITDA 24.13 n/m 14.40
EV/Sales 6.79 7.27 2.62
Earnings yield 2.96% (17.47%) 0.00%
Free cash flow yield 5.09% 2.01% 1.91%

Profitability

Metric BSY FIG Software Application median
Gross margin 81.84% 79.14% 67.03%
Operating margin 23.59% (123.84%) 0.00%
Net margin 18.10% (118.18%) 0.00%
Free cash flow margin 31.12% 17.27% 4.32%
Return on equity 24.53% (117.60%) 0.00%
Return on assets 8.28% (69.06%) 0.00%
Return on invested capital 10.39% 0.00% 0.00%

Growth

Metric BSY FIG Software Application median
Revenue growth (TTM) 12.85% 43.43% 12.40%
EPS growth (last fiscal year) 15.83% 0.80% —
Revenue growth, 5-year CAGR 13.38% — 13.72%
Net income growth, 5-year CAGR 17.08% — 0.00%

Health

Metric BSY FIG Software Application median
Debt to equity 1.01 0.00 0.02
Current ratio 0.59 2.45 1.55
Net debt to EBITDA 2.58 1.32 0.06

Dividend

Metric BSY FIG Software Application median
Dividend yield 0.24% — 1.25%
Payout ratio 0.33 — 0.00

Size

Metric BSY FIG Software Application median
Market cap 9.73b 11.37b 396.11m

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