Bentley Systems, Incorporated (BSY) vs Tyler Technologies, Inc. (TYL)

Bentley Systems, Incorporated and Tyler Technologies, Inc. are both Software Application companies. Tyler Technologies, Inc. is the larger, with a market value of $14.9B against $12.0B — 1.2× the size. Bentley Systems, Incorporated trades at the lower P/E: 43.9× against 51.6×. Bentley Systems, Incorporated grew revenue faster over the last twelve months: 12.9% against 8.19%. Bentley Systems, Incorporated has the higher net margin (18.1% vs 13.4%) and the higher return on invested capital (10.4% vs 6.61%). Across the 22 metrics below, Bentley Systems, Incorporated leads on 12 and Tyler Technologies, Inc. on 10.

Valuation

Metric BSY TYL Software Application median
P/E 43.91 51.60 26.76
P/S 7.95 6.74 2.99
P/B 10.59 5.40 2.59
Price to free cash flow 25.54 23.22 18.02
EV/EBITDA 30.64 33.35 16.06
EV/Sales 8.62 7.17 2.92
Earnings yield 2.28% 1.94% 0.00%
Free cash flow yield 3.91% 4.31% 2.00%

Profitability

Metric BSY TYL Software Application median
Gross margin 81.84% 47.21% 67.03%
Operating margin 23.59% 15.14% 0.00%
Net margin 18.10% 13.36% 0.00%
Free cash flow margin 31.12% 29.05% 5.71%
Return on equity 24.53% 9.73% 0.00%
Return on assets 8.28% 5.78% 0.00%
Return on invested capital 10.39% 6.61% 0.00%

Growth

Metric BSY TYL Software Application median
Revenue growth (TTM) 12.85% 8.19% 12.43%
EPS growth (last fiscal year) 15.83% 19.01% 31.92%
Revenue growth, 5-year CAGR 13.38% 15.87% 14.34%
Net income growth, 5-year CAGR 17.08% 10.13% 0.00%

Health

Metric BSY TYL Software Application median
Debt to equity 1.01 0.46 0.03
Current ratio 0.59 1.55 1.56
Net debt to EBITDA 2.58 (0.98) 0.08

Dividend

Metric BSY TYL Software Application median
Dividend yield 0.69% — 0.93%
Payout ratio 0.31 — 0.29

Size

Metric BSY TYL Software Application median
Market cap 11.98b 14.87b 423.97m

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