Bentley Systems: Strong Financial Performance and Market Conditions Justify Buy Rating

William Blair analyst Dylan Becker has maintained their bullish stance on BSY stock, giving a Buy rating today.

Dylan Becker has given his Buy rating due to a combination of factors including Bentley Systems’ strong financial performance and favorable market conditions. The company reported a 12% growth in subscription revenue and constant-currency ARR, which reflects a consistent demand for infrastructure projects globally. This demand is driven by increasing civil backlogs and a positive long-term outlook, alongside a gap in engineering capacity that emphasizes the need for productivity tools.
Furthermore, Bentley Systems’ management has reaffirmed its 2025 outlook, projecting sustained double-digit ARR growth and ongoing margin improvements. The company’s financial profile, characterized by its Rule-of-40-plus metrics, suggests a stable and promising growth trajectory. The focus on infrastructure investment and the engineering capacity gap are expected to support continued growth in ARR and free cash flow, justifying the Buy rating.

Becker covers the Technology sector, focusing on stocks such as Manhattan Associates, Sapiens, and Procore Technologies. According to TipRanks, Becker has an average return of 8.7% and a 61.45% success rate on recommended stocks.

In another report released today, Rosenblatt Securities also maintained a Buy rating on the stock with a $53.00 price target.