Bentley Systems (BSY) AI Stock Analysis

• Market Cap: $14.86B
• Dividend Yield: 0.56%
• Average Volume (3M): 2.46M
• Price to Earnings (P/E): 62.5
• Beta (1Y): 0.76
• Revenue Growth: 11.12%
• EPS Growth: -26.24%
• Country: US
• Employees: 5,500
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.27
• Shares Outstanding: 292,093,300
• 10 Day Avg. Volume: 1,307,584
• 30 Day Avg. Volume: 2,461,821
• PEG Ratio: -2.09
• Price to Book (P/B): 14.13
• Price to Sales (P/S): 10.87
• P/FCF Ratio: 34.91
• Enterprise Value/Market Cap: 1.23
• Enterprise Value/Revenue: 12.52
• Enterprise Value/Gross Profit: 15.42
• Enterprise Value/Ebitda: 51.17
• 1Y Price Target: $59.71
• Price Target Upside: 23.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $53.00 ▲(9.32% Upside)

Bentley Systems' strong financial performance and positive earnings call, highlighting robust ARR growth and strategic investments in AI, are significant strengths. However, the technical analysis indicates a bearish trend, and the high P/E ratio suggests potential overvaluation. These factors contribute to a moderate overall stock score.

Positive Factors

Revenue Growth

The consistent ARR growth indicates strong demand for Bentley's products, enhancing revenue visibility and supporting long-term financial stability.

Subscription Model Strength

The shift towards a subscription model ensures steady cash flow and customer retention, providing a reliable revenue base for future growth.

AI and Digital Twin Initiatives

Investments in AI and digital twins position Bentley at the forefront of innovation, potentially driving future growth and competitive advantage.

Negative Factors

Operational Margin Pressure

Decreasing margins may indicate rising costs or pricing pressures, which could impact profitability if not addressed.

Professional Services Revenue Decline

Declining professional services revenue suggests challenges in this segment, potentially affecting overall revenue diversification.

China Market Challenges

Ongoing challenges in China could limit growth opportunities in this market, impacting global expansion efforts.

Bentley Systems Business Overview & Revenue Model

Company Description

Bentley Systems (BSY) is a global leader in software solutions for advancing infrastructure, providing tools and services for the design, construction, and operation of infrastructure assets. The company primarily serves sectors such as civil engineering, architecture, construction, and operations. Bentley's core products include its MicroStation platform for 2D and 3D design, as well as a suite of applications for project delivery, asset performance, and digital twins, enabling organizations to enhance their infrastructure lifecycle management.

How the Company Makes Money

Bentley Systems generates revenue through a subscription-based model, offering software licenses, maintenance, and support services. Key revenue streams include recurring subscriptions for its software products, which provide customers with continuous access to updates and technical support. Additionally, Bentley earns revenue from professional services, such as consulting and training, that assist clients in implementing their software solutions. Significant partnerships with major engineering and construction firms enhance its market reach and contribute to its earnings by embedding Bentley's software within large-scale infrastructure projects.

Bentley Systems Financial Statement Overview

Summary

Bentley Systems exhibits strong profitability and revenue growth, supported by efficient operations. However, the balance sheet shows a reliance on debt, and cash flow performance is mixed with declining free cash flow growth being a concern.

Income Statement

Bentley Systems demonstrates strong profitability with a consistent gross profit margin above 80% and a net profit margin around 18% in TTM. The company has shown steady revenue growth, albeit at a slower pace recently. EBIT and EBITDA margins are healthy, indicating efficient operations. However, the slight decline in gross profit margin from previous years suggests potential cost pressures.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 1.17 in TTM, which has improved from previous years, indicating better leverage management. Return on equity is robust at 23.47%, reflecting effective use of equity. However, the equity ratio is relatively low, suggesting a higher reliance on debt financing, which could pose risks if not managed carefully.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth in TTM, which is a concern. The operating cash flow to net income ratio is below 1, indicating potential cash flow constraints. However, the free cash flow to net income ratio remains strong, suggesting that the company is still generating sufficient cash relative to its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.46B	1.35B	1.23B	1.10B	965.05M	801.54M
Gross Profit	1.19B	1.10B	910.24M	862.07M	748.51M	634.39M
EBITDA	357.14M	378.19M	288.44M	297.63M	152.34M	206.03M
Net Income	269.25M	234.79M	326.79M	174.78M	93.19M	126.52M
Balance Sheet
Total Assets	3.46B	3.40B	3.32B	3.17B	2.66B	1.13B
Cash, Cash Equivalents and Short-Term Investments	165.41M	64.01M	68.41M	71.68M	329.34M	122.01M
Total Debt	1.28B	1.43B	1.57B	1.82B	1.49B	294.38M
Total Liabilities	2.27B	2.36B	2.44B	2.59B	2.25B	784.44M
Stockholders Equity	1.20B	1.04B	883.28M	572.75M	409.22M	341.60M
Cash Flow
Free Cash Flow	460.13M	421.25M	391.69M	255.78M	270.49M	241.89M
Operating Cash Flow	478.51M	435.29M	416.70M	274.32M	288.02M	258.34M
Investing Cash Flow	-21.36M	-143.27M	-60.50M	-770.13M	-1.06B	-117.33M
Financing Cash Flow	-367.84M	-289.85M	-359.07M	243.03M	982.58M	-136.51M

Bentley Systems Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 48.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BSY, the sentiment is Negative. The current price of 48.48 is below the 20-day moving average (MA) of 50.57, below the 50-day MA of 52.14, and below the 200-day MA of 49.09, indicating a bearish trend. The MACD of -1.04 indicates Positive momentum. The RSI at 29.53 is Positive, neither overbought nor oversold. The STOCH value of 12.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BSY.

Bentley Systems Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SSNC	78 Outperform	$20.92B	25.52	12.40%	1.21%	6.67%	21.21%
MANH	76 Outperform	$10.75B	51.16	73.58%	―	4.10%	-0.21%
PEGA	76 Outperform	$10.36B	41.36	51.96%	0.15%	17.00%	120.21%
GWRE	69 Neutral	$18.83B	275.72	4.99%	―	22.64%	―
BSY	68 Neutral	$14.86B	62.55	24.16%	0.56%	11.12%	-26.24%
TYL	66 Neutral	$20.21B	64.17	9.17%	―	10.62%	31.43%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Bentley Systems Corporate Events

Bentley Systems Reports Strong Q3 2025 Growth

Bentley Systems, Incorporated is a leading infrastructure engineering software company that provides solutions for designing, building, and operating resilient infrastructure across various sectors including transportation, water, and energy.

Bentley Systems Earnings Call Highlights AI and Growth

Bentley Systems Reports Strong Earnings with Focus on AI and Digital Twin Initiatives

Bentley Systems Alters Convertible Notes Settlement Method

On October 14, 2025, Bentley Systems announced a change in the settlement method for its 0.125% Convertible Senior Notes due 2026. Effective October 15, 2025, all conversions of these notes will be settled through the delivery of shares of the company’s Class B common stock, potentially impacting the company’s financial operations and shareholder structure.

The most recent analyst rating on (BSY) stock is a Hold with a $58.00 price target. To see the full list of analyst forecasts on Bentley Systems stock, see the BSY Stock Forecast page.

Bentley Systems Announces Q3 2025 Dividend Payment

On September 12, 2025, Bentley Systems announced a $0.07 per share dividend for the third quarter of 2025, payable on September 30, 2025, to stockholders of record as of September 23, 2025. This announcement underscores Bentley Systems’ commitment to providing shareholder value and reflects its stable financial position, potentially impacting investor confidence and market perception positively.

The most recent analyst rating on (BSY) stock is a Hold with a $58.00 price target. To see the full list of analyst forecasts on Bentley Systems stock, see the BSY Stock Forecast page.

Bentley Systems Reports Strong Q2 2025 Results

Bentley Systems, Incorporated is a leading infrastructure engineering software company that provides solutions for designing, building, and operating infrastructure across various sectors such as transportation, water, and energy. The company recently announced its second-quarter 2025 financial results, showcasing steady growth and resilience in the face of global uncertainties.

Bentley Systems Reports Strong ARR Growth and Strategic Expansion

The recent earnings call for Bentley Systems, Class B, painted a positive picture of the company’s performance and strategic direction. The sentiment was largely optimistic, driven by impressive ARR growth, a thriving SMB segment, and strategic investments in AI and infrastructure. Despite some challenges in China and volatility in asset analytics, the overall outlook remains strong and promising.