Tearsheet

Bentley Systems (BSY)

Market Price (12/4/2025): $42.62 | Market Cap: $13.4 Bil
Sector: Information Technology | Industry: Application Software

Bentley Systems (BSY)

Market Price (12/4/2025): $42.62
Market Cap: $13.4 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -59%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
2	Low stock price volatility Vol 12M is 28%
3	Megatrend and thematic drivers Megatrends include Water Infrastructure, Smart Buildings & Proptech, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
2	Low stock price volatility Vol 12M is 28%
3	Megatrend and thematic drivers Megatrends include Water Infrastructure, Smart Buildings & Proptech, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -59%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$42.62	$46.49	$51.70	$36.46	$47.52
Market Cap CYE ($ Bil)	13.4	14.6	16.2	11.3	14.6
Total Debt ($ Bil)	1.3	1.4	1.6	1.8	1.5
Total Cash ($ Bil)	0.2	0.1	0.1	0.1	0.3
Enterprise Value ($ Bil)	14.5	16.0	17.8	13.1	16.1
Valuation Ratios
P/S TTM	11.1	10.9	13.3	10.4	15.3
P/EBIT TTM	45.2	46.3	72.5	49.0	140.9
P/E TTM	60.2	62.6	49.9	65.4	158.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$42.62	$46.49	$51.70
Market Cap CYE ($ Bil)	13.4	14.6	16.2
Total Debt ($ Bil)	1.3	1.4	1.6
Total Cash ($ Bil)	0.2	0.1	0.1
Enterprise Value ($ Bil)	14.5	16.0	17.8
Valuation Ratios
P/S TTM	11.1	10.9	13.3
P/EBIT TTM	45.2	46.3	72.5
P/E TTM	60.2	62.6	49.9
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	BSY	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	1.5
Rev Chg Q	12.0%	7.1%
Rev Chg LTM	11.1%	6.1%
Rev Chg 3Y Avg	10.6%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	23.7%	18.8%
CFO/Rev LTM	32.8%	20.5%
Net Inc Mgn	18.4%	13.1%
VALUATION	VERY HIGH
P/S	11.1	3.2
P/CFO	33.9	15.8
P/FCF	35.3	20.5
P/E	60.2	23.5
STABILITY	GOOD
Debt/Equity	0.08	0.20
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Annual Recurring Revenue	$1.41 billion	11052025	Link
Net Revenue Retention Rate	109%	11052025	Link
Subscription Revenue as a Percentage of Total Revenue	92%	11052025	Link
Last Twelve-Month Recurring Revenues Dollar-Based Net Retention Rate	109%	11052025	Link
Constant Currency Annualized Recurring Revenue (ARR) Growth Rate	10.5%	11052025	Link

Upcoming
12/04/2025	Dividend	Amount: $0.07 Payment On: 12/11/2025
2/25/2026	Earnings Release	Rev: - EPS: -

BSY Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The period from August 31, 2025, to December 4, 2025, for Bentley Systems (BSY) saw a number of significant events. While a specific stock movement of -23.4% cannot be definitively attributed to particular causes without detailed stock price data for the precise requested period, several company announcements and analyst activities occurred during this time that could influence investor sentiment and stock performance. Here are key points from the approximate time period from August 31, 2025, to December 4, 2025, that could be relevant to Bentley Systems' stock performance:

1. Strong Q3 2025 Results and Increased Outlook: Bentley Systems reported strong third-quarter 2025 results on November 5, with revenues growing 12% year-over-year to $375.5 million, primarily driven by subscription revenue growth. The company also had a strong second quarter, with earnings beating estimates and revenue rising 10.2% year-over-year, leading to a raised 2025 free cash flow outlook to $430M-$470M.

2. Expanded Stock Repurchase Program and Dividends: In late November 2025, Bentley Systems declared a $0.07 per-share dividend for the fourth quarter of 2025 and expanded its stock repurchase authorization by up to $500 million of Class B shares and convertible notes through December 31, 2028. This initiative aimed to underscore the company's confidence in long-term cash flow and shareholder returns.

3. Focus on AI Integration and Infrastructure AI Capabilities: Throughout the period, Bentley Systems consistently emphasized its strategic focus on AI integration and the introduction of new Infrastructure AI capabilities. This was highlighted during their Year in Infrastructure Conference and was seen as a key driver for future growth and optimizing infrastructure design and maintenance.

4. Inclusion in S&P MidCap 400: Effective October 6, 2025, Bentley Systems replaced Western Union Co. in the S&P MidCap 400. Such inclusions can often lead to increased investor interest and institutional buying.

5. Analyst Ratings and Stock Performance: While some analysts upgraded Bentley Systems to "Buy" due to AI infrastructure growth and a valuation dip in early December, others had downgraded it to "Neutral" in August and "Sell" in February 2025. One report in late November noted the stock had fallen 14% in the past 12 months, underperforming the broader market. Another report in October noted that the stock gained 16.9% over the last six months but lagged the S&P 500's 22.9% return during that period, with some concerns about weak billings and slim projected revenue growth.

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Stock Movement Drivers

Fundamental Drivers

The -20.2% change in BSY stock from 9/3/2025 to 12/3/2025 was primarily driven by a -24.7% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	53.34	42.55	-20.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1419.64	1460.02	2.84%
Net Income Margin (%)	17.91%	18.45%	2.98%
P/E Multiple	66.00	49.71	-24.68%
Shares Outstanding (Mil)	314.62	314.63	-0.00%
Cumulative Contribution			-20.23%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
BSY	-20.2%
Market (SPY)	6.2%	43.9%
Sector (XLK)	11.0%	41.2%

Fundamental Drivers

The -12.2% change in BSY stock from 6/4/2025 to 12/3/2025 was primarily driven by a -16.7% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	48.46	42.55	-12.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1385.87	1460.02	5.35%
Net Income Margin (%)	18.46%	18.45%	-0.08%
P/E Multiple	59.69	49.71	-16.72%
Shares Outstanding (Mil)	315.13	314.63	0.16%
Cumulative Contribution			-12.19%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
BSY	-12.2%
Market (SPY)	15.1%	38.8%
Sector (XLK)	22.7%	36.0%

Fundamental Drivers

The -13.6% change in BSY stock from 12/3/2024 to 12/3/2025 was primarily driven by a -33.5% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	49.25	42.55	-13.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1313.91	1460.02	11.12%
Net Income Margin (%)	27.72%	18.45%	-33.47%
P/E Multiple	42.62	49.71	16.64%
Shares Outstanding (Mil)	315.21	314.63	0.18%
Cumulative Contribution			-13.61%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
BSY	-13.6%
Market (SPY)	14.3%	53.9%
Sector (XLK)	23.1%	51.3%

Fundamental Drivers

The 7.1% change in BSY stock from 12/4/2022 to 12/3/2025 was primarily driven by a 35.2% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	39.74	42.55	7.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1079.87	1460.02	35.20%
Net Income Margin (%)	17.38%	18.45%	6.16%
P/E Multiple	65.68	49.71	-24.31%
Shares Outstanding (Mil)	310.12	314.63	-1.45%
Cumulative Contribution			7.05%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
BSY	-18.5%
Market (SPY)	53.2%	52.2%
Sector (XLK)	60.2%	51.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BSY Return	-	20%	-23%	42%	-10%	-9%	7%
Peers Return	92%	4%	-33%	13%	12%	-15%	44%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
BSY Win Rate	100%	58%	33%	67%	42%	40%
Peers Win Rate	65%	53%	38%	50%	52%	42%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
BSY Max Drawdown	-	-3%	-43%	-6%	-14%	-17%
Peers Max Drawdown	-24%	-19%	-48%	-16%	-20%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: OKTA, DT, DOCU, DOX, PCTY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	BSY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-61.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	156.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-19.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	24.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	49 days	148 days

Compare to OKTA, DT, DOCU, DOX, PCTY

In The Past

Bentley Systems's stock fell -61.1% during the 2022 Inflation Shock from a high on 9/15/2021. A -61.1% loss requires a 156.7% gain to breakeven.

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About Bentley Systems (BSY)

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. In addition, it offers industry solutions comprising AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. The company serves civil, structural, geotechnical, geoscience subsurface engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.

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Bentley Systems is like Autodesk for infrastructure.

Bentley Systems is like the Autodesk of civil engineering.

Bentley Systems is like Autodesk, but specializing in software for roads, bridges, and utilities.

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Infrastructure Design and Analysis Software: Provides applications for 2D/3D design, modeling, analysis, and simulation across various infrastructure disciplines like roads, bridges, buildings, and utilities.
Project Collaboration and Data Management: Offers software solutions to facilitate multi-discipline team collaboration, engineering data management, and document control throughout the project lifecycle.
Asset Performance Management: Delivers applications for managing the performance, reliability, and maintenance of infrastructure assets throughout their operational lifespan.
Digital Twin Cloud Platform: Enables the creation, visualization, and analysis of digital twins for infrastructure assets by integrating engineering and real-time operational data.

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Bentley Systems (symbol: BSY) primarily sells its software and services to other companies and organizations, not individuals. These customers are involved in the design, construction, and operation of infrastructure assets worldwide.

Due to the highly diversified nature of its customer base, Bentley Systems does not report specific "major customer companies" by name, and no single customer accounts for 10% or more of its total revenues, as stated in their financial filings. Instead, their customer base consists of a broad range of organizations across various sectors.

The primary categories of organizations that Bentley Systems serves include:

Infrastructure Owner-Operators: These are entities responsible for owning, operating, and maintaining infrastructure assets. This broad category includes:
- Government agencies (e.g., federal, state, and local departments of transportation, public works, cities, and municipalities)
- Utilities (e.g., water and wastewater, electric power, gas distribution, telecommunications networks)
- Industrial facilities (e.g., oil and gas companies, mining operations, process manufacturing plants, power generation facilities)
Consulting Firms: These are professional services firms that provide engineering, architectural, surveying, and geospatial services for infrastructure projects. They utilize Bentley's software for design, analysis, and project delivery on behalf of their clients.
Contractors: These are construction companies responsible for building and maintaining infrastructure projects. They use Bentley's solutions for project management, construction modeling, and field execution.

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Microsoft Corporation (MSFT)
Amazon.com, Inc. (AMZN)

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Nicholas Cumins, Chief Executive Officer

Nicholas Cumins became CEO of Bentley Systems on July 1, 2024, succeeding co-founder Greg Bentley. He joined Bentley Systems as Chief Product Officer in September 2020 before the company's IPO, and served as Chief Operating Officer from January 2022. Prior to Bentley Systems, he was General Manager of SAP Marketing Cloud. Cumins also held roles as Chief Product Officer of Scytl, an online voting platform, and Senior Vice President of Product with OpenX, a programmatic advertising pioneer. He previously held various senior roles at SAP, including product management, corporate strategy, and business development.

Werner Andre, Chief Financial Officer

Werner Andre has served as Bentley Systems' Chief Financial Officer since January 1, 2022. In this role, he is responsible for all aspects of finance, including worldwide accounting, financial planning and analysis, tax, and treasury. He joined Bentley Systems in 2015 as Global Corporate Controller and was Chief Accounting Officer from 2020 through March 2024. Andre was instrumental in the company's initial public offering process and scaled financial reporting and controllership as the company became public. Before joining Bentley, he was Assistant Corporate Controller – International Accounting and Reporting for Rockwood Holdings, Inc., and worked at PricewaterhouseCoopers from 1995 to 2010.

Greg Bentley, Executive Chair

Greg Bentley transitioned from CEO to Executive Chair of Bentley Systems' Board of Directors on July 1, 2024. He had been CEO since 1995 and is the oldest of five brothers who founded Bentley Systems. Prior to joining Bentley Systems in 1991, he founded Devon Systems International, Inc., a financial trading software firm, which was sold to SunGard Data Systems, Inc. in 1987. Greg Bentley served as a director of SunGard from 1991 through 2005.

Julien Moutte, Chief Technology Officer

Julien Moutte is the Chief Technology Officer of Bentley Systems and is the principal architect of the company's technology directions. He has over 20 years of technology leadership experience in startups, scaleups, and large organizations. Prior to joining Bentley Systems as Vice President of Technology in 2021, Moutte was head of technology for SAP Marketing Cloud and a member of the office of the chief technology officer with SAP Customer Experience. He also served as chief technology officer of Scytl, a platform for online voting, and co-founded Fluendo in 2004.

James Lee, Chief Operating Officer

James Lee was appointed Chief Operating Officer of Bentley Systems in January 2025. He is responsible for strengthening cross-functional planning and execution, driving operational excellence, and overseeing corporate development. Lee joined Bentley from Google, where he served as General Manager for startups and artificial intelligence at Google Cloud. Before Google, he spent 12 years at SAP, including roles as Chief Operating Officer for SAP Ariba and Fieldglass, and as Chief Operating Officer and General Manager of Sales for SAP Greater China.

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Generative AI and Autonomous Design Platforms

The emergence of advanced generative AI and autonomous design platforms poses a threat by fundamentally changing the design and engineering workflow. These platforms, often developed by startups or larger tech companies, are capable of automating significant portions of the design, optimization, and simulation processes, potentially reducing the reliance on manual inputs and traditional CAD/BIM software that Bentley specializes in. While Bentley is investing in AI, a highly effective and widely adopted AI-first design platform could shift market demand towards more automated solutions, potentially marginalizing conventional authoring tools.

Fully Cloud-Native and Browser-Based Design/Engineering Ecosystems

Despite Bentley's efforts to integrate cloud services (e.g., ProjectWise, iTwin), its core authoring tools remain largely desktop-centric. An emerging threat comes from the maturation and widespread adoption of comprehensive, high-performance, and truly cloud-native design and engineering ecosystems that operate entirely within a web browser. These platforms could offer superior real-time collaboration, universal accessibility, simplified deployment, and a lower total cost of ownership, potentially drawing users away from traditional desktop software and its associated infrastructure dependencies.

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Bentley Systems (BSY) operates within several large addressable markets for its infrastructure engineering software and services, which include solutions for design, construction, and operations across various infrastructure types such as roads, bridges, buildings, and utilities. The company's main product lines, including MicroStation, ProjectWise, and AssetWise, cater to these segments.

The key addressable markets for Bentley Systems' products and services are:

Engineering Software Market: The global engineering software market was estimated at USD 43.03 billion in 2024 and is projected to reach USD 125.45 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 20.3% from 2025 to 2030. North America held the largest market share in 2024. Another projection estimates the global engineering software market size at USD 45.34 billion in 2024, expanding to USD 246.51 billion by 2034 with an 18.45% CAGR from 2025 to 2034.
Construction and Design Software Market: The global construction and design software market size was estimated at USD 10.96 billion in 2024 and is projected to reach USD 19.12 billion by 2030, with a CAGR of 10.4% from 2025 to 2030. North America accounted for over 32% of this market in 2024. Another report valued the global construction software market at USD 9.87 billion in 2024, with a projection to grow to USD 21.03 billion by 2032 at a CAGR of 10.05% during the forecast period.
Civil Engineering Design Software Market: The global civil engineering design software market is projected to grow from USD 2.24 billion in 2024 to USD 3.965 billion by 2032, at a CAGR of 7.4%. North America leads this market with a 40% share in 2024. Additionally, the global civil engineering and architectural software market size was valued at USD 11.5 billion in 2023 and is projected to reach USD 25.4 billion by 2033, exhibiting a CAGR of 9.1%.
Digital Twin Market: The global Digital Twin Market was valued at USD 9.9 billion in 2023 and is expected to surpass USD 125.1 billion by 2032, demonstrating an annual growth rate of 33% from 2024 to 2032. Another source indicates the global Digital Twin Market was valued at USD 14.46 billion in 2024 and is projected to grow from USD 21.14 billion in 2025 to USD 149.81 billion by 2030, at a robust CAGR of 47.9%. North America held approximately 35% of the revenue share in the digital twin market in 2023 and is expected to dominate, potentially holding over 41% share by 2035.
CAD Software Market: The global CAD software market was valued at USD 22.33 billion in 2024 and is projected to grow at a CAGR of 6.4% to reach USD 39.21 billion by 2032.
BIM Software Market: The BIM software market is expected to grow from USD 10.1 billion in 2024 to USD 29.6 billion by 2032 at a CAGR of 14.3%.

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Here are 3-5 expected drivers of future revenue growth for Bentley Systems (BSY) over the next 2-3 years:

Continued Growth in Annual Recurring Revenue (ARR) and Subscription Model Expansion: Bentley Systems has consistently demonstrated strong Annual Recurring Revenue (ARR) growth and a significant shift towards subscription-based revenues, which now represent a large majority of its total revenues. The company anticipates continued solid subscription revenue growth, with a net revenue retention rate remaining strong, indicating an expanding and loyal customer base. This recurring revenue model provides stability and predictability for future growth.
Strategic Investments in Artificial Intelligence (AI) and Digital Twin Technologies: Bentley Systems is heavily investing in AI and digital twin technology, launching new AI-powered applications and co-innovation initiatives. Management emphasizes the rising influence of AI in user projects and expects significant growth in AI spending among architecture, engineering, and construction (AEC) firms, positioning Bentley to capitalize on the digital transformation of infrastructure.
Expansion within Infrastructure Sectors and Geographies: The company observes robust global demand for infrastructure engineering and full project pipelines. Bentley Systems has shown strong performance in specific infrastructure sectors such as Resources and Public Works/Utilities, and in the Asia-Pacific region. This focus on critical infrastructure development worldwide is expected to drive continued demand for its software solutions.
Sustained Customer Acquisition and High Retention Rates (SMB and E365 Program): Bentley Systems continues to successfully acquire new Small and Medium Business (SMB) customers and maintains a high net revenue retention rate. The company's consumption-based Enterprise 365 (E365) commercial model is a key driver, with renewals consistently reflecting stronger commitment levels from larger organizations, ensuring continued revenue streams from its existing customer base while adding new logos.

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Share Repurchases

Bentley Systems authorized a stock repurchase program for up to $200 million of Class B common stock through June 30, 2024, as announced on May 11, 2022.
The company engaged in "de facto" share repurchases of $120.5 million in 2021 and $35.1 million in the first quarter of 2022, primarily by netting equity grants for tax withholding.
In 2024, Bentley Systems repurchased 1,292,733 shares for $64.359 million and extended its stock repurchase program for up to $200 million through June 30, 2026.

Share Issuance

As of December 31, 2023, Bentley Systems had 11,537,627 shares of Class A and 284,728,210 shares of Class B common stock outstanding.
By October 29, 2025, the number of Class B common stock shares outstanding increased to 292,019,441.
The company plans to buy back shares to offset dilution resulting from stock-based compensation, indicating ongoing share issuance through compensation plans.

Outbound Investments

Bentley Systems utilized cash for significant acquisitions (net of cash acquired), totaling approximately $1,035 million in 2021, $743 million in 2022, and $26 million in 2023.
Purchases of other investments, which may include strategic stakes in other companies, amounted to approximately $4.1 million in 2021, $11.0 million in 2022, and $11.6 million in 2023.
The company intends to leverage its credit facilities to maintain liquidity and support future strategic acquisitions.

Capital Expenditures

Capital expenditures are projected to be approximately $20 million for the full year 2025.
Purchases of property and equipment and investment in capitalized software were approximately $17.5 million in 2021, $18.5 million in 2022, and $25.0 million in 2023.
Bentley Systems focuses its capital investments on strategic growth opportunities, particularly within infrastructure engineering software.

Better Bets than Bentley Systems (BSY)

	BSY	Better Performance than BSY
Metric	Value	INDUSTRY: Application Software
Rev Chg LTM	11.1%	APP (86.4%), PLTR (47.2%), SHOP (30.2%), CDNS (19.7%), INTU (15.6%)
Rev Chg 3Y Avg	10.6%	APP (36.0%), PLTR (29.3%), SHOP (26.8%), CDNS (15.0%), INTU (14.0%)
Op Mgn LTM	23.7%	APP (52.5%), ADBE (36.2%), ORCL (31.6%), CDNS (31.5%), INTU (26.2%)
CFO/Rev LTM	32.8%	APP (50.6%), PLTR (46.6%), ORCL (36.5%), CRM (33.3%), INTU (33.0%)
FCF/Rev LTM	31.5%	APP (50.6%), PLTR (46.0%), ADBE (41.4%), INTU (32.3%), CRM (31.6%)
Total Yield	2.2%	ADBE (4.3%), CRM (3.0%), ORCL (2.8%), SNPS (2.4%), INTU (2.3%)
P/S	11.1	CRM (6.6), ADBE (7.1), WDAY (7.1), ADSK (10.0), ORCL (10.5)
P/Op Inc	46.9	ADBE (19.5), CRM (31.1), ORCL (33.1), ADSK (43.5), INTU (44.6)

	BSY	Better Performance than BSY
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	11.1%	NVDA (71.6%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%), MSFT (15.6%)
Rev Chg 3Y Avg	10.6%	NVDA (92.0%), PLTR (29.3%), AVGO (24.0%), MSFT (13.2%), AMD (12.9%)
Op Mgn LTM	23.7%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	32.8%	MSFT (50.0%), PLTR (46.6%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%)
FCF/Rev LTM	31.5%	APP (50.6%), PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), CRM (31.6%)
Total Yield	2.2%	CSCO (6.0%), MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%)
P/S	11.1	IBM (4.0), CSCO (4.9), AMD (8.2), AAPL (9.3), ORCL (10.5)
P/Op Inc	46.9	CSCO (22.0), MSFT (28.3), AAPL (29.1), ORCL (33.1), NVDA (40.1)

	BSY	Better Performance than BSY
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	11.1%	LLY (36.8%), META (21.3%), NFLX (15.4%), MA (14.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	10.6%	LLY (23.4%), BRK-B (19.8%), META (17.3%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	23.7%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	32.8%	V (57.6%), META (56.8%), MA (56.1%), GOOGL (39.3%), ABBV (35.0%)
FCF/Rev LTM	31.5%	RY (131.7%), BAC (57.3%), V (53.9%), MA (52.5%), ABBV (33.0%)
Total Yield	2.2%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), LLY (2.7%)
P/S	11.1	WMT (1.1), BRK-B (2.7), AMZN (3.5), GOOGL (7.6), META (9.8)
P/Op Inc	46.9	META (22.6), GOOGL (23.7), WMT (26.9), LLY (29.9), AMZN (30.7)

		Best Bets In Information Technology Sector
	BSY
What You Pay
P/E	60.1
P/EBIT	45.1
What You Get
Rev Chg Q	12.0%
Rev Chg LTM	11.1%
Rev Chg 3Y Avg	10.6%
FCF/Rev 3Y Avg	30.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Bentley Systems Earnings Notes
2	INTU, PEGA Look Smarter Buy Than Bentley Systems Stock	Actionable
3	Bentley Systems Stock Drop Looks Sharp, But How Deep Can It Go?	Return
4	Bentley Systems vs Microsoft: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Bentley Systems vs Grindr: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Does Bentley Systems Stock Lead the Pack?	Peer Comparison
7	Better Bet Than BSY Stock: Pay Less Than Bentley Systems To Get More From PEGA, RMBS
8	Better Bet Than BSY Stock: Pay Less Than Bentley Systems To Get More From DAVE, PEGA
9	Why Bentley Systems Stock Moved: BSY Stock Has Lost 18% Since 2023 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	BSY Dip Buy Analysis
11	ARTICLES
12	INTU Tops Bentley Systems Stock on Price & Potential		November 20th, 2025
13	Mid Cap Stocks Trading At 52-Week High		July 24th, 2025
14	Mid Cap Stocks Trading At 52-Week High		July 19th, 2025

	Title
0	DASHBOARDS
1	Bentley Systems Earnings Notes
2	INTU, PEGA Look Smarter Buy Than Bentley Systems Stock
3	Bentley Systems Stock Drop Looks Sharp, But How Deep Can It Go?
4	Bentley Systems vs Microsoft: Which Is A Better Investment?
5	Bentley Systems vs Grindr: Which Is A Better Investment?
6	Does Bentley Systems Stock Lead the Pack?
7	Better Bet Than BSY Stock: Pay Less Than Bentley Systems To Get More From PEGA, RMBS
8	Better Bet Than BSY Stock: Pay Less Than Bentley Systems To Get More From DAVE, PEGA
9	Why Bentley Systems Stock Moved: BSY Stock Has Lost 18% Since 2023 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	BSY Dip Buy Analysis
11	ARTICLES
12	INTU Tops Bentley Systems Stock on Price & Potential
13	Mid Cap Stocks Trading At 52-Week High
14	Mid Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to BSY. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
BSY_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	BSY	Bentley Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.0%	3.0%	-0.2%
BSY_2282025_Monopoly_xInd_xCD_Getting_Cheaper	02282025	BSY	Bentley Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	27.2%	-3.0%	-11.9%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
BSY_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	BSY	Bentley Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.0%	3.0%	-0.2%
BSY_2282025_Monopoly_xInd_xCD_Getting_Cheaper	02282025	BSY	Bentley Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	27.2%	-3.0%	-11.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Bentley Systems

Peers to compare with:

Financials

	BSY	OKTA	DT	DOCU	DOX	PCTY	Median
Name	Bentley .	Okta	Dynatrace	Docusign	Amdocs	Paylocity
Mkt Price	42.55	86.34	44.45	70.62	75.98	145.81	73.30
Mkt Cap	13.4	15.1	13.4	14.3	8.4	8.1	13.4
Rev LTM	1,460	2,763	1,853	3,095	4,647	1,640	2,308
Op Inc LTM	346	83	226	245	802	314	280
FCF LTM	460	838	473	936	639	336	556
FCF 3Y Avg	409	565	413	801	633	310	489
CFO LTM	479	853	507	1,040	737	413	622
CFO 3Y Avg	428	585	441	895	761	385	513

Growth & Margins

	BSY	OKTA	DT	DOCU	DOX	PCTY	Median
Name	Bentley .	Okta	Dynatrace	Docusign	Amdocs	Paylocity
Rev Chg LTM	11.1%	12.7%	18.5%	8.3%	-6.8%	13.3%	11.9%
Rev Chg 3Y Avg	10.6%	20.1%	21.2%	9.8%	1.3%	21.4%	15.4%
Rev Chg Q	12.0%	12.7%	18.1%	8.8%	-8.4%	12.5%	12.3%
QoQ Delta Rev Chg LTM	2.8%	3.1%	4.3%	2.1%	-2.2%	2.8%	2.8%
Op Mgn LTM	23.7%	3.0%	12.2%	7.9%	17.3%	19.1%	14.7%
Op Mgn 3Y Avg	21.4%	-12.3%	10.4%	4.7%	15.7%	18.0%	13.0%
QoQ Delta Op Mgn LTM	0.4%	2.1%	0.9%	0.1%	0.6%	0.1%	0.5%
CFO/Rev LTM	32.8%	30.9%	27.4%	33.6%	15.9%	25.2%	29.1%
CFO/Rev 3Y Avg	32.2%	23.2%	28.0%	30.9%	15.8%	26.8%	27.4%
FCF/Rev LTM	31.5%	30.3%	25.5%	30.2%	13.7%	20.5%	27.9%
FCF/Rev 3Y Avg	30.8%	22.4%	26.3%	27.7%	13.2%	21.5%	24.4%

Valuation

	BSY	OKTA	DT	DOCU	DOX	PCTY	Median
Name	Bentley .	Okta	Dynatrace	Docusign	Amdocs	Paylocity
Mkt Cap	13.4	15.1	13.4	14.3	8.4	8.1	13.4
P/S	11.1	6.3	7.9	5.1	2.2	5.4	5.9
P/EBIT	45.1	90.0	64.7	54.1	14.2	28.2	49.6
P/E	60.1	104.4	28.9	56.2	18.2	39.3	47.7
P/CFO	33.8	20.6	28.8	15.2	13.7	21.4	21.0
Total Yield	2.2%	1.0%	3.5%	1.8%	7.7%	2.5%	2.4%
Dividend Yield	0.5%	0.0%	0.0%	0.0%	2.2%	0.0%	0.0%
FCF Yield 3Y Avg	2.6%	3.6%	2.8%	6.5%	6.3%	3.3%	3.5%
D/E	0.1	0.1	0.0	0.0	0.1	0.0	0.0
Net D/E	0.1	-0.1	-0.1	-0.0	0.0	-0.0	-0.0

Returns

	BSY	OKTA	DT	DOCU	DOX	PCTY	Median
Name	Bentley .	Okta	Dynatrace	Docusign	Amdocs	Paylocity
1M Rtn	-15.4%	-5.2%	-11.9%	-3.3%	-9.7%	3.6%	-7.4%
3M Rtn	-20.2%	-3.9%	-11.5%	-7.0%	-9.6%	-16.2%	-10.6%
6M Rtn	-12.2%	-18.2%	-17.8%	-24.7%	-16.1%	-25.1%	-18.0%
12M Rtn	-13.6%	5.7%	-22.4%	-12.2%	-10.8%	-29.8%	-12.9%
3Y Rtn	7.1%	32.7%	13.8%	51.5%	-10.1%	-33.6%	10.4%
1M Excs Rtn	-15.4%	-5.2%	-11.9%	-3.3%	-9.7%	3.6%	-7.4%
3M Excs Rtn	-26.1%	-9.1%	-16.0%	-12.7%	-15.0%	-22.3%	-15.5%
6M Excs Rtn	-26.9%	-33.0%	-32.6%	-39.5%	-30.9%	-39.8%	-32.8%
12M Excs Rtn	-27.1%	-2.2%	-34.4%	-24.9%	-23.8%	-43.3%	-26.0%
3Y Excs Rtn	-59.4%	-0.8%	-51.9%	-18.6%	-79.1%	-103.0%	-55.7%

Comparison Analyses

	Title
0	Does Bentley Systems Stock Lead the Pack?
1	Bentley Systems vs. Okta: With Return Forecast Of 59%, Okta Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/26/2025	2/27/2024	2/28/2023	3/1/2022	3/2/2021	9/24/2020
Key Financials
Total Revenue	1,460	1,353	1,228	1,099	965	802	737
EBITDA	425	382	297	305	158	211	170
Operating Income	346	302	231	209	95	176	142
Net Income	269	235	327	175	93	127	103
EPS	0.85	0.75	1.05	0.57	0.30	0.44	0.39
Growth Rates
Total Revenue Growth	11.1%	10.1%	11.8%	13.9%	20.4%	8.8%	6.5%
EBITDA Growth	25.5%	28.9%	-2.7%	93.4%	-25.3%	24.1%	12.1%
Operating Income Growth	24.1%	31.1%	10.5%	120.5%	-46.3%	24.3%	16.9%
Net Income Growth	-26.1%	-28.2%	87.0%	87.5%	-26.3%	22.7%	-27.5%
Margins
EBITDA Margin	29.1%	28.3%	24.2%	27.7%	16.3%	26.3%	23.1%
Operating Income Margin	23.7%	22.3%	18.8%	19.0%	9.8%	22.0%	19.3%
Net Income Margin	18.4%	17.4%	26.6%	15.9%	9.7%	15.8%	14.0%
Cash & Debt
Total Cash	165	64	68	72	329	122	121
Total Debt	1,283	1,427	1,571	1,823	1,489	294	234
Net Debt / (Cash)	1,118	1,363	1,502	1,751	1,159	172	113
Cash Flows
Net Cash from Operations	479	435	417	274	288	258	171
Free Cash from Operations	460	421	392	256	270	242	154
Returns to Shareholders
Dividends	82	72	59	34	33	423	25
Share Repurchases	113	77	59	72	121	84	24

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/26/2025	11/7/2024	8/6/2024	5/7/2024	2/27/2024	11/7/2023	8/8/2023	5/9/2023	2/28/2023
Key Financials Quarterly
Total Revenue	376	364	371	350	335	330	338	311	307	297	314	287
Ebitda	104	97	132	92	78	97	116	47	96	71	84	74
Operating Income	84	84	115	61	69	80	92	38	74	53	66	41
Net Income	57	70	91	50	42	72	70	180	53	49	45	26
EPS	0.18	0.22	0.29	0.16	0.13	0.23	0.22	0.57	0.17	0.16	0.15	0.08
Key Financials TTM
Total Revenue TTM	1,460	1,420	1,386	1,353	1,314	1,285	1,252	1,228	1,205	1,166	1,138	1,099
Ebitda TTM	425	400	400	384	339	357	331	299	325	302	309	309
Operating Income TTM	346	330	325	302	279	284	257	231	234	215	218	209
Net Income TTM	269	254	256	235	364	375	352	327	173	157	164	175
Growth Rates Quarterly
Total Revenue Growth	12.0%	10.2%	9.7%	12.6%	9.3%	11.3%	7.4%	8.3%	14.3%	10.6%	14.1%	7.2%
EBITDA Growth	33.1%	-0.4%	13.5%	95.7%	-18.4%	36.4%	37.8%	-36.0%	31.8%	-8.3%	0.2%	22.1%
Operating Income Growth	23.1%	5.3%	25.3%	62.6%	-6.9%	50.4%	39.7%	-7.3%	32.6%	-4.3%	16.2%	-5.8%
Net Income Growth	35.5%	-2.2%	30.0%	-72.1%	-20.2%	48.0%	54.6%	598.2%	43.3%	-12.6%	-19.3%	-33.3%
Margins Quarterly
EBITDA Margin	27.7%	26.6%	35.6%	26.4%	23.3%	29.5%	34.4%	15.2%	31.2%	24.1%	26.8%	25.7%
Operating Income Margin	22.5%	23.2%	31.1%	17.6%	20.5%	24.3%	27.2%	12.2%	24.0%	18.0%	20.9%	14.2%
Net Income Margin	15.3%	19.4%	24.7%	14.3%	12.6%	21.8%	20.8%	57.8%	17.3%	16.4%	14.5%	9.0%
Cash & Debt
Total Cash	165	90	84	64	72	51	142	68	67	83	94	72
Total Debt	1,283	1,283	1,282	1,427	1,459	1,373	1,475	1,571	1,632	1,682	1,716	1,823
Net Debt / (Cash)	1,118	1,193	1,199	1,363	1,387	1,322	1,334	1,502	1,565	1,599	1,622	1,751
Cash Flows Quarterly
FCF from Operations	116	61	219	82	86	63	205	87	73	81	176	36
Cash Flows TTM
FCF from Operations TTM	479	448	450	435	441	427	445	417	366	362	349	274
Returns to Shareholders Quarterly
Dividends	21	21	21	18	18	18	18	15	15	15	15	9
Share Repurchases	19	35	39	20	10	24	23	1	6	30	21	1
Return on Invested Capital (ROIC) Quarterly
ROIC	10.0%	12.6%	16.1%	7.7%	7.9%	12.4%	11.6%	5.9%	8.7%	8.2%	8.4%	4.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.8%	11.2%	11.4%	9.7%	11.1%	11.8%	10.7%	9.0%	7.5%	7.0%	7.2%	6.9%

Price Behavior

Price Behavior

Market Price	$42.55
Market Cap ($ Bil)	13.4
First Trading Date	09/23/2020
Distance from 52W High	-27.4%
	50 Days	200 Days
DMA Price	$48.24	$48.76
DMA Trend	indeterminate	down
Distance from DMA	-11.8%	-12.7%
	3M	1YR
Volatility	31.8%	28.2%
Downside Capture	208.89	96.34
Upside Capture	45.71	69.23
Correlation (SPY)	42.0%	53.8%

BSY Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.99	1.12	1.13	0.94	0.77	1.01
Up Beta	0.89	0.62	0.87	1.01	0.87	0.98
Down Beta	1.10	0.67	0.96	1.13	0.55	0.93
Up Capture	-71%	40%	20%	41%	55%	91%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	4	14	22	63	120	379
Down Capture	195%	204%	201%	122%	98%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	15	27	40	62	127	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BSY With Other Asset Classes (Last 1Y)
	BSY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-13.0%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	28.1%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.51	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		51.3%	53.9%	-0.2%	12.7%	44.1%	28.8%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BSY With Other Asset Classes (Last 5Y)
	BSY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.1%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	36.8%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.20	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		53.9%	55.0%	7.0%	9.5%	42.8%	26.9%

Based On 10-Year Data

		Comparison of BSY With Other Asset Classes (Last 10Y)
	BSY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.1%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	38.0%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.24	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		51.3%	52.6%	5.9%	9.7%	41.0%	25.1%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	10,137,585
Short Interest: % Change Since 10312025	5.5%
Average Daily Volume	2,564,937
Days-to-Cover Short Interest	3.95
Basic Shares Quantity	314,626,191
Short % of Basic Shares	3.2%

Returns Analyses

	Title
0	Bentley Systems Stock Drop Looks Sharp, But How Deep Can It Go?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Bentley Systems (BSY)

Market Price (12/4/2025): $42.62 | Market Cap: $13.4 BilSector: Information Technology | Industry: Application Software

Bentley Systems (BSY)

Market Price (12/4/2025): $42.62Market Cap: $13.4 BilSector: Information TechnologyIndustry: Application Software

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About Bentley Systems (BSY)

Generative AI and Autonomous Design Platforms

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Market Price (12/4/2025): $42.62 | Market Cap: $13.4 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/4/2025): $42.62
Market Cap: $13.4 Bil
Sector: Information Technology
Industry: Application Software