Bentley Systems (BSY)
Market Price (2/19/2026): $34.25 | Market Cap: $10.8 BilSector: Information Technology | Industry: Application Software
Bentley Systems (BSY)
Market Price (2/19/2026): $34.25Market Cap: $10.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -79% | Key risksBSY key risks include [1] significant margin compression, Show more. |
| Attractive cash flow generationCFO/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% | ||
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% | ||
| Low stock price volatilityVol 12M is 30% | ||
| Megatrend and thematic driversMegatrends include Water Infrastructure, Smart Buildings & Proptech, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% |
| Attractive cash flow generationCFO/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% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Smart Buildings & Proptech, and Sustainable Infrastructure. Themes include Water Treatment & Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -79% |
| Key risksBSY key risks include [1] significant margin compression, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Disappointing New Annual Recurring Revenue (ARR) in Q3 2025
While Bentley Systems reported Q3 2025 earnings on November 5, 2025, with overall revenues surpassing expectations, concerns arose among analysts regarding the generation of new Annual Recurring Revenue (ARR). This perceived underperformance in new ARR was highlighted as a factor contributing to a significant decline in share value since October 2025.
2. Analyst Downgrades and Reduced Price Targets in Early 2026
Investor sentiment for Bentley Systems deteriorated in early 2026 due to several analyst downgrades and reductions in price targets. Notably, on January 13, 2026, Piper Sandler downgraded BSY from "Buy" to "Hold" and lowered its price target from $60 to $45. Similarly, Barclays maintained a "Hold" rating but reduced its price target from $57 to $47 on January 12, 2026, further indicating a more cautious outlook from financial institutions.
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Stock Movement Drivers
Fundamental Drivers
The -32.5% change in BSY stock from 10/31/2025 to 2/18/2026 was primarily driven by a -36.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.75 | 34.24 | -32.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,420 | 1,460 | 2.8% |
| Net Income Margin (%) | 17.9% | 18.4% | 3.0% |
| P/E Multiple | 62.8 | 40.0 | -36.3% |
| Shares Outstanding (Mil) | 315 | 315 | 0.0% |
| Cumulative Contribution | -32.5% |
Market Drivers
10/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| BSY | -32.5% | |
| Market (SPY) | 0.6% | 41.3% |
| Sector (XLK) | -6.3% | 39.3% |
Fundamental Drivers
The -40.8% change in BSY stock from 7/31/2025 to 2/18/2026 was primarily driven by a -43.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.81 | 34.24 | -40.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,386 | 1,460 | 5.4% |
| Net Income Margin (%) | 18.5% | 18.4% | -0.1% |
| P/E Multiple | 71.2 | 40.0 | -43.8% |
| Shares Outstanding (Mil) | 315 | 315 | 0.2% |
| Cumulative Contribution | -40.8% |
Market Drivers
7/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| BSY | -40.8% | |
| Market (SPY) | 8.9% | 38.7% |
| Sector (XLK) | 7.4% | 35.5% |
Fundamental Drivers
The -26.0% change in BSY stock from 1/31/2025 to 2/18/2026 was primarily driven by a -33.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.27 | 34.24 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,314 | 1,460 | 11.1% |
| Net Income Margin (%) | 27.7% | 18.4% | -33.5% |
| P/E Multiple | 40.0 | 40.0 | -0.1% |
| Shares Outstanding (Mil) | 315 | 315 | 0.2% |
| Cumulative Contribution | -26.0% |
Market Drivers
1/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| BSY | -26.0% | |
| Market (SPY) | 15.0% | 52.1% |
| Sector (XLK) | 22.7% | 51.2% |
Fundamental Drivers
The -11.0% change in BSY stock from 1/31/2023 to 2/18/2026 was primarily driven by a -37.1% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.46 | 34.24 | -11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,080 | 1,460 | 35.2% |
| Net Income Margin (%) | 17.4% | 18.4% | 6.2% |
| P/E Multiple | 63.6 | 40.0 | -37.1% |
| Shares Outstanding (Mil) | 310 | 315 | -1.4% |
| Cumulative Contribution | -11.0% |
Market Drivers
1/31/2023 to 2/18/2026| Return | Correlation | |
|---|---|---|
| BSY | -11.0% | |
| Market (SPY) | 75.1% | 51.4% |
| Sector (XLK) | 111.5% | 51.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BSY Return | 20% | -23% | 42% | -10% | -18% | -13% | -16% |
| Peers Return | 4% | -29% | 32% | 17% | 1% | -20% | -9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| BSY Win Rate | 58% | 33% | 67% | 42% | 33% | 0% | |
| Peers Win Rate | 53% | 33% | 58% | 65% | 52% | 0% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BSY Max Drawdown | -3% | -43% | -6% | -14% | -18% | -17% | |
| Peers Max Drawdown | -11% | -39% | -8% | -14% | -23% | -23% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADSK, TRMB, PCOR, PTC.
[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] 2026 data is for the year up to 2/18/2026 (YTD)
How Low Can It Go
| Event | BSY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -61.1% | -25.4% |
| % Gain to Breakeven | 156.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -19.4% | -33.9% |
| % Gain to Breakeven | 24.0% | 51.3% |
| Time to Breakeven | 49 days | 148 days |
Compare to ADSK, TRMB, PCOR, PTC
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)
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
The key risks to Bentley Systems (BSY) business include margin compression, intense competition coupled with the potential for slowing growth, and market concentration alongside geopolitical uncertainties.
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Margin Compression: Bentley Systems has experienced significant margin compression. In Q3 2025, the company reported a net profit margin of 17.9%, a notable decrease from 29.2% in the prior year. This decline in profitability is a key financial pressure point, and the company needs to execute plans for margin expansion to support its premium valuation.
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Intense Competition and Potential for Slowing Growth: The company operates in a highly competitive environment with larger rivals like Autodesk, and faces aggressive pricing pressures. While Annual Recurring Revenue (ARR) growth has been consistent, there are concerns that a slowdown in growth could lead to a decline in its valuation. The company's demand has shown signs of slowing, with annualized revenue growth falling below its five-year trend, and analysts projecting a similar, less exciting revenue growth rate for the next 12 months.
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Market Concentration and Geopolitical Uncertainties: Bentley Systems faces risks due to its market concentration, with approximately two-thirds of its revenue derived from the public works and utilities sector. This reliance exposes the company to potential downturns or budget cuts specific to this sector. Furthermore, extensive international operations, with 58% of revenue from outside the United States and about 35% not priced in USD, expose the company to geopolitical risks, such as the impact of exiting operations in Russia and ongoing challenges in China, as well as foreign exchange fluctuations.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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%.
AI Analysis | Feedback
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.
Latest Trefis Analyses
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01302026 | ROP | Roper Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -13.4% | -13.4% | -13.8% |
| 01302026 | TDC | Teradata | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 17.7% | 17.7% | -8.7% |
| 01302026 | CVLT | CommVault Systems | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.3% | 2.3% | -5.1% |
| 01302026 | NTNX | Nutanix | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 6.2% | 6.2% | -6.3% |
| 01302026 | FICO | Fair Isaac | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -8.1% | -8.1% | -9.2% |
| 11212025 | BSY | Bentley Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -17.0% | -17.0% | -22.6% |
| 02282025 | BSY | Bentley Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 27.2% | -21.8% | -27.1% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 66.91 |
| Mkt Cap | 15.9 |
| Rev LTM | 2,860 |
| Op Inc LTM | 574 |
| FCF LTM | 460 |
| FCF 3Y Avg | 453 |
| CFO LTM | 479 |
| CFO 3Y Avg | 487 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.9% |
| Rev Chg 3Y Avg | 12.1% |
| Rev Chg Q | 14.5% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Mgn LTM | 23.7% |
| Op Mgn 3Y Avg | 21.4% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 31.3% |
| CFO/Rev 3Y Avg | 29.1% |
| FCF/Rev LTM | 30.2% |
| FCF/Rev 3Y Avg | 27.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.9 |
| P/S | 6.5 |
| P/EBIT | 30.0 |
| P/E | 40.0 |
| P/CFO | 22.7 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.5% |
| 3M Rtn | -15.4% |
| 6M Rtn | -20.4% |
| 12M Rtn | -22.3% |
| 3Y Rtn | 4.4% |
| 1M Excs Rtn | -11.7% |
| 3M Excs Rtn | -22.7% |
| 6M Excs Rtn | -27.4% |
| 12M Excs Rtn | -36.6% |
| 3Y Excs Rtn | -65.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Development and marketing of computer software and related services | 1,228 | |||
| Enterprise subscriptions | 346 | 290 | 222 | |
| Other | 78 | 78 | 48 | |
| Perpetual licenses | 43 | 53 | 57 | |
| Recurring | 18 | 21 | 17 | |
| SELECT subscriptions | 264 | 269 | 271 | |
| Term license subscriptions | 350 | 253 | 187 | |
| Total | 1,228 | 1,099 | 965 | 802 |
| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Development and marketing of computer software and related services | 231 | |||
| Total | 231 |
Price Behavior
| Market Price | $34.24 | |
| Market Cap ($ Bil) | 10.8 | |
| First Trading Date | 09/23/2020 | |
| Distance from 52W High | -41.5% | |
| 50 Days | 200 Days | |
| DMA Price | $37.91 | $47.60 |
| DMA Trend | down | down |
| Distance from DMA | -9.7% | -28.1% |
| 3M | 1YR | |
| Volatility | 32.2% | 30.3% |
| Downside Capture | 188.16 | 110.53 |
| Upside Capture | 58.00 | 63.22 |
| Correlation (SPY) | 35.9% | 51.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.16 | 0.91 | 0.97 | 0.99 | 0.80 | 0.99 |
| Up Beta | 1.45 | 0.26 | 0.58 | 0.74 | 0.90 | 0.97 |
| Down Beta | 1.02 | 0.77 | 1.11 | 1.00 | 0.57 | 0.86 |
| Up Capture | 12% | 4% | -20% | 16% | 53% | 82% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 17 | 21 | 48 | 121 | 377 |
| Down Capture | 238% | 216% | 194% | 177% | 104% | 105% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 24 | 40 | 77 | 130 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSY | |
|---|---|---|---|---|
| BSY | -27.2% | 30.3% | -1.03 | - |
| Sector ETF (XLK) | 18.1% | 27.5% | 0.58 | 50.6% |
| Equity (SPY) | 13.6% | 19.4% | 0.53 | 51.7% |
| Gold (GLD) | 73.5% | 25.5% | 2.13 | -2.1% |
| Commodities (DBC) | 7.9% | 17.0% | 0.28 | 11.8% |
| Real Estate (VNQ) | 7.1% | 16.7% | 0.24 | 39.7% |
| Bitcoin (BTCUSD) | -31.1% | 44.9% | -0.69 | 33.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSY | |
|---|---|---|---|---|
| BSY | -6.5% | 35.6% | -0.11 | - |
| Sector ETF (XLK) | 16.5% | 24.8% | 0.60 | 56.0% |
| Equity (SPY) | 13.5% | 17.0% | 0.63 | 56.4% |
| Gold (GLD) | 21.7% | 17.1% | 1.04 | 7.1% |
| Commodities (DBC) | 10.8% | 19.0% | 0.45 | 7.9% |
| Real Estate (VNQ) | 4.9% | 18.8% | 0.17 | 44.2% |
| Bitcoin (BTCUSD) | 8.4% | 57.2% | 0.37 | 25.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSY | |
|---|---|---|---|---|
| BSY | 0.4% | 37.8% | 0.13 | - |
| Sector ETF (XLK) | 23.3% | 24.2% | 0.88 | 50.8% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 52.2% |
| Gold (GLD) | 15.0% | 15.6% | 0.80 | 4.8% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 9.1% |
| Real Estate (VNQ) | 6.9% | 20.7% | 0.30 | 40.4% |
| Bitcoin (BTCUSD) | 68.0% | 66.7% | 1.07 | 23.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | -1.0% | -8.1% | -11.6% |
| 8/6/2025 | -3.2% | -8.2% | -5.8% |
| 5/7/2025 | 5.6% | 10.0% | 12.5% |
| 2/26/2025 | -2.3% | -7.6% | -7.5% |
| 11/7/2024 | 2.3% | -3.0% | -0.3% |
| 8/6/2024 | 6.2% | 7.9% | 8.3% |
| 5/7/2024 | 2.6% | 2.4% | -5.2% |
| 2/27/2024 | -5.8% | -2.4% | -2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 10 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 3.3% | 7.9% | 10.4% |
| Median Negative | -1.5% | -5.7% | -5.8% |
| Max Positive | 10.1% | 14.4% | 37.5% |
| Max Negative | -13.6% | -14.3% | -18.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Trimback, Thomas F | Chief Accounting Officer | Direct | Sell | 11192025 | 43.02 | 560 | 24,091 | 593,934 | Form |
| 2 | Bentley, Gregory S | Executive Chair & President | Direct | Sell | 9042025 | 54.83 | 37,160 | 2,037,576 | 415,654,257 | Form |
| 3 | Shaman, David R | Chief Legal Officer | Direct | Sell | 7312025 | 59.25 | 400 | 23,700 | 38,347,133 | Form |
| 4 | Shaman, David R | Chief Legal Officer | Direct | Sell | 7152025 | 56.92 | 965 | 54,930 | 37,964,526 | Form |
| 5 | Shaman, David R | Chief Legal Officer | Direct | Sell | 7152025 | 56.96 | 19,348 | 1,102,105 | 36,889,233 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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