Bentley Systems (BSY)
Market Price (10/22/2026): $38.36 | Market Cap: $12.0 BilSector: Information Technology | Industry: Application Software
Bentley Systems (BSY)
Market Price (10/22/2026): $38.36Market Cap: $12.0 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
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 31% Low stock price volatilityVol 12M is 41% 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 -53%, 3Y Excs Rtn is -102% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% 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 31% |
| Low stock price volatilityVol 12M is 41% |
| 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 -53%, 3Y Excs Rtn is -102% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksBSY key risks include [1] significant margin compression, Show more. |
Qualitative Assessment
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Bentley Systems (BSY) stock has gained about 30% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Performance and Robust Recurring Revenue Growth.
Bentley Systems reported adjusted diluted earnings per share (EPS) of $0.35 for fiscal Q2 2026 (ended June 30, 2026), surpassing analyst consensus estimates of $0.32. This earnings beat was accompanied by a significant increase in Annualized Recurring Revenue (ARR), which grew by 12% year-over-year on a constant currency basis to $1,536.0 million as of June 30, 2026. This performance underscored the company's consistent growth and the stability provided by its recurring revenue model, which accounted for 93% of total revenues for the 12 months ended June 30, 2026.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the announcement of fiscal Q2 2026 results, multiple financial analysts revised their outlooks and increased price targets for Bentley Systems' stock. For instance, BMO Capital Markets raised its price target from $41.00 to $43.00, while Cantor Fitzgerald increased its target from $37.00 to $42.00. The consensus analyst rating remained a "Buy" or "Moderate Buy" as of October 2026, with an average 12-month price target ranging between $44.27 and $44.80, indicating strong market confidence in the company's future prospects.
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Bentley Systems (BSY) stock has gained about 30% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Performance and Robust Recurring Revenue Growth.
Bentley Systems reported adjusted diluted earnings per share (EPS) of $0.35 for fiscal Q2 2026 (ended June 30, 2026), surpassing analyst consensus estimates of $0.32. This earnings beat was accompanied by a significant increase in Annualized Recurring Revenue (ARR), which grew by 12% year-over-year on a constant currency basis to $1,536.0 million as of June 30, 2026. This performance underscored the company's consistent growth and the stability provided by its recurring revenue model, which accounted for 93% of total revenues for the 12 months ended June 30, 2026.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the announcement of fiscal Q2 2026 results, multiple financial analysts revised their outlooks and increased price targets for Bentley Systems' stock. For instance, BMO Capital Markets raised its price target from $41.00 to $43.00, while Cantor Fitzgerald increased its target from $37.00 to $42.00. The consensus analyst rating remained a "Buy" or "Moderate Buy" as of October 2026, with an average 12-month price target ranging between $44.27 and $44.80, indicating strong market confidence in the company's future prospects.
3. Strategic Emphasis on AI and Digital Twin Innovation for Infrastructure.
Bentley Systems' strategic focus on integrating artificial intelligence (AI) and digital twin technologies into its infrastructure engineering software has garnered significant attention. Executive Chair Greg Bentley highlighted the company's "multi-faceted integration of AI" and its role in fostering "AI-enabled innovation" during the period. The 2026 Year in Infrastructure Awards, announced in October 2026, further showcased how users are leveraging AI to connect data across project lifecycles, enabling engineers to "solve complex challenges faster" and enhance the design, construction, and operation of critical infrastructure globally. This leadership in cutting-edge technologies aligns with the growing global demand for advanced infrastructure solutions.
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Stock Movement Drivers
Fundamental Drivers
The 28.6% change in BSY stock from 6/30/2026 to 10/21/2026 was primarily driven by a 24.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.82 | 38.36 | 28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,555 | 1,602 | 3.0% |
| Net Income Margin (%) | 18.1% | 18.1% | -0.1% |
| P/E Multiple | 33.1 | 41.2 | 24.7% |
| Shares Outstanding (Mil) | 313 | 312 | 0.3% |
| Cumulative Contribution | 28.6% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BSY | 28.6% | |
| Market (SPY) | 3.5% | 7.1% |
| Sector (XLK) | -1.0% | -22.6% |
Fundamental Drivers
The 9.7% change in BSY stock from 3/31/2026 to 10/21/2026 was primarily driven by a 6.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.97 | 38.36 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,502 | 1,602 | 6.7% |
| Net Income Margin (%) | 18.5% | 18.1% | -2.2% |
| P/E Multiple | 39.6 | 41.2 | 4.3% |
| Shares Outstanding (Mil) | 314 | 312 | 0.8% |
| Cumulative Contribution | 9.7% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BSY | 9.7% | |
| Market (SPY) | 19.2% | 6.2% |
| Sector (XLK) | 42.0% | -8.9% |
Fundamental Drivers
The -24.9% change in BSY stock from 9/30/2025 to 10/21/2026 was primarily driven by a -34.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.09 | 38.36 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,420 | 1,602 | 12.8% |
| Net Income Margin (%) | 17.9% | 18.1% | 1.1% |
| P/E Multiple | 63.2 | 41.2 | -34.8% |
| Shares Outstanding (Mil) | 315 | 312 | 0.9% |
| Cumulative Contribution | -24.9% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BSY | -24.9% | |
| Market (SPY) | 17.0% | 15.8% |
| Sector (XLK) | 34.3% | 5.3% |
Fundamental Drivers
The -22.1% change in BSY stock from 9/30/2023 to 10/21/2026 was primarily driven by a -57.9% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.27 | 38.36 | -22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,166 | 1,602 | 37.3% |
| Net Income Margin (%) | 13.5% | 18.1% | 34.6% |
| P/E Multiple | 98.0 | 41.2 | -57.9% |
| Shares Outstanding (Mil) | 312 | 312 | 0.0% |
| Cumulative Contribution | -22.1% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BSY | -22.1% | |
| Market (SPY) | 87.1% | 37.4% |
| Sector (XLK) | 134.1% | 30.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BSY Return | 20% | -23% | 42% | -10% | -18% | 1% | -3% |
| Peers Return | 4% | -29% | 32% | 17% | 1% | -11% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BSY Win Rate | 58% | 33% | 67% | 42% | 33% | 50% | |
| Peers Win Rate | 53% | 33% | 58% | 65% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BSY Max Drawdown | -34% | -43% | -17% | -21% | -35% | -29% | |
| Peers Max Drawdown | -25% | -39% | -25% | -25% | -29% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/21/2026 (YTD)
How Low Can It Go
| Event | BSY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.5% | -18.8% |
| % Gain to Breakeven | 22.6% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.4% | -9.5% |
| % Gain to Breakeven | 18.2% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.0% | 32.4% |
| Time to Breakeven | 384 days | 427 days |
In The Past
Bentley Systems's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.6% gain to breakeven.
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| Event | BSY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.0% | 32.4% |
| Time to Breakeven | 384 days | 427 days |
In The Past
Bentley Systems's stock fell -18.5% during the 2025 US Tariff Shock. Such a loss loss requires a 22.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bentley Systems (BSY)
Bentley Systems, Incorporated (BSY) is a global provider of comprehensive software solutions tailored for infrastructure engineering. The company develops and sells applications that support the entire lifecycle of infrastructure projects, from initial design and construction to ongoing operation and maintenance. Its technology is instrumental in planning, building, and managing a wide array of infrastructure assets, including roads, bridges, railways, buildings, utilities, and subsurface exploration projects, serving clients across the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Bentley's product portfolio is extensive, categorized into several key areas. It offers "open modeling and open simulation" applications like MicroStation, OpenRoads, STAAD, and PLAXIS, which are critical tools for engineers to perform detailed design, analysis, and simulation of infrastructure components. Furthermore, the company provides "project delivery systems" such as ProjectWise and SYNCHRO, enabling enhanced collaboration, work-sharing, and 4D construction modeling to streamline complex infrastructure project execution.
Beyond design and construction, Bentley Systems also delivers "asset and network performance systems," including AssetWise and Seequent Central, which assist owners and operators in managing, monitoring, and optimizing the long-term performance and reliability of their infrastructure assets. Its primary customers include a diverse group of professionals such as civil, structural, geotechnical, and geoscience engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance personnel, all of whom rely on Bentley's software to enhance the efficiency and longevity of vital infrastructure worldwide.
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Bentley Systems is like the **Autodesk for infrastructure**, providing essential software tools for the design, construction, and operation of everything from roads and bridges to utilities and buildings.
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- Open Modeling and Open Simulation Applications: Software for integrated infrastructure design, encompassing general CAD (e.g., MicroStation) and specialized tools for roads, rail, plants, buildings, bridges, and structural analysis.
- Geoprofessional Applications: Software designed for modeling and simulating near and deep subsurface conditions, utilized by geotechnical and geoscience professionals (e.g., Leapfrog, PLAXIS).
- Project Delivery Systems: Platforms that support collaboration, work-sharing, and 4D construction modeling for the efficient delivery of infrastructure projects (e.g., ProjectWise, SYNCHRO).
- Asset and Network Performance Systems: Solutions for managing, optimizing, and ensuring the reliability and interoperability of infrastructure assets and networks throughout their lifecycle (e.g., AssetWise, Seequent Central).
- Industry Solutions: Specialized applications tailored for specific infrastructure sectors such as reality modeling (ContextCapture), city planning (OpenCities), utilities (OpenUtilities), and tower analysis (OpenTower).
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Major Customers of Bentley Systems (BSY)
Bentley Systems primarily sells its infrastructure engineering software solutions to other companies and organizations, rather than individual consumers. While specific customer company names are not provided in the background information, their major customers can be categorized as follows:
- Engineering and Design Firms: This category includes civil, structural, geotechnical, geoscience, and architectural firms responsible for the design, modeling, and simulation of various infrastructure projects, such as roads, bridges, buildings, plants, and utilities.
- Construction Companies and Contractors: Firms involved in the construction, fabrication, and project delivery of infrastructure assets, utilizing Bentley's software for collaboration, work-sharing, and 4D construction modeling.
- Infrastructure Owners and Operators: This category encompasses public and private entities such as government agencies (e.g., municipal, regional planning departments), utility companies (e.g., water, power, transportation authorities), and other organizations that own, operate, and maintain critical infrastructure assets over their lifecycle.
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Nicholas Cumins, Chief Executive Officer
Nicholas Cumins assumed the role of CEO of Bentley Systems on July 1, 2024, becoming the first non-Bentley family member to lead the company in its 40-year history. Prior to this, he served as Chief Operating Officer from January 2022 and as Chief Product Officer after joining Bentley Systems in September 2020 before the company's IPO. His career includes leadership positions at established and startup companies for 25 years, including General Manager of SAP Marketing Cloud, Chief Product Officer of Scytl (an online voting platform), and Senior Vice President of Product with OpenX (a pioneer in programmatic advertising). He also held various senior roles at SAP in 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, overseeing all financial aspects including worldwide accounting, financial planning and analysis, tax, and treasury. He joined Bentley in 2015 as Global Corporate Controller and was instrumental in the company's initial public offering process, scaling its financial reporting and controllership functions. Before joining Bentley, Andre was Assistant Corporate Controller – International Accounting and Reporting for Rockwood Holdings, Inc., and held several positions with PricewaterhouseCoopers from 1995 to 2010.
Greg Bentley, Executive Chair
Greg Bentley joined his four brothers at Bentley Systems in 1991. He served as the company's CEO from 2000 until his retirement from that role on July 1, 2024, continuing thereafter as Executive Chair of its Board of Directors. Greg Bentley founded Devon Systems International, a financial trading software firm, which was acquired by SunGard Data Systems in 1987. He subsequently served on SunGard's public-company board from 1991 through 2005.
Keith Bentley, EVP and Board Director
Keith Bentley is a co-founder of Bentley Systems and the principal architect of the company's technology directions. He has served as a director and executive officer since the company's inception in 1984, holding the role of president until 1995 and CEO until 2000. He is the primary inventor on numerous company patents.
James Lee, Chief Operating Officer
James Lee was appointed Chief Operating Officer of Bentley Systems in January 2025. He joined Bentley from Google, where he served as General Manager for startups and artificial intelligence at Google Cloud. Prior to Google, Lee 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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Here are the key risks to Bentley Systems' business:
-
Dependence on Infrastructure Spending and Economic Cycles
Bentley Systems' business is intrinsically tied to global infrastructure spending, as its software solutions are used across the entire lifecycle of infrastructure projects, including design, construction, and operations. Consequently, the company's revenue and growth prospects are sensitive to economic cycles; economic downturns or reduced government and private sector investment in infrastructure can directly lead to decreased demand for its software. While the company serves a diversified client base globally, including public works, utilities, resources, industrial, and commercial/facilities sectors, a widespread slowdown in infrastructure development would materially affect its financial performance.
-
Intense Competition and Rapid Technological Evolution in Engineering Software
The infrastructure engineering software market is highly competitive and subject to rapid technological advancements. Bentley Systems faces significant competition from major Computer-Aided Design (CAD) and Building Information Modeling (BIM) vendors, asset-management providers, niche engineering platforms, and emerging cloud-AI entrants. Key competitors include companies like Autodesk, Nemetschek, Trimble, and Hexagon, which vie for market share across various sub-sectors. The need for continuous investment in research and development to keep pace with evolving technologies, such as AI-integrated digital twins, is critical. Failure to innovate, adapt to new industry standards, or effectively transition to cloud-based and subscription models could result in a loss of market share or erosion of competitive advantage.
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Bentley Systems (BSY) operates in several significant addressable markets, encompassing software solutions for infrastructure engineering, construction, asset management, and digital twins. Here are the estimated market sizes for their main products and services:
- Building Information Modeling (BIM) Software: The global BIM software market was valued at approximately USD 8.12 billion in 2024. This market is projected to grow to USD 51.36 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 14.9% during the forecast period 2025-2035. North America held approximately 46.5% of the global BIM market share in 2024. The architectural BIM software segment alone was valued at USD 6.33 billion in 2025 and is projected to reach USD 22.55 billion by 2034, with a CAGR of 20.1%.
- Construction Management Software: The global construction management software market was valued at USD 6.3 billion in 2023 and is anticipated to grow at a CAGR of over 9.1% between 2024 and 2032. Another estimate indicates the global market size was USD 12.45 billion in 2022 and is projected to reach USD 17.22 billion by 2030, with a CAGR of 9.6% from 2023 to 2030. North America accounted for 35.64% of the market value in 2025.
- Geotechnical Engineering Software: The global geotechnical engineering software market was valued at USD 1.28 billion in 2024 and is projected to reach USD 3.02 billion by 2033, growing at a CAGR of 11.2%. Another source estimates the market at USD 1.8 billion in 2024, expected to reach USD 4.5 billion by 2033, with a CAGR of 9.6% from 2025 to 2033. The North America geotechnical engineering software market size is projected to be USD 322.43 million by 2028.
- Mining Software: The global mining software market was valued at USD 10.1 billion in 2023 and is estimated to reach USD 14.9 billion by 2028, growing at a CAGR of 8.1% from 2023 to 2028. Other estimates place the global market at USD 12.32 billion in 2025, expected to reach USD 23.15 billion by 2033, with a CAGR of 8.2% from 2026 to 2033. North America is the largest market for mining software, holding approximately 40% of the global share.
- Enterprise Asset Management (EAM) Software: The global EAM software market was valued at USD 5.7 billion in 2023 and is expected to reach USD 12.5 billion by 2032, growing at a CAGR of 9.13% over the forecast period 2024-2032. Another report estimates the global market at USD 6.65 billion in 2025, projected to grow to USD 16.42 billion by 2034, exhibiting a CAGR of 10.70%. North America held a significant share, with 36.40% in 2025.
- Asset Performance Management (APM) Software: The global APM software market size was valued at USD 2.42 billion in 2025 and is projected to reach USD 8.39 billion by 2034, exhibiting a CAGR of 14.9%. Another report estimates the market at USD 19.67 billion in 2025, expected to reach USD 42.26 billion by 2031 at a 13.59% CAGR. North America dominated the global APM market with a 40% share in 2025.
- Digital Twin Market: The global digital twin market size was valued at USD 24.48 billion in 2025 and is projected to grow to USD 384.79 billion by 2034, exhibiting a CAGR of 35.40%. Other sources indicate the global market was valued at USD 23.59 billion in 2025, likely to cross USD 626.07 billion by 2035, registering more than 38.8% CAGR during the forecast period 2026-2035. North America dominated this market, holding 34% of the market share in 2025.
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Expected Drivers of Future Revenue Growth for Bentley Systems (BSY)
- Sustained Growth in Subscription Revenue and Annual Recurring Revenue (ARR): Bentley Systems anticipates continued strong growth in its subscription-based model, which constitutes approximately 92% of its total revenues. The company projects constant currency Annual Recurring Revenue (ARR) growth in the range of 10.5% to 12.5% for 2026. This growth is underpinned by a healthy net revenue retention rate, indicating increased spending from existing customers, alongside the acquisition of new customers, particularly within the SMB segment.
- Expansion and Monetization of AI-Powered Solutions, especially in Asset Analytics: Artificial intelligence (AI) is identified as a significant opportunity for future growth, particularly in asset analytics and broader infrastructure engineering. Bentley Systems is strategically embedding AI into its products and creating platforms for user and partner-developed AI workflows. AI is already contributing to accelerated growth in asset analytics, with the company aiming for further monetization as AI adoption matures.
- Strategic Mergers and Acquisitions (M&A): Having achieved a satisfactory leverage target, Bentley Systems has enhanced its strategic financial flexibility. This position allows the company to allocate more of its cash flow generation towards scaled-up programmatic acquisitions, which are expected to contribute to future revenue growth.
- Benefiting from Continued Global Infrastructure Investment: Bentley Systems is well-positioned to capitalize on the ongoing and sustained global investment in infrastructure. This macroeconomic tailwind is expected to drive demand for the company's software solutions, particularly in areas like Public Works Utilities, contributing to overall revenue expansion.
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Share Repurchases
- Bentley Systems authorized a new stock repurchase program for up to $500 million, active from November 21, 2025, until December 31, 2028, replacing a previous authorization.
- The company made quarterly share repurchases including $22.50 million in June 2024, $15.00 million in March 2024, and $30.00 million in March 2025.
- Previously, Bentley Systems had a stock repurchase program authorizing up to $200 million of Class B common stock through June 30, 2024.
Share Issuance
- Bentley Systems' shares outstanding for 2024 were 0.334 billion, representing a 0.38% increase from 2023.
- Shares outstanding for 2023 were 0.333 billion, an increase of 0.22% from 2022.
- Net common equity issued/repurchased for 2023 was $0.022 billion, indicating a net issuance of shares.
Outbound Investments
- Bentley Systems made 8 acquisitions over the past three years to improve the technical and commercial integration with its platform.
- Significant platform acquisitions include Seequent Holdings Limited in 2021, aimed at incorporating modeling and simulation into infrastructure digital twin capabilities.
- In 2025, the company made strategic acquisitions such as Pointivo, Talon, and Blyncsy, Inc., to advance asset consumption leadership and enhance road design software and digital twin technology with AI.
Capital Expenditures
- Capital expenditures for the full year 2025 were approximately $20 million.
- In the fourth quarter of 2025, capital expenditures totaled $5.4 million, primarily funding long-term assets and infrastructure.
- For the last 12 months, capital expenditures were -$18.26 million.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BSY | Bentley Systems | 11.2% | 41.2x | -26.0% | -21.9% | -32.6% | — |
| ACIW | ACI Worldwide | 9.9% | 24.2x | 8.6% | 154.5% | 73.5% | +106pp |
| PTC | PTC | 12.9% | 18.2x | -5.0% | 41.1% | 51.9% | +84pp |
| MANH | Manhattan Associates | 10.0% | 65.9x | 15.2% | 23.8% | 39.5% | +72pp |
| DSGX | Descartes Systems | 13.8% | 42.1x | -5.1% | 27.5% | 11.1% | +44pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 37.5% | 145.2% | 232.4% | TTMI 655% · FLEX 519% · JBL 355% |
| Semiconductor Materials & Equipment | 27 | 58.3% | 82.3% | 91.1% | AXTI 585% · KLAC 411% · LRCX 394% |
| Technology Distributors | 9 | 42.1% | 93.1% | 82.5% | AVT 177% · SNX 154% · CNXN 112% |
| Communications Equipment | 36 | 4.1% | 107.5% | 63.7% | AAOI 928% · LITE 902% · ANET 646% |
| Electronic Components | 26 | -2.5% | 76.6% | 53.3% | CLS 3161% · BELFA 1221% · APH 317% |
| Semiconductors | 54 | 9.8% | 42.5% | 31.9% | MU 1263% · NVDA 882% · AVGO 618% |
| Technology Hardware, Storage & Peripherals | 21 | 11.9% | 72.7% | 23.7% | SMCI 906% · STX 876% · DELL 841% |
| Electronic Equipment & Instruments | 27 | -15.3% | 25.6% | -3.9% | PI 219% · OSIS 106% · KEYS 93% |
| Internet Services & Infrastructure | 6 | -0.9% | 47.8% | -5.2% | GDDY 56% · VRSN 45% · DOCN 6% |
| IT Consulting & Other Services | 29 | -21.4% | 1.0% | -23.5% | CHRN 437268% · INOD 472% · APLD 428% |
| Application Software ← | 126 | -21.3% | -7.8% | -46.2% | PLTR 714% · FROG 172% · AGYS 121% |
| Systems Software | 69 | -15.8% | 26.3% | -50.6% | ZETA 309% · CRWD 237% · FTNT 160% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 62.55 |
| Mkt Cap | 14.6 |
| Rev LTM | 2,954 |
| Op Inc LTM | 669 |
| FCF LTM | 773 |
| FCF 3Y Avg | 528 |
| CFO LTM | 799 |
| CFO 3Y Avg | 560 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.4% |
| Rev Chg 3Y Avg | 12.9% |
| Rev Chg Q | 12.8% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 43.6% |
| Op Inc Chg 3Y Avg | 25.5% |
| Op Mgn LTM | 23.6% |
| Op Mgn 3Y Avg | 23.0% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 32.3% |
| CFO/Rev 3Y Avg | 28.8% |
| FCF/Rev LTM | 31.1% |
| FCF/Rev 3Y Avg | 27.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.6 |
| P/S | 6.6 |
| P/Op Inc | 21.8 |
| P/EBIT | 23.5 |
| P/E | 18.2 |
| P/CFO | 22.9 |
| Total Yield | 3.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Development and marketing of computer software and related services | 1,353 | 1,099 | |||
| Enterprise subscriptions | 433 | 290 | 222 | ||
| Other | 86 | 78 | 48 | ||
| Perpetual licenses | 46 | 53 | 57 | ||
| Recurring | 16 | 21 | 17 | ||
| SELECT subscriptions | 258 | 269 | 271 | ||
| Term license subscriptions | 389 | 253 | 187 | ||
| Total | 1,353 | 1,228 | 1,099 | 965 | 802 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Development and marketing of computer software and related services | 363 | 302 | 231 | 209 |
| Total | 363 | 302 | 231 | 209 |
Price Behavior
| Market Price | $38.36 | |
| Market Cap ($ Bil) | 12.0 | |
| First Trading Date | 09/23/2020 | |
| Distance from 52W High | -26.0% | |
| 50 Days | 200 Days | |
| DMA Price | $34.38 | $34.22 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 11.6% | 12.1% |
| 3M | 1YR | |
| Volatility | 43.1% | 41.1% |
| Downside Capture | 144.06 | 109.51 |
| Upside Capture | 209.40 | 47.86 |
| Correlation (S&P 500) | 10.1% | 14.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.44 | 0.63 | -0.11 | 0.08 | 0.45 | 0.82 |
| Up Beta | 0.51 | 0.01 | -2.29 | -1.11 | -0.25 | 0.75 |
| Down Beta | 2.13 | 1.10 | -0.63 | 0.14 | 0.46 | 0.71 |
| Up Capture | -44% | 40% | 81% | 28% | 26% | 42% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 18 | 32 | 64 | 115 | 368 |
| Down Capture | 192% | 149% | 53% | 82% | 106% | 103% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 24 | 32 | 61 | 135 | 378 |
[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 | -25.3% | 41.1% | -0.61 | - |
| Sector ETF (XLK) | 31.5% | 26.5% | 1.00 | 2.9% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 13.6% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | -5.5% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -7.4% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 16.3% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | 18.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSY | |
|---|---|---|---|---|
| BSY | -7.2% | 37.0% | -0.12 | - |
| Sector ETF (XLK) | 20.9% | 26.0% | 0.71 | 47.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 51.7% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 3.8% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 3.7% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 42.3% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 28.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSY | |
|---|---|---|---|---|
| BSY | 1.6% | 38.7% | 0.18 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 42.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 47.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 6.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 37.4% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.9% | -0.9% | -1.2% |
| 5/7/2026 | 4.8% | -2.6% | 2.9% |
| 2/26/2026 | 14.0% | 19.7% | 11.6% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 12 |
| # Negative | 11 | 14 | 12 |
| Median Positive | 3.7% | 8.4% | 10.0% |
| Median Negative | -1.9% | -4.0% | -5.5% |
| Max Positive | 14.0% | 19.7% | 37.5% |
| Max Negative | -13.6% | -14.3% | -18.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.9% | -0.9% | -1.2% |
| 5/7/2026 | 4.8% | -2.6% | 2.9% |
| 2/26/2026 | 14.0% | 19.7% | 11.6% |
| 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% |
| 11/7/2023 | 8.4% | 7.5% | 7.6% |
| 8/8/2023 | -0.8% | -7.4% | -1.6% |
| 5/9/2023 | 10.1% | 8.9% | 17.2% |
| 2/28/2023 | 3.2% | 4.5% | 5.8% |
| 11/8/2022 | 3.7% | 14.4% | 13.8% |
| 8/9/2022 | -1.1% | 1.9% | -9.1% |
| 5/10/2022 | -13.6% | -14.3% | -2.6% |
| 3/1/2022 | 0.7% | -4.0% | 18.2% |
| 11/9/2021 | -0.4% | -3.9% | -18.1% |
| 8/10/2021 | -0.8% | -2.9% | 5.4% |
| 5/11/2021 | 0.5% | 9.8% | 37.5% |
| 3/2/2021 | 3.3% | -3.5% | 1.9% |
| 11/10/2020 | -1.9% | -8.8% | -6.0% |
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 12 |
| # Negative | 11 | 14 | 12 |
| Median Positive | 3.7% | 8.4% | 10.0% |
| Median Negative | -1.9% | -4.0% | -5.5% |
| Max Positive | 14.0% | 19.7% | 37.5% |
| Max Negative | -13.6% | -14.3% | -18.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 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 |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/02/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 09/24/2020 | 424B4 |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bentley, Gregory S | Executive Chair & President | Direct | Sell | 3122026 | 40.01 | 100 | 4,001 | 304,669,788 | Form |
| 2 | Trimback, Thomas F | Chief Accounting Officer | Direct | Sell | 11192025 | 43.02 | 560 | 24,091 | 593,934 | Form |
| 3 | Bentley, Gregory S | Executive Chair & President | Direct | Sell | 9042025 | 54.83 | 37,160 | 2,037,576 | 415,654,257 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bentley, Gregory S | Executive Chair & President | Direct | Sell | 3122026 | 40.01 | 100 | 4,001 | 304,669,788 | Form |
| 2 | Trimback, Thomas F | Chief Accounting Officer | Direct | Sell | 11192025 | 43.02 | 560 | 24,091 | 593,934 | Form |
| 3 | Bentley, Gregory S | Executive Chair & President | Direct | Sell | 9042025 | 54.83 | 37,160 | 2,037,576 | 415,654,257 | Form |
Investor Activity (13F)
Updated Oct 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Bentley Systems — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
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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