BSY Stock Analysis: Bentley Systems | NASDAQ

Infrastructure Modeling, Engineering Simulation, Geotechnical Analysis, Digital Twins

Total Rating 41

Safety 57

Buy Signal -0.29

Software - Application
Industry Rotation: +8.5

Market Cap: 10.6B
Avg Turnover: 80.6M

Risk 3d forecast

Volatility34.6%

VaR 5^th Pctl5.93%

VaR vs Median4.14%

Reward TTM

Sharpe Ratio-0.74

Rel. Str. IBD30.7

Rel. Str. Peer Group30.9 pctl

Character TTM

Beta0.267

Beta Downside0.339

Hurst Exponent0.540

Choppyness72.4%

Drawdowns 3y

Max DD51.28%

CAGR/Max DD-0.20

CAGR/Mean DD-0.52

EPS (Earnings per Share)

EPS CAGR: 8.24%
EPS Trend: 87.9%

Last SUE: 0.00
Qual. Beats: 0

Revenue

Rev. CAGR: 10.95%
Rev. Trend: 99.8%

Last SUE: -0.29
Qual. Beats: 0

Warnings

Altman Z'' In Financial Distress Zone

Tailwinds

No distinct edge detected

Seasonality 6 years of data

Jan -3.3% 11

Feb +1.5% 10

Mar +1.4% 10

Apr -0.8% 10

May +4.1% 11

Jun +1.2% 10

Jul +6.2% 11

Aug -3.0% 10

Sep -5.3% 47

Oct -4.6% 31

Nov +3.0% 10

Dec -2.6% 47

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: BSY Bentley Systems

Bentley Systems, Incorporated (NASDAQ: BSY) is an infrastructure engineering software company headquartered in Exton, Pennsylvania, and incorporated in 1984. The company operates globally across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, serving civil, structural, geotechnical, and process engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley went public on September 23, 2020, and is classified within the Information Technology sector under the Application Software sub-industry by GICS.

The companys product portfolio is organized around open modeling applications (e.g., MicroStation, OpenRoads, OpenBuildings), open simulation applications (e.g., STAAD, RAM, AutoPIPE), geoprofessional tools (e.g., Leapfrog, PLAXIS, GeoStudio), and infrastructure cloud applications such as ProjectWise, SYNCHRO, and AssetWise. It also offers the iTwin platform, which supports digital twins of physical infrastructure assets, and Cesium for geospatial visualization. Bentley primarily operates a business-to-business software licensing and subscription model, serving clients in the architecture, engineering, construction, and operations (AECO) sector.

Headlines to Watch Out For

iTwin platform adoption accelerates digital twin revenue growth
US federal infrastructure spending lifts civil engineering software demand
Strong dollar weighs on international subscription revenue

Piotroski VR-10 (Strict) 7.5

Net Income: 290.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.14 > 0.02 and ΔFCF/TA 1.24 > 1.0
NWC/Revenue: -24.98% < 20% (prev -29.50%; Δ 4.52% < -1%)
CFO/TA 0.15 > 3% & CFO 522.9m > Net Income 290.0m
Net Debt (1.17b) to EBITDA (479.6m): 2.44 < 3
Current Ratio: 0.59 > 1.5 & < 3
Outstanding Shares: last quarter (319.0m) vs 12m ago -4.17% < -2%
Gross Margin: 81.84% > 18% (prev 81.18%; Δ 0.66% > 0.5%)
Asset Turnover: 45.73% > 50% (prev 41.47%; Δ 4.26% > 0%)
Interest Coverage Ratio: 10.39 > 6 (EBIT TTM 413.0m / Interest Expense TTM 39.8m)

Altman Z'' 0.53

A: -0.11 (Total Current Assets 587.9m - Total Current Liabilities 988.1m) / Total Assets 3.58b
B: -0.02 (Retained Earnings -63.4m / Total Assets 3.58b)
C: 0.12 (EBIT TTM 413.0m / Avg Total Assets 3.50b)
D: 0.50 (Book Value of Equity 1.20b / Total Liabilities 2.38b)
Altman-Z'' = 0.53 = B

Beneish M -2.88

DSRI: 1.12 (Receivables 368.1m/291.1m, Revenue 1.60b/1.42b)
GMI: 0.99 (GM 81.18% / 81.84%)
AQI: 0.95 (AQ_t 0.81 / AQ_t-1 0.85)
SGI: 1.13 (Revenue 1.60b / 1.42b)
TATA: -0.07 (NI 290.0m - CFO 522.9m) / TA 3.58b)
Beneish M = -2.88 (Cap -4..+1) = A

What is the price of BSY shares?

As of October 19, 2026, the stock is trading at USD 35.37 with a total of 1,661,411 shares traded. Over the past week, the price has changed by +1.14%, over one month by +12.85%, over three months by +9.61% and over the past year by -30.53%.

Current recommended Stop Loss: 32.90 (which is 7% or 2.1 ATR below the current price).

Is BSY a buy, sell or hold?

Bentley Systems has received a consensus analysts rating of 4.35. Therefore, it is recommended to buy BSY.

StrongBuy: 10
Buy: 3
Hold: 4
Sell: 0
StrongSell: 0

What are the forecasts/targets for the BSY price?

Analysts Target Price	43.9	24.2%

Bentley Systems (BSY) - Fundamental Data Overview as of 19 October 2026

Market Cap USD = 10.6b (10.6b USD * 1.0 USD.USD)
P/E Trailing = 38.4286
P/E Forward = 19.9601
P/S = 6.5942
P/B = 8.2218
P/EG = 1.2586
Revenue TTM = 1.60b USD
EBIT TTM = 413.0m USD
EBITDA TTM = 479.6m USD
Long Term Debt = 1.21b USD (from longTermDebt, last quarter)
Short Term Debt = 19.4m USD (from shortTermDebt, last quarter)
Debt = 1.32b USD (from shortLongTermDebtTotal, last quarter) + Leases 50.3m
Net Debt = 1.17b USD (calculated: Debt 1.32b - CCE 147.0m)
Enterprise Value = 11.7b USD (10.6b + Debt 1.32b - CCE 147.0m)
Interest Coverage Ratio = 10.39 (Ebit TTM 413.0m / Interest Expense TTM 39.8m)
EV/FCF = 23.54x (Enterprise Value 11.7b / FCF TTM 498.5m)
FCF Yield = 4.25% (FCF TTM 498.5m / Enterprise Value 11.7b)
FCF Margin = 31.12% (FCF TTM 498.5m / Revenue TTM 1.60b)
Net Margin = 18.10% (Net Income TTM 290.0m / Revenue TTM 1.60b)
Gross Margin = 81.84% ((Revenue TTM 1.60b - Cost of Revenue TTM 290.9m) / Revenue TTM)
Gross Margin QoQ = 81.99% (prev 82.61%)
Tobins Q-Ratio = 3.28 (Enterprise Value 11.7b / Total Assets 3.58b)
Interest Expense / Debt = 3.02% (Interest Expense 39.8m / Debt 1.32b)
Taxrate = 22.33% (83.3m / 373.1m)
NOPAT = 320.7m (EBIT 413.0m * (1 - 22.33%))
Current Ratio = 0.59 (Total Current Assets 587.9m / Total Current Liabilities 988.1m)
Debt / Equity = 1.10 (Debt 1.32b / totalStockholderEquity, last quarter 1.20b)
Debt / EBITDA = 2.44 (Net Debt 1.17b / EBITDA 479.6m)
Debt / FCF = 2.35 (Net Debt 1.17b / FCF TTM 498.5m)
Total Stockholder Equity = 1.20b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.28% (Net Income 290.0m / Total Assets 3.58b)
RoE = 24.10% (Net Income TTM 290.0m / Total Stockholder Equity 1.20b)
RoCE = 17.11% (EBIT 413.0m / Capital Employed (Equity 1.20b + L.T.Debt 1.21b))
RoIC = 12.66% (NOPAT 320.7m / Invested Capital 2.53b)
WACC = 6.08% (E(10.6b)/V(11.9b) * Re(6.55%) + D(1.32b)/V(11.9b) * Rd(3.02%) * (1-Tc(0.22)))
Discount Rate = 6.55% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -73.20 | Cagr: -1.98%
[DCF] Terminal Value 77.96% ; FCFF base≈472.6m ; Y1≈541.4m ; Y5≈795.6m
[DCF] Fair Price = 37.18 (EV 12.0b - Net Debt 1.17b = Equity 10.8b / Shares 290.6m; r=8.35% [WACC [floored]]; 5y FCF grow 14.93% → 2.50% )
EPS Correlation: 87.92 | EPS CAGR: 8.24% | SUE: 0.0 | # QB: 0
Revenue Correlation: 99.77 | Revenue CAGR: 10.95% | SUE: -0.29 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.33 | Chg30d=+0.61% | Revisions=+25% | Analysts=14
EPS current Year (2026-12-31): EPS=1.39 | Chg30d=+0.27% | Revisions=+25% | GrowthEPS=+15.3% | GrowthRev=+12.9%
EPS next Year (2027-12-31): EPS=1.58 | Chg30d=+0.52% | Revisions=+25% | GrowthEPS=+13.2% | GrowthRev=+10.5%
[Analyst] Revisions Ratio: +50% (up=3, down=0)