BSY Stock Analysis: Bentley Systems | NASDAQ

Modeling Software, Simulation Software, Digital Twin Platform, Cloud Applications

Total Rating 40

Safety 50

Buy Signal -1.05

Software - Application
Industry Rotation: +5.9

Market Cap: 10.8B
Avg Turnover: 96.0M

Risk 3d forecast

Volatility38.0%

VaR 5^th Pctl6.62%

VaR vs Median5.84%

Reward TTM

Sharpe Ratio-0.99

Rel. Str. IBD11.9

Rel. Str. Peer Group17.9

Character TTM

Beta0.197

Beta Downside0.351

Hurst Exponent0.493

Drawdowns 3y

Max DD51.28%

CAGR/Max DD-0.17

CAGR/Mean DD-0.49

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

Choppy

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 5.9 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 -3.2% 22

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 (NASDAQ: BSY) is a global provider of infrastructure engineering software, headquartered in Exton, Pennsylvania and founded in 1984. The company operates across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, serving engineers, architects, geospatial professionals, contractors, and operations and maintenance teams involved in large-scale infrastructure projects.

Its product portfolio spans open modeling applications (such as MicroStation and OpenRoads), open simulation tools (including STAAD and AutoPIPE), geoprofessional software (such as Leapfrog and PLAXIS), and cloud-based infrastructure applications like ProjectWise and AssetWise. Bentley has also built the iTwin platform, which enables digital twin representations of physical infrastructure assets for monitoring and collaboration throughout the asset lifecycle.

Classified within the Application Software sub-industry of the Information Technology sector, Bentley is positioned in the engineering and design software market that supports capital-intensive sectors such as transportation, utilities, energy, and water. As a mid-cap listed company following its 2020 IPO, it generates the majority of its revenue from subscriptions and recurring services, a model common among application software vendors serving infrastructure asset owners and engineering service providers worldwide.

Headlines to Watch Out For

iTwin platform adoption accelerates subscription ARR growth
US infrastructure spending cycle lifts engineering software demand
Autodesk and Trimble competition pressures infrastructure software market share

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 (502.3m): 2.33 < 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 August 19, 2026, the stock is trading at USD 34.64 with a total of 1,452,255 shares traded. Over the past week, the price has changed by -4.44%, over one month by +7.08%, over three months by +4.20% and over the past year by -34.99%.

Current recommended Stop Loss: 32.50 (which is 6.2% or 1.4 ATR below the current price).

Is BSY a buy, sell or hold?

Bentley Systems has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy BSY.

StrongBuy: 7
Buy: 3
Hold: 5
Sell: 1
StrongSell: 0

What are the forecasts/targets for the BSY price?

Analysts Target Price	44.5	28.4%

Bentley Systems (BSY) - Fundamental Data Overview as of 14 August 2026

Market Cap USD = 10.8b (10.8b USD * 1.0 USD.USD)
P/E Trailing = 40.1461
P/E Forward = 24.6914
P/S = 6.7375
P/B = 8.874
P/EG = 1.5628
Revenue TTM = 1.60b USD
EBIT TTM = 413.0m USD
EBITDA TTM = 502.3m 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 = 12.0b USD (10.8b + Debt 1.32b - CCE 147.0m)
Interest Coverage Ratio = 10.39 (Ebit TTM 413.0m / Interest Expense TTM 39.8m)
EV/FCF = 24.00x (Enterprise Value 12.0b / FCF TTM 498.5m)
FCF Yield = 4.17% (FCF TTM 498.5m / Enterprise Value 12.0b)
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 = 3.34 (Enterprise Value 12.0b / 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 = 2.33 (Net Debt 1.17b / EBITDA 502.3m)
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 = 6.20% (E(10.8b)/V(12.1b) * Re(6.67%) + D(1.32b)/V(12.1b) * Rd(3.02%) * (1-Tc(0.22)))
Discount Rate = 6.67% (= 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=-2.87% | Revisions=+0% | Analysts=14
EPS current Year (2026-12-31): EPS=1.39 | Chg30d=+0.64% | Revisions=+0% | GrowthEPS=+14.9% | GrowthRev=+12.9%
EPS next Year (2027-12-31): EPS=1.57 | Chg30d=-0.72% | Revisions=+0% | GrowthEPS=+12.9% | GrowthRev=+10.5%
[Analyst] Revisions Ratio: +0% (up=0, down=0)