Overview Dividends

(BSY) Bentley Systems - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US08265T2087

Software, Modeling, Simulation, Cloud, Geotechnical

Application Software
Market Cap in USD: 12,497m

IPO / Inception: 2020-09-23
Return 12m vs S&P 500: -26.7%

EPS (Earnings per Share)

EPS CAGR: 4.37%
EPS Trend: 57.2%

Last SUE: -0.17
Qual. Beats: 0

Revenue

Rev. CAGR: 9.02%
Rev. Trend: 96.8%

Last SUE: 1.37
Qual. Beats: 1

Dividends

Dividend Yield	0.66%
Yield on Cost 5y	0.78%
Yield CAGR 5y	68.18%
Payout Consistency	99.2%
Payout Ratio	23.5%

Risk via 10d forecast
Volatility	27.6%
Value at Risk 5%th	45.9%
Relative Tail Risk	1.16%

Reward TTM
Sharpe Ratio	-0.66
Alpha	-27.67
CAGR/Max DD	0.04

Character TTM
Hurst Exponent	0.536
Beta	0.770
Beta Downside	0.557

Drawdowns 3y
Max DD	31.95%
Mean DD	10.31%
Median DD	10.04%

Description: BSY Bentley Systems October 16, 2025

Bentley Systems Inc. (NASDAQ: BSY) develops and sells a broad suite of infrastructure-engineering software, ranging from open-modeling tools (e.g., MicroStation, OpenRoads, OpenRail) and simulation packages (e.g., STAAD, ADINA) to cloud-native platforms (ProjectWise, iTwin) that enable 4D/5D digital twins of civil, structural, geotechnical and utilities assets.

The firm’s customer base spans civil and structural engineers, geotechnical specialists, architects, city planners, contractors, fabricators, and O&M teams, reflecting a diversified demand across the global built-environment value chain.

Recent financials show FY 2024 revenue of roughly $262 million, with subscription-based Annual Recurring Revenue (ARR) now exceeding $1.2 billion and an operating margin around 15 %, indicating a successful transition toward higher-margin SaaS and cloud offerings.

Macro-level drivers remain strong: the World Bank projects cumulative global infrastructure spending of more than $15 trillion through 2030, while U.S. federal infrastructure legislation continues to fund large-scale transportation and water projects-both of which directly expand the addressable market for Bentley’s software.

For a deeper quantitative look at BSY’s valuation metrics and scenario analysis, you might explore the ValueRay platform.

Piotroski VR‑10 (Strict, 0-10) 6.5

Net Income (269.3m TTM) > 0 and > 6% of Revenue (6% = 87.6m TTM)

FCFTA 0.13 (>2.0%) and ΔFCFTA 0.74pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -22.85% (prev -28.80%; Δ 5.95pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.14 (>3.0%) and CFO 478.5m > Net Income 269.3m (YES >=105%, WARN >=100%)

Net Debt (1.12b) to EBITDA (425.3m) ratio: 2.63 <= 3.0 (WARN <= 3.5)

Current Ratio 0.61 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (333.2m) change vs 12m ago -0.17% (target <= -2.0% for YES)

Gross Margin 81.20% (prev 80.39%; Δ 0.81pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 42.56% (prev 38.68%; Δ 3.88pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 22.01 (EBITDA TTM 425.3m / Interest Expense TTM 16.3m) >= 6 (WARN >= 3)

Altman Z'' 0.02

(A) -0.10 = (Total Current Assets 526.8m - Total Current Liabilities 860.5m) / Total Assets 3.46b

(B) -0.00 = Retained Earnings (Balance) -13.9m / Total Assets 3.46b

(D) -0.04 = Book Value of Equity -88.3m / Total Liabilities 2.27b

Total Rating: 0.02 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 76.33

1. Piotroski 6.50pt

2. FCF Yield 3.38%

3. FCF Margin 31.52%

4. Debt/Equity 1.07

5. Debt/Ebitda 2.63

6. ROIC - WACC (= 2.20)%

7. RoE 23.96%

8. Rev. Trend 96.84%

9. EPS Trend 57.24%

What is the price of BSY shares?

As of November 28, 2025, the stock is trading at USD 41.12 with a total of 1,302,656 shares traded.
Over the past week, the price has changed by +1.48%, over one month by -21.23%, over three months by -23.45% and over the past year by -15.98%.

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.

Strong Buy: 7
Buy: 3
Hold: 5
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the BSY price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	58.2	41.6%
Analysts Target Price	58.2	41.6%
ValueRay Target Price	41.1	-0.1%

BSY Fundamental Data Overview November 25, 2025

Market Cap USD = 12.50b (12.50b USD * 1.0 USD.USD)
P/E Trailing = 50.1951
P/E Forward = 30.2115
P/S = 8.5598
P/B = 10.4605
P/EG = 1.9638
Beta = 1.215
Revenue TTM = 1.46b USD
EBIT TTM = 358.9m USD
EBITDA TTM = 425.3m USD
Long Term Debt = 1.25b USD (from longTermDebt, last quarter)
Short Term Debt = 11.8m USD (from shortTermDebt, last quarter)
Debt = 1.28b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.12b USD (from netDebt column, last quarter)
Enterprise Value = 13.62b USD (12.50b + Debt 1.28b - CCE 165.4m)
Interest Coverage Ratio = 22.01 (Ebit TTM 358.9m / Interest Expense TTM 16.3m)
FCF Yield = 3.38% (FCF TTM 460.1m / Enterprise Value 13.62b)
FCF Margin = 31.52% (FCF TTM 460.1m / Revenue TTM 1.46b)
Net Margin = 18.45% (Net Income TTM 269.3m / Revenue TTM 1.46b)
Gross Margin = 81.20% ((Revenue TTM 1.46b - Cost of Revenue TTM 274.5m) / Revenue TTM)
Gross Margin QoQ = 80.78% (prev 81.11%)
Tobins Q-Ratio = 3.93 (Enterprise Value 13.62b / Total Assets 3.46b)
Interest Expense / Debt = 0.13% (Interest Expense 1.68m / Debt 1.28b)
Taxrate = 31.43% (26.3m / 83.5m)
NOPAT = 246.1m (EBIT 358.9m * (1 - 31.43%))
Current Ratio = 0.61 (Total Current Assets 526.8m / Total Current Liabilities 860.5m)
Debt / Equity = 1.07 (Debt 1.28b / totalStockholderEquity, last quarter 1.20b)
Debt / EBITDA = 2.63 (Net Debt 1.12b / EBITDA 425.3m)
Debt / FCF = 2.43 (Net Debt 1.12b / FCF TTM 460.1m)
Total Stockholder Equity = 1.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.77% (Net Income 269.3m / Total Assets 3.46b)
RoE = 23.96% (Net Income TTM 269.3m / Total Stockholder Equity 1.12b)
RoCE = 15.14% (EBIT 358.9m / Capital Employed (Equity 1.12b + L.T.Debt 1.25b))
RoIC = 10.23% (NOPAT 246.1m / Invested Capital 2.41b)
WACC = 8.03% (E(12.50b)/V(13.78b) * Re(8.85%) + D(1.28b)/V(13.78b) * Rd(0.13%) * (1-Tc(0.31)))
Discount Rate = 8.85% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.03%
[DCF Debug] Terminal Value 77.32% ; FCFE base≈446.5m ; Y1≈507.1m ; Y5≈693.9m
Fair Price DCF = 35.41 (DCF Value 10.34b / Shares Outstanding 292.0m; 5y FCF grow 15.81% → 3.0% )
EPS Correlation: 57.24 | EPS CAGR: 4.37% | SUE: -0.17 | # QB: 0
Revenue Correlation: 96.84 | Revenue CAGR: 9.02% | SUE: 1.37 | # QB: 1

Additional Sources for BSY Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle