(BSY) Bentley Systems - NASDAQ
Sector: Technology | Industry: Software - Application | Exchange: NASDAQ (USA) | Market Cap: 9.317m USD | Total Return: -41.7% in 12m
Avg Turnover: 94.2M
EPS Trend: 98.6%
Qual. Beats: 0
Rev. Trend: 99.8%
Qual. Beats: 0
Warnings
Altman Z'' 0.39 < 1.0 - financial distress zone
Choppy Below Avwap Earnings
Tailwinds
No distinct edge detected
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.
- iTwin platform adoption accelerates subscription ARR growth
- US infrastructure spending cycle lifts engineering software demand
- Autodesk and Trimble competition pressures infrastructure software market share
| Net Income: 281.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 1.13 > 1.0 |
| NWC/Revenue: -31.42% < 20% (prev -33.19%; Δ 1.77% < -1%) |
| CFO/TA 0.15 > 3% & CFO 512.5m > Net Income 281.9m |
| Net Debt (1.11b) to EBITDA (486.8m): 2.28 < 3 |
| Current Ratio: 0.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (321.8m) vs 12m ago -3.48% < -2% |
| Gross Margin: 81.64% > 18% (prev 81.12%; Δ 0.51% > 0.5%) |
| Asset Turnover: 44.91% > 50% (prev 40.73%; Δ 4.19% > 0%) |
| Interest Coverage Ratio: 11.30 > 6 (EBIT TTM 390.1m / Interest Expense TTM 34.5m) |
| A: -0.14 (Total Current Assets 518.2m - Total Current Liabilities 1.01b) / Total Assets 3.52b |
| B: -0.01 (Retained Earnings -22.4m / Total Assets 3.52b) |
| C: 0.11 (EBIT TTM 390.1m / Avg Total Assets 3.46b) |
| D: 0.53 (Book Value of Equity 1.23b / Total Liabilities 2.30b) |
| Altman-Z'' = 0.39 = B |
| DSRI: 0.99 (Receivables 336.0m/303.6m, Revenue 1.56b/1.39b) |
| GMI: 0.99 (GM 81.12% / 81.64%) |
| AQI: 0.98 (AQ_t 0.83 / AQ_t-1 0.85) |
| SGI: 1.12 (Revenue 1.56b / 1.39b) |
| TATA: -0.07 (NI 281.9m - CFO 512.5m) / TA 3.52b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of June 20, 2026, the stock is trading at USD 29.38 with a total of 7,243,800 shares traded.
Over the past week, the price has changed by -3.89%,
over one month by -10.82%,
over three months by -22.31% and
over the past year by -41.70%.
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
| Analysts Target Price | 45.4 | 54.6% |
P/E Trailing = 35.2529
P/E Forward = 21.4133
P/S = 5.9903
P/B = 7.5959
P/EG = 1.3566
Revenue TTM = 1.56b USD
EBIT TTM = 390.1m USD
EBITDA TTM = 486.8m USD
Long Term Debt = 1.12b USD (from longTermDebt, last quarter)
Short Term Debt = 13.3m USD (from shortTermDebt, last quarter)
Debt = 1.22b USD (from shortLongTermDebtTotal, last quarter) + Leases 50.3m
Net Debt = 1.11b USD (calculated: Debt 1.22b - CCE 105.2m)
Enterprise Value = 10.4b USD (9.32b + Debt 1.22b - CCE 105.2m)
Interest Coverage Ratio = 11.30 (Ebit TTM 390.1m / Interest Expense TTM 34.5m)
EV/FCF = 21.21x (Enterprise Value 10.4b / FCF TTM 491.7m)
FCF Yield = 4.72% (FCF TTM 491.7m / Enterprise Value 10.4b)
FCF Margin = 31.61% (FCF TTM 491.7m / Revenue TTM 1.56b)
Net Margin = 18.12% (Net Income TTM 281.9m / Revenue TTM 1.56b)
Gross Margin = 81.64% ((Revenue TTM 1.56b - Cost of Revenue TTM 285.6m) / Revenue TTM)
Gross Margin QoQ = 82.61% (prev 81.89%)
Tobins Q-Ratio = 2.96 (Enterprise Value 10.4b / Total Assets 3.52b)
Interest Expense / Debt = 2.84% (Interest Expense 34.5m / Debt 1.22b)
Taxrate = 21.16% (75.6m / 357.4m)
NOPAT = 307.5m (EBIT 390.1m * (1 - 21.16%))
Current Ratio = 0.51 (Total Current Assets 518.2m / Total Current Liabilities 1.01b)
Debt / Equity = 0.99 (Debt 1.22b / totalStockholderEquity, last quarter 1.23b)
Debt / EBITDA = 2.28 (Net Debt 1.11b / EBITDA 486.8m)
Debt / FCF = 2.26 (Net Debt 1.11b / FCF TTM 491.7m)
Total Stockholder Equity = 1.19b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.14% (Net Income 281.9m / Total Assets 3.52b)
RoE = 23.62% (Net Income TTM 281.9m / Total Stockholder Equity 1.19b)
RoCE = 16.90% (EBIT 390.1m / Capital Employed (Equity 1.19b + L.T.Debt 1.12b))
RoIC = 12.54% (NOPAT 307.5m / Invested Capital 2.45b)
WACC = 7.02% (E(9.32b)/V(10.5b) * Re(7.64%) + D(1.22b)/V(10.5b) * Rd(2.84%) * (1-Tc(0.21)))
Discount Rate = 7.64% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -42.22 | Cagr: -1.56%
[DCF] Terminal Value 77.61% ; FCFF base≈469.5m ; Y1≈527.8m ; Y5≈738.7m
[DCF] Fair Price = 34.41 (EV 11.2b - Net Debt 1.11b = Equity 10.1b / Shares 292.3m; r=8.35% [WACC [floored]]; 5y FCF grow 12.71% → 2.50% )
EPS Correlation: 98.61 | EPS CAGR: 13.61% | SUE: 0.64 | # QB: 0
Revenue Correlation: 99.84 | Revenue CAGR: 10.66% | SUE: 0.84 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.32 | Chg30d=-0.87% | Revisions=-14% | Analysts=15
EPS next Quarter (2026-09-30): EPS=0.34 | Chg30d=-1.14% | Revisions=-14% | Analysts=15
EPS current Year (2026-12-31): EPS=1.38 | Chg30d=+0.61% | Revisions=+22% | GrowthEPS=+14.0% | GrowthRev=+13.2%
EPS next Year (2027-12-31): EPS=1.58 | Chg30d=+0.41% | Revisions=+0% | GrowthEPS=+14.6% | GrowthRev=+10.5%
[Analyst] Revisions Ratio: +22%