Bentley Systems, Incorporated

Valuation Analysis

About the Company

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, and OpenUtilities; and open simulation applications, including ADINA, AutoPIPE, LEGION, OpenPaths, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS. It also provides infrastructure cloud applications, such as ProjectWise,

Bentley Systems, Incorporated Stock at a Glance

Bentley Systems, Incorporated (BSY) is currently trading at $30.67 with a market capitalization of $9.3B. The trailing P/E ratio stands at 35.25x, with a forward P/E of 19.4x. The 52-week range spans from $29.45 to $59.25; the current price is 48.2% below the yearly high. Year-over-year revenue growth stands at +14.5%. The net profit margin stands at 18.12%.

💰 Dividend

Bentley Systems, Incorporated pays an annual dividend of $0.28 per share, representing a yield of 0.91%. The payout ratio stands at 32.18%.

📊 Analyst Rating

14 analysts rate Bentley Systems, Incorporated (BSY) on consensus: None. The average price target is $45.43, implying +48.12% from the current price. Analyst price targets range from $40.00 to $61.00.

Bentley Systems, Incorporated: The Investment Case in Detail

Bentley Systems, Incorporated (BSY) operates in the Technology — specifically Software - Application — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Revenue is growing at a healthy 14.5% pace year-over-year, suggesting the business model continues to find new customers and pricing power. With a gross margin near 81.64%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Free cash flow is positive and net margins stand at 18.12%, meaning reported earnings translate into real cash that can fund buybacks, dividends or strategic acquisitions.

The Bear Case

Short interest sits at 10.96% of float — a meaningful contingent of professionals is positioned for the share to fall, which deserves attention even if their thesis may turn out to be wrong. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.

Valuation in Context

The PEG ratio at 1.36 sits in the reasonable zone — the price tag is roughly aligned with the company's growth profile, neither punishing nor euphoric.

What to Watch Next

• The forward P/E of 19.4x is meaningfully below the trailing 35.25x — analysts expect earnings to step up; the next earnings release is the test.
• The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
• The analyst consensus price target implies 48.12% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).

Risk Profile

The data points to relatively defensive market behavior, elevated short interest (10.96%).

Trading Data

💵 Dividend Info

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