Bentley Systems BSY
United StatesTechnology · Software - ApplicationUSD
43.93 USD (+25.0%)
15 analysts
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Bentley Systems is a software company that develops engineering and information modeling platforms for the design, construction, and operation of infrastructure (roads, bridges, industrial plants, water and energy networks), with a business model based on recurring subscriptions.
Key points
from its scores- ✓High-quality business8.2
- ✓Strong growth7.1
- ✕Poor share-price trend1.5
- !Balance sheet could be stronger5.0
- !Somewhat demanding valuation5.2
AI analysis
bottom line, main risk, context and newsQuality and growth justify the premium, but valuation and negative momentum suggest waiting for a better entry point.
Bentley Systems shows outstanding moat quality (81.85% gross margin, 24.52% ROE, 85.09% free cash flow conversion) and solid growth (revenue +12.8%), although its demanding valuation (P/E 38.6, EV/EBITDA 25.7) and weak momentum (-36.9% over 12 months) limit short-term appeal.
The main risk is the demanding valuation (P/E 38.6, EV/EBITDA 25.7) combined with very negative momentum (-36.9% over 12 months), which could reflect multiple compression if growth fails to meet market expectations.
Context and risks
Bentley Systems has no material exposure to current macro factors: its engineering and infrastructure software business does not depend on commodities, shipping routes, or interest rates in a significant way. Its net debt/EBITDA of 2.4 is moderate and its 25% operating margin provides a cushion against rate changes. There are no recent relevant news items to adjust for.
Is Bentley Systems stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 25% above the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 38.6 | 31.3 | +23% |
| EV / EBITDA | 25.7 | 20.4 | +26% |
| Price / book | 9.1 | 6.3 | +44% |
| Price / sales | 6.6 | 5.3 | +26% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.2 out of 10 (median for Technology: 5.3).
Average analyst target: 43.93 USD, +25.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 8.2 (sector 6.4), Growth 7.1 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 38.6
- Forward P/E
- 22.3
- EV / EBITDA
- 25.7
- Price / book
- 9.1
- Price / sales
- 6.6
- PEG
- 1.38
- Market cap
- 10.6B USD
- Enterprise value
- 12.0B USD
Profitability
- ROE
- 24.5%
- ROA
- 7.2%
- ROIC (approx.)
- 16.4%
- Gross margin
- 81.8%
- Operating margin
- 25.0%
- Net margin
- 18.1%
- Free cash flow
- 398.0M USD
- FCF yield
- 3.7%
- Cash conversion
- 85%
Solvency
- Total debt
- 1.3B USD
- Net debt
- 1.1B USD
- Cash
- 147.0M USD
- EBITDA
- 467.7M USD
- Net debt / EBITDA
- 2.40
- Debt / equity
- 105.44
- Current ratio
- 0.59
- Quick ratio
- 0.51
Growth
- Revenue growth
- +12.8%
- Earnings growth
- +14.8%
- EPS (TTM)
- 0.91 USD
- EPS (forward)
- 1.58 USD
Dividend
- Dividend yield
- 0.8%
- Payout
- 30.8%
Risk and market
- Beta
- 1.00
- Analyst consensus
- Buy (15)
- Target price
- 43.93 USD
- 52-week range
- 28.08 – 53.33
Recent news
All BSY news →Compare it with its sector
All 283 in Technology →Frequently asked questions about Bentley Systems
Is Bentley Systems stock cheap or expensive?
On P/E and EV / EBITDA, it trades 25% above the Technology median on average. Valuation score: 5.2 out of 10 (median for Technology: 5.3). Average analyst target: 43.93 USD, +25.0% versus the price. This is not investment advice.
What score does Bentley Systems get on MeridIAn Screener?
It scores 6.0 out of 10, rank 967 of 2,130 (better than 51% of the companies analysed). Its strongest category is Quality / Moat (8.2) and its weakest, Momentum (1.5). Analysis of 08/10/2026.
What is Bentley Systems's P/E ratio?
Its P/E is 38.6: the share price equals 38.6 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 22.3.
How much is Bentley Systems worth on the stock market?
Its market capitalisation is 10.6B USD and its enterprise value, debt included, is 12.0B USD.
How much debt does Bentley Systems have?
Its net debt (debt minus cash) is 1.1B USD. That is 2.40 times its EBITDA; the Technology median is 0.20.
Does Bentley Systems pay a dividend?
Yes: its dividend yield is 0.80% and it pays out 31% of its earnings.
How has Bentley Systems stock performed over the last year?
It has fallen 28.2% over the last year, excluding dividends. Over the last 52 weeks it has traded between 28.08 and 53.33 USD. Past performance does not guarantee future results.
What do analysts think of Bentley Systems?
15 analysts cover it; their average recommendation is “Buy” and their average target is 43.93 USD (+25.0% versus the price). It is an estimate, not market data.