Bentley Systems, Incorporated
- Open
- 37.43
- Day high
- 38.43
- Day low
- 37.42
- Prev close
- 36.94
- Volume
- 725K
- Mkt cap
- $11.8B
- P/E (TTM)
- 41.3
- EPS (TTM)
- $0.92
- P/B
- 9.8
- P/S
- 7.4
- Yield
- 0.74%
- Per share
- $0.28
Bentley Systems, Incorporated (BSY) is a Technology company listed on NASDAQ. The stock is down 31% over the past year. Drillr has 1 published research article covering BSY.
Bentley Systems, Incorporated (BSY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BSY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.32 | $0.35 | +10.7% | $411M | -0.3% |
| May 7, 2026 | $0.36 | $0.38 | +7.0% | $424M | +1.0% |
| Feb 26, 2026 | $0.27 | $0.27 | +0.0% | $392M | +2.6% |
| Nov 5, 2025 | $0.27 | $0.27 | -1.7% | $376M | +1.6% |
| Aug 6, 2025 | $0.28 | $0.32 | +12.3% | $364M | +0.1% |
| Feb 26, 2025 | $0.22 | $0.21 | -4.5% | $350M | -0.2% |
| Nov 7, 2024 | $0.24 | $0.24 | -1.0% | $335M | -1.5% |
| Feb 27, 2024 | $0.19 | $0.20 | +5.3% | $311M | -0.8% |
| Feb 28, 2023 | $0.19 | $0.19 | +0.0% | $287M | +2.5% |
| Aug 9, 2022 | $0.17 | $0.22 | +29.4% | $268M | +0.5% |
| Mar 1, 2022 | $0.16 | $0.23 | +43.8% | $268M | +2.0% |
| Aug 10, 2021 | $0.14 | $0.23 | +64.3% | $223M | +21.2% |
BSY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Shaman David R.officer: Chief Legal Officer | Tax | 1,040 | $35.68 |
| Jul 27, 2026 | BENTLEY GREGORY Sdirector, 10 percent owner, officer: Executive Chair & President | Grant | 61,037 | $30.12 |
| Jul 27, 2026 | BENTLEY GREGORY Sdirector, 10 percent owner, officer: Executive Chair & President | Tax | 26,698 | $30.12 |
| Jul 10, 2026 | Shaman David R.officer: Chief Legal Officer | Tax | 704 | $31.65 |
| Jun 15, 2026 | Bentley Raymond B.director, 10 percent owner: | Grant | 2,076 | — |
| Jun 15, 2026 | Andre Wernerofficer: Chief Financial Officer | Grant | 301 | — |
| Jun 15, 2026 | Moutte Julienofficer: Chief Technology Officer | Grant | 201 | — |
| Jun 15, 2026 | Griswold Kirk B.director | Grant | 86 | — |
| Jun 15, 2026 | Cumins Nicholasdirector, officer: Chief Executive Officer | Grant | 878 | — |
| Jun 15, 2026 | Bentley Keith A.director, 10 percent owner: | Grant | 1,050 | — |
| Jun 15, 2026 | Bentley Barry J.director, 10 percent owner: | Grant | 3 | — |
| Jun 15, 2026 | Trimback Thomas Fofficer: Chief Accounting Officer | Grant | 42 | — |
| Jun 15, 2026 | BENTLEY GREGORY Sdirector, 10 percent owner, officer: Executive Chair & President | Grant | 3,749 | — |
| Jun 15, 2026 | Ballard Brockofficer: Chief Revenue Officer | Grant | 202 | — |
| Jun 15, 2026 | Lee James Kofficer: Chief Operating Officer | Grant | 466 | — |
Source: BSY SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full BSY insider & 13F page →BSY research & analysis
Bentley Systems, Incorporated company profile
Overview
Bentley Systems, Incorporated (NASDAQ:BSY) is a leading provider of infrastructure engineering software solutions founded in 1984 and headquartered in Exton, Pennsylvania. The company went public in September 2020 and has established itself as a dominant player in the specialized market of software for designing, building, and operating infrastructure projects. Bentley serves civil, structural, geotechnical, and geoscience engineers, architects, contractors, and operations professionals across the globe, with a particular focus on mission-critical infrastructure such as roads, bridges, airports, water systems, power grids, and industrial facilities.
Business
Bentley Systems operates in the infrastructure engineering software market, providing specialized applications that enable professionals to design, model, simulate, and manage complex infrastructure projects throughout their entire lifecycle. The company's software solutions are essential tools for the engineering and construction industry, addressing the growing complexity of modern infrastructure development and the critical need for digital transformation in this sector. The company's offerings can be broadly categorized into several key areas: Design and Modeling Applications represent the core of Bentley's business, accounting for approximately 60-65% of revenues. These include flagship products like MicroStation (a comprehensive CAD platform for infrastructure design), OpenRoads (for transportation infrastructure), OpenRail (for railway design), OpenPlant (for process plant design), and OpenBuildings (for building design). These applications allow engineers to create detailed 3D models of infrastructure projects, perform complex engineering calculations, and ensure designs meet safety and regulatory standards. Geotechnical and Geoscience Applications comprise roughly 15-20% of revenues, primarily through the Seequent subsidiary acquired in 2021. Key products include Leapfrog (3D geological modeling), PLAXIS (geotechnical analysis), and GeoStudio (slope stability analysis). These tools are essential for understanding subsurface conditions before construction begins, particularly critical for mining, tunneling, and foundation engineering projects. Project Delivery and Collaboration Systems account for approximately 10-15% of revenues and include ProjectWise (project collaboration platform), SYNCHRO (4D construction modeling), and various design review services. These solutions enable large engineering teams to work together efficiently on complex projects, managing version control, workflows, and project timelines. Asset Performance and Operations represent the newest and fastest-growing segment at around 5-10% of revenues, featuring AssetWise products for asset lifecycle management and the emerging iTwin digital twin platform. These solutions help infrastructure owners optimize the performance and maintenance of their assets throughout their operational life, representing a significant growth opportunity as the industry shifts toward data-driven operations.
Revenue model
Bentley Systems operates primarily on a subscription-based software licensing model, with subscriptions now representing over 90% of total revenues. The company has successfully transitioned from traditional perpetual licensing to recurring revenue streams, providing predictable cash flows and stronger customer relationships. The company generates revenue through several mechanisms. Named user subscriptions form the largest component, where customers pay annual fees based on the number of engineers who need access to specific software applications. Consumption-based pricing through the E365 program allows customers to purchase credits that can be used across Bentley's entire software portfolio, providing flexibility while typically generating higher revenue per user. The emerging asset analytics business uses a per-asset pricing model, where customers pay based on the number of infrastructure assets being monitored or analyzed rather than the number of users. Bentley's customers are primarily engineering consulting firms, construction companies, government agencies, and infrastructure owner-operators such as utilities, transportation authorities, and mining companies. These customers typically make multi-year commitments and have high switching costs due to the specialized nature of the software and the significant training investments required. Several factors positively influence Bentley's margins and growth prospects. The global infrastructure investment boom, including programs like the U.S. Infrastructure Investment and Jobs Act, creates sustained demand for engineering software. The persistent shortage of qualified engineers (approximately 9% unfilled positions globally) drives customers to invest in productivity-enhancing software solutions. Digital transformation initiatives across the infrastructure sector and increasing focus on asset lifecycle management create opportunities for higher-value solutions. Conversely, margin pressures can arise from macroeconomic uncertainty affecting infrastructure spending, particularly in discretionary commercial construction projects. Currency fluctuations impact international revenues, while talent acquisition costs for software engineers continue to rise. Geopolitical tensions, particularly affecting the China market (now less than 2.5% of ARR), and potential competition from larger software companies expanding into infrastructure software represent ongoing challenges.
Competitive moat
Bentley Systems possesses a strong and durable competitive moat built on several reinforcing factors that create significant barriers to entry and customer switching costs. The company's primary moat stems from specialized domain expertise accumulated over four decades of serving the infrastructure engineering market. Bentley's software incorporates deep knowledge of engineering standards, regulatory requirements, and industry workflows that would be extremely difficult and time-consuming for generalist software companies to replicate. This specialization creates products that are mission-critical for customer operations, as errors in infrastructure design can have catastrophic consequences. High switching costs provide another layer of protection. Engineering firms invest heavily in training their workforce on Bentley's applications, develop custom workflows and templates, and build extensive project databases within Bentley's ecosystem. Switching to alternative solutions would require significant retraining, data migration, and workflow restructuring, making customers reluctant to change vendors even for modest cost savings. The company benefits from network effects through its collaboration platforms like ProjectWise, where the value increases as more project stakeholders use the same system. Data lock-in effects are particularly strong, as customers accumulate years of project data and intellectual property within Bentley's formats and databases. Scale advantages in research and development allow Bentley to invest in specialized features and maintain technological leadership across multiple engineering disciplines simultaneously. The company's global support infrastructure and local expertise in various international markets create additional competitive advantages. However, the moat faces potential challenges from cloud-native competitors who might offer more modern user experiences and integration capabilities. Large technology companies like Autodesk, Dassault Systèmes, or even cloud hyperscalers could potentially enter the market with significant resources. The emergence of artificial intelligence and automation tools could potentially disrupt traditional engineering workflows, though Bentley is actively investing in AI capabilities to maintain its competitive position. Overall, Bentley's moat appears strong and defensible in the medium term, though continuous innovation and strategic investments will be necessary to maintain competitive advantages as the industry evolves.
Risks & safety
Bentley Systems demonstrates a moderate to strong margin of safety with solid fundamentals but some areas requiring attention. Financial Strength: • Cash and short-term investments: $84 million (Q1 2025) • Strong free cash flow generation: $216 million (Q1 2025), $421 million (FY 2024) • Operating cash flow significantly exceeds capital expenditures • Debt-to-equity ratio: 1.17x (manageable but elevated) • Current ratio: 0.49x (below 1.0, indicating potential liquidity concerns) Valuation Metrics: • P/E ratio: 33.9x (premium valuation reflecting growth expectations) • EV/EBITDA: 25.8x (elevated but reasonable for a growing SaaS business) • Price-to-book ratio: 11.3x (high, reflecting intangible asset value) • Revenue multiple approximately 11x (typical for high-quality SaaS companies) Other Considerations: • 92% recurring revenue provides predictable cash flows • Net revenue retention of 110% indicates healthy customer expansion • ARR growth of 12% demonstrates consistent business momentum • Strong market position in a specialized, mission-critical software category • Geographic diversification reduces concentration risk
Recent development
Over the past several years, Bentley Systems has executed a comprehensive strategic transformation focused on subscription model optimization, artificial intelligence integration, and digital twin platform development. The company successfully completed its transition to a subscription-based model, with recurring revenues now representing 92% of total revenues compared to lower levels historically. The E365 consumption-based program has gained significant traction, allowing customers to purchase credits usable across Bentley's entire software portfolio while typically generating higher revenue per user than traditional named-user subscriptions. Artificial intelligence initiatives have become a central focus, with the launch of OpenSite Plus, described as the company's first AI-powered digital twin native application. Bentley is developing AI capabilities in two primary areas: automating routine engineering tasks like drawing production and technical documentation, and enhancing asset analytics with predictive insights for infrastructure maintenance and operations. The asset analytics business represents a significant strategic pivot toward higher-value, outcome-based solutions. Through partnerships with companies like Google Cloud and the integration of technologies like Google Street View, Bentley is developing standardized digital twin solutions that can monitor and analyze infrastructure assets at scale. This business uses a per-asset pricing model rather than per-user licensing, potentially offering higher margins and addressing larger market opportunities. Strategic acquisitions have strengthened Bentley's capabilities, most notably the acquisition of Cesium to enhance geospatial and 3D visualization capabilities. The company has also made targeted acquisitions in specialized areas like power transmission engineering and geotechnical analysis. Organizational changes include the appointment of James Lee as Chief Operating Officer and the consolidation of product development under the Chief Technology Officer to accelerate innovation. The company has also announced a planned CEO transition from founder Greg Bentley to Nicholas Cumins, representing a significant leadership evolution. The small and medium business (SMB) segment has become a growth engine, with the Virtuosity program adding over 600 new logos for 11 consecutive quarters, expanding Bentley's market reach beyond large enterprise customers.
BSY company profile · for informational purposes only — not investment advice.
Track BSY with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free