Bentley Systems, Incorporated (BSY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Bentley Systems, Incorporated

NasdaqGS•Technology•Software - Application

$32.58+1.17(0.04%)Market closed

Market Cap

$10.16B

P/E

35.0x

P/S

6.3x

P/B

8.5x

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, SYNCHRO, and AssetWise, as well as Cesium and iTwin platform that enables users to create and curate cloud native digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Engage, iTwin Experience, and iTwin IoT platforms. The company serves civil, structural, geotechnical, subsurface, process engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.

How this company scores

ExcellentMetricSide Score: 82/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability22/25

Growth21/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROEInterest easily coveredCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 35.0x5y range 35.0x – 129.0x

Currently below its 20-quarter median.

P/S · 6.3x5y range 6.3x – 14.4x

Currently below its 20-quarter median.

P/B · 8.5x5y range 8.5x – 41.3x

Price & Volume

Market Cap $10.16B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.60B
Q. Revenue: $410.73M
TTM EBITDA: $410.07M
TTM Op. Income: $377.88M
Q. Op. Income: $88.61M
TTM Net Income: $289.97M
Q. Net Income: $78.57M
EPS: $0.25
Shares Out.: $311.78M

$1.60B in TTM revenue grew 12.8% YoY, reaching $410.73M last quarter. TTM EBITDA of $410.07M and TTM operating income of $377.88M show growth is flowing through to the bottom line. TTM net income of $289.97M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 82.0%
EBITDA Margin: 25.5%
Op. Margin: 21.6%
Net Margin: 19.1%

Op. margin of 21.6% is down 1.6% YoY — costs are rising relative to revenue. Net margin at 19.1% and gross margin of 82.0% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 7% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 35.0x
P/S Ratio: 6.3x
P/B Ratio: 8.5x

At 35.0x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 6.3x and P/B of 8.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 4 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.58B
Cash: $146.98M
Long-Term Debt: $1.21B
Book Value: $1.20B
D/E Ratio: 1.0
Debt/EBITDA: 11.6

With $3.58B in assets and $1.21B in long-term debt, D/E is 1.0and book value is $1.20B — moderate leverage. Over the past year, debt/equity is down 6% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $71.51M
TTM Free Cash Flow: $498.50M
FCF Margin: 31.1%
FCF / Net Income: 1.7

TTM FCF of $498.50M on $71.51M in operating cash flow. The FCF / Net Income ratio of 1.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 15% — an improving trend.