Bentley Systems, Incorporated

Services-Prepackaged Software

BSYSolid10 of 11 basics passed

$34.97

+0.43%

Market cap $10.6B

$34.97

+0.43%

Market cap $10.6B

Bentley Systems is a software vendor that caters to civil engineers, constructors, and geospatial professionals by enabling design, simulation, and data management of infrastructure assets such as roads and bridges.

It is a $10.6B technology company. Revenue grew 12.8% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~2.3 years of free cash flow. It trades at 36.4× earnings — near the lowest of its own history.

Website: bentley.com
Location: Exton, PA
Employees: 5 800
Sector: Technology

Share price · 3 years

$52.89 → $34.97-33.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.60B
Profit: keeps 18¢ of every $1 sold; $290M
Free cash flow: cash left after running the business; $498M
Net debt: debt minus cash on hand; $1.13B
P/E: years of profit in the price; 36.4
EPS: earnings per share, TTM; $0.87
Dividend: pays out 29% of profit · 17% of FCF; 0.80%
Shares: up 11% since 2020 — dilution; 333.1M
Volatility: beta vs the market — under 1 swings less; 1.03

Revenue, last 6 years

52-week range

Low $28.42$34.97High $52.25

Today's price is 27% of the way from the year's low to its high.

P/E vs its history5y

36.4×median 67.6×

Higher than 4% of past days — near the lowest of its own history.

Valuation vs own history

P/E

36.4×

95%

P/S

6.6×

96%

EV/EBITDA

29.6×

96%

P/B

8.8×

93%

FCF yield

4.7%

95%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Technology

Size$10.6Btop 86%
Revenue growth+11%top 49%
Net margin18%top 37%
Return on equity24%top 36%
P/E36.4×top 53%
Dividend yield0.80%top 54%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth and quality.

Valuation54

P/E vs own history4th pct · 25/25
FCF yield4.7% · 12/25
P/S6.6x · 12/25
EV/EBITDA28.3x · 5/25

Growth90

Revenue CAGR11.7% · 20/25
Net income CAGR31.4% · 25/25
EPS CAGR ~5Y14.6% · 20/25
Fwd implied growth71.5% · 25/25

Profitability72

ROIC12.0% · 12/25
ROE24.1% · 20/25
Net margin18.1% · 20/25
Operating margin23.6% · 20/25

Health55

Altman Z3.10 · 25/25
Current ratio0.59 · 0/25
Interest coverage18.6x · 25/25
Net cash / debtD/A 32% · 5/25

Quality95

Piotroski F9/9 · 25/25
Beneish M-2.60 · 25/25
FCF conversion172% · 25/25
Margin stabilityσ 5.5% · 20/25

Moat74

ROIC >12% years2/6 yrs · 6/25
Median gross margin78.8% · 25/25
FCF-positive years6/6 yrs · 25/25
Worst-year net marginworst 9.7% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2026IPO
It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by…
2026Acquisition
Zurich Insurance Group made an agreed offer to takeover Beazley in a deal valued at £8.1 billion
2024Product
Beazley Security introduced its portfolio of services, including a new managed extended detection and…
FY2023Financial
Best year on record
$327M net income
FY2022Financial
Revenue crossed $1B
$1.10B for the year
FY2020Financial
Profitable every year on record
6 consecutive profitable years in our data
FY2020Financial
Positive free cash flow every year since
6-year streak
1986Acquisition
Beazley began life in 1986 as Beazley, Furlonge & Hiscox; Hiscox was bought out in 1992 and a full management buyout…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 381 today — price return only

$1.5B revenue in FY2025

Revenue up 12.8% year over year

Profitable 6 years in a row

Positive free cash flow 6 years in a row

5 800 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (81.8%)
Revenue growing 12.8% year over year
Strong cash conversion — FCF is 31.1% of revenue
Interest covered 18.6× by operating earnings
Piotroski F-Score 9/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.8% YoY
Profitable — makes more than it spends$290M TTM
Profit growing — earnings are higher than last year+16.6% YoY
Generates cash — cash left after running and investing$498M TTM
Debt under control — could handle its obligations~2.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$10.6B market cap
Not printing shares — share count not ballooning — you keep your slice+11.3% shares over ~5y
Proven track record — years of profitability behind it6/6 profitable years
Financially stable — balance sheet not near distressAltman Z 3.1 — safe
Pays a dividend — returns cash to shareholdersyield 0.80%
Valuation not extreme — price not wildly above earningsP/E 36.4

Peer comparisonBentley Systems, Incorporated vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BSY this company	$10.6B	36.4	+12.8%	18.1%	Solid
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: BSY vs NVDA · BSY vs AAPL · BSY vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 10Hold 5

Appendix · Financial records

The full statements behind this CV, FY2020–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.60B · net income $290M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.60B

YoY 12.8%

Net income (TTM)

$290M

Margin 18.1%

Gross margin

81.8%

Operating margin

23.6%

P/E ratio

36.4

Dividend yield

0.80%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.8	1.0	1.1	1.2	1.4	1.5
Gross profit	0.6	0.7	0.9	1.0	1.1	1.2
Operating income (EBIT)	0.2	0.1	0.2	0.2	0.3	0.4
Net income	0.1	0.1	0.2	0.3	0.2	0.3
EPS (diluted)	0.42	0.30	0.53	0.98	0.70	0.83

Cash flowFree cash flow $498M · operating cash flow $523M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$498M

Margin 31.1%

Operating cash flow (TTM)

$523M

FCF margin

31.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.3	0.3	0.3	0.4	0.4	0.5
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	0.3	0.3	0.4	0.4	0.5
FCF margin	30.3%	28.0%	23.3%	31.9%	31.1%	34.6%

Balance sheetAssets $3.56B · net debt $1.13B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $3.56B of assets is financed

67%

33%

Liabilities $2.37B — borrowed moneyEquity $1.19B — owners' stake

Cash vs debt

Total debt $1.25B − cash $123M = net debt $1.13B

Cash on hand covers 10% of debt.

Altman Z-Score

3.10

Safe zone

Debt repayment

2.2 yrs

Years of free cash flow to clear net debt

Interest coverage

18.6x

EBIT ÷ interest expense

ROE

24.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.3	0.1	0.1	0.1	0.1
Total assets	1.1	2.7	3.2	3.3	3.4	3.6
Total liabilities	0.8	2.3	2.6	2.4	2.4	2.4
Total debt	0.2	1.4	1.8	1.5	1.4	1.2
Equity	0.3	0.4	0.6	0.9	1.0	1.2
Net debt	0.1	1.1	1.7	1.4	1.3	1.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BSY on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $34.97 · market cap $10.6B.