QualityDipStocks / Technology · Software
Bentley Systems BSY
Outside our quality screen, so we don’t track its dips. It’s 20% below its 52-week high.
Outside our quality screen, trading near our fair value estimate, 17% over its Market Value.
- Fair value est.
- $38.66−5%
- Market Value
- $35.02price +17%
- Off 52-wk high
- −20%
- Risk vs market
- Lowbeta 0.36
5 bullish · 5 bearish See why
Key levels
Every level vs today’s $40.90
- 52-wk lowlowest close, 1 year$28.42−30.5%
- Market Valueavg paid since Aug 6$35.02−14.4%
- Fair value est.base case$38.66−5.5%
- PriceFri Oct 30 close$40.90you are here
- 52-wk highhighest close, 1 year$50.83+24.3%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 11.0% ±2 points. Bear = 10.5% and 9.0%; bull = 8.5% and 13.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, BSY’s free cash flow would need to grow about 12% a year for five years; our estimate uses 11%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much BSY moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves much less than the market, but its own price swings are 3.2× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.36
- Volatility
- 41% vs 13% SPY
- Correlation SPY
- 0.11
- Correlation QQQ
- 0.00
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
Cash returnsShare count down 4.2% in a year: $200M of buybacks over 12 months.
ProfitabilityOperating margin widened to 24.1% in FY2025 from 18.8% in FY2023 (SEC filings).
ProfitabilityReturn on equity of 25% over the last 12 months.
GrowthSales grew 13% to $1.6B over the last 12 months vs the 12 months before (SEC filings).
GrowthDiluted EPS grew 18% to $0.85 in FY2025.
Top bearish points 5 of 5
ProfitabilityReturn on equity fell 14 points in two fiscal years, to 23% in FY2025.
ValuationP/E of 45.0× vs a 33.9× median for the 138 Technology companies we cover.
Balance sheetDebt / equity of 1.0×, above the 0.4× median for the 88 Technology companies we cover.
ValuationEV/EBITDA of 33.1×, above the 20.8× median for the 74 Technology companies we cover.
ValuationTrades 16.8% above its Market Value of $35.02, the average price paid since the Aug 6 filing.
Who’s talking about it
Notable investors, executives, analysts and public figures on Bentley Systems in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Software
All fundamentals
P/E 45.0 · FCF yield 3.8% · ROE 25%
Valuation
- P/E
- 45.0×Technology median 33.9×
- Price / FCF
- 26.2×
- FCF yield
- 3.8%
- EV / EBITDA
- 33.1×
- Price / sales
- 8.14×
- Price / book
- 10.85×
- Market cap
- $13.0Bprice × diluted shares
- Enterprise value
- $14.1B
Growth
- Revenue, 12 months
- $1.6B
- Sales growth, 12 months
- +12.8%vs the 12 months before
- Sales growth, 3 yrs
- +11.0%/yrfrom FY2022
- Diluted EPS, 12 months
- $0.90
- EPS growth, last FY
- +18.1%
- Net income, 12 months
- $290M
- Net income growth
- +14%12 months vs before
Profitability
- Gross margin
- 81.8%
- Operating margin
- 23.6%
- Net margin
- 18.1%
- FCF margin
- 31.1%
- Return on equity
- 25%
- Return on invested capital
- 13%
Balance sheet
- Cash & short-term inv.
- $147M
- Total debt
- $1.2B
- Net cash
- −$1.1B
- Debt / equity
- 1.01×
- Interest coverage
- 19.7×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $498M
- FCF growth, 12 months
- +15%
- Dividend yield
- 0.65%$85M paid
- Payout ratio
- 29%
- Buybacks, 12 months
- $200M1.5% of market cap
- Share count, 1 year
- −4.2%diluted shares vs a year ago
- Stock-based comp
- $79M
Trailing 12 months to Jun 30, 2026; balance sheet at Jun 30, 2026. From Bentley Systems’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $38.66 · MV $35.02 · FCF value $34.08
Assumes 11.0% growth for 5 years (revenue grew 11.0% a year FY22–FY25), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $1.56 a share (trailing 12 months to Jun 30, 2026), from the 10-Q filed Aug 6, 2026. Net debt $1.1B, not deducted.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Momentum & 52-week range
RSI 75 · 5 days +3.0%
The business
FCF $0.4B · Sales +13%
- Free cash flow, 12 months$0.4B
- Free-cash-flow yield3.3%
- Free-cash-flow margin25%
- Gross margin82%
- Operating margin25%
- Return on invested capital14%
- Return on equity24%
- Sales growth (latest quarter vs year-ago quarter)+13%
- Net debt / EBITDA2.4×
Next report
Nov 5
- DateThu Nov 5, before the open
- Consensus EPS$0.29
- Year-ago EPS$0.22
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
BSY is outside our quality screen
One text when a published rule fires on one of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.