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Bentley Systems, Incorporated (BSY)

NEUTRAL
TechnologySoftware - ApplicationUnited States

Fondamental

72

Prix

$36.84

Capitalisation boursière

$11.20B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Bentley Systems makes the software engineers use to design and manage physical infrastructure: roads, bridges, water networks, power grids, railways and buildings. Its programs let a team draft a bridge in 3D, model how a water network will behave, and keep a digital record of an asset over its decades of service. Customers are mostly engineering firms and the government agencies and utilities that own the infrastructure, in construction and heavy industry sectors where mistakes are expensive and projects take years.

Comment l'entreprise gagne de l'argent

Nearly all revenue now comes from subscriptions rather than one-time software licenses: 92% of 2025 revenue was subscription-based, paid on a recurring basis regardless of how much a customer actually uses the software that quarter. A small remaining share is perpetual licenses and professional services. Because engineering teams design entire projects inside Bentley's software and store years of asset data in it, subscriptions tend to renew rather than get cancelled once adopted.

Chiffre d'affaires par segment

Subscriptions92%

Recurring software licenses covering Bentley's design, modeling and infrastructure-management applications, the core and fastest-growing part of revenue.

Professional services6%

Implementation, training and consulting work sold alongside the software, a shrinking share of the total.

Perpetual licenses2%

One-time software license sales, a legacy model Bentley has largely phased out in favor of subscriptions.

Avantage concurrentiel

Coûts de changement · Étroit

An infrastructure project's design files, models and years of asset data live inside Bentley's software, and engineering teams are trained on its specific tools; moving a large, ongoing infrastructure program to a rival platform means retraining staff and migrating irreplaceable project history. The advantage is real but not absolute, since Autodesk and other established players compete directly for the same infrastructure-engineering budgets.

Ce qui stimule la demande

Modérément cyclique

A large share of Bentley's customers are governments and regulated utilities funding long-lived infrastructure programs, spending that is planned years ahead and less sensitive to a single bad quarter than typical corporate IT budgets. The remaining private-sector engineering and construction demand is more cyclical, rising and falling with construction activity and interest rates that affect project financing.

Principaux risques

  • Competition from larger rivals — Bentley competes against Autodesk and other large, well-resourced software companies in several of its core markets, including public-works and facilities design, which can pressure pricing and win rates.
  • Currency exposure from global operations — A significant share of revenue and costs is denominated in currencies other than the US dollar, so exchange-rate movements can affect reported results even when underlying demand is unchanged.
  • Dependence on continued subscription renewals — With subscriptions now the large majority of revenue, results depend on customers renewing rather than switching platforms or delaying software spending during a construction-sector downturn.

Concentration des clients

Bentley does not disclose concentration among individual customers; its revenue is spread across a large number of engineering firms, government agencies and utilities worldwide, with no single buyer material to overall results.

Les arguments en faveur

Buyers argue that infrastructure spending by governments and utilities is a multi-decade need largely insulated from short-term economic swings, that the shift to subscriptions has made revenue more predictable and recurring, and that deeply embedded design software is hard to displace once an engineering team's projects and history live inside it.

Les arguments contre

Sellers worry that Autodesk and other well-capitalized competitors can keep chipping away at Bentley's core infrastructure-design markets, that a slowdown in construction activity or public infrastructure budgets would eventually show up in subscription growth, and that currency swings across Bentley's many international markets add volatility to reported results.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

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Bilan & Liquidités

Chiffre d'affaires

$1.60B

12 derniers mois (au 30/06/2026)

Résultat net

$290M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$520M

Capitaux propres totaux

$1.19B

Passif total

$2.37B

Ratio de liquidité général

0.59

Couverture des intérêts

19.70

Dette/EBITDA

2.71

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Justement valorisé

Juste valeur

$31.29

Prix actuel

$36.84

Marge de sécurité

-17.8%

Fourchette de juste valeur

$20.34 - $42.25

Méthodes d'estimation

Analyst Target:$44.47
DCF:-
PE-based:$21.52
Graham Growth:$29.81
EPV:$9.41
Consensus des analystes:Achat fort (16B / 5H / 0S)
Dernière surprise sur les résultats:+9.65%

Indicateurs de valorisation

Ratio P/E

41.87

ROE

23.4%

Ratio P/B

9.11

P/FCF

21.96

Marge brute

81.8%

ROIC

11.5%

Radar de rentabilité

Value Creation (Economic Moat)

ROIC

11.5%

WACC

9.0%

ROIC − WACC

+2.5 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Critères d'analyse fondamentale

Réussi (20)

  • EPS shows upward trend
  • EPS CAGR 8.19%
  • ROIC 11.5%
  • Gross Margin 81.8%
  • P/FCF 21.96
  • Debt/Equity ratio
  • Operating Margin 23.6%
  • Positive Free Cash Flow
  • CapEx intensity
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 24.1%
  • Revenue Growth 5Y 13.4%
  • Analyst Consensus 76% Buy
  • Earnings Surprise avg 3.9%
  • Earnings Quality (OCF/NI) 1.80
  • Share Dilution 0.2%
  • Net Margin Trend 18.1% vs 17.9%
  • Piotroski F-Score 9/9

Échoué (7)

  • Price CAGR -1.46%
  • P/B Ratio 9.11
  • Current Ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Unknown)
  • PEG Ratio 2.64

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

9/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.80

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

0.2%

Le nombre d'actions est stable

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Gregory S. BentleyPresident & Executive Chairman of the Board69
Mr. Nicholas H. CuminsCEO & Director48
Mr. Keith Arthur BentleyFounder, Technology Advisor, Executive VP & Director66
Mr. Barry Joe Bentley Ph.D.Co-Founder & Director59
Mr. Werner Andre CPAChief Financial Officer54
Mr. James LeeChief Operating Officer45
Mr. David R. Shaman J.D.Chief Legal Officer & Secretary59
Mr. Thomas F. TrimbackChief Accounting Officer & Global Controller-
Mr. Julien MoutteChief Technology Officer46
Ms. Ruth SleeterChief Information Officer-

Risque d'audit

2

Risque du conseil

10

Risque de rémunération

7

Risque droits des actionnaires

10

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

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