Bentley Systems, Incorporated (BSY)
NEUTRALファンダメンタル
72
株価
$37.47
時価総額
$11.20B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
Recurring software licenses covering Bentley's design, modeling and infrastructure-management applications, the core and fastest-growing part of revenue.
Implementation, training and consulting work sold alongside the software, a shrinking share of the total.
One-time software license sales, a legacy model Bentley has largely phased out in favor of subscriptions.
競争優位性(moat)
スイッチングコスト · 狭い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.
需要を左右する要因
中程度の景気循環性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.
主なリスク
- 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.
顧客集中度
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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$1.60B
直近12か月(2026/6/30まで)
純利益
$290M
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$520M
自己資本合計
$1.19B
負債合計
$2.37B
流動比率
0.59
利払い倍率
19.70
負債/EBITDA
2.71
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$31.29
現在株価
$37.47
安全マージン
-19.7%
適正価値レンジ
$20.34 - $42.25
推定方法
バリュエーション指標
P/E レシオ
41.87
ROE
23.4%
P/B レシオ
9.11
P/FCF
21.96
粗利益率
81.8%
ROIC
11.5%
収益性レーダー
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.
ファンダメンタル分析基準
合格(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
不合格(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
データなし(1)
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Gregory S. Bentley | President & Executive Chairman of the Board | 69 |
| Mr. Nicholas H. Cumins | CEO & Director | 48 |
| Mr. Keith Arthur Bentley | Founder, Technology Advisor, Executive VP & Director | 66 |
| Mr. Barry Joe Bentley Ph.D. | Co-Founder & Director | 59 |
| Mr. Werner Andre CPA | Chief Financial Officer | 54 |
| Mr. James Lee | Chief Operating Officer | 45 |
| Mr. David R. Shaman J.D. | Chief Legal Officer & Secretary | 59 |
| Mr. Thomas F. Trimback | Chief Accounting Officer & Global Controller | - |
| Mr. Julien Moutte | Chief Technology Officer | 46 |
| Ms. Ruth Sleeter | Chief Information Officer | - |
監査リスク
2
取締役会リスク
10
報酬リスク
7
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BSY, sourced from Markets Gazette.