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FRESH Analysis Report
Jun 7, 2026
5 days ago · 93% complete · +6 refreshed

Bentley Systems, Incorporated

BSY NASDAQ Categories PDF
Technology · Software - Application
Exton, PA 19341, United States IPO 2020 bentley.com Updated Jun 7, 3:31pm
Price
$32.93
Market Cap
$9.6B
Employees
5,500
Beta
0.99
Avg Volume
2,518,531
CEO
Nicholas H. Cumins
Business Description

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 and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. In addition, it offers industry solutions comprising AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. The company serves civil, structural, geotechnical, geoscience subsurface 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.

Business History
Generated: Jun 7, 2026 3:34pm
Price Overview
Last updated: Jun 7, 2026 3:31pm (5d ago)
$32.93
-0.13 (-0.39%)
Day Range
$32.22 – $33.55
52-Week Range
$30.52 – $59.25
50-Day MA
$33.59
200-Day MA
$41.39
Volume
2,596,943.00
Analyst Price Targets
Low $40.00
Consensus $47.57
High $55.00
(15 analysts)
Share Structure
Outstanding 292,281,547.00
Float 118,748,330.00
Free Float 40.6%
Moderate free float — 40.6% of shares trade freely, ~59.4% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Price History (1 Year)
Last updated: Jun 7, 2026 3:36pm (5d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 7, 2026 3:36pm (5d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
Industry comparison last run: Jun 7, 2026 3:33pm
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
36.52
Stock Price: $32.93
EPS (Diluted): 0.88
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
10.10
Stock Price: $32.93
Total Equity: $1.19B
Shares: 333,089,213
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
21.95
Market Cap: $9.62B
Total Debt: $1.26B
Cash: $123.28M
EBITDA: $429.05M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$13.2B
Market Cap: $9.62B
Total Debt: $1.26B
Cash: $123.28M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
81.5%
Gross Profit: $1.22B
Revenue: $1.50B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
24.1%
Operating Income: $362.62M
Revenue: $1.50B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
18.5%
Net Income: $277.86M
Revenue: $1.50B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
23.6%
Net Income: $277.86M
Total Equity: $1.19B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
11.6%
Operating Income: $362.62M
Tax Rate: 20.8%
Equity: $1.19B
Total Debt: $1.26B
Cash: $123.28M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.56
Current Assets: $539.03M
Current Liabilities: $960.21M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
1.06
Short-Term Debt: $13.67M
Long-Term Debt: $1.25B
Total Debt: $1.26B
Total Equity: $1.19B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$4.51
Revenue: $1.50B
Shares: 333,089,213
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$3.57
Total Equity: $1.19B
Shares: 333,089,213
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.56
Operating CF: $538.46M
CapEx: -$18.26M
Shares: 333,089,213
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.7%
Last Dividend: N/A
Stock Price: $32.93
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: $277.86M
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jun 7, 2026 3:33pm
Compares BSY against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis
Last run: Jun 7, 2026 3:36:13 pm

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h Dividend Discount Model — For dividend/income stocks only
Not applicable for Mature Earner companies
4i Book Value Analysis — For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 7, 2026 3:36pm (5d ago)
Metric 2021 2022 2023 2024 2025
Revenue $965.0M $1.1B $1.2B $1.4B $1.5B
Cost of Revenue $216.5M $237.0M $318.2M $257.8M $277.5M
Gross Profit $748.5M $862.1M $910.2M $1.1B $1.2B
Operating Expenses $653.9M $653.5M $679.7M $793.2M $861.6M
Operating Income $94.6M $208.6M $230.5M $302.2M $362.6M
Net Income $93.2M $174.8M $326.8M $234.8M $277.9M
EBITDA $152.3M $304.9M $288.4M $382.4M $429.0M
EPS $0.30 $0.57 $1.07 $0.75 $0.88
EPS (Diluted)
Balance Sheet (Annual)
Last updated: Jun 7, 2026 3:31pm (5d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $329.3M $71.7M $68.4M $64.0M $123.3M
Total Current Assets $615.8M $415.9M $419.6M $442.1M $539.0M
Total Assets $2.7B $3.2B $3.3B $3.4B $3.6B
Current Liabilities $593.9M $628.4M $760.4M $814.3M $960.2M
Long-Term Debt $1.4B $1.8B $1.5B $1.4B $1.2B
Total Liabilities $2.3B $2.6B $2.4B $2.4B $2.4B
Total Equity $409.2M $572.8M $883.3M $1.0B $1.2B
Retained Earnings -$439.6M -$370.9M -$161.9M -$75.9M -$40.3M
Cash Flow (Annual)
Last updated: Jun 7, 2026 3:36pm (5d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $288.0M $274.3M $416.7M $435.3M $538.5M
Capital Expenditure -$17.5M -$18.5M -$25.0M -$14.0M -$18.3M
Free Cash Flow $270.5M $255.8M $391.7M $421.2M $520.2M
Acquisitions (net) -$1.0B -$743.0M -$26.0M -$130.4M -$93.3M
Debt Repayment
Dividends Paid
Stock Buybacks -$120.5M -$71.8M -$58.9M -$76.9M -$157.2M
Net Change in Cash $207.3M -$257.7M -$3.3M -$4.4M $59.3M
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 3:31pm (5d ago)
Metric 2025 2026 2027 2028
Revenue $1.5B
$1.5B – $1.5B
$1.7B
$1.7B – $1.7B
$1.9B
$1.8B – $1.9B
$2.1B
$2.1B – $2.1B
EBITDA $591.3M
$587.3M – $595.3M
$673.9M
$670.0M – $677.9M
$743.8M
$727.9M – $755.7M
$824.0M
$822.3M – $825.7M
Net Income $395.5M
$384.0M – $407.0M
$462.4M
$445.8M – $478.9M
$521.5M
$503.5M – $539.6M
$577.6M
$538.3M – $617.0M
EPS
Growth Trends (YoY %)
Last updated: Jun 7, 2026 3:36pm (5d ago)
Metric 2022 2023 2024 2025
Revenue Growth +13.9% +11.8% +10.1% +11.0%
Gross Profit Growth +15.2% +5.6% +20.3% +11.8%
Operating Income Growth +120.5% +10.5% +31.1% +20.0%
Net Income Growth +87.5% +87.0% -28.2% +18.3%
EBITDA Growth +100.1% -5.4% +32.6% +12.2%
Insider Trading (Recent)
Last updated: Jun 7, 2026 3:34pm (5d ago)
Type codes PPurchase SSale AAward / grant MOption exercise FIn-kind (tax) CConversion GGift DReturn to issuer
All SEC Form 4 codes
Open market
P Purchase
Open-market or private purchase of shares.
S Sale
Open-market or private sale of shares.
Compensation (Rule 16b-3)
A Award / grant
Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
D Return to issuer
Securities disposed back to the company under Rule 16b-3.
F In-kind (tax)
Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
I Discretionary
Discretionary transaction under an employee plan — Rule 16b-3(f).
M Option exercise
Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
C Conversion
Conversion of a derivative security into the underlying shares.
E Short expiration
Expiration of a short derivative position.
H Long expiration
Expiration or cancellation of a long derivative position with value received.
O OTM exercise
Exercise of an out-of-the-money derivative.
X ITM exercise
Exercise of an in-the-money or at-the-money derivative.
Other exempt
G Gift
Bona fide gift of securities.
L Small acquisition
Small acquisition under Rule 16a-6.
W Inheritance
Acquisition or disposition by will or the laws of descent.
Z Voting trust
Deposit into or withdrawal from a voting trust.
Other
J Other
Other acquisition or disposition (explained in a Form 4 footnote).
K Equity swap
Transaction in an equity swap or similar instrument.
U Tender / buyout
Disposition via tender of shares in a change-of-control transaction.

Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.

Date Insider Type Shares Price Value
2026-05-21 Griswold Kirk B. A-Award 6,749.00 $0.00 $0
2026-05-21 HAUGEN JANET BRUTSCHEA A-Award 6,749.00 $0.00 $0
2026-05-21 Hughes Brian F. A-Award 6,749.00 $0.00 $0
2026-05-03 Shaman David R. F-InKind 5,287.00 $33.58 $177,537
2026-04-23 BENTLEY GREGORY S A-Award 62,032.00 $32.65 $2.0M
2026-04-23 BENTLEY GREGORY S F-InKind 27,133.00 $32.65 $885,892
2026-04-01 Moutte Julien F-InKind 3,007.00 $34.20 $102,839
2026-03-29 Trimback Thomas F F-InKind 172.00 $34.76 $5,979
2026-03-19 Trimback Thomas F A-Award 35.00 $0.00 $0
2026-03-19 Moutte Julien A-Award 173.00 $0.00 $0
2026-03-19 Griswold Kirk B. A-Award 70.00 $0.00 $0
2026-03-19 Lee James K A-Award 375.00 $0.00 $0
2026-03-19 Cumins Nicholas A-Award 707.00 $0.00 $0
2026-03-19 Bentley Raymond B. A-Award 1,671.00 $0.00 $0
2026-03-19 Bentley Keith A. A-Award 845.00 $0.00 $0
2026-03-19 BENTLEY GREGORY S A-Award 3,019.00 $0.00 $0
2026-03-19 Andre Werner A-Award 243.00 $0.00 $0
2026-03-19 Shaman David R. A-Award 546.00 $0.00 $0
2026-03-19 Bentley Barry J. A-Award 3.00 $0.00 $0
2026-03-19 Ballard Brock A-Award 163.00 $0.00 $0
Dividend History (Last 20)
Last updated: Jun 7, 2026 3:31pm (5d ago)
Date Dividend Declaration Record Payment
2026-06-02 $0.07 2026-05-21 2026-06-02 2026-06-11
2026-03-10 $0.07 2026-02-23 2026-03-10 2026-03-19
2025-12-04 $0.07 2025-11-20 2025-12-04 2025-12-11
2025-09-23 $0.07 2025-09-11 2025-09-23 2025-09-30
2025-06-03 $0.07 2025-05-22 2025-06-03 2025-06-12
2025-03-19 $0.07 2025-02-20 2025-03-19 2025-03-27
2024-12-03 $0.06 2024-11-22 2024-12-03 2024-12-12
2024-09-17 $0.06 2024-09-05 2024-09-17 2024-09-26
2024-06-04 $0.06 2024-05-24 2024-06-04 2024-06-13
2024-03-19 $0.06 2024-02-21 2024-03-20 2024-03-28
2023-12-01 $0.05 2023-11-17 2023-12-04 2023-12-14
2023-08-14 $0.05 2023-07-27 2023-08-15 2023-08-24
2023-06-07 $0.05 2023-05-26 2023-06-08 2023-06-20
2023-02-17 $0.05 2023-01-25 2023-02-21 2023-03-07
2022-11-29 $0.03 2022-11-17 2022-11-30 2022-12-08
2022-09-07 $0.03 2022-08-29 2022-09-08 2022-09-14
2022-06-08 $0.03 2022-05-26 2022-06-09 2022-06-23
2022-03-07 $0.03 2022-02-24 2022-03-08 2022-03-15
2021-12-08 $0.03 2021-11-19 2021-12-09 2021-12-16
2021-08-31 $0.03 2021-08-20 2021-09-01 2021-09-09
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BSY.
Advanced Analysis Forensic deep-dive · two lenses
Two separate reads — Company Quality (is it a great business?) and Valuation (is it mispriced?), kept deliberately apart · 2026-06-07 16:54:41
Delvantic - Cairn AI
Quality — wait for a dip 7/10
Genuinely high-quality infrastructure-software compounder (Q:99) but the market knows it — at $32.93 vs ~$31 deserved value, I'm paying full freight (V:-48) and waiting for a dip.
The cruxWhether I get a chance to buy this in the mid-$20s — because the business quality is settled; only the entry price is in question.
Company Quality
+99
Strong
edge √Σ 163 · risk √Σ 64 · conf 8/10
Valuation / Mispricing
-48
Fairly Valued
edge √Σ 34 · risk √Σ 82 · conf 7/10
Liquidity & RunwaySelf-Funding
DilutionStable Share Count
Earnings QualityHigh Earnings Quality
The Play — combined read across both lenses Delvantic - Cairn AI

The two lenses are telling a consistent, unromantic story: quality score of 99 says this is a real software franchise — 81% gross margins, op margin compounding from 10% to 24%, FCF > GAAP NI, dilution under control — but the -48 value score says all of that is already in the tape. Signal-adjusted FV $31.48 vs $32.93 is essentially dead-on; the DCF supports price, the anchored P/E says modestly rich, and EPV reminds me 66% of the cap is growth-dependent. There's no edge in buying here, and no reason to short a compounder that's merely fair.

My play: a 25-30 bps starter position only if I need infrastructure-software exposure I don't already own — otherwise zero today and put it on the watchlist. Real buying begins at $26 (the value lens' attractive line, ~20% off), where I'd scale to a 1.5-2% core in thirds down to $22. The triggers that flip me aggressive earlier are a growth/margin scare that takes the stock to high-$20s without breaking the ARR thesis, or evidence operating margin keeps marching past 24%, which would re-rate deserved value into the high-$30s and justify chasing. The triggers that keep me out: any sign Autodesk/Nemetschek encroachment is biting ARR growth toward single digits, or the $1.14B net debt gets levered up further for M&A. Bottom line — great business, fair price, patient hand. I let the market bring it to me.

The evidence behind each score — switch lenses
+99 Strong edge √Σ 163 · risk √Σ 64 · conf 8/10

Bentley is a mature, recurring-revenue engineering software franchise that has compounded revenue from $965M (2021) to $1.50B (2025), a ~12% CAGR, while gross margins expanded from 77.6% to 81.5% and operating margins more than doubled from 9.8% to 24.1%. FCF nearly doubled from $270M to $520M, and OCF/NI of 1.95x with -5.3% accruals and a Beneish M of -2.71 indicate the reported earnings are conservatively stated, not flattered. This is the operating leverage profile of a real software franchise with sticky AEC/infrastructure workflows.

Capital discipline is consistent with the quality read: diluted share count went from 314.6M to 333.1M (1.4% CAGR), SBC is a moderate 4.8% of revenue, and buybacks have absorbed 141% of SBC — per-share value is being protected, not eroded. The one genuine constraint is the balance sheet: $123M cash against ~$1.26B of debt (net debt $1.14B). Altman Z of 3.04 says it's safely serviced by the $520M FCF run-rate, but it removes the optionality cushion a true fortress would have. Insider tape is routine compensation activity (A-Award/F-InKind) with no directional P/S signal.

Net: durable, well-run, cash-generative business with expanding profitability and clean accounting; not 'Fortress' only because of the leverage.

Strengths 5
m85
Real operating leverage
Op margin expanded from 9.8% (2021) to 24.1% (2025) on 56% cumulative revenue growth; gross margin up to 81.5%. Classic scaling software economics.
m80
Clean earnings quality
OCF/NI 1.95x, accruals -5.3% of assets, Beneish M -2.71. FCF ($520M) materially exceeds net income ($278M) — earnings are under-reported vs cash, not over-reported.
m75
FCF compounding
FCF grew from $270M to $520M (2021→2025), a ~18% CAGR outpacing revenue growth — operating leverage is converting to cash, not stuck on the balance sheet.
m65
Dilution under control
Diluted shares 314.6M→333.1M (1.4% CAGR), SBC 4.8% of rev, buybacks 141% of SBC. Per-share economics protected.
m55
Durable infrastructure-software niche
Mature_earner classification with 80%+ gross margins and steady mid-teens growth implies sticky, mission-critical AEC/infrastructure design workflows with switching costs.
Concerns 3
m55
Net debt $1.14B vs $123M cash
Cash is only 1.3% of market cap; balance sheet is a constraint not a cushion. Altman Z 3.04 is safe given $520M FCF, but there is no fortress buffer for a downturn or large M&A misstep.
m25
GM% wobble in 2023
Gross margin dipped to 74.1% in 2023 before rebounding to 80.9%/81.5%. Minor but worth understanding — possibly mix/acquisition-related.
m20
Net income volatility vs FCF
NI jumped to $327M in 2023 then fell to $235M in 2024 before recovering to $278M in 2025, while FCF rose steadily. Suggests non-cash/tax items distort GAAP NI — not a quality red flag but worth tracking.
This is a high-quality business. Revenue compounding low-double-digits, gross margin north of 80%, operating margin that has gone from 10% to 24% in four years, and FCF that grew faster than revenue and exceeds GAAP net income — those are the fingerprints of a real software franchise with pricing power and operating leverage, not financial engineering. Dilution is genuinely controlled (1.4% CAGR, buybacks > SBC), and earnings-quality mechanicals are clean. The only thing keeping me from calling it Fortress is the $1.14B net debt position against $123M cash; the FCF easily services it, but there's no cushion. Insider tape is just comp plumbing — no signal. Strong, full stop.
Verify before trusting this (6)
  • Net revenue retention / ARR growth and subscription mix (E365 program) to confirm stickiness inferred from margin profile
  • Composition and maturity schedule of the ~$1.26B debt — fixed vs floating, covenants
  • Customer/end-market concentration in AEC and infrastructure verticals; government project exposure
  • Whether 2023 NI spike included a tax benefit or one-time item explaining the GAAP volatility
  • Bentley family voting control structure and any dual-class implications for governance
  • M&A spend included in (or excluded from) the FCF figure — capital allocation cadence
-48 Fairly Valued edge √Σ 34 · risk √Σ 82 · conf 7/10
Price $32.93 vs signal-adj FV $31.48 — ~5% premium, essentially fair; need ~$26 (15-20% lower) for a real margin of safety. attractive below $26.00

The composite fair value of $26.94 and signal-adjusted FV of $31.48 bracket the $32.93 price almost perfectly, implying ~-4% upside. The per-method spread is wide: DCF says $34.16 (roughly matching price), the anchored P/E says $28.36 (modestly rich), and the EPV floor at $11.08 is a deep-recession scenario you discount as a true floor rather than a fair-value estimate. Triangulating the credible methods (DCF + anchored P/E), deserved value sits in the high-$20s to mid-$30s — call it ~$31, dead-on the tape.

The quality lens (score 99, 80%+ gross margin, op margin 10%→24%, FCF > net income) genuinely lifts deserved value, and that's already reflected: BSY trades at a premium multiple consistent with a sticky infrastructure-software franchise. But quality is in the price — you're paying for the compounding, not getting it discounted. The bear case (decelerating growth, Autodesk/Nemetschek encroachment, ~$1.14B net debt) is real enough to prevent paying up further. Net: fair, not cheap, not egregious.

Cheap signals 2
m30
DCF roughly supports the price
DCF of $34.16 sits ~4% above current price, consistent with the steady-compounder thesis if mid-teens FCF growth holds.
m15
Quality justifies premium multiple
80%+ GM, FCF > GAAP NI, controlled 1.4% dilution — deserved value is genuinely elevated; the stock isn't expensive in an absolute sense, just not cheap.
Rich / priced-in 4
m55
Price sits above signal-adjusted FV
$32.93 vs $31.48 signal-adj FV and $26.94 composite — the market is paying full freight; upside is -4% on the synthesis.
m45
Anchored P/E says modestly rich
Anchored P/E fair value of $28.36 implies ~14% downside on a normalized-earnings basis — the multiple already credits the margin expansion.
m35
Priced for continued compounding
To justify $33, BSY needs to keep operating margin expanding from 24% and ARR growth in low-double-digits — any deceleration toward the bear's 'low-single' path re-rates the multiple lower.
m20
EPV floor is far below price
EPV of $11.08 means without growth, there is ~66% downside — a reminder that nearly all of today's value is growth-dependent, not asset-backed.
This is the textbook 'great business, fair price' setup, and I'm not going to manufacture cheapness out of it. At $32.93 against a signal-adjusted FV of $31.48 and a composite of $26.94, I'm paying for the compounding rather than buying it on sale. I'd want this in the mid-$20s — call it $26 or below — before I'd say there's a real edge. Above $30 it's a hold-if-you-own-it, not a fresh buy.
Verify before trusting this (5)
  • ARR / subscription growth trajectory — is it holding low-double-digits or decelerating?
  • Operating margin guidance — is the 10%→24% expansion still extending or plateauing?
  • Net debt trajectory (~$1.14B) and any M&A that would change the FCF math
  • Competitive wins/losses vs Autodesk and Nemetschek in infrastructure verticals
  • Any one-off items in FCF that inflate the quality-of-earnings read
Two lenses kept deliberately separate — Company Quality is price-agnostic; Valuation is price-conditional. The scores are not blended (yet). Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.330 · 344c2a54 · 2026-06-09 20:20:16