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 3:34pmPrice Overview
Last updated: Jun 7, 2026 3:31pm (5d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.88
Total Equity: $1.19B
Shares: 333,089,213
Total Debt: $1.26B
Cash: $123.28M
EBITDA: $429.05M
Total Debt: $1.26B
Cash: $123.28M
Revenue: $1.50B
Revenue: $1.50B
Revenue: $1.50B
Total Equity: $1.19B
Tax Rate: 20.8%
Equity: $1.19B
Total Debt: $1.26B
Cash: $123.28M
Current Liabilities: $960.21M
Long-Term Debt: $1.25B
Total Debt: $1.26B
Total Equity: $1.19B
Shares: 333,089,213
Shares: 333,089,213
CapEx: -$18.26M
Shares: 333,089,213
Stock Price: $32.93
Net Income: $277.86M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
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)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- 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.
- 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.
- 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.
- 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
Advanced Analysis Forensic deep-dive · two lenses
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.
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.
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
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.
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