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BENTLEY SYSTEMS INC-CLASS B (BSY) Stock Fundamental Analysis

USA - NASDAQ:BSY - US08265T2087 - Common Stock

51.73 USD
+0.42 (+0.82%)
Last: 10/24/2025, 8:11:45 PM
51.73 USD
0 (0%)
After Hours: 10/24/2025, 8:11:45 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to BSY. BSY was compared to 285 industry peers in the Software industry. While BSY has a great profitability rating, there are quite some concerns on its financial health. BSY is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

9

1. Profitability

1.1 Basic Checks

BSY had positive earnings in the past year.
In the past year BSY had a positive cash flow from operations.
Each year in the past 5 years BSY has been profitable.
Each year in the past 5 years BSY had a positive operating cash flow.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

The Return On Assets of BSY (7.43%) is better than 80.07% of its industry peers.
With an excellent Return On Equity value of 21.88%, BSY belongs to the best of the industry, outperforming 87.41% of the companies in the same industry.
BSY's Return On Invested Capital of 10.54% is amongst the best of the industry. BSY outperforms 86.71% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BSY is below the industry average of 11.88%.
The 3 year average ROIC (8.00%) for BSY is below the current ROIC(10.54%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.43%
ROE 21.88%
ROIC 10.54%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

1.3 Margins

With an excellent Profit Margin value of 17.91%, BSY belongs to the best of the industry, outperforming 81.82% of the companies in the same industry.
BSY's Profit Margin has improved in the last couple of years.
BSY has a Operating Margin of 23.82%. This is amongst the best in the industry. BSY outperforms 89.51% of its industry peers.
BSY's Operating Margin has improved in the last couple of years.
With an excellent Gross Margin value of 81.18%, BSY belongs to the best of the industry, outperforming 84.62% of the companies in the same industry.
In the last couple of years the Gross Margin of BSY has remained more or less at the same level.
Industry RankSector Rank
OM 23.82%
PM (TTM) 17.91%
GM 81.18%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BSY is destroying value.
BSY has more shares outstanding than it did 1 year ago.
BSY has more shares outstanding than it did 5 years ago.
The debt/assets ratio for BSY has been reduced compared to a year ago.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

BSY has an Altman-Z score of 4.75. This indicates that BSY is financially healthy and has little risk of bankruptcy at the moment.
BSY has a Altman-Z score of 4.75. This is in the better half of the industry: BSY outperforms 67.48% of its industry peers.
BSY has a debt to FCF ratio of 2.87. This is a good value and a sign of high solvency as BSY would need 2.87 years to pay back of all of its debts.
BSY has a Debt to FCF ratio of 2.87. This is in the better half of the industry: BSY outperforms 65.03% of its industry peers.
BSY has a Debt/Equity ratio of 1.07. This is a high value indicating a heavy dependency on external financing.
BSY's Debt to Equity ratio of 1.07 is on the low side compared to the rest of the industry. BSY is outperformed by 75.87% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 2.87
Altman-Z 4.75
ROIC/WACC0.99
WACC10.65%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.3 Liquidity

BSY has a Current Ratio of 0.51. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of BSY (0.51) is worse than 89.51% of its industry peers.
A Quick Ratio of 0.51 indicates that BSY may have some problems paying its short term obligations.
With a Quick ratio value of 0.51, BSY is not doing good in the industry: 89.51% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.51
Quick Ratio 0.51
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

6

3. Growth

3.1 Past

BSY shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.69%.
Measured over the past years, BSY shows a quite strong growth in Earnings Per Share. The EPS has been growing by 12.41% on average per year.
Looking at the last year, BSY shows a quite strong growth in Revenue. The Revenue has grown by 10.45% in the last year.
The Revenue has been growing by 12.93% on average over the past years. This is quite good.
EPS 1Y (TTM)7.69%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%3.23%
Revenue 1Y (TTM)10.45%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%10.22%

3.2 Future

Based on estimates for the next years, BSY will show a quite strong growth in Earnings Per Share. The EPS will grow by 14.99% on average per year.
The Revenue is expected to grow by 9.16% on average over the next years. This is quite good.
EPS Next Y13.65%
EPS Next 2Y12.66%
EPS Next 3Y13.4%
EPS Next 5Y14.99%
Revenue Next Year10.02%
Revenue Next 2Y10.2%
Revenue Next 3Y10.27%
Revenue Next 5Y9.16%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B 2B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0.5 1 1.5 2

3

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 46.19 indicates a quite expensive valuation of BSY.
Compared to the rest of the industry, the Price/Earnings ratio of BSY is on the same level as its industry peers.
BSY's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 26.89.
Based on the Price/Forward Earnings ratio of 38.09, the valuation of BSY can be described as expensive.
The rest of the industry has a similar Price/Forward Earnings ratio as BSY.
BSY is valuated expensively when we compare the Price/Forward Earnings ratio to 22.99, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 46.19
Fwd PE 38.09
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, BSY is valued a bit cheaper than the industry average as 67.48% of the companies are valued more expensively.
BSY's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. BSY is cheaper than 68.18% of the companies in the same industry.
Industry RankSector Rank
P/FCF 36.21
EV/EBITDA 41.97
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates BSY does not grow enough to justify the current Price/Earnings ratio.
The excellent profitability rating of BSY may justify a higher PE ratio.
BSY's earnings are expected to grow with 13.40% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.38
PEG (5Y)3.72
EPS Next 2Y12.66%
EPS Next 3Y13.4%

4

5. Dividend

5.1 Amount

With a yearly dividend of 0.55%, BSY is not a good candidate for dividend investing.
BSY's Dividend Yield is rather good when compared to the industry average which is at 34.34. BSY pays more dividend than 89.86% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.31, BSY's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.55%

5.2 History

BSY has been paying a dividend for over 5 years, so it has already some track record.
BSY has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years4
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15 0.2

5.3 Sustainability

BSY pays out 30.98% of its income as dividend. This is a sustainable payout ratio.
DP30.98%
EPS Next 2Y12.66%
EPS Next 3Y13.4%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (10/24/2025, 8:11:45 PM)

After market: 51.73 0 (0%)

51.73

+0.42 (+0.82%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)08-06 2025-08-06/bmo
Earnings (Next)11-05 2025-11-05/amc
Inst Owners45.02%
Inst Owner Change0.28%
Ins Owners40.36%
Ins Owner Change-2.02%
Market Cap15.71B
Revenue(TTM)1.42B
Net Income(TTM)254.21M
Analysts76.84
Price Target60.57 (17.09%)
Short Float %4.88%
Short Ratio3.76
Dividend
Industry RankSector Rank
Dividend Yield 0.55%
Yearly Dividend0.24
Dividend Growth(5Y)N/A
DP30.98%
Div Incr Years2
Div Non Decr Years4
Ex-Date09-23 2025-09-23 (0.07)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)12.63%
Min EPS beat(2)11.45%
Max EPS beat(2)13.82%
EPS beat(4)2
Avg EPS beat(4)4.8%
Min EPS beat(4)-4.04%
Max EPS beat(4)13.82%
EPS beat(8)6
Avg EPS beat(8)11.84%
EPS beat(12)10
Avg EPS beat(12)12.54%
EPS beat(16)14
Avg EPS beat(16)14.49%
Revenue beat(2)1
Avg Revenue beat(2)-0.42%
Min Revenue beat(2)-0.85%
Max Revenue beat(2)0.02%
Revenue beat(4)1
Avg Revenue beat(4)-1.15%
Min Revenue beat(4)-2.61%
Max Revenue beat(4)0.02%
Revenue beat(8)3
Avg Revenue beat(8)-0.77%
Revenue beat(12)5
Avg Revenue beat(12)-0.29%
Revenue beat(16)8
Avg Revenue beat(16)0.07%
PT rev (1m)0%
PT rev (3m)13.19%
EPS NQ rev (1m)0.16%
EPS NQ rev (3m)-2.09%
EPS NY rev (1m)-0.08%
EPS NY rev (3m)2.01%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.37%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.2%
Valuation
Industry RankSector Rank
PE 46.19
Fwd PE 38.09
P/S 11.06
P/FCF 36.21
P/OCF 35.04
P/B 13.52
P/tB N/A
EV/EBITDA 41.97
EPS(TTM)1.12
EY2.17%
EPS(NY)1.36
Fwd EY2.63%
FCF(TTM)1.43
FCFY2.76%
OCF(TTM)1.48
OCFY2.85%
SpS4.68
BVpS3.83
TBVpS-4.77
PEG (NY)3.38
PEG (5Y)3.72
Graham Number9.82
Profitability
Industry RankSector Rank
ROA 7.43%
ROE 21.88%
ROCE 13.19%
ROIC 10.54%
ROICexc 10.92%
ROICexgc N/A
OM 23.82%
PM (TTM) 17.91%
GM 81.18%
FCFM 30.55%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
ROICexc(3y)8.22%
ROICexc(5y)11.91%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)10%
ROCE(5y)13.18%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y4.29%
ROICexc growth 5Y-15.93%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
F-Score8
Asset Turnover0.41
Health
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 2.87
Debt/EBITDA 3.1
Cap/Depr 22.78%
Cap/Sales 1.02%
Interest Coverage 28.61
Cash Conversion 111.55%
Profit Quality 170.63%
Current Ratio 0.51
Quick Ratio 0.51
Altman-Z 4.75
F-Score8
WACC10.65%
ROIC/WACC0.99
Cap/Depr(3y)27.47%
Cap/Depr(5y)32.2%
Cap/Sales(3y)1.59%
Cap/Sales(5y)1.72%
Profit Quality(3y)148.6%
Profit Quality(5y)185.51%
High Growth Momentum
Growth
EPS 1Y (TTM)7.69%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%3.23%
EPS Next Y13.65%
EPS Next 2Y12.66%
EPS Next 3Y13.4%
EPS Next 5Y14.99%
Revenue 1Y (TTM)10.45%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%10.22%
Revenue Next Year10.02%
Revenue Next 2Y10.2%
Revenue Next 3Y10.27%
Revenue Next 5Y9.16%
EBIT growth 1Y15.23%
EBIT growth 3Y18.11%
EBIT growth 5Y17.09%
EBIT Next Year15.98%
EBIT Next 3Y15.8%
EBIT Next 5Y10.9%
FCF growth 1Y27.87%
FCF growth 3Y15.91%
FCF growth 5Y22.26%
OCF growth 1Y23.69%
OCF growth 3Y14.76%
OCF growth 5Y20.58%

BENTLEY SYSTEMS INC-CLASS B / BSY FAQ

Can you provide the ChartMill fundamental rating for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a fundamental rating of 5 / 10 to BSY.


What is the valuation status of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

ChartMill assigns a valuation rating of 3 / 10 to BENTLEY SYSTEMS INC-CLASS B (BSY). This can be considered as Overvalued.


Can you provide the profitability details for BENTLEY SYSTEMS INC-CLASS B?

BENTLEY SYSTEMS INC-CLASS B (BSY) has a profitability rating of 9 / 10.


What is the earnings growth outlook for BENTLEY SYSTEMS INC-CLASS B?

The Earnings per Share (EPS) of BENTLEY SYSTEMS INC-CLASS B (BSY) is expected to grow by 13.65% in the next year.


How sustainable is the dividend of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

The dividend rating of BENTLEY SYSTEMS INC-CLASS B (BSY) is 4 / 10 and the dividend payout ratio is 30.98%.