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

NASDAQ:BSY - Nasdaq - US08265T2087 - Common Stock - Currency: USD

47.98  +0.05 (+0.1%)

After market: 47.98 0 (0%)

Fundamental Rating

6

BSY gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 282 industry peers in the Software industry. BSY scores excellent on profitability, but there are concerns on its financial health. BSY has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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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

BSY has a Return On Assets of 7.52%. This is amongst the best in the industry. BSY outperforms 80.85% of its industry peers.
BSY has a Return On Equity of 23.30%. This is amongst the best in the industry. BSY outperforms 87.94% of its industry peers.
BSY's Return On Invested Capital of 10.70% is amongst the best of the industry. BSY outperforms 86.88% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BSY is below the industry average of 12.68%.
The 3 year average ROIC (8.00%) for BSY is below the current ROIC(10.70%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.52%
ROE 23.3%
ROIC 10.7%
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

BSY's Profit Margin of 18.46% is amongst the best of the industry. BSY outperforms 84.40% of its industry peers.
BSY's Profit Margin has improved in the last couple of years.
BSY has a Operating Margin of 24.11%. This is amongst the best in the industry. BSY outperforms 90.78% of its industry peers.
BSY's Operating Margin has improved in the last couple of years.
With an excellent Gross Margin value of 81.12%, BSY belongs to the best of the industry, outperforming 84.40% 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 24.11%
PM (TTM) 18.46%
GM 81.12%
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

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3

2. Health

2.1 Basic Checks

BSY has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
BSY has more shares outstanding than it did 1 year ago.
BSY has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, BSY has an improved debt to assets ratio.
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

An Altman-Z score of 4.33 indicates that BSY is not in any danger for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 4.33, BSY is in the better half of the industry, outperforming 66.31% of the companies in the same industry.
BSY has a debt to FCF ratio of 2.85. This is a good value and a sign of high solvency as BSY would need 2.85 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 2.85, BSY is in the better half of the industry, outperforming 64.54% of the companies in the same industry.
A Debt/Equity ratio of 1.13 is on the high side and indicates that BSY has dependencies on debt financing.
The Debt to Equity ratio of BSY (1.13) is worse than 75.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 2.85
Altman-Z 4.33
ROIC/WACC1.01
WACC10.6%
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 0.49. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
BSY has a worse Current ratio (0.49) than 91.13% of its industry peers.
A Quick Ratio of 0.49 indicates that BSY may have some problems paying its short term obligations.
The Quick ratio of BSY (0.49) is worse than 90.78% of its industry peers.
Industry RankSector Rank
Current Ratio 0.49
Quick Ratio 0.49
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

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6

3. Growth

3.1 Past

BSY shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.43%, which is quite good.
The Earnings Per Share has been growing by 12.41% on average over the past years. This is quite good.
The Revenue has grown by 10.72% in the past year. This is quite good.
BSY shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 12.93% yearly.
EPS 1Y (TTM)14.43%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%12.9%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%9.7%

3.2 Future

BSY is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.84% yearly.
The Revenue is expected to grow by 9.56% on average over the next years. This is quite good.
EPS Next Y11.41%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
EPS Next 5Y15.84%
Revenue Next Year9.8%
Revenue Next 2Y10.06%
Revenue Next 3Y9.79%
Revenue Next 5Y9.56%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

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4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 43.23, BSY can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Earnings ratio of BSY indicates a somewhat cheap valuation: BSY is cheaper than 61.35% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of BSY to the average of the S&P500 Index (26.20), we can say BSY is valued expensively.
The Price/Forward Earnings ratio is 35.59, which means the current valuation is very expensive for BSY.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BSY is on the same level as its industry peers.
When comparing the Price/Forward Earnings ratio of BSY to the average of the S&P500 Index (22.13), we can say BSY is valued expensively.
Industry RankSector Rank
PE 43.23
Fwd PE 35.59
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

BSY's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. BSY is cheaper than 70.57% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BSY indicates a somewhat cheap valuation: BSY is cheaper than 71.99% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 33.37
EV/EBITDA 39.45
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 an expensive valuation of the company.
The excellent profitability rating of BSY may justify a higher PE ratio.
BSY's earnings are expected to grow with 14.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.79
PEG (5Y)3.48
EPS Next 2Y12.24%
EPS Next 3Y14.01%

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4

5. Dividend

5.1 Amount

BSY has a yearly dividend return of 0.59%, which is pretty low.
Compared to an average industry Dividend Yield of 16.27, BSY pays a better dividend. On top of this BSY pays more dividend than 91.13% of the companies listed in the same industry.
With a Dividend Yield of 0.59, BSY pays less dividend than the S&P500 average, which is at 2.40.
Industry RankSector Rank
Dividend Yield 0.59%

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 Years1
Div Non Decr Years3
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

29.50% of the earnings are spent on dividend by BSY. This is a low number and sustainable payout ratio.
DP29.5%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
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

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BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (5/29/2025, 4:30:03 PM)

After market: 47.98 0 (0%)

47.98

+0.05 (+0.1%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)08-04 2025-08-04/amc
Inst Owners42.78%
Inst Owner Change-1.35%
Ins Owners41.13%
Ins Owner Change0.27%
Market Cap14.56B
Analysts77.89
Price Target52.84 (10.13%)
Short Float %4.49%
Short Ratio4.67
Dividend
Industry RankSector Rank
Dividend Yield 0.59%
Yearly Dividend0.24
Dividend Growth(5Y)N/A
DP29.5%
Div Incr Years1
Div Non Decr Years3
Ex-Date03-19 2025-03-19 (0.07)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)4.89%
Min EPS beat(2)-4.04%
Max EPS beat(2)13.82%
EPS beat(4)2
Avg EPS beat(4)9.93%
Min EPS beat(4)-4.04%
Max EPS beat(4)31.97%
EPS beat(8)6
Avg EPS beat(8)13.6%
EPS beat(12)10
Avg EPS beat(12)13.7%
EPS beat(16)14
Avg EPS beat(16)17.3%
Revenue beat(2)1
Avg Revenue beat(2)-0.56%
Min Revenue beat(2)-1.14%
Max Revenue beat(2)0.02%
Revenue beat(4)2
Avg Revenue beat(4)-0.78%
Min Revenue beat(4)-2.61%
Max Revenue beat(4)0.61%
Revenue beat(8)3
Avg Revenue beat(8)-0.72%
Revenue beat(12)5
Avg Revenue beat(12)-0.26%
Revenue beat(16)9
Avg Revenue beat(16)0.37%
PT rev (1m)-7.17%
PT rev (3m)-9.05%
EPS NQ rev (1m)0.47%
EPS NQ rev (3m)-2.83%
EPS NY rev (1m)2.36%
EPS NY rev (3m)-1.2%
Revenue NQ rev (1m)2.3%
Revenue NQ rev (3m)0.08%
Revenue NY rev (1m)0.47%
Revenue NY rev (3m)-0.66%
Valuation
Industry RankSector Rank
PE 43.23
Fwd PE 35.59
P/S 10.5
P/FCF 33.37
P/OCF 32.37
P/B 13.26
P/tB N/A
EV/EBITDA 39.45
EPS(TTM)1.11
EY2.31%
EPS(NY)1.35
Fwd EY2.81%
FCF(TTM)1.44
FCFY3%
OCF(TTM)1.48
OCFY3.09%
SpS4.57
BVpS3.62
TBVpS-4.9
PEG (NY)3.79
PEG (5Y)3.48
Profitability
Industry RankSector Rank
ROA 7.52%
ROE 23.3%
ROCE 13.38%
ROIC 10.7%
ROICexc 11.07%
ROICexgc N/A
OM 24.11%
PM (TTM) 18.46%
GM 81.12%
FCFM 31.48%
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%
ROICexcg growth 3YN/A
ROICexcg 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-Score7
Asset Turnover0.41
Health
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 2.85
Debt/EBITDA 3.13
Cap/Depr 21.12%
Cap/Sales 0.97%
Interest Coverage 23.7
Cash Conversion 113.01%
Profit Quality 170.57%
Current Ratio 0.49
Quick Ratio 0.49
Altman-Z 4.33
F-Score7
WACC10.6%
ROIC/WACC1.01
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)14.43%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%12.9%
EPS Next Y11.41%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
EPS Next 5Y15.84%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%9.7%
Revenue Next Year9.8%
Revenue Next 2Y10.06%
Revenue Next 3Y9.79%
Revenue Next 5Y9.56%
EBIT growth 1Y24.6%
EBIT growth 3Y18.11%
EBIT growth 5Y17.09%
EBIT Next Year16.34%
EBIT Next 3Y15.74%
EBIT Next 5Y11.28%
FCF growth 1Y32.12%
FCF growth 3Y15.91%
FCF growth 5Y22.26%
OCF growth 1Y28.94%
OCF growth 3Y14.76%
OCF growth 5Y20.58%