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Software for designing, building and operating infrastructure — roads, rail, water, utilities and plants.
Software for designing, building and operating infrastructure — roads, rail, water, utilities and plants.
Customers pay yearly subscriptions, increasingly through an enterprise program billed partly by how much software they actually use, so revenue grows as firms expand use. The Bentley family holds the Class A shares that control the vote; the Class B shares traded here carry less voting power. The 2021 purchase of Seequent extended it into geoscience.
In one line: An infrastructure-focused Autodesk.
Moat: narrow (switching costs, installed base, IP / patents). Engineers train on and standardize around its CAD formats; switching mid-project is costly.
Headquarters: Exton, Pennsylvania, US · Founded: 1984 · Employees: 5,800
Size Bentley Systems (BSY) is a United States Information Technology company (Information Technology Services) with a market value of $13.5B, the 650th largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.65 on 6 Nov 2026.
Performance Over six months the shares gained 36.3%, against +26.8% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +12.0%); the operating margin is 24.4% (peer median 10.9%).
Valuation It trades at 31.4× forward earnings against a peer median of 24.4× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points above its cost of capital (9.4% WACC).
Backlog Backlog (remaining performance obligations) was $257M at 30 Sep 2026, up 2% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Bentley Systems has 1 bond outstanding ($575M).
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.60B | $1.50B | $1.35B | $1.23B | $1.10B |
| Revenue growth | — | +11% | +10% | +12% | — |
| Gross profit | $1.28B | $1.19B | $1.06B | $924M | $821M |
| EBITDA | $452M | $430M | $374M | $302M | $285M |
| Net income | $290M | $278M | $235M | $327M | $175M |
| Free cash flow | $498M | $520M | $421M | $392M | $256M |
| Capital expenditure | $24.4M | $18.3M | $14.0M | $25.0M | $18.5M |
| Total debt | $1.27B | $1.28B | $1.43B | $1.57B | $1.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bentley Systems BSY | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% |
| Autodesk ADSK | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% |
| Trimble TRMB | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% |
| Hexagon HEXA-B.ST | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% |
| Nemetschek NEM.DE | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% |
| Dassault Systemes DSY.PA | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BSY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +28.2% | +11.1% | 2nd highest of 21 |
| 6-month return | +36.3% | +26.8% | 8th highest of 21 |
| Distance from 52-week high | -7.7% | -15.6% | 4th highest of 21 |
| Revenue growth (TTM) | +12.8% | +12.0% | 11th highest of 21 |
| Operating margin | 24.4% | 10.9% | 3rd highest of 21 |
| Forward P/E | 31.4× | 24.4× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.8% | 9.2% | 6th most demanding of 19 |
| Growth delivered (Del g) | +13.4% | +9.8% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | +9.4 pp | -3.9 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | +3.9 pp | +6.9 pp | 9th lowest of 20 |
| EV / EBITDA | 32.3× | 15.2× | 4th most expensive of 16 |
| Net debt / EBITDA | 2.5× | -0.6× | 2nd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
Bentley Systems has 1 bond outstanding with $575M face value.
Bentley Systems reported $257M of remaining performance obligations at 30 Sep 2026, up 2% from a year earlier and down 8% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.94.