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Bentley Systems (BSY) Stock Analysis

This is a peer-relative look at Bentley Systems (BSY): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Software & Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Bentley Systems (BSY)
Profile ItemBSY
NameBentley Systems, Incorporated Class B Common Stock
Country/RegionUnited States
GICS SectorInformation Technology
GICS Industry GroupSoftware & Services
GICS IndustrySoftware
GICS Sub-IndustryApplication Software
Market Capitalization13.50 billion USD
CurrencyUSD
ExchangeNasdaq
Listing DateSeptember 23, 2020
Security TypeCommon Stock

Price Performance

Cumulative Growth

BSY
GSPC
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Bentley Systems (BSY) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Bentley Systems (BSY) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Bentley Systems (BSY) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Total Return (1Y)-2.57%-3.00%
Total Return (3Y, Annualized)-3.01%8.28%
Total Return (5Y, Annualized)-5.13%-7.91%

Risk Profile

Drawdown History

BSY
GSPC
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Bentley Systems (BSY) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Bentley Systems (BSY) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Volatility (1Y, Annualized)41.49%61.69%
Beta (5Y)0.921.06
Max Drawdown (5Y)-53.94%-76.52%

Risk-Adjusted Performance

Risk-Return Positioning

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Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. BSY is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Sharpe Ratio (1Y)-0.17-0.13
Sortino Ratio (1Y)-0.25-0.19

Profitability

ROE (TTM)

Bentley Systems (BSY) posts ROE of 26.03%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

BSY

Software & Services industry group

26.03%

Group distribution
Max
53.85%
BSY
26.03%
Q3
17.90%
Median
6.59%
Q1
-9.59%
Min
-50.52%
Largest peers
ORCL
41.19%
PLTR
40.91%
IBM
34.77%
MSFT
34.22%
BSY
26.03%
SAP
18.18%
PANW
1.74%
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Where Bentley Systems (BSY) stands on ROE within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Bentley Systems (BSY) keeps 19.57% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

BSY

Software & Services industry group

19.57%

Group distribution
Max
41.17%
BSY
19.57%
Q3
15.28%
Median
4.63%
Q1
-5.42%
Min
-33.17%
Largest peers
PLTR
50.34%
MSFT
41.17%
ORCL
26.36%
SAP
20.41%
BSY
19.57%
IBM
15.99%
PANW
2.67%
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Where Bentley Systems (BSY) stands on net margin within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Bentley Systems (BSY) turns 29.81% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

BSY

Software & Services industry group

29.81%

Group distribution
Max
46.89%
BSY
29.81%
Q3
17.64%
Median
8.73%
Q1
-2.13%
Min
-30.45%
Largest peers
MSFT
49.76%
PLTR
46.89%
ORCL
35.63%
BSY
29.81%
SAP
29.50%
IBM
16.97%
PANW
5.40%
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Where Bentley Systems (BSY) stands on operating margin within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
ROE (TTM)26.03%6.59%
ROA (TTM)7.73%2.45%
Net Margin (TTM)19.57%4.63%
Operating Margin (TTM)29.81%8.73%
Gross Margin (TTM)82.37%70.07%

Growth

Revenue Growth

Bentley Systems (BSY) grew revenue 10.99%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

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Bentley Systems (BSY): Revenue Growth across different time periods, set against Software & Services industry-group medians.

EPS Growth

Bentley Systems (BSY) grew earnings per share 18.06%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

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Bentley Systems (BSY): EPS Growth across different time periods, set against Software & Services industry-group medians.

Growth Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Revenue Growth (YoY)10.99%14.22%
Revenue Growth (3Y CAGR)10.97%13.52%
EPS Growth (YoY)18.06%7.85%
EPS Growth (3Y CAGR)15.62%18.19%

Financial Strength

Current Ratio (MRQ)

Bentley Systems (BSY) has current ratio of 0.65, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

BSY

Software & Services industry group

0.65

Group distribution
Max
5.11
Q3
2.77
Median
1.67
Q1
1.01
BSY
0.65
Min
0.03
Largest peers
PLTR
7.10
MSFT
1.23
ORCL
1.17
SAP
1.16
PANW
0.87
IBM
0.86
BSY
0.65
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Where Bentley Systems (BSY) stands on current ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Bentley Systems (BSY) has debt-to-equity ratio of 0.94, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

BSY

Software & Services industry group

0.94

Group distribution
Max
2.52
Q3
1.13
BSY
0.94
Median
0.40
Q1
0.07
Min
0.00
Largest peers
ORCL
2.52
IBM
1.85
BSY
0.94
MSFT
0.28
SAP
0.23
PANW
0.09
PLTR
0.02
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Where Bentley Systems (BSY) stands on debt-to-equity ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Current Ratio (MRQ)0.651.67
Debt / Equity (MRQ)0.940.40
Net Debt / EBITDA2.120.17

Dividends

Dividend Yield (TTM)

Bentley Systems (BSY) has dividend yield of 0.62%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

BSY

Software & Services industry group

0.62%

Group distribution
BSY
0.62%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
Largest peers
IBM
2.73%
ORCL
1.74%
SAP
1.03%
MSFT
0.69%
BSY
0.62%
PLTR
0.00%
PANW
0.00%
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Where Bentley Systems (BSY) stands on dividend yield within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Bentley Systems (BSY) has payout ratio of 27.72%, above the peer distribution for its industry. The dividend consumes more reported earnings than peers normally do, leaving unusually thin earnings cover.

BSY

Software & Services industry group

27.72%

Group distribution
BSY
27.72%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
Largest peers
IBM
57.51%
SAP
36.45%
ORCL
31.35%
BSY
27.72%
MSFT
19.00%
PLTR
0.00%
PANW
0.00%
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Where Bentley Systems (BSY) stands on payout ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
Dividend Yield (TTM)0.62%0.00%
Dividend Payout Ratio (TTM)27.72%0.00%

Valuation

P/E Ratio (TTM)

Bentley Systems (BSY) trades at P/E ratio of 44.21, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

BSY

Software & Services industry group

44.21

Group distribution
Max
112.94
Q3
60.32
BSY
44.21
Median
32.91
Q1
18.77
Min
6.69
Largest peers
PANW
784.60
PLTR
112.94
BSY
44.21
SAP
29.07
MSFT
27.69
IBM
20.90
ORCL
18.20
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Where Bentley Systems (BSY) stands on P/E ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Bentley Systems (BSY) trades at 8.19 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

BSY

Software & Services industry group

8.19

Group distribution
Max
17.91
Q3
8.78
BSY
8.19
Median
4.25
Q1
2.23
Min
0.02
Largest peers
PLTR
53.02
PANW
22.37
MSFT
11.37
BSY
8.19
SAP
6.84
ORCL
5.04
IBM
3.31
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Where Bentley Systems (BSY) stands on P/S ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Bentley Systems (BSY) trades at 10.79 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

BSY

Software & Services industry group

10.79

Group distribution
Max
16.63
BSY
10.79
Q3
8.50
Median
4.30
Q1
1.92
Min
-3.90
Largest peers
SAP
73.25
PLTR
34.41
BSY
10.79
PANW
9.30
MSFT
8.38
IBM
6.52
ORCL
5.68
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Where Bentley Systems (BSY) stands on P/B ratio within its Software & Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Bentley Systems (BSY) metric values compared with Software & Services industry-group medians
MetricCurrent stock: BSYIndustry group median
P/E Ratio (TTM)44.2132.91
P/S Ratio (TTM)8.194.25
P/B Ratio (MRQ)10.794.30
Free Cash Flow Yield (TTM)2.74%3.98%