Bentley Systems, IncorporatedBSY
NasdaqGS•Technology•Software - Application
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 applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, and OpenUtilities; and open simulation applications, including ADINA, AutoPIPE, LEGION, OpenPaths, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS. It also provides infrastructure cloud applications, such as ProjectWise, SYNCHRO, and AssetWise, as well as Cesium and iTwin platform that enables users to create and curate cloud native digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Engage, iTwin Experience, and iTwin IoT platforms. The company serves civil, structural, geotechnical, subsurface, process 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.
Bentley Systems, Incorporated (BSY) reported trailing twelve months revenue of $1.56B as of March 2026, a 12.2% increase year-over-year. Quarterly revenue reached $424.18M, reflecting continued top-line momentum.
Bentley Systems, Incorporated generated $281.88M in TTM net income, with quarterly EBITDA of $142.40M. The operating margin contracted from 31.1% to 29.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (29.8%) and net margin (22.5%) indicates moderate non-operating costs. Net margin has narrowed from 24.7% a year ago, reflecting increased costs or interest expense.
BSY trades at a P/E of 38.3x (a premium multiple) and a P/S of 6.9x. The price-to-book ratio of 8.8x indicates a significant premium over book value.
The company generated $187.86M in free cash flow over the trailing twelve months, a 13.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $3.52B in total assets with $1.12B in long-term debt against $1.23B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~23.6%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 26.2% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~21.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~23.9% — no sign of cost or pricing stress.
FCF covers net income by 1.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.