Start here if you're new
what it is
Bentley sells software that helps engineers design, build, and manage infrastructure like roads and railways.
how it gets paid
Last year Bentley Sys made $1.5B in revenue. Subscriptions was the main engine at $1.35B, or 90% of sales.
why it's growing
Revenue grew 11.0% last year. Revenues rose about 12% vs. prior year, to roughly $376 million, while annual recurring revenue grew about 11% in constant currency.
what just happened
Bentley beat estimates with $0.27 EPS and 81.4% gross margin.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
46.0x trailing p/e — you're paying up for this one
1.0% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Bentley sells software that helps engineers design, build, and manage infrastructure like roads and railways.
90% of sales come from subscriptions, so your revenue arrives like rent, not like a one-off project. Net revenue retention → existing customers' spending after upsells and churn, or customers leaving → 109% means the same accounts bought 9% more. 58% of sales came from outside the U.S., so one budget freeze does not own the story.
How they make money
$1.5B
annual revenue · their business grew +11.0% last year
Subscriptions
$1.35B
+11.0%
Licenses and services
$135M
0.0%
Other
$15M
0.0%
The products that matter
design and infrastructure software
Infrastructure engineering software
$1.5B revenue · +11.0% growth
it's the entire $1.5B business in this snapshot. That simplicity helps: one product family, one growth rate, one margin structure to watch.
entire business
Key numbers
$53
18-month target
That is 35% above $39.14. The market is paying for more than the current stock price.
46.0x
trailing p/e
You are paying 46 years of trailing earnings for one year of profit. That is rich next to 11% revenue growth.
24.1%
operating margin
Bentley keeps $24 of every $100 of sales before tax and interest. That is strong for software.
109%
net retention
Existing customers spent 9% more than last year. That tells you the base is expanding.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $1.2B (9% of capital)
- net profit margin 23.3% — keeps 23 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in BSY 3 years ago → it's now worth $10,460.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Bentley beat estimates with $0.27 EPS and 81.4% gross margin.
Revenue rose about 12% vs. prior year to roughly $376M. ARR, annual recurring revenue, the money that resets each year, grew about 11% in constant currency.
$376M
revenue
$0.27
eps
81.4%
gross margin
EPS beat
The $0.27 EPS beat matters because it shows Bentley still converts a $1.5B revenue base into profit.
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bentley systems is showing steady execution.
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top- and bottom-line results in the third quarter of 2025 were roughly in line with our estimates.
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revenues rose about 12% vs. prior year, to roughly $376 million, while annual recurring revenue grew about 11% in constant currency.
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too, net revenue retention was 109%, reflecting continued expansion within existing customers.
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earnings per share were up over 38% in the quarter, but were also down slightly sequentially, and landed just below our forecast.
source: company earnings report, 2026
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What could go wrong
the #1 risk is market share pressure from Autodesk and other infrastructure design platforms.
med
Autodesk pressure in infrastructure design
Bentley lives in a specialized niche, but niche does not mean alone. If Autodesk or other CAD/BIM platforms close feature gaps or win standardization battles, Bentley's pricing power gets tested.
the current risk model points to revenue growth compression of 10–20% if share losses show up.
med
customer concentration in large engineering firms
The company sells into a world of large engineering and construction customers. If one of the biggest relationships weakens, the pain shows up quickly because this snapshot gives you just one $1.5B revenue stream to lean on.
losing a top-three customer could reduce revenue by 5–15% based on the existing risk model.
med
specialized talent gets expensive
Engineering software is not easy to staff. If compensation rises faster than revenue, those healthy 32% operating margins stop looking so comfortable.
stock-based compensation could dilute EPS by 2–4% annually under the current framework.
if competition or customer losses hit growth, the problem lands on the entire $1.5B revenue base while the stock still trades at 46.0x trailing earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
keep revenue growth in double digits
$1.5B of revenue grew 11.0% last year. A premium multiple can work with that. It looks different below 10%.
trend
watch the stock versus its own range
at $39.14, BSY is much closer to the $36 low than the $59 high. The market is still skeptical.
risk
monitor margin discipline
32% operating margins and a 20.0% net margin are the proof of stickiness. If those slip, the quiet part gets loud fast.
calendar
next earnings need to justify the multiple
the setup is $0.20 EPS on $0.4B revenue. Good results help. Misses matter more when the stock already trades at 46.0x trailing earnings.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts expect weaker near-term performance than the average stock.
risk profile
average
stability score 3 — this is not a bunker stock, but it is not a train wreck either.
chart momentum
average
technical score 3 — the chart is not flashing a strong signal in either direction.
earnings predictability
50 / 100
earnings predictability sits right in the middle. Translation: you should expect a few surprises from here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 237 buyers vs. 199 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$32
$73
$39
current price
$53
target midpoint · +35% from current · 3-5yr high: $80 (+105% · 20% ann'l return)
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