XVARY Composite Score
51
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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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 $10000 in BSY 3 years ago → it's now worth $10460.
The index would have given you $14770.
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.
-
Bentley systems is showing steady execution.
-
Top- and bottom-line results in the third quarter of 2025 were roughly in line with our estimates.
-
Revenues rose about 12% vs. prior year, to roughly $376 million, while annual recurring revenue grew about 11% in constant currency.
-
Too, net revenue retention was 109%, reflecting continued expansion within existing customers.
-
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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