Reading the tape
NASDAQ: BSY
Bentley Systems, Incorporated
Technology · Software - Application
Market Cap
$9.67B
52w High
$59.25
52w Low
$30.83
P/E
37.54
Volume
668.73K
Outstanding Shares
291.73M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -24.22%Revenue (TTM): 10.99%FCF (TTM): 23.49%P/FCF: 0th pct
What changed
The stock fell 24.22% over the last year. Revenue grew 10.99% over the trailing twelve months. Operating margin moved from 22.33% to 24.15%. Free cash flow grew 23.49% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently 24.15%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
CEONicholas H. Cumins
SectorTechnology
IndustrySoftware - Application
Employees5,500
IPO dateSep 23, 2020
Valuation
Forward P/E—
EV/EBITDA30.70
Enterprise value$13.17B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth11.94%
Gross margin81.52%▲0.70%vs FY2024
Operating margin24.15%▲8.13%vs FY2024
ROE23.36%▲3.58%vs FY2024
Analyst consensus
RatingBuy
Target price$47.57▲43.50%
6
Buy
5
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $0.38 · Revenue est $419.79M
View
Dividends
$0.28/shareQuarterly4yr growth streakSafeBSY pays a dividend with a 0.84% dividend yield, 4 consecutive years of growth, growing at 25.99% annually, covered 6.1× by free cash flow.
Dividend Yield
0.84%
Annual Div / Share
$0.28
3yr CAGR
+25.99%
Doubles every ~3.0yr
Payout Ratio
30.58%
Safe
Dividend Growth Rate
3yr CAGR
+25.99%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$0.28+12.0%
2024$0.25+19.0%
2023$0.21+50.0%
2022$0.14+16.7%
2021$0.12—
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$8/yr
$1/mo
In 5 yrs
$15/yr+76%
$1/mo
In 10 yrs
$26/yr+211%
$2/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$8/yr $1/mo | $15/yr+76% $1/mo | $26/yr+211% $2/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 0.84% → 2.62% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 6.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
No strong risk signal stands out from the latest period pair.