Fundamentals snapshot
BSY · NMS · Technology · Software - Application
Current price
$33.02
52-week range
$30.52 - $59.25
Market cap
$10.03B
One-glance verdict
Fair-value range $41.56 – $75.41 (cautious → optimistic — tap the ? for the math)
Wall Street consensus: $45.43 (-14.4% lower than our fair-value estimate)
Buy below $42.44 for a 20% safety cushion
Balance sheet
Net debt $1.06B. Interest coverage shows how many times profit covers the interest bill.
What stands out
Quick scan of the biggest positives and negatives from the detailed checklist below.
View 1 more in details ↓What this company does
Bentley Systems sells specialized software that engineers and architects use to create digital blueprints for massive infrastructure projects like roads, bridges, and power plants. The company primarily makes its money from subscriptions to this software, which generates predictable recurring revenue (income that is likely to continue in the future, like a monthly utility bill). This is important because these large, long-term projects require continuous software support, making Bentley's income stream very stable.
Bentley Systems was started in 1984 by brothers Keith and Barry Bentley, who were later joined by their three other brothers. Initially, they created software that made it cheaper and easier for engineers to work on complex designs on the newly popular personal computers, instead of on expensive, room-sized mainframes. Their first big product was called MicroStation, a powerful tool for creating detailed 2D and 3D drawings, which remains a core part of their business today. Over the years, the company grew by acquiring other software companies to expand its offerings and eventually went public in 2020 to raise money for further growth.
Bentley Systems creates highly specialized software for architects, engineers, and construction professionals to design, build, and operate massive infrastructure projects. Think of it as the digital blueprint and instruction manual for things like roads, bridges, railways, skyscrapers, power plants, and even entire utility networks. Professionals use Bentley's software to create detailed 3D models, simulate how a structure will behave in the real world (for example, in an earthquake), and manage the entire construction process from start to finish. The company primarily makes money by selling subscriptions to its software, which provides predictable and recurring revenue (a steady stream of income from customers paying on a regular basis).
This is the company's foundation, featuring its flagship MicroStation software for computer-aided design (CAD), which allows engineers to create precise 2D and 3D models of infrastructure. This segment also includes a wide range of specialized 'Open' applications for designing specific assets like roads (OpenRoads), bridges (OpenBridge), and rail lines (OpenRail). It also includes highly technical software from its Seequent brand, which helps geoscientists and engineers understand what's happening underground, a crucial step for mining and major construction projects. Customers, typically engineering and construction firms, pay subscription fees to access these essential design tools.
This part of the business provides powerful cloud-based software to help manage the entire lifecycle of a project, from initial design to long-term operation. It includes ProjectWise, which acts as a central library for all project documents and models, ensuring everyone on a large, spread-out team is working with the most current information. It also features SYNCHRO for 4D construction modeling (linking 3D models to the construction schedule) and AssetWise for managing and maintaining the infrastructure after it's built. This segment generates revenue from subscriptions paid by large engineering firms and the infrastructure owners themselves to improve collaboration and efficiency.
This is a newer and strategically important part of Bentley's business focused on creating 'digital twins'—highly detailed, dynamic virtual models of a physical asset. A digital twin is constantly updated with real-world data, allowing owners to simulate performance, predict maintenance needs, and optimize operations without touching the actual structure. For example, a city could have a digital twin of its water system to test for leaks or plan for upgrades. Developers and large infrastructure owners pay for access to this platform to build their own custom digital twin applications, representing a fast-growing slice of the company's revenue.
Management is heavily focused on expanding the use of its iTwin platform to create 'digital twins' for all kinds of infrastructure. They believe that creating these living digital models of real-world assets will become essential for making infrastructure more resilient and sustainable. The company is also integrating artificial intelligence (AI) into its software to help automate design tasks and provide smarter analysis for engineers. Finally, Bentley continues to make strategic acquisitions (buying other companies) to bring in new technology and expand its capabilities, particularly in areas like 3D geospatial mapping and asset analytics (the science of using data to make better decisions about physical assets).
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
Wall Street consensus is the average analyst price target: $45.43 (-14.4% lower than our fair-value estimate).
Buy below $42.44 for a 20% safety cushion. That means buying at least 20% below our fair value, as a buffer in case our estimate turns out too rosy.
Our most-likely fair value is $53.05 a share — about 60.7% above today's price of $33.02, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Net debt $1.1B. Interest coverage 23.7x.
Bentley Systems, Incorporated's profit covers its interest bill about 23.7 times over. which is stronger than most peers shown here.
Total debt $1.17B Interest coverage 23.67x This is the baseline the peer rows are being compared against.
Total debt $2.72B Interest coverage 25.27x +7% vs BSY Has roughly the same debt cushion as BSY.
Total debt $1.41B Interest coverage 8.22x -65% vs BSY Carries about 2.9x less debt cushion than BSY.
Total debt $1.38B Interest coverage 12.96x -45% vs BSY Carries about 1.8x less debt cushion than BSY.
Total debt $2.86B Interest coverage 33.13x +40% vs BSY Carries about 1.4x more debt cushion than BSY.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know