# Bentley Systems (BSY.US)

Canonical: https://gigainvestors.com/s/BSY

Analysis as of: 2026-10-16T07:27:07.344Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.23 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.18×

- FY2019: 0.19×

- FY2020: 0.19×

- FY2021: 0.10×

- FY2022: 0.19×

- FY2023: 0.19×

- FY2024: 0.22×

- FY2025: 0.24×

- LTM to Jun 2026: 0.24×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 20.3%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 80.4%

- Recent gross margin (lower of latest and 3-year median): 81.5%

- Years with nonpositive capital: 6

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 14.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 29.9%

- FY2019: 20.3%

- FY2020: 18.1%

- FY2021: 5.0%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: 11.6%

- LTM to Jun 2026: 11.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.29×

- FY2022: 1.30×

- FY2023: 1.14×

- FY2024: 1.22×

- FY2025: 1.17×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.3% vs 198.4%

- Per-share earnings: 0.42 to 0.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: 2.2%

- Per-share value growth: 14.6%

- Per-share value change: $0.41

- Per-share value, starting three-year median: $0.42

- Per-share value, ending three-year median: $0.83

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.7%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 20.3%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2018: $0.49

- FY2019: $0.35

- FY2020: $0.42

- FY2021: $0.30

- FY2022: $0.53

- FY2023: $0.98

- FY2024: $0.70

- FY2025: $0.83

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.25×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -2.1%

- FY2019: -6.8%

- FY2020: -11.7%

- FY2021: -7.3%

- FY2022: -3.1%

- FY2023: -2.7%

- FY2024: -5.9%

- FY2025: -7.3%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Oct 2021 · "They just don’t have enough engineers.”" (finance.yahoo.com, Aug 2025) · sales +6.7%

Story as of 2026-10-16T09:58:26.129Z; price observation 2026-10-15.

- 2026-02-27: Bentley (BSY) Soars 14% on Earnings Blowout, Upbeat Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/bentley-bsy-soars-14-earnings-103842456.html))

### Sales · FY2025–2026

sales +6.7%; source https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm; observed 2026-02-26.

- FY2018: $692M 

- FY2019: $737M 

- FY2020: $802M 

- FY2021: $965M 

- FY2022: $1.1B 

- FY2023: $1.2B 

- FY2024: $1.4B 

- FY2025: $1.5B 

- FY2026: $1.6B 

### Gross margin · FY2026

gross margin 81.8%; source https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm; observed 2026-02-26.

- FY2018: 81.0% 

- FY2019: 80.4% 

- FY2020: 79.1% 

- FY2021: 77.6% 

- FY2022: 78.4% 

- FY2023: 74.1% 

- FY2024: 80.9% 

- FY2025: 81.5% 

- FY2026: 81.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm (filed 2026-02-26); FY2025: revenue 1501779000; grossProfit 1224249000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BSY.US: 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.

### Why customers stay

Margins ranged from 74.1% to 81.5% during 2023–25; it earns 20.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 74.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 80.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 81.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 9-year return on capital observations [[2018,0.29885937550008496],[2019,0.20288549839622047],[2020,0.18087525916474367],[2021,0.049836931036844626],[2022,2.139516600573124],[2023,1.9839420329764896],[2024,6.631251501109785],[2025,0.11606861377467452],[2026,0.1188490276804824]]; median 0.20288549839622047. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 157.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 19493000; owner earnings 148759000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 16639000; owner earnings 118617000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 16447000; owner earnings 146191000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 17539000; owner earnings 120596000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 18546000; owner earnings 227771000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 25002000; owner earnings 373646000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 14046000; owner earnings 285349000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 18255000; owner earnings 325486000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,20059000],[2019,24989000],[2020,422646000],[2021,33396000],[2022,34493000],[2023,58756000],[2024,72115000],[2025,84963000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 157244000 USD.

### Are managers owners

Insiders own 45.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BSY.US SharesStats.PercentInsiders = 45.417 percentage points; cache date 2026-10-16.

### What the price says

The price is 8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 36.23 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.508638951331036; price multiple 8.035684469545785. FY2025 cash earnings/share 0.9771736438669961. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-09: $31.40 per share

- 2020-10: $35.06 per share

- 2020-11: $35.27 per share

- 2020-12: $40.51 per share

- 2021-01: $39.29 per share

- 2021-02: $44.36 per share

- 2021-03: $46.93 per share

- 2021-04: $51.20 per share

- 2021-05: $57.36 per share

- 2021-06: $64.78 per share

- 2021-07: $60.81 per share

- 2021-08: $64.49 per share

- 2021-09: $60.64 per share

- 2021-10: $59.15 per share

- 2021-11: $47.99 per share

- 2021-12: $48.33 per share

- 2022-01: $40.17 per share

- 2022-02: $38.39 per share

- 2022-03: $44.18 per share

- 2022-04: $42.39 per share

- 2022-05: $34.38 per share

- 2022-06: $33.30 per share

- 2022-07: $39.60 per share

- 2022-08: $36.77 per share

- 2022-09: $30.59 per share

- 2022-10: $35.28 per share

- 2022-11: $39.61 per share

- 2022-12: $36.96 per share

- 2023-01: $39.05 per share

- 2023-02: $40.46 per share

- 2023-03: $42.99 per share

- 2023-04: $42.56 per share

- 2023-05: $48.78 per share

- 2023-06: $54.23 per share

- 2023-07: $53.88 per share

- 2023-08: $49.91 per share

- 2023-09: $50.16 per share

- 2023-10: $48.64 per share

- 2023-11: $52.06 per share

- 2023-12: $52.18 per share

- 2024-01: $50.40 per share

- 2024-02: $51.37 per share

- 2024-03: $52.22 per share

- 2024-04: $52.53 per share

- 2024-05: $50.24 per share

- 2024-06: $49.36 per share

- 2024-07: $48.74 per share

- 2024-08: $51.47 per share

- 2024-09: $50.81 per share

- 2024-10: $48.26 per share

- 2024-11: $49.50 per share

- 2024-12: $46.70 per share

- 2025-01: $46.55 per share

- 2025-02: $43.90 per share

- 2025-03: $39.34 per share

- 2025-04: $42.99 per share

- 2025-05: $47.73 per share

- 2025-06: $53.97 per share

- 2025-07: $57.98 per share

- 2025-08: $55.65 per share

- 2025-09: $51.48 per share

- 2025-10: $50.83 per share

- 2025-11: $41.96 per share

- 2025-12: $38.17 per share

- 2026-01: $35.12 per share

- 2026-02: $36.55 per share

- 2026-03: $35.12 per share

- 2026-04: $32.62 per share

- 2026-05: $32.64 per share

- 2026-06: $29.89 per share

- 2026-07: $35.44 per share

- 2026-08: $36.75 per share

- 2026-09: $31.95 per share

- 2026-10: $36.23 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1031308/000103130826000007/bsy-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.