Bentley Systems Inc (BSY) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Bentley Systems Inc stock $44.99, price $44.94, upside +0.1%, quality 76 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range $27.13 – $69.57 · fair‑value band $31.74 – $58.22 · the $44.94 price screens below the $44.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
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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.
Stock analysis
Bentley Systems Inc (BSY) currently trades at $44.94, while our model-based Fair Value estimate is $44.99, so the stock looks roughly fairly valued today (gap 0.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $30.05 per share, and 0 of the 24 models we run sit above the $44.94 price.
Bear case: the Dividend Discount group reads lowest at $4.58, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $31.74 (bear) to $58.22 (bull), the price of $44.94 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 76/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bentley Systems Inc reported revenue of $1.5B in FY2025 versus $965M in FY2021, a compound +11.7%/yr. Reported net income was $278M in FY2025, compounding +31.4%/yr from FY2021.
Key figures
Market cap $14.3B Large · P/E ratio 42.2 · P/S ratio 8.95 · EPS (TTM) $0.9100 · Dividend yield 0.6% · Net margin 18.1% · Return on equity 24.5% · Return on assets (EBIT) 7.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 77 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 7% below its 52-week high and 58% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 17% fair-value upside, at 0%, BSY screens richer than that median.
Fair Value models
Bear$31.74Fair Value $44.99Bull$58.22
Price $44.94 · Upside +0.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.5351 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $20.1M and none bought.
SaleRaymond B. BentleyDirector, 10% owner2× since Oct 23, 2026: 500,000 shares, avg. $40.18$20.1MOct 30, 202610b5-1 plan
SaleGregory S BentleyExecutive Chair & President, Director, 10% owner100 shares at $40.01$4,001Mar 10, 202610b5-1 plan
SaleThomas F TrimbackChief Accounting Officer560 shares at $43.02$24,091Nov 17, 2025
Plus 35 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.1%
Dividend (yield on the price)0.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +12.9% a year for the price and +7.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Mixed signals from margins and cash flow combined with thin public qualitative evidence limit conviction in a durable moat despite an open ecosystem for digital twins.
Main risk: Traders worry that artificial intelligence could undercut Bentley Systems’ traditional software model and overshadow its own AI and digital twin plans, potentially affecting subscription revenue and margins.
Bentley Systems' latest infrastructure awards highlight projects where users connect data across disciplines and apply AI to solve problems previously out of reach. Its open ecosystem enables this shift from basic digitization to advanced digital twins. Will this deepen customer stickiness through recurring subscriptions or open the door for competitors offering narrower AI tools?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 633 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+0.1% · Above median
Profitability
Return on equity (12 months)24.5% · Top 25%
Return on assets7.8% · Above median
Net margin (12 months)18.1% · Top 25%
Operating margin (12 months)25.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)12.8% · Above median
Dividend yield (12 months)0.6% · Below median
Balance sheet
Debt / equity1.05× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/E (12 months)42.2× · Pricier than median
P/B12.05× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bentley Systems Inc Fair Value". https://www.fairvalue-calculator.com/stock/BSY
Frequently asked questions
Is Bentley Systems Inc (BSY) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of $44.99 versus a price of $44.94, about +0% upside (fairly valued).
What is the fair value of BSY?
Our model-based fair value for Bentley Systems Inc is $44.99 (as of Nov 1, 2026), built from audited fundamentals. The current price: $44.94.
What is the quality score of BSY?
Bentley Systems Inc has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bentley Systems Inc (BSY)?
Our model-based price target is the fair value of $44.99 (as of Nov 1, 2026) from 24 valuation models. Cautious scenario $31.74, optimistic scenario $58.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Bentley Systems Inc stock forecast for 2026?
Our models put fair value at $44.99, about +0% upside versus a price of $44.94 (fairly valued). Cautious scenario $31.74, optimistic scenario $58.22. The calculation is refreshed regularly with new filings.
What is the revenue of Bentley Systems Inc (BSY)?
Bentley Systems Inc reported trailing-twelve-month revenue of about $1.6B (latest available figure, as of Nov 1, 2026).
Does Bentley Systems Inc pay a dividend?
Bentley Systems Inc currently shows a dividend yield of 0.62% relative to its recent price (as of Nov 1, 2026).
What growth is priced into Bentley Systems Inc (BSY)?
For today's price to be fair in a discounted-cash-flow model, Bentley Systems Inc would have to grow free cash flow by +15.6 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.4 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of BSY use?
Our models discount Bentley Systems Inc at 9.2 %: a base by market capitalisation (large), damped by beta 1.00, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bentley Systems Inc that is +15.6 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Bentley Systems Inc (BSY) delivered so far?
Over the past 5 years revenue at Bentley Systems Inc grew +13.4 % a year. The price currently implies +15.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bentley Systems Inc (BSY) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Bentley Systems Inc (+15.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bentley Systems Inc (BSY)?
The free-cash-flow yield on the price is 3.63 %: that much free cash flow Bentley Systems Inc produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bentley Systems Inc (BSY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bentley Systems Inc it is $44.99 per share (as of Nov 1, 2026), against a price of $44.94. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Bentley Systems Inc stock overvalued or undervalued in 2026?
As of Nov 1, 2026, BSY trades below its calculated fair value: price $44.94, fair value $44.99, a gap of about +0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BSY?
No. The price is what the market pays today ($44.94); the fair value is what the company's own numbers justify ($44.99). For Bentley Systems Inc the two are $0.0500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bentley Systems Inc worth?
The market values Bentley Systems Inc at about $14.3B (market capitalisation, as of Nov 1, 2026). Per share that is $44.94; our models calculate a fair value of $44.99 per share.
What do the bullish and bearish scenarios say about BSY?
Our models span a range for Bentley Systems Inc: cautious scenario $31.74, base $44.99, optimistic $58.22 per share (as of Nov 1, 2026, price $44.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BSY?
Bentley Systems Inc trades at a price-to-earnings ratio of 42.2 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $44.99 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2020, FY2023 ex one-offs: 80.2. Other multiples: PEG 1.3, P/B 12.1, P/S 8.9, EV/EBITDA 33.1.
What is the PEG ratio of BSY?
The PEG ratio of Bentley Systems Inc is 1.26 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bentley Systems Inc (BSY)?
Balance-sheet figures for Bentley Systems Inc (as of Nov 1, 2026): return on equity 24.5%, debt of 1.05 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is BSY from its 52-week high?
Bentley Systems Inc trades at $44.94, about 7% below its 52-week high of $48.22 and 58% above the low of $28.42 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $44.99 is for.
Which stocks are comparable to Bentley Systems Inc?
From the same area (Technology) we also value SAP SE, Shopify Inc, Salesforce, Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bentley Systems Inc stock attractive at the current price?
The data as of Nov 1, 2026: price $44.94, calculated fair value $44.99 (+0%), Quality Score 76/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BSY calculated?
We run Bentley Systems Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $44.99, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Bentley Systems Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bentley Systems Inc (BSY)?
The closing price on Nov 5, 2026 was $44.94. Our model-based fair value is $44.99, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bentley Systems Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($31.74 to $58.22) leaves room in how you read the outcome.
Key figures of Bentley Systems Inc
How large is the market capitalisation of Bentley Systems Inc (BSY)?
The market capitalisation of Bentley Systems Inc is $14.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bentley Systems Inc (BSY)?
The price-to-sales ratio of Bentley Systems Inc is 8.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bentley Systems Inc (BSY)?
Earnings per share at Bentley Systems Inc are $0.9100 (price ÷ EPS = P/E 42.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bentley Systems Inc (BSY)?
The dividend yield of Bentley Systems Inc is 0.6% (payout 30.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bentley Systems Inc (BSY)?
The net margin of Bentley Systems Inc is 18.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bentley Systems Inc (BSY)?
The return on equity (ROE) of Bentley Systems Inc is 24.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bentley Systems Inc (BSY)?
On an EBIT basis the return on assets of Bentley Systems Inc is 7.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bentley Systems Inc (BSY)?
The operating margin of Bentley Systems Inc is 25.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bentley Systems Inc (BSY)?
Revenue at Bentley Systems Inc is growing +12.8% versus a year earlier (3y avg +11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bentley Systems Inc (BSY)?
Earnings per share at Bentley Systems Inc are growing +14.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bentley Systems Inc (BSY) carry?
The net debt of Bentley Systems Inc is $1.2B (fiscal year 2025, ≈ 2.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026