Bentley Systems, Incorporated (BSY)
Fair bewertetFundamental
75
Kurs
$32.85
Marktkapitalisierung
$9.64B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Bentley Systems makes the software engineers use to design and manage physical infrastructure: roads, bridges, water networks, power grids, railways and buildings. Its programs let a team draft a bridge in 3D, model how a water network will behave, and keep a digital record of an asset over its decades of service. Customers are mostly engineering firms and the government agencies and utilities that own the infrastructure, in construction and heavy industry sectors where mistakes are expensive and projects take years.
Wie das Geld verdient wird
Nearly all revenue now comes from subscriptions rather than one-time software licenses: 92% of 2025 revenue was subscription-based, paid on a recurring basis regardless of how much a customer actually uses the software that quarter. A small remaining share is perpetual licenses and professional services. Because engineering teams design entire projects inside Bentley's software and store years of asset data in it, subscriptions tend to renew rather than get cancelled once adopted.
Umsatz nach Segment
Recurring software licenses covering Bentley's design, modeling and infrastructure-management applications, the core and fastest-growing part of revenue.
Implementation, training and consulting work sold alongside the software, a shrinking share of the total.
One-time software license sales, a legacy model Bentley has largely phased out in favor of subscriptions.
Wettbewerbsvorteil
Wechselkosten · SchmalAn infrastructure project's design files, models and years of asset data live inside Bentley's software, and engineering teams are trained on its specific tools; moving a large, ongoing infrastructure program to a rival platform means retraining staff and migrating irreplaceable project history. The advantage is real but not absolute, since Autodesk and other established players compete directly for the same infrastructure-engineering budgets.
Was die Nachfrage antreibt
Mäßig zyklischA large share of Bentley's customers are governments and regulated utilities funding long-lived infrastructure programs, spending that is planned years ahead and less sensitive to a single bad quarter than typical corporate IT budgets. The remaining private-sector engineering and construction demand is more cyclical, rising and falling with construction activity and interest rates that affect project financing.
Wichtigste Risiken
- Competition from larger rivals — Bentley competes against Autodesk and other large, well-resourced software companies in several of its core markets, including public-works and facilities design, which can pressure pricing and win rates.
- Currency exposure from global operations — A significant share of revenue and costs is denominated in currencies other than the US dollar, so exchange-rate movements can affect reported results even when underlying demand is unchanged.
- Dependence on continued subscription renewals — With subscriptions now the large majority of revenue, results depend on customers renewing rather than switching platforms or delaying software spending during a construction-sector downturn.
Kundenkonzentration
Bentley does not disclose concentration among individual customers; its revenue is spread across a large number of engineering firms, government agencies and utilities worldwide, with no single buyer material to overall results.
Die Argumente dafür
Buyers argue that infrastructure spending by governments and utilities is a multi-decade need largely insulated from short-term economic swings, that the shift to subscriptions has made revenue more predictable and recurring, and that deeply embedded design software is hard to displace once an engineering team's projects and history live inside it.
Die Argumente dagegen
Sellers worry that Autodesk and other well-capitalized competitors can keep chipping away at Bentley's core infrastructure-design markets, that a slowdown in construction activity or public infrastructure budgets would eventually show up in subscription growth, and that currency swings across Bentley's many international markets add volatility to reported results.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
Autodesk is the competitor Bentley names most often in its own 10-K, selling design and BIM software to the same engineering firms and owner-operators for public works, utilities, buildings and project delivery.
Trimble sells design, survey and construction-management software to the same civil-infrastructure and building customers Bentley targets in its Public Works/Utilities and Commercial/Facilities segments.
Hexagon competes with Bentley across reality capture, geospatial and plant-design software sold to infrastructure, industrial and mining operators.
AVEVA is Bentley's main rival in plant-design and asset-performance software for process plants, refineries and utilities.
Nemetschek's design and BIM brands compete for the same architecture, structural and facilities customers Bentley serves in its Commercial/Facilities business.
Dassault Systèmes competes for industrial and resources engineering customers with its 3D design and lifecycle-management platform.
Bilanz & Liquidität
Umsatz
$1.60B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$290M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$520M
Gesamtes Eigenkapital
$1.19B
Gesamtverbindlichkeiten
$2.37B
Current Ratio
0.59
Zinsdeckungsgrad
19.70
Schulden/EBITDA
2.71
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$30.26
Aktueller Kurs
$32.85
Sicherheitsmarge
-8.6%
Innerer-Wert-Spanne
$19.67 - $40.85
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
35.50
ROE
23.4%
P/B-Verhältnis
7.72
P/FCF
18.62
Bruttomarge
81.8%
ROIC
11.5%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
11.5%
WACC
9.1%
ROIC − WACC
+2.4 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (20)
- EPS shows upward trend
- EPS CAGR 8.19%
- ROIC 11.5%
- Gross Margin 81.8%
- P/FCF 18.62
- Debt/Equity ratio
- Operating Margin 23.6%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 24.1%
- Revenue Growth 5Y 13.4%
- Analyst Consensus 76% Buy
- Earnings Surprise avg 3.9%
- Earnings Quality (OCF/NI) 1.80
- Share Dilution 0.2%
- Net Margin Trend 18.1% vs 17.9%
- Piotroski F-Score 9/9
Nicht bestanden (7)
- Price CAGR -3.50%
- P/B Ratio 7.72
- Current Ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Unknown)
- PEG Ratio 2.28
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienanzahl ist stabil
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Gregory S. Bentley | President & Executive Chairman of the Board | 69 |
| Mr. Nicholas H. Cumins | CEO & Director | 48 |
| Mr. Keith Arthur Bentley | Founder, Technology Advisor, Executive VP & Director | 66 |
| Mr. Barry Joe Bentley Ph.D. | Co-Founder & Director | 59 |
| Mr. Werner Andre CPA | Chief Financial Officer | 54 |
| Mr. James Lee | Chief Operating Officer | 45 |
| Mr. David R. Shaman J.D. | Chief Legal Officer & Secretary | 59 |
| Mr. Thomas F. Trimback | Chief Accounting Officer & Global Controller | - |
| Mr. Julien Moutte | Chief Technology Officer | 46 |
| Ms. Ruth Sleeter | Chief Information Officer | - |
Prüfungsrisiko
2
Vorstandsrisiko
10
Vergütungsrisiko
7
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-26
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-06
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-11
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for BSY, sourced from Markets Gazette.