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Bentley Systems, Incorporated (BSY)

Fair bewertet
TechnologySoftware - ApplicationUnited States

Fundamental

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

Subscriptions92%

Recurring software licenses covering Bentley's design, modeling and infrastructure-management applications, the core and fastest-growing part of revenue.

Professional services6%

Implementation, training and consulting work sold alongside the software, a shrinking share of the total.

Perpetual licenses2%

One-time software license sales, a legacy model Bentley has largely phased out in favor of subscriptions.

Wettbewerbsvorteil

Wechselkosten · Schmal

An 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 zyklisch

A 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

Compare

Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users

P/E: 27.1Score: 69Market cap: $44.17B

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.

P/E: 32.8Score: 52Market cap: $13.45B

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 ABNot tracked

Hexagon competes with Bentley across reality capture, geospatial and plant-design software sold to infrastructure, industrial and mining operators.

AVEVA Group Limited (unit of Schneider Electric SE)Not tracked

AVEVA is Bentley's main rival in plant-design and asset-performance software for process plants, refineries and utilities.

Nemetschek SENot tracked

Nemetschek's design and BIM brands compete for the same architecture, structural and facilities customers Bentley serves in its Commercial/Facilities business.

Dassault Systèmes SENot tracked

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

Allgemeiner FallFair bewertet

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

Kursziel der Analysten:$44.00
Diskontierter Cashflow (DCF):Nicht genügend Daten zur Berechnung
Gewinnmultiplikator (P/E):$19.12
Graham-Wachstumsformel:$29.81
Ertragskraftwert (EPV):$9.18
Gerechtfertigtes P/B:$12.75
Dividendendiskontierung (Gordon):$4.72
P/FFO, Funds from Operations:Nicht genügend Daten zur Berechnung
Gewinn im Zyklusmittel:Nicht genügend Daten zur Berechnung
Umsatzmultiplikator:$25.64
Analystenkonsens:Starker Kauf (16B / 5H / 0S)
Letzte Gewinnüberraschung:+9.65%

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

9/9

Starke finanzielle Gesundheit

score
criteria

Gewinnqualität

1.80

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

0.2%

Aktienanzahl ist stabil

Institutionelle Beteiligungen

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Gregory S. BentleyPresident & Executive Chairman of the Board69
Mr. Nicholas H. CuminsCEO & Director48
Mr. Keith Arthur BentleyFounder, Technology Advisor, Executive VP & Director66
Mr. Barry Joe Bentley Ph.D.Co-Founder & Director59
Mr. Werner Andre CPAChief Financial Officer54
Mr. James LeeChief Operating Officer45
Mr. David R. Shaman J.D.Chief Legal Officer & Secretary59
Mr. Thomas F. TrimbackChief Accounting Officer & Global Controller-
Mr. Julien MoutteChief Technology Officer46
Ms. Ruth SleeterChief 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

  • 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

    Dokument ansehen

via SEC EDGAR

Ertragshistorie

via SEC EDGAR

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