Bentley Systems, Incorporated (BSY)
Valor JustoFundamental
75
Precio
$32.60
Capitalización Bursátil
$9.64B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Ingresos por segmento
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.
Ventaja competitiva
Costes de cambio · EstrechaAn 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.
Qué impulsa la demanda
Moderadamente cíclicoA 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.
Riesgos clave
- 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.
Concentración de clientes
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.
Los argumentos a favor
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.
Los argumentos en contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 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.
Balance y Liquidez
Ingresos
$1.60B
Últimos 12 meses (hasta 30/6/2026)
Beneficio Neto
$290M
Últimos 12 meses (hasta 30/6/2026)
Flujo de Caja Libre
$520M
Patrimonio Neto Total
$1.19B
Pasivo Total
$2.37B
Ratio de Liquidez
0.59
Cobertura de Intereses
19.70
Deuda/EBITDA
2.71
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$30.26
Precio Actual
$32.60
Margen de Seguridad
-7.7%
Rango de Valor Justo
$19.67 - $40.85
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
35.50
ROE
23.4%
Ratio P/B
7.72
P/FCF
18.62
Margen Bruto
81.8%
ROIC
11.5%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
11.5%
WACC
9.1%
ROIC − WACC
+2.4 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (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
Fallido (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
No disponible (1)
- Dividend Payout NaN%
Piotroski F-Score
Solidez financiera fuerte
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
El número de acciones es estable
Participaciones institucionales
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| 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 | - |
Riesgo de Auditoría
2
Riesgo del Consejo
10
Riesgo de Compensación
7
Riesgo de Derechos del Accionista
10
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Documentos
- Ver documento
Informe anual (10-K)
Un resumen anual del negocio, los resultados financieros y los riesgos de la empresa.
Presentado el 2026-02-26
- Ver documento
Informe trimestral (10-Q)
Una actualización del desempeño financiero de los últimos tres meses.
Presentado el 2026-08-06
- Ver documento
Informe de hecho relevante (8-K)
Un aviso sobre un hecho relevante, como un cambio de dirección o un anuncio importante.
Presentado el 2026-09-11
via SEC EDGAR
Historial de Resultados
via SEC EDGAR
Latest News
Recent headlines for BSY, sourced from Markets Gazette.