Bentley Systems, Incorporated (BSY)
Fair ValueFundamental
75
मूल्य
$32.60
मार्केट कैप
$9.64B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
सेगमेंट के अनुसार राजस्व
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.
प्रतिस्पर्धी बढ़त (Moat)
स्विचिंग कॉस्ट · संकीर्णAn 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.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयA 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.
प्रमुख जोखिम
- 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.
ग्राहक Concentration
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.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 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.
बैलेंस शीट और तरलता
राजस्व
$1.60B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$290M
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$520M
कुल इक्विटी
$1.19B
कुल देनदारियाँ
$2.37B
Current Ratio
0.59
Interest Coverage
19.70
Debt/EBITDA
2.71
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$30.26
वर्तमान मूल्य
$32.60
Margin of Safety
-7.7%
Fair Value सीमा
$19.67 - $40.85
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
35.50
ROE
23.4%
P/B Ratio
7.72
P/FCF
18.62
Gross Margin
81.8%
ROIC
11.5%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
11.5%
WACC
9.1%
ROIC − WACC
+2.4 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (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
फेल (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
अनुपलब्ध (1)
- Dividend Payout NaN%
Piotroski F-Score
मजबूत वित्तीय स्वास्थ्य
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर संख्या स्थिर है
संस्थागत होल्डिंग
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| 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 | - |
Audit जोखिम
2
बोर्ड जोखिम
10
मुआवजा जोखिम
7
शेयरधारक अधिकार जोखिम
10
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
दस्तावेज़
- दस्तावेज़ देखें
वार्षिक रिपोर्ट (10-K)
कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।
दाखिल तिथि: 2026-02-26
- दस्तावेज़ देखें
तिमाही रिपोर्ट (10-Q)
पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।
दाखिल तिथि: 2026-08-06
- दस्तावेज़ देखें
विशेष रिपोर्ट (8-K)
किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।
दाखिल तिथि: 2026-09-11
via SEC EDGAR
आय का इतिहास
via SEC EDGAR
Latest News
Recent headlines for BSY, sourced from Markets Gazette.