# Bentley Systems, Incorporated (BSY)

> Source: Nexqual · https://nexqual.com/BSY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bentley Systems, Incorporated (BSY), nexqual.com/BSY" · informational, not investment advice.

**Price:** USD 39.41 (+2.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 39.41 · day 38.52–39.68 · 52w 28.08–52.39 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.60B, net income $290M (18.1% margin), free cash flow $498M (SEC filings).
- 1 of 80 tracked superinvestors hold BSY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 44.27 (range 40–59).
- Total return with dividends: 1Y -22.6% vs S&P 500 +14.9%; 5Y -31.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.33, revenue estimate $421M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $965M | $1.10B | $1.23B | $1.35B | $1.50B | $1.60B |
| Gross profit | $749M | $862M | $962M | $1.10B | $1.22B | — |
| Operating income | $94.6M | $209M | $231M | $302M | $363M | $378M |
| Net income | $93.2M | $175M | $327M | $235M | $278M | $290M |
| EPS (diluted) | $0.30 | $0.55 | $1.00 | $0.72 | $0.85 | — |
| Free cash flow | $270M | $256M | $392M | $421M | $520M | $498M |
| Gross margin | 77.6% | 78.4% | 78.3% | 80.9% | 81.5% | — |
| Operating margin | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% | 23.6% |
| Net margin | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% | 18.1% |
| Revenue growth | +20.4% | +13.9% | +11.8% | +10.1% | +11.0% | — |
| Cash + short-term investments | $329M | $71.7M | $68.4M | $64.0M | $123M | — |
| Total debt | $1.44B | $1.78B | $1.53B | $1.39B | $1.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 45.8x, Dec 2024 66.4x, Dec 2023 53.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BSY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.27% | $29.0M | Added +310.8% |

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 44.27 (low 40, high 59).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target raised | Overweight | $37 → $42 |
| 2026-09-15 | Cantor Fitzgerald | Initiated | Overweight | $37 |
| 2026-08-10 | Rosenblatt | Maintained | Buy | $50 |
| 2026-08-07 | Piper Sandler | Maintained | Overweight | $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -22.6% | -31.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -22.7% | -7.3% |
| Volatility (annualized) | 41.0% | 35.0% |
| Max drawdown | -45.3% (Oct 2025→Jun 2026) | -49.5% (Jul 2025→Jun 2026) |

## Peers (Software - Application)
GRAB (Grab Holdings Limited) USD 2.85 +1.06% · CHYM (Chime Financial, Inc.) USD 30.16 -0.69% · PAYC (Paycom Software, Inc.) USD 272.61 +4.44% · FROG (JFrog Ltd.) USD 93.89 -2.50% · FIG (Figma, Inc.) USD 24.1 +4.87% · HUBS (HubSpot, Inc.) USD 267.19 +6.92%

## More
Full page: https://nexqual.com/BSY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.33 | $0.34 | -2.3% | $420.5M | 14 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.35 | -2.7% | $439.2M | 14 |
| Current fiscal year (ends 2026-12-31) | $1.39 | $1.38 | +0.9% | $1.70B | 16 |
| Next fiscal year (ends 2027-12-31) | $1.58 | $1.58 | -0.2% | $1.87B | 16 |