BSY
TechnologyBentley Systems, Incorporated · Software - Application · $10B
What is Bentley Systems, Incorporated?
Bentley Systems is a large-cap technology company focused exclusively on infrastructure engineering software. Its tools serve engineers, architects, and geoscience professionals across roads, rail, utilities, buildings, and subsurface projects worldwide.
Bentley generates revenue by licensing and subscribing infrastructure professionals to a broad portfolio of engineering design, simulation, project delivery, and asset performance software. Customers range from civil and structural engineers to geotechnical specialists working on large-scale public and private infrastructure. The company's subscription-oriented model creates recurring revenue streams tied to ongoing project activity across the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Bentley Systems went public in 2020 and is headquartered in Exton, Pennsylvania.
- Infrastructure design and modeling tools (MicroStation, OpenRoads, OpenRail, OpenBridge)
- Geoprofessional simulation software (Leapfrog, PLAXIS, GeoStudio)
- Project delivery and collaboration platforms (ProjectWise, SYNCHRO)
- Asset and network performance systems (AssetWise suite)
- Industry-specific solutions (OpenUtilities, WaterSight, OpenWindPower)
Is BSY a Good Stock to Buy?
UQS Score rates BSY as Below Average overall.
Among the five pillars, Valuation stands out as the relative bright spot, suggesting the stock is not as stretched as some peers in the infrastructure software space. Quality and Moat both register as Neutral, reflecting a business with defensible niche positioning but no commanding structural advantage that clearly separates it from the broader software sector.
Risk is the weakest pillar in BSY's profile, pointing to meaningful financial or operational vulnerabilities that investors should weigh carefully. Growth also reads as Neutral, indicating the company is not delivering the kind of above-sector expansion that typically justifies premium software valuations.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does BSY pay dividends?
Yes — Bentley Systems, Incorporated pays a dividend.
Bentley Systems pays a regular dividend, which is relatively uncommon among pure-play infrastructure software companies. This signals a degree of cash generation maturity. Investors seeking income alongside software exposure may find this noteworthy, though the dividend should be evaluated alongside the company's elevated Risk pillar rating before drawing conclusions about sustainability.
When does BSY report earnings?
Bentley Systems reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Quarterly results for infrastructure software companies like Bentley tend to reflect subscription renewal cycles and large project activity. Investors should monitor commentary on annual recurring revenue trends and geographic demand shifts, particularly given the company's global footprint.
For the most recent quarter's results and guidance, visit Bentley Systems' investor relations page directly.
BSY Price History
-37.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Bentley Systems, Incorporated?
Based on Bentley Systems, Incorporated's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
BSY Long-term Outlook
BSY's Neutral Growth pillar suggests the company is expanding at a measured pace rather than outpacing the broader software sector. The Weak Risk pillar introduces uncertainty around the trajectory — whether from balance sheet structure, customer concentration, or macro sensitivity to infrastructure spending cycles. The Good Valuation pillar provides some cushion, but the overall Below Average UQS Score reflects a profile where risks are not yet offset by standout growth or quality metrics.
Growth drivers
- Global infrastructure investment cycles supporting demand for engineering software
- Subscription model transition deepening recurring revenue base
- Expansion into subsurface and geoscience workflows via geoprofessional tools
Key risks
- Elevated Risk pillar signals financial or operational vulnerabilities worth monitoring
- Neutral Growth profile limits the upside case relative to higher-rated software peers
- Dependence on large infrastructure project activity, which can be cyclical and government-driven
BSY vs Peers
Bentley Systems operates in a specialized corner of enterprise software, but it competes for capital allocation alongside other technology companies tracked by UQS Score.
The Trade Desk operates in programmatic advertising technology, a fundamentally different end market from infrastructure engineering software, making it a capital-allocation alternative rather than a direct product competitor.
Dynatrace focuses on observability and application performance monitoring for cloud environments, serving IT operations teams rather than infrastructure engineers.
InterDigital is a wireless technology research and licensing company whose revenue model — built on patent royalties — differs significantly from Bentley's subscription software approach.
Frequently Asked Questions
What does Bentley Systems do?
Bentley Systems develops and sells software used by engineers and architects to design, simulate, and manage infrastructure — including roads, rail, bridges, utilities, and subsurface environments. Its tools span the full project lifecycle from initial design through long-term asset management.
Does BSY pay dividends?
Yes, Bentley Systems pays a regular dividend. This is relatively uncommon for a software company of its size and stage. Investors should review the company's investor relations page for the current dividend rate and payment schedule.
When does BSY report earnings?
Bentley Systems follows a standard quarterly earnings cadence for US-listed companies. For the exact timing of upcoming results, check the investor relations section of Bentley's official website.
Is BSY a good stock to buy?
The UQS Score rates BSY as Below Average overall. The Valuation pillar is the relative strength, while the Risk pillar is the most notable concern. Whether BSY fits a portfolio depends on an investor's risk tolerance and time horizon — the full pillar breakdown is available to UQS Pro members.
Is BSY overvalued?
BSY's Valuation pillar is rated Good within the UQS framework, suggesting the stock is not among the most expensive in its peer group. However, valuation alone does not determine attractiveness — the Weak Risk and Neutral Growth pillars are important context. View the complete analysis with a Pro account.
How does BSY compare to its competitors?
UQS Score evaluates BSY alongside other large-cap technology companies. Bentley's niche focus on infrastructure engineering software gives it a specialized user base, but its overall Below Average UQS Score means several peers score more favorably across the five pillars. See side-by-side comparisons on the UQS platform.
What is BSY's market cap bracket?
Bentley Systems is classified as a large-cap company, placing it among the more established publicly traded technology firms. Large-cap status generally implies greater liquidity and institutional coverage compared to smaller peers.
Who founded Bentley Systems?
Bentley Systems was founded by the Bentley family — Keith Bentley and his brothers. The company has deep roots in infrastructure engineering software dating back decades before its 2020 IPO. Publicly available sources provide the full founding history.
Is BSY a long-term quality investment?
As a long-term quality indicator, BSY's UQS Score of Below Average reflects a mixed picture. The company has a defensible niche in infrastructure software, but the Weak Risk pillar and Neutral Growth and Moat ratings suggest it has not yet demonstrated the durable compounding characteristics associated with top-rated long-term holdings.
What is the main competitive advantage of Bentley Systems?
Bentley's primary competitive advantage lies in its deep specialization — its software is purpose-built for infrastructure engineering workflows that general-purpose platforms do not serve well. This creates switching costs among engineering firms that have embedded Bentley tools into long-running project pipelines.
What sector does BSY belong to?
BSY is classified in the Technology sector. More specifically, it operates within enterprise software, serving infrastructure engineering professionals rather than general business or consumer markets. You can explore other [top technology stocks](/sector/technology) rated by UQS Score.
Is BSY a growth stock or value stock?
Based on UQS pillar labels, BSY sits in an in-between position. Its Growth pillar is Neutral — not a high-growth profile — while its Valuation pillar is rated Good, suggesting it is not priced at a steep premium. This combination may appeal to investors seeking moderate-risk software exposure rather than pure growth or deep value.
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Pro Analysis
BSY — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 50.8 | 56.6 | 47.0 | 43.4 | 32.3 | 76.1 | +0.1 |
| May 19, 2026 | 50.7 | 56.6 | 47.0 | 43.4 | 32.3 | 75.4 | -0.1 |
| May 16, 2026 | 50.8 | 56.6 | 47.0 | 43.4 | 32.3 | 76.3 | -0.1 |
| May 15, 2026 | 50.9 | 56.6 | 47.0 | 43.4 | 32.3 | 76.4 | -0.1 |
| May 14, 2026 | 51.0 | 56.6 | 47.0 | 43.4 | 32.3 | 76.9 | +0.1 |
| May 12, 2026 | 50.9 | 56.6 | 47.0 | 43.4 | 32.3 | 76.5 | +0.1 |
| May 11, 2026 | 50.8 | 56.6 | 47.0 | 43.4 | 32.3 | 75.7 | +0.4 |
| May 10, 2026 | 50.4 | 56.5 | 47.0 | 43.4 | 32.3 | 73.1 | +0.4 |
| May 8, 2026 | 50.0 | 56.3 | 47.0 | 43.3 | 32.3 | 71.3 | +0.2 |
| May 7, 2026 | 49.8 | 56.1 | 47.0 | 43.3 | 26.6 | 75.6 | +0.2 |
BSY — Pillar Breakdown
Quality
— 56.6/100 (25%)Bentley Systems, Incorporated shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 43.4/100 (20%)Bentley Systems, Incorporated shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 32.3/100 (15%)Bentley Systems, Incorporated presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 70.0/100 (15%)Bentley Systems, Incorporated trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 47/100 (25%)Bentley Systems, Incorporated possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for BSY.
Score Composition
Financial Data
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How is the BSY UQS Score Calculated?
The UQS (Unified Quality Score) for Bentley Systems, Incorporated is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Bentley Systems, Incorporated's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Bentley Systems, Incorporated is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.