Fact based stock research
Bentley Systems (NasdaqGS:BSY)

US08265T2087

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Bentley Systems stock research in summary

bentley.com

ANALYSIS: With an Obermatt Combined Rank of 40 (worse than 60% compared with investment alternatives), Bentley Systems (Application Software, USA) shares have somewhat below-average financial characteristics compared with similar stocks. Shares of Bentley Systems are low in value (priced high) with a consolidated Value Rank of 25 (worse than 75% of alternatives), and are riskily financed (Safety Rank of 22, which means above-average debt burdens) but show above-average growth (Growth Rank of 95). ...read more

RECOMMENDATION: A Combined Rank of 40, is a hold recommendation based on Bentley Systems's financial characteristics. As the company Bentley Systems shows low value with an Obermatt Value Rank of 25 (75% of comparable investments are less expensive), investors should look at the other ranks. In this case, growth is expected to be above-average, better than 95% of comparable companies (Obermatt Growth Rank is 95). This is a typical case. Companies with above average growth tend to cost more than stocks with slower growth expectations. If this is a high-growth company, the low Obermatt Safety Rank of 22 is a good sign. The more debt a well-performing company has, the higher the returns to shareholders. However, if growth turns negative or interest rates increase, high debt may become a burden. If you believe the future is bright for Bentley Systems, even a low-value company (in terms of its key financial indicators) can be a good investment. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	25
Growth Rank	95
Safety Rank	22
Combined Rank	40

Country	USA
Industry	Application Software
Index	Dividends USA, Employee Focus US, NASDAQ
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Bentley Systems

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	41	28	40	25
GROWTH
GROWTH	49	39	74	95
SAFETY
SAFETY	51	17	18	22
SENTIMENT
SENTIMENT	9	87	84	^new
360° VIEW
360° VIEW	13	30	55	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Bentley Systems is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	41	28	40	25
GROWTH
GROWTH	49	39	74	95
SAFETY
SAFETY	51	17	18	22
COMBINED
COMBINED	34	4	35	40

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Bentley Systems the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 25 (worse than 75% compared with alternatives), Bentley Systems shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with three out of four indicators below average for Bentley Systems. Only the metric dividend yield has an above-average rank, reflecting that dividend practices are expected to be higher than 85% of comparable companies, making the stock an attractive buy for dividend investors. However, dividend investors may get disappointed because all other critical financial indicators are below the market median: Price-to-Sales is 10 which means that the stock price compared with what market professionals expect for future profits is higher than 90% of comparable companies, indicating a low value concerning Bentley Systems's sales levels. The same is valid for Price-to-Profit (also referred to as price-earnings, P/E) with a rank of 12 which means that the stock price compared with what market professionals expect for future profit levels is higher than 88% of comparable companies. In addition, Price-to-Book (also referred to as market-to-book ratio) with a Price-to-Book Rank of 21 is also low. Compared with invested capital, the stock price is higher than for 79% of comparable investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 25, is a hold recommendation based on Bentley Systems's stock price compared with the company's operational size and dividend yields. Should dividend investors pick Bentley Systems? The company-reported financials speak against it. The company is expensive compared with revenue and invested capital levels, two reliable company size indicators. In addition, it currently has a low level of profits. How can future dividends be paid in the case that profits remain low? Dividend investors should choose Bentley Systems only if they reasonably expect the low current profit levels to be transitory. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	27	7	13	10
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	33	22	22	12
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	8	43	38	21
DIVIDEND YIELD
DIVIDEND YIELD	87	81	90	85
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	41	28	40	25

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Bentley Systems; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 95 (better than 95% compared with alternatives) for 2025, Bentley Systems shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all four indicators above average for Bentley Systems. Sales Growth has a value of 65, which means that, currently, professionals expect the company to grow more than 65% of its competitors. The same is valid for Profit Growth with a value of 53 and for Capital Growth with 83. In addition, Stock Returns had an above-average rank value of 81, which means they have been higher than 81% of comparable investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 95, is a buy recommendation for growth and momentum investors. Since all Growth Ranks are positive, Bentley Systems exhibits above-average growth momentum. This could be due to a uniquely strong market position, proprietary technology, or an extensive corporate acquisition strategy. Growth investors will find this an attractive investment opportunity, unless they expect that the current phase is transitory and will deteriorate in the future. The current performance could also be a temporary recovery from a very low point, such as a turn-around situation. In the case of a turn-around, the current performance may or may not be followed by a continuing positive development. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	28	67	63	65
PROFIT GROWTH
PROFIT GROWTH	68	25	53	53
CAPITAL GROWTH
CAPITAL GROWTH	66	15	83	83
STOCK RETURNS
STOCK RETURNS	41	63	37	81
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	49	39	74	95

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Bentley Systems.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 22 (better than 22% compared with alternatives), the company Bentley Systems has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Bentley Systems is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for Bentley Systems. Liquidity is at 69, meaning the company generates more profit to service its debt than 69% of its competitors. This indicates that the company is safer when it comes to debt service. But Refinancing is riskier at a rank of 14, which means that the portion of the debt that is about to be refinanced is above average. It has more debt in the refinancing stage than 86% of its competitors. Leverage is also high at a rank of 21, which means that the company has an above-average debt-to-equity ratio. It has more debt than 79% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 22 (worse than 78% compared with alternatives), Bentley Systems has a financing structure that is significantly riskier than that of its competitors. High Leverage (a low Obermatt Leverage Rank) is good in good times, because it usually indicates that shareholders get higher returns. The good Liquidity performance of the company is an indicator that this is the case. However, if you expect an economic downturn, you may stay clear of this stock because they have an above-average debt level that needs refinancing soon. If the company is sailing with good winds, as may be visible from the Growth and Sentiment performance, the refinancing risk may be lower than the low Refinancing rank suggests. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	41	10	14	21
REFINANCING
REFINANCING	13	13	16	14
LIQUIDITY
LIQUIDITY	95	75	88	69
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	51	17	18	22

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Bentley Systems and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	53	85	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	74	54	^new
PRO HOLDINGS
PRO HOLDINGS	35	83	78	^new
MARKET PULSE
MARKET PULSE	36	69	45	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	9	87	84	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Bentley Systems.
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