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Bentley Systems, Incorporated
NASDAQ: BSY Technology IT 🔎 Screen
$11.7B
Market Cap
44.9
P/E
2.38
PEG
12.1%
ROCE
24.9%
ROE
1.07
D/E
24.2%
OPM
-33.3%
% from 52W High
27
α RS
🔍 BSY is showing a high-conviction setup because it matches 8 of 37 tracked screener presets and an ECS of 53.8 last quarter. Net: Partial signal stack, not a recommendation. ? Conviction ECS
Sources
Conviction 8/37 · ECS 53.8
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🌏 Global Investor Returns
Currency-adjusted total returns for BSY including FX impact
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📈 Price History
Ratio Health
Excellent
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By Category
📊 Sector Averages
About

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding BSY
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 797.6K $28.0M 0.04% Mar 2026
Jim Simons Renaissance Technologies LLC 487.1K $17.1M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED Bentley Systems Q1 ARR $1.5B, up 11.5%; AI-driven API consumption and mining growth lead.
Revenue & Profitability
Q1 2026 total revenues: $424M (14.5% YoY, 11.9% constant currency). GAAP operating income: $126M. Adjusted operating income less operating SBC: $141M (33.2% margin). Free cash flow: $188M. ARR at quarter-end: $1.495B, constant currency growth 11.5% YoY. Net revenue retention 109%, account retention 99%.
Outlook
Management sees sustained global demand for infrastructure and resources, with tailwinds from AI-driven data centers and power generation, and mining for critical minerals. Geopolitical headwinds include tensions in China and the Middle East. FX rates slightly negative: $2M revenue impact in Q1, potential $3M more for rest of year. Full-year ARR growth expected stable around 11.5%, with potential for higher end if mining and acquisitions continue.
Growth Drivers
Key growth levers: Seequent mining business (fastest-growing sector, accelerated in 2025 and strong Q1 2026), AI API consumption (new commercial model for indirect usage of engineering applications), E365 enterprise conversions/upsell, and Virtuoso SMB (600+ new logos in Q1 plus cross-selling). Geographically, EMEA fastest-growing, India strong, Latin America standout. Resources sector now >20% of sector-attributable ARR.
Balance Sheet & CapEx
Not discussed as CapEx guidance. Capital allocation in Q1: $54M share repurchases, $21M dividends. Repaid $678M convertible notes using credit facility and cash. Closed new $550M term loan post-quarter to reduce revolver borrowings and interest cost. Total credit facility capacity now $1.85B. No specific CapEx plans mentioned.
Margins
Adjusted operating income less operating SBC margin of 33.2% in Q1, in line with expectations. Gross margins could be impacted by AI computing costs, but this will be factored into monetization. Operating expenses more weighted to first half of 2026 compared to 2025, affecting near-term margins. Full-year margin improvement expected as per guidance.
Key Risks
Geopolitical tensions: China (~2% of ARR) remains limited; Middle East conflict caused project delays and consumption shifts. FX headwinds: $2M revenue impact in Q1, additional $3M possible if rates persist. SMB churn: Virtuoso base scale creates a natural dollar churn to overcome each period. Data stewardship and trust are critical; loss of trust could reduce platform adoption.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 2026 delivered 12.8% revenue growth and 12% ARR growth, led by strong demand in resources and utilities, robust AI adoption, and disciplined capital allocation. Free cash flow and margins remain on track for full-year guidance, with AI monetization expected in 2027.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 saw strong revenue and ARR growth, driven by robust demand in infrastructure and resources, especially mining. AI initiatives and disciplined capital allocation support a positive outlook, with stable retention rates and expanding sector opportunities.
Q4 2025 Q4 2025 2026-02-26
Delivered strong 2025 results with 11% revenue growth and robust ARR, driven by subscription and asset analytics. 2026 outlook projects continued double-digit growth, margin expansion, and strong cash flow, with AI and acquisitions as key growth levers.
Q3 2025 Q3 2025 2025-11-05
Q3 results met expectations with 12% revenue growth and strong subscription momentum. AI innovation and cloud integration are driving productivity, while robust renewals and asset analytics deals are expected to boost Q4 ARR growth.
Q2 2025 Q2 2025 2025-08-06
Q2 2025 saw double-digit revenue and ARR growth, margin expansion, and strong free cash flow, with robust performance across SMB and resources sectors. Integration of Cesium and AI initiatives are advancing, and full-year guidance was raised, supported by favorable market and policy trends.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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