Bentley Systems Inc

Technology
Computer Software: Prepackaged Software
www.bentley.com

Earnings Score
Moat Score
Safety Score

Market Cap $13.85B
PE 59
Debt $1.40B
Cash $64.01M
EV $15.18B
FCF $421.25M

Earnings

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Sales & Net Margins

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Earnings	$234.43M
EBIT	$310.02M
ROE	23%
ROA	9%
FCF	$421.25M
Equity	$1.04B
Growth Stability	75%
PE	59.06
PEG	2.21
PB	13.3
P/FCF	32.87
P/S	10.23
Price/Cash	0
Debt/Equity	1.34
Debt/FCF	3.32
Net Margins	17%
Gross Margins	81%
Op. Margins	23%
Earnings CAGR	26%
Sales Growth YoY	13%
Sales Growth QoQ	4%
Sales CAGR	13%
FCF CAGR	17%
Equity CAGR	39%
Earnings Stability	0.07
Earnings Growth YoY	-72%
Earnings Growth QoQ	18%
Earnings CAGR 5Y	27%

Sales CAGR 5Y	13%
FCF CAGR 5Y	16%
Equity CAGR 5Y	54%
Earnings CAGR 3Y	10%
Sales CAGR 3Y	10%
FCF CAGR 3Y	23%
Equity CAGR 3Y	39%
Market Cap	$13.85B
Revenue	$1.35B
Dividend Yield	1%
Payout Ratio	31%
Assets	$3.40B
Total Debt	$1.40B
Cash	$64.01M
Shares Outstanding	314.89M
EV	15.18B
Earnings Score	7%
Moat Score	93%
Safety Score	85%
Final Score	62%
Working Capital	-372.26M
Current Ratio	0.54
Gross Profit	$1.10B
Shares Growth 3y	1%
Equity Growth QoQ	1%
Equity Growth YoY	18%

Assets & ROA

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Stockholders Equity & ROE

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Bentley Systems Inc is a provider of software solutions to engineers, architects, geospatial professionals, constructors, and owner-operators for the design, construction, and operations of infrastructure. The software enables digital workflows across engineering disciplines, distributed project teams, from offices to the field, and across computing form factors, including desktops, on-premises servers, cloud-native services, mobile devices, and web browsers. The solutions are delivered via on-premise, cloud, and hybrid environments. Its geographical segments are Americas; Europe, the Middle East, and Africa; and Asia-Pacific.

SEC Filings

Direct access to Bentley Systems Inc (BSY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Bentley Systems Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Bentley Systems Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 26%

Stability 7%

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Bentley Systems Inc Discounted Cash Flow

Fully customizable DCF calculator online for Bentley Systems Inc.

Years

Calculation mode

= $14B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$421M	$493M	$577M	$676M	$791M	$927M	$1.1B	$1.3B	$1.5B	$1.7B	$2B	$20B
DCF		$448M	$477M	$508M	$541M	$575M	$612M	$652M	$694M	$738M	$786M	$7.9B
Value	$14B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	21%	14%	16%	10%	16%	27%	17%	17%
ROA	-	14%	16%	4%	7%	7%	9%	9%
ROE	-	31%	37%	23%	30%	37%	23%	23%

Good Net Margins (17.33%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	1.51	1.01	5.43	7.07	3.97	3.32	3.32
Debt over Equity	-	0.7	0.72	3.59	3.15	1.76	1.34	1.34
Growth Stability	-	-	-	75%	100%	100%	100%	75%

Neutral Debt/FCF ratio (3.32)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (1.34)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (75%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	6%	9%	20%	14%	12%	10%	13%
Earnings YoY growth	-	-27%	23%	-26%	88%	87%	-28%	27%
Equity YoY growth	-	127%	2%	20%	40%	54%	18%	54%
FCF YoY growth	-	8%	57%	11%	-5%	53%	8%	16%