Bentley Systems Inc

Technology
Computer Software: Prepackaged Software
www.bentley.com

Earnings Score
Moat Score
Safety Score

Market Cap $15.25B
PE 42
Debt $1.42B
Cash $72.18M
EV $16.59B
FCF $426.12M

Earnings

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Sales & Net Margins

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Earnings	$364.20M
EBIT	$275.33M
ROE	35%
ROA	8%
FCF	$426.12M
Equity	$1.03B
Growth Stability	75%
PE	41.86
PEG	1.52
PB	14.75
P/FCF	35.78
P/S	11.6
Price/Cash	0
Debt/Equity	1.37
Debt/FCF	3.33
Net Margins	18%
Gross Margins	80%
Op. Margins	21%
Earnings CAGR	27%
Sales Growth YoY	9%
Sales Growth QoQ	1%
Sales CAGR	13%
FCF CAGR	17%
Equity CAGR	40%
Earnings Stability	0.03
Earnings Growth YoY	-20%
Earnings Growth QoQ	-41%
Earnings CAGR 5Y	27%

Sales CAGR 5Y	13%
FCF CAGR 5Y	19%
Equity CAGR 5Y	49%
Earnings CAGR 3Y	11%
Sales CAGR 3Y	11%
FCF CAGR 3Y	23%
Equity CAGR 3Y	41%
Market Cap	$15.25B
Revenue	$1.31B
Dividend Yield	0%
Payout Ratio	19%
Assets	$3.40B
Total Debt	$1.42B
Cash	$72.18M
Shares Outstanding	314.82M
EV	16.59B
Earnings Score	7%
Moat Score	93%
Safety Score	85%
Final Score	61%
Working Capital	-378.41M
Current Ratio	0.52
Gross Profit	$1.06B
Shares Growth 3y	1%
Equity Growth QoQ	5%
Equity Growth YoY	49%

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-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 27%

Stability 3%

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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	$426M	$500M	$586M	$686M	$805M	$943M	$1.1B	$1.3B	$1.5B	$1.8B	$2.1B	$21B
DCF		$454M	$484M	$516M	$550M	$586M	$624M	$665M	$709M	$755M	$805M	$8.1B
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	TTM
Net Margins	21%	14%	16%	10%	16%	27%	18%
ROA	-	14%	16%	4%	7%	7%	8%
ROE	-	31%	37%	23%	30%	37%	35%

Good Net Margins (18.4%)

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	TTM
Debt over FCF	-	1.51	1.01	5.43	7.07	3.97	3.33
Debt over Equity	-	0.7	0.72	3.59	3.15	1.76	1.37
Growth Stability	-	-	-	75%	100%	100%	75%

Neutral Debt/FCF ratio (3.33)

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 (1.37)

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	CAGR 5Y
Revenue YoY growth	-	6%	9%	20%	14%	12%	13%
Earnings YoY growth	-	-27%	23%	-26%	88%	87%	27%
Equity YoY growth	-	127%	2%	20%	40%	54%	49%
FCF YoY growth	-	8%	57%	11%	-5%	53%	19%