Bentley Systems, Incorporated (BSY) Stock Price & How to Invest

Bentley Systems builds the design and asset-management software that civil engineers actually use. Its modeling applications include MicroStation, OpenRoads, OpenBuildings and OpenPlant; its analysis and simulation tools include STAAD, AutoPIPE and Power Line Systems; and its project and asset platforms include ProjectWise, AssetWise and the iTwin digital-twin stack. Add-ons from acquisitions widened that footprint, notably Seequent in geoscience and subsurface modeling and Cesium in open 3D geospatial rendering. Customers are engineering firms, contractors, utilities, mining companies and public agencies, and the software tends to be embedded in workflows that run for years, which is why the company reports a single operating segment and treats recurring revenue as its headline metric.

Financially, Bentley looks like a mature, cash-generative subscription business rather than a growth story. Annualized recurring revenue reached ~$1.54B as of June 30, 2026, up ~12% on a constant-currency basis, with a dollar-based net retention rate of ~109%. Second-quarter revenue was ~$410.7M, up ~12.8%, and first-half revenue was ~$834.9M. Gross margin sits near ~82%, operating margin near ~25%, and free cash flow ran roughly ~$499M over the trailing year. What changed is the price: shares are down roughly ~34% over the trailing twelve months even as revenue grew, compressing the multiple from a premium software rating toward something closer to ~24x forward earnings. Balance-sheet leverage is modest but real, with ~$1.27B of total debt against ~$147M of cash. A dual-class structure keeps voting influence concentrated, with insiders holding roughly ~47% of shares outstanding, and the Nasdaq listing is the Class B common stock (~290.6 million shares as of July 30, 2026) alongside ~11.5 million Class A shares.

The most visible risk is the derating already underway: shares fell roughly ~34% over the trailing year despite double-digit revenue growth, which suggests investors are marking down the durability or the terminal value of vertical engineering software rather than reacting to a missed quarter. Growth is steady but not accelerating, and at ~39x trailing earnings the stock still requires that steadiness to persist. Leverage is a secondary concern, with ~$1.27B of total debt against ~$147M of cash and a current ratio near ~0.59, so a sharp downturn in infrastructure budgets would be felt. Governance is concentrated: the listed Class B shares sit alongside a Class A class and insider ownership of roughly ~47%, meaning outside holders have limited influence over strategy or any future transaction. On legal matters, Bentley's Form 10-Q for the quarter ended June 30, 2026 states that the company does not believe it has any material litigation pending against it, and Schneider Electric's exploratory acquisition talks were mutually terminated in 2024 without a transaction, so no deal is outstanding today.

15 analysts publish price targets on BSY, averaging $44.47 against a $35.31 price as of August 2026, or +25.9%. The published targets run from $40.00 to $59.00, a moderate spread, and the ratings split 13 buy, 4 hold, 0 sell. Over the last six months there have been 3 raises and 6 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full BSY forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Bentley Systems, Incorporated. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Infrastructure spending that is legislated, not cyclical. Bentley's demand base is roads, bridges, water systems, transmission lines and mines, categories funded by multi-year public programs and regulated utility capital plans rather than quarterly corporate budgets. The most optimistic published target, $59.00, assumes this works close to its best case.

The case against. The most visible risk is the derating already underway: shares fell roughly ~34% over the trailing year despite double-digit revenue growth, which suggests investors are marking down the durability or the terminal value of vertical engineering software rather than reacting to a missed quarter. The most pessimistic target, $40.00, is roughly what BSY is worth if this bites instead.

Read the full bull and bear case on BSY, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Bentley Systems, Incorporated's investor relations page or your broker.

• Revenue (TTM): ~$1.60B, up ~12.8%
• Net income (TTM): ~$290M, EPS ~$0.91
• Annualized recurring revenue: ~$1.54B as of June 30, 2026, ~12% constant-currency growth
• Market cap: ~$11.0B
• Valuation: ~39x trailing earnings, ~24x forward, ~27.5x EV/EBITDA
• Free cash flow / balance sheet: ~$499M FCF; ~$1.27B debt vs ~$147M cash

Bentley converts revenue to cash unusually well for its size, with ~82% gross margin and free cash flow running above reported net income. Valuation is the moving part: a ~34% decline over the trailing year has taken the forward multiple to roughly ~24x while the underlying business kept compounding in the low teens. Whether that gap reflects a bargain or a correct reassessment of software durability is the question the price is asking.

Other names that sit close to BSY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get BSY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BSY sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where BSY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Bentley pairs an unusually durable niche in infrastructure engineering software with a valuation that has already come down hard, so the debate is about growth durability rather than business quality.

Whether BSY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BSY a buy or a sell?, and where the stock could go from here in the BSY stock forecast.

For income investors, whether BSY pays a dividend and how the payout looks is covered in does BSY pay a dividend? And to weigh BSY against a peer, read the full side-by-side comparisons: BSY vs ADSK and BSY vs TRMB.