Bentley Systems is a wide-moat infrastructure software company with 137% FCF/NI cash conversion and a 3-quarter beat streak, but a 25.9x forward P/E, an overbought chart and a price above the analyst target leave little margin of safety into earnings in 4 days.
Thesis pillars
- Wide Moat Cash Conversion→Stable
- Earnings Beat Streak↑Improving
- Rich Valuation Target Reached↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 26, 2026
Bentley Systems, Incorporated (BSY) Stock Analysis
Technology · Software - Application
Sell if holding. Analyst target reached at $42.13 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: outside U.S. (59.0%).
Bentley Systems develops infrastructure engineering software across public works/utilities, resources, industrial, and commercial sectors, serving nearly 42,000 accounts in 189 countries. Revenue flows primarily from E365 consumption subscriptions and SELECT perpetual licenses,... Read more
Sell if holding. Analyst target reached at $42.13 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: outside U.S. (59.0%). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.6/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 1d<=7d. Suitability: moderate.
Recent developments
updated Oct 27, 2026Recent Developments — Bentley Systems, Incorporated
Latest news
- NEWS Bentley Systems (NASDAQ:BSY) Stock: Insider Raymond Bentley Sells 16,662 Shares - MarketBeat — MarketBeat Oct 27, 2026 negative
- NEWS Bentley Systems Earnings: What To Look For From BSY - StockStory — StockStory Aug 5, 2026 neutral
- NEWS Bentley Systems Earnings: What To Look For From BSY - TradingView — TradingView Aug 5, 2026 neutral
- NEWS Ahead of Bentley Systems (BSY) Q2 Earnings: Get Ready With Wall Street Estimates for Key Metrics - Yahoo Finance — Yahoo Finance Aug 5, 2026 neutral
- NEWS Ahead of Bentley Systems (BSY) Q2 Earnings: Get Ready With Wall Street Estimates for Key Metrics - finance.yahoo.com — finance.yahoo.com Aug 5, 2026 positive
Latest item Oct 27, 2026 · Generated 2026-11-04T11:49:36Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicoutside U.S.59%10-K Item 1A: 'Approximately 59%, 58%, and 58% of our total revenues were from outside the U.S. for the years ended December 31, 2025, 2024, and 2023, respectively.'
- LOWGeographicAPAC including China18%10-K Item 1A: 'Approximately 18% of our total revenues for the years ended December 31, 2025, 2024, and 2023 relate to infrastructure projects in APAC, including China.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
2 floor-breakers
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $42.13 — A.R:R is negative (-0.3) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: outside U.S. (59.0%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $39.33. Score 5.6/10, moderate confidence.
Analyst target $40.20 reached (−4.6% from $42.13); no take-profit level is published. Prior stop was $39.33. Stop-loss: $39.33.
Concentration risk — Geographic: outside U.S. (59.0%); Analyst target reached - limited upside remaining; Sector modifier (Technology): -0.8.
Bentley Systems, Incorporated trades at a P/E of 46.8 (forward 26.7). TrendMatrix value score: 3.7/10. Verdict: Sell.
21 analysts rate BSY, with a consensus score of 4.0/5. 15 analysts publish price targets averaging $45.
What does Bentley Systems, Incorporated do?Bentley Systems develops infrastructure engineering software across public works/utilities, resources, industrial, and...
Bentley Systems develops infrastructure engineering software across public works/utilities, resources, industrial, and commercial sectors, serving nearly 42,000 accounts in 189 countries. Revenue flows primarily from E365 consumption subscriptions and SELECT perpetual licenses, with direct sales generating approximately 94% of 2025 revenues.