Bentley Systems (BSY) concentration risks

The company's concentration profile is geographic, with international markets accounting for the dominant share of revenues and a secondary sub-regional tilt toward APAC. Approximately 59% of total revenues were generated outside the U.S. for the year ended December 31, 2025, a high-share structural exposure that reflects where the company's infrastructure software end-markets and project spending are concentrated globally. The same figure for each of the two prior years was approximately 58%, indicating the international skew is durable rather than a one-year anomaly. Because the character is structural — the company's engineering software is broadly adopted across international infrastructure markets — this exposure is unlikely to shift quickly and its main risk channel is currency translation and broad regional macro cycles rather than any single counterparty. Nested within the international exposure is a more targeted sub-regional concentration: approximately 18% of total revenues for 2025, 2024, and 2023 related to infrastructure projects in APAC, including China. This is a low-share exposure by disclosed size, but its character is also structural, tied to sustained infrastructure investment trends across the region. China-specific regulatory or geopolitical developments represent the principal idiosyncratic risk within that bucket. Together, the two disclosures describe a company whose revenue base is structurally weighted toward non-U.S. markets, with APAC as a meaningful but not dominant sub-segment. There is no disclosed customer or supplier concentration layered on top.

For the engine’s reasoning on BSY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.