What is the 13F Pro Quality Score for BSY?

13F Pro ranks BENTLEY SYSTEMS INC (BSY) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View BSY's current score at https://13fpro.ai/company/BSY (free sign-up required for the full ranking).

Which hedge funds own the most BSY stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of BSY include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, NORGES BANK. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/BSY as soon as new 13F filings post.

Where does 13F Pro source BSY data?

All BENTLEY SYSTEMS INC fundamentals and ownership data come directly from SEC EDGAR. BENTLEY SYSTEMS INC files with the SEC under CIK 1031308. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is BSY in?

BENTLEY SYSTEMS INC (BSY) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives BSY's revenue?

Per BENTLEY SYSTEMS INC's latest 10-Q filed with the SEC on 2026-08-06, the biggest revenue drivers are: Subscriptions ($378.6M, +13.6% YoY); Services ($22.4M, +9.4% YoY); Perpetual licenses ($9.7M, -4.8% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/BSY.

What are BSY's largest expenses?

BENTLEY SYSTEMS INC's latest 10-Q reports these as the largest expense items: General and administrative ($65.2M, +30.8% YoY); Selling and marketing ($80.9M, +15.7% YoY); Research and development ($82.1M, +8.9% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is BSY research updated on 13F Pro?

BSY's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

BENTLEY SYSTEMS INC(BSY)Stock Analysis

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13F Pro Quality Score

67.9/100

Rank #339 of 2,961 stocksTOP 25%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

66.0/100

Profitability

77.2/100

Balance Sheet

81.5/100

Earnings Quality

66.0/100

Free Cash Flow

84.9/100

Institutional Flow

52.4/100

Revenue Scale

59.3/100

Dilution Risk

25.3/100

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Why BSY Scores 68/100

exact factor attribution · 2026-09-11

BSY's composite is driven by free cash flow and profitability, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Free cash flow

+5.2 pts

85th pct

Profitability

+4.1 pts

77th pct

Revenue growth

+3.2 pts

66th pct

Capital efficiency

+3.1 pts

82th pct

Earnings quality

+1.6 pts

66th pct

Scale

+1.4 pts

59th pct

Earnings growth

+0.4 pts

58th pct

Institutional flow

+0.1 pts

52th pct

Shareholder dilution

-1.2 pts

25th pct

Latest change (2026-08-08): 70 → 65 · ↓ Revenue growth 67→54; ↓ Earnings growth 69→48

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

BSY Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for BENTLEY SYSTEMS INC (BSY), a Technology sector company. 13F Pro's AI-powered ranking engine scores BSY at 67.9/100 on a 32-signal composite quality model, placing it at rank #339 of 2,961 stocks — the top 25% of the AI-ranked universe. BSY scores in the top quartile across free cash flow (84.9), balance sheet strength (81.5), profitability (77.2). Shareholder dilution risk is elevated at 25.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BENTLEY SYSTEMS INC reports quarterly revenue of $410.7M, net income of $78.6M, an operating margin of 21.6%. Top institutional holders of BSY by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, NORGES BANK, based on the most recent SEC filings. BSY trades on the Nasdaq exchange and files with the SEC under CIK 1031308. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BSY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BENTLEY SYSTEMS INC directly from SEC EDGAR. BENTLEY SYSTEMS INC's 13F Pro composite quality score has ranged between 52 and 76 since 2021, currently 67.9 — an improving long-term trajectory across 67 quarterly and live scoring snapshots.

What's Driving BSY's Business? Latest 10-Q Breakdown

✓ 29/29 datapoints verified

AI-extracted from BENTLEY SYSTEMS INC's 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue rose 12.8% YoY to $410.7M, led by 13.6% growth in subscriptions revenue, while ARR reached $1.54B and net retention held at 109%.

Biggest Revenue Drivers

Subscriptions$378.6M+13.6% YoY

Driven by expansion from existing accounts and 3% growth from new accounts, led by Bentley Open Applications and Seequent applications.

Services$22.4M+9.4% YoY

Primarily due to strength in Maximo-related work within the digital integrator business.

Biggest Revenue Drivers

Total revenue: $410.7M+12.8% YoY

Subscriptions$378.6M+13.6% YoY

Driven by expansion from existing accounts and 3% growth from new accounts, led by Bentley Open Applications and Seequent applications.

Within Subscriptions

Enterprise subscriptions (E365)$169.2M

Primarily attributable to Enterprise 365 (E365) subscriptions of $168.7M.

Term license subscriptions$143.2M

Term license component of subscription-based commercial offerings.

Services$22.4M+9.4% YoY

Primarily due to strength in Maximo-related work within the digital integrator business.

Perpetual licenses$9.7M-4.8% YoY

Continued decline as customers shift toward subscription-based offerings.

Largest Expense Items

General and administrative$65.2M+30.8% YoY

Higher headcount-related costs, plus new enterprise-wide administrative platform costs including non-recurring audit and implementation costs.

Selling and marketing$80.9M+15.7% YoY

Increase in headcount-related costs and higher promotional costs.

Research and development$82.1M+8.9% YoY

Increase in headcount-related costs mainly due to higher annual and other compensation costs.

Total cost of revenues$74.0M+7.6% YoY

Increase in cloud-related costs for subscriptions and licenses, partly offset by lower services headcount costs.

Margins: Gross profit grew to $336.7M (~82% margin) but operating margin compressed slightly as operating expenses grew 17.7% YoY, outpacing revenue growth, driven largely by G&A costs tied to the new ERP platform go-live and non-recurring implementation costs.

Watch Items from the Filing

Effective tax rate rose to 17.5% from 11.2% YoY, driven by a decrease in discrete tax benefits related to stock-based compensation.
Interest expense, net increased 158.7% YoY to $9.1M following the January 2026 repayment of low-coupon (0.125%) convertible notes and issuance of a new $550M Term Loan.
G&A expenses jumped 30.8% YoY partly due to non-recurring costs (~$2.2M) tied to the new enterprise administrative platform go-live in Q2 2026.
Recurring revenues dollar-based net retention rate held at 109% and account retention rate at 99%, consistent with the prior year.
Channel partners accounted for 6% of total revenue in both the current and prior-year quarters, indicating limited channel concentration risk.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$410.7M

Net Income

Q2 2026

$78.6M

Free Cash Flow

Q2 2026

$63.8M

Operating Margin

Q2 2026

21.6%

ROIC

Q2 2026

14.6%

D/E Ratio

Q2 2026

1.02

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+11.0% YoY

$1.50BFY 2025

FY22 $1.10BFY23 $1.23BFY24 $1.35BFY25 $1.50B

Net Income

+18.3% YoY

$277.9MFY 2025

FY22 $174.8MFY23 $326.8MFY24 $234.8MFY25 $277.9M

Operating Income

+20.0% YoY

$362.6MFY 2025

FY22 $208.6MFY23 $230.5MFY24 $302.1MFY25 $362.6M

EPS (Diluted)

+18.1% YoY

$0.85FY 2025

FY22 $0.55FY23 $1.00FY24 $0.72FY25 $0.85

Total Assets

+4.6% YoY

$3.56BFY 2025

FY22 $3.17BFY23 $3.32BFY24 $3.40BFY25 $3.56B

Total Debt

-10.0% YoY

$1.25BFY 2025

FY22 $1.79BFY23 $1.54BFY24 $1.39BFY25 $1.25B

Op. Cash Flow

+23.7% YoY

$538.5MFY 2025

FY22 $274.3MFY23 $416.7MFY24 $435.3MFY25 $538.5M

Free Cash Flow

+23.5% YoY

$520.2MFY 2025

FY22 $255.8MFY23 $391.7MFY24 $421.2MFY25 $520.2M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.50B +11.0%	$1.35B +10.1%	$1.23B +11.8%	$1.10B +13.9%	$965.0M +20.4%	$801.5M
Net Income	$277.9M +18.3%	$234.8M -28.2%	$326.8M +87.0%	$174.8M +87.5%	$93.2M -26.3%	$126.5M
Operating Income	$362.6M +20.0%	$302.1M +31.1%	$230.5M +10.5%	$208.6M +120.5%	$94.6M -37.0%	$150.2M
EPS (Diluted)	$0.85 +18.1%	$0.72 -28.0%	$1.00 +81.8%	$0.55 +83.3%	$0.30 -28.6%	$0.42
Total Assets	$3.56B +4.6%	$3.40B +2.4%	$3.32B +4.9%	$3.17B +19.0%	$2.66B +136.2%	$1.13B
Total Debt	$1.25B -10.0%	$1.39B -9.8%	$1.54B -13.8%	$1.79B +23.9%	$1.44B +485.8%	$246.0M
Operating Cash Flow	$538.5M +23.7%	$435.3M +4.5%	$416.7M +51.9%	$274.3M -4.8%	$288.0M +11.5%	$258.3M
Free Cash Flow	$520.2M +23.5%	$421.2M +7.5%	$391.7M +53.1%	$255.8M -5.4%	$270.5M +11.8%	$241.9M

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Available Research

13F Pro tracks comprehensive data for BENTLEY SYSTEMS INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of BSY

BlackRock, Inc.
$480.3M16,067,886 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$284.0M9,501,795 sh
NORGES BANK
$283.4M9,480,213 sh
Swedbank AB
$269.0M9,000,000 sh
T. Rowe Price Investment Management, Inc.
$224.0M7,495,389 sh
VANGUARD CAPITAL MANAGEMENT LLC
$212.7M7,116,220 sh
MORGAN STANLEY
$180.1M6,027,027 sh
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC
$177.6M5,942,507 sh
STATE STREET CORP
$150.5M5,036,633 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$147.6M4,937,116 sh

Fund	Value	Shares
BlackRock, Inc.	$480.3M	16,067,886
VANGUARD PORTFOLIO MANAGEMENT LLC	$284.0M	9,501,795
NORGES BANK	$283.4M	9,480,213
Swedbank AB	$269.0M	9,000,000
T. Rowe Price Investment Management, Inc.	$224.0M	7,495,389
VANGUARD CAPITAL MANAGEMENT LLC	$212.7M	7,116,220
MORGAN STANLEY	$180.1M	6,027,027
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	$177.6M	5,942,507
STATE STREET CORP	$150.5M	5,036,633
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$147.6M	4,937,116

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Is BSY a good stock to buy?

13F Pro's AI-powered analysis of BENTLEY SYSTEMS INC (BSY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BSY are available on the BSY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. BSY is classified as a large company.

Which hedge funds own BSY?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BSY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of BENTLEY SYSTEMS INC's investment landscape.