BENTLEY SYSTEMS INC(BSY)Stock Analysis
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Rank #332 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
BSY Stock Analysis & AI Quality Score
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 70.1/100 on a 32-signal composite quality model, placing it at rank #332 of 2,879 stocks — the top 25% of the AI-ranked universe. BSY scores in the top quartile across free cash flow (89.1), profitability (85.9), balance sheet strength (84.3). Areas of concern include institutional flow (2.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 26.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), BENTLEY SYSTEMS INC reports quarterly revenue of $424.2M, net income of $95.4M, an operating margin of 29.8%. Top institutional holders of BSY by reported 13-F value include BlackRock,, Swedbank AB, VANGUARD PORTFOLIO MANAGEMENT, 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 70.1 — an improving long-term trajectory across 29 quarterly and live scoring snapshots.
What's Driving BSY's Business? Latest 10-Q Breakdown
AI-extracted from BENTLEY SYSTEMS INC's 10-Q filed 2026-05-07 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Bentley Systems Q1 2026 revenue grew 14.5% to $424.2M on subscription strength; ARR increased to $1.49B with 11.5% constant currency growth.
Biggest Revenue Drivers
Total revenue: $424.2M+14.5% YoY
Growth driven by expansion from existing accounts and 3% growth from new accounts, led by Bentley Open Applications and Seequent applications.
Increase primarily due to strength in Maximo-related work within digital integrator services.
Declined as business model shift toward recurring subscriptions continues.
Largest Expense Items
Increased primarily due to higher headcount-related costs and acquisition-related retention incentives.
Increased due to higher headcount-related costs and promotional spending of $2.4M.
Increased due to higher headcount-related costs and lower capitalizable internal-use software costs.
Increased primarily due to $5.7M rise in cloud-related costs.
Watch Items from the Filing
- Enterprise license subscriptions (E365) represent 46% of total ARR as of March 31, 2026; consumption-based subscriptions with <1 year measurement duration represent 51% of total ARR, creating revenue recognition and annualization estimation risk.
- 2027 Convertible Notes of $575M remain outstanding; company refinanced 2026 maturity of $678M through new Credit Facility borrowings in January 2026, increasing debt leverage.
- Recurring revenues dollar-based net retention rate declined from 110% (March 2025) to 109% (March 2026), indicating slight deceleration in growth from existing accounts.
- Foreign exchange headwind reduced Q1 revenue by $9.3M; EMEA region currency impact significant at $6.4M, highlighting geographic exposure concentration.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$424.2M
Net Income
Q1 2026
$95.4M
Free Cash Flow
Q1 2026
$187.9M
Operating Margin
Q1 2026
29.8%
D/E Ratio
Q1 2026
0.91
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+11.0% YoYNet Income
+18.3% YoYOperating Income
+20.0% YoYEPS (Diluted)
+18.1% YoYTotal Assets
+4.6% YoYTotal Debt
-10.0% YoYOp. Cash Flow
+23.7% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Revenue | $1.50B +11.0% | $1.35B +10.1% | $1.23B +11.8% | $1.10B +13.9% | $965.0M +31.3% | $734.8M |
| Net Income | $277.9M +18.3% | $234.8M -28.2% | $326.8M +86.9% | $174.8M +87.6% | $93.2M -9.6% | $103.1M |
| Operating Income | $362.6M +20.0% | $302.1M +31.1% | $230.5M +10.5% | $208.6M +120.5% | $94.6M -33.3% | $141.9M |
| EPS (Diluted) | $0.85 +18.1% | $0.72 -28.0% | $1.00 +81.8% | $0.55 +83.3% | $0.30 -14.3% | $0.35 |
| Total Assets | $3.56B +4.6% | $3.40B +2.4% | $3.32B +4.9% | $3.17B +19.0% | $2.66B +167.4% | $994.6M |
| Total Debt | $1.25B -10.0% | $1.39B -9.8% | $1.54B -13.8% | $1.79B +23.9% | $1.44B +516.5% | $233.8M |
| Operating Cash Flow | $538.5M +23.7% | $435.3M +4.5% | $416.7M +51.9% | $274.3M -4.8% | $288.0M +68.7% | $170.8M |
AI Insight: BSY Financial Trends
BSY accelerates into Q1 2026 with revenue up 14% year-over-year and debt falling to its lowest level in the observed period at $1,115M.
• Revenue grew from $330M in Q2 2024 to $424M in Q1 2026, a consistent upward trajectory over eight quarters.
• Operating income surged to $126M in Q1 2026 versus $115M in Q1 2025, with op margin expanding meaningfully year-over-year.
• Total debt declined from $1,419M in Q3 2024 to $1,115M in Q1 2026, the lowest level in the dataset, while equity rose to $1,226M.
• Operating cash flow is highly seasonal — Q1 quarters ($219M in Q1 2025, $193M in Q1 2026) dwarf mid-year quarters ($61M–$86M).
⚠ Net income dropped from $91M in Q1 2025 to $70M–$59M range in subsequent quarters, suggesting below-the-line cost pressures.
⚠ Q2 2025 operating cash flow fell to $61M — weakest mid-year print — monitor whether Q2 2026 shows similar seasonal deterioration.
⚠ Debt reduction pace is encouraging; sustaining leverage decline while funding growth investments will be a key inflection to track.
AI Insight: BSY Ratio Trends
ROIC rebounded sharply to 21.6% in Q1 2026 from a trough of 10.1% in Q4 2024, but trailing metrics suggest underlying returns remain below peak levels.
• ROIC surged from 12.9% in Q4 2025 to 21.6% in Q1 2026, recovering toward the Q2 2024 peak of 24.0%.
• Operating margin followed a seasonal pattern, jumping to 29.8% in Q1 2026 from 20.1% in Q4 2025, consistent with Q1 2025's 31.1% print.
• Leverage improved steadily: D/E declined from 1.33 in Q4 2024 to 0.91 in Q1 2026, the lowest observed level.
• TTM net profit margin of 18.1% trails Q1 2026's quarterly 22.5%, reflecting weaker H2 2025 profitability dragging the full-year average.
⚠ Q3 and Q4 2025 ROIC of 13.8% and 12.9% reveal persistent mid-year margin pressure — watch whether H2 2026 repeats this pattern.
⚠ ROE compressed from 33.3% in Q1 2025 to 19.2% by Q3 2025 before recovering; sustainability of the Q1 2026 rebound to 31.1% is unconfirmed.
⚠ Continued D/E reduction toward pre-2024 levels would meaningfully improve financial flexibility — monitor debt repayment cadence.
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Available Research
13F Pro tracks comprehensive data for BENTLEY SYSTEMS INC including:
Top Institutional Holders of BSY
BlackRock, Inc.
$590.2M16,805,246 shSwedbank AB
$316.1M9,000,000 shVANGUARD PORTFOLIO MANAGEMENT LLC
$315.6M8,986,799 shKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC
$247.9M7,059,346 shVANGUARD CAPITAL MANAGEMENT LLC
$231.5M6,591,837 shMORGAN STANLEY
$213.9M6,089,960 shSTATE STREET CORP
$172.7M4,916,736 shARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$167.9M4,781,449 shPictet Asset Management Holding SA
$163.7M4,661,346 shGEODE CAPITAL MANAGEMENT, LLC
$126.0M3,586,899 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $590.2M | 16,805,246 |
| Swedbank AB | $316.1M | 9,000,000 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $315.6M | 8,986,799 |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $247.9M | 7,059,346 |
| VANGUARD CAPITAL MANAGEMENT LLC | $231.5M | 6,591,837 |
| MORGAN STANLEY | $213.9M | 6,089,960 |
| STATE STREET CORP | $172.7M | 4,916,736 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $167.9M | 4,781,449 |
| Pictet Asset Management Holding SA | $163.7M | 4,661,346 |
| GEODE CAPITAL MANAGEMENT, LLC | $126.0M | 3,586,899 |
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Popular Research
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.
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.