Bentley Systems, Incorporated (BSY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-16.5%

$35.98

vs $43.11 price

Levered DCF

$45.41

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.73

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.38×	62.27×	48.77×	64.84×	161.1×	92.07×	85.87×	62.02×
P/B	10.1×	14.13×	18.45×	19.95×	36.11×	34.37×	26.15×	59.34×
P/S	8×	10.87×	13.27×	10.4×	15.31×	14.65×	11.88×	12.65×
EV / EBITDA	30.7×	42.01×	59.99×	43.23×	99.47×	56.48×	52.13×	58.85×
Gross margin	81.5%	80.9%	74.1%	78.4%	77.6%	79.1%	80.4%	81.0%
Operating margin	24.1%	22.3%	18.8%	19.0%	9.8%	18.7%	19.3%	17.5%
Net margin	18.5%	17.4%	26.6%	15.9%	9.7%	15.8%	14.0%	20.5%
Current ratio	0.56×	0.54×	0.55×	0.66×	1.04×	0.73×	0.9×	0.65×
Debt / equity	1.08×	1.37×	1.78×	3.18×	3.64×	0.86×	0.7×	1.76×
Interest coverage	23.67×	12.2×	5.58×	5.95×	8.21×	18.98×	14.58×	12.64×
Dividend yield	0.7%	0.5%	0.4%	0.3%	0.2%	3.6%	0.3%	0.2%
Payout ratio	30.6%	30.7%	18.0%	19.7%	35.8%	334.1%	24.2%	14.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.4%	22.6%	37.0%	30.5%	22.8%	37.0%	30.8%	96.4%
Return on invested capital	11.0%	9.3%	8.9%	7.3%	4.5%	17.0%	19.1%	24.9%
Return on assets	7.8%	6.9%	9.8%	5.5%	3.5%	11.2%	10.4%	15.4%
Free cash flow yield	4.3%	2.9%	2.4%	2.2%	1.8%	2.1%	1.8%	1.6%
Earnings yield	2.3%	1.6%	2.0%	1.5%	0.6%	1.1%	1.2%	1.6%
Enterprise value	$13.2B	$16.1B	$17.8B	$13.2B	$15.9B	$11.9B	$8.9B	$8.9B
Net debt / EBITDA	2.71×	3.56×	5.06×	5.74×	7.24×	0.82×	0.66×	1.17×
Cash conversion cycle (days)	48	61	66	72	61	51	57	74