# Bentley Systems, Incorporated Class B Common Stock (BSY) — Stock CV

Bentley Systems, Incorporated is a $10.6B technology company. Revenue grew 12.8% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~2.3 years of free cash flow. It trades at 36.4× earnings — near the lowest of its own history.

> Bentley Systems is a software vendor that caters to civil engineers, constructors, and geospatial professionals by enabling design, simulation, and data management of infrastructure assets such as roads and bridges.

## Identity

- **Ticker**: BSY
- **Sector**: Technology
- **Industry**: Services-Prepackaged Software
- **Headquarters**: EXTON, PA
- **Employees**: 5 800
- **Website**: https://www.bentley.com
- **Market cap**: $10.6B
- **Last price**: $34.97
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $1.60B
- **Net income**: $290M
- **Free cash flow**: $498M
- **Net debt**: $1.13B
- **P/E**: 36.4
- **Revenue growth (YoY)**: 12.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 90 |
| Profitability | 72 |
| Health | 55 |
| Quality | 95 |
| Moat | 74 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +12.8% YoY
- [x] Profitable — $290M TTM
- [x] Profit growing — +16.6% YoY
- [x] Generates cash — $498M TTM
- [x] Debt under control — ~2.3y of cash flow to repay
- [x] Established company — $10.6B market cap
- [ ] Not printing shares — +11.3% shares over ~5y
- [x] Proven track record — 6/6 profitable years
- [x] Financially stable — Altman Z 3.1 — safe
- [x] Pays a dividend — yield 0.80%
- [x] Valuation not extreme — P/E 36.4

## Experience (career milestones)

- **2026** — It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by…
- **2026** — Zurich Insurance Group made an agreed offer to takeover Beazley in a deal valued at £8.1 billion
- **2024** — Beazley Security introduced its portfolio of services, including a new managed extended detection and…
- **FY2023** — Best year on record: $327M net income
- **FY2022** — Revenue crossed $1B: $1.10B for the year
- **FY2020** — Profitable every year on record: 6 consecutive profitable years in our data
- **FY2020** — Positive free cash flow every year since: 6-year streak
- **1986** — Beazley began life in 1986 as Beazley, Furlonge & Hiscox; Hiscox was bought out in 1992 and a full management buyout…

## Strengths

- High gross margin (81.8%)
- Revenue growing 12.8% year over year
- Strong cash conversion — FCF is 31.1% of revenue
- Interest covered 18.6× by operating earnings
- Piotroski F-Score 9/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $965M | $93.2M | $270M |
| FY2022 | $1.10B | $175M | $256M |
| FY2023 | $1.23B | $327M | $392M |
| FY2024 | $1.35B | $235M | $421M |
| FY2025 | $1.50B | $278M | $520M |

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Source: https://stockcv.com/BSY — derived from company filings; may be delayed or incomplete. Information, not investment advice.