Bentley Systems, Incorporated Class B (BSY)

Over the past six months, Bentley Systems' stock price has been impacted by several events. In Q3 2025, the company delivered solid results with ARR growth of 10.5% and a net revenue retention rate of 109%. Bentley Systems unveiled new infrastructure AI capabilities at its Year in Infrastructure 2025 conference. Bentley Systems reported Q4 CY2025 results exceeding revenue expectations, with sales up 11.9% year-on-year to $391.6 million, and announced a 2026 guidance calling for 10.5%-12.5% ARR growth. Piper Sandler lowered its price target on BSY to $42 from $45, while maintaining a Neutral rating. BSY has underperformed the market in the last year with a price return of -13.2% compared to the SPY ETF's +13.1%.

Demand for Bentley Systems' products and services exhibits low seasonality due to its subscription-based business model. Subscriptions account for a significant portion of the company's annual revenue, ensuring predictable and stable demand. The company's ARR has shown consistent growth, averaging 12.3% year-on-year increases over the last four quarters of 2025. Furthermore, there is steady demand for infrastructure projects in the U.S., and global infrastructure investment continues to support momentum. Bentley's net revenue retention rate of 109% in Q4 2025 indicates that existing customers tend to remain and increase their spending over time, contributing to stable demand.

Bentley Systems, Inc. is a U.S.-based software development company specializing in infrastructure engineering software solutions globally, operating within the computer software industry, focusing on vertical software and SaaS for the AEC and operations sectors. Bentley's software aids in the design, construction, and operation of infrastructure projects across various sectors. Major products and platforms include Open Modeling Applications, Open Simulation Applications, Geoprofessional Applications, Infrastructure Cloud Applications, and Digital Twin Platforms like the iTwin Platform and Cesium. Bentley also offers Enterprise 365 (E365) and traditional perpetual licenses with annual maintenance subscriptions.

Bentley Systems has a significant global presence, with its headquarters in Exton, Pennsylvania, U.S. The company has development, sales, and other departments in over 50 countries and generated revenue in 189 countries in 2024. In 2025, 59% of its revenue came from outside the U.S. It has offices across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, including locations in Australia, China, India, Indonesia, Kingdom of Saudi Arabia, United Arab Emirates, South Africa, Pakistan, Philippines, and Singapore.

Bentley Systems maintains a strong brand reputation, particularly within the infrastructure engineering software sector, and is recognized for pioneering the concept of digital twins. Bentley Systems hosts the annual "Year in Infrastructure" event and YII Awards program, which recognizes digital innovation in infrastructure. Bentley is actively investing in artificial intelligence and machine learning, integrating AI into its software. The company's direct sales approach and flexible subscriptions support a diverse, international client base, further solidifying its reputation.

Bentley Systems' ownership structure includes institutional, insider, and retail investors. As of March 23, 2026, Bentley Systems had 605 institutional owners holding a total of 147,541,665 shares. Insiders, including the Bentley family, retain a significant holding in the company. Retail investors hold a substantial portion of the company's stock.