Bentley Systems Inc. (BSY) intrinsic value & 10-year financials
Bentley Systems Inc. (BSY) has a Graham intrinsic value of $17.97 per share. At $35.37 on Oct 17, 2026, the stock trades 97% above that value. Over the last 9 fiscal years revenue grew 11.7% a year to $1.5B, with an average return on invested capital of 27.9%.
- Graham intrinsic value
- $17.97
- Share price (Oct 17, 2026)
- $35.37
- Price vs Graham value
- 97% above
- Market cap
- $11.8B
- Revenue (FY2025)
- $1.5B
- Revenue growth (9-yr CAGR)
- 11.7%
- ROIC (10-yr avg)
- 27.9%
- Free cash flow (FY2025)
- $520.2M
BSY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | $277.9M | $0.85 | $520.2M | 24.1% | 12.1% |
| FY2024 | $1.4B | $234.8M | $0.72 | $421.2M | 22.3% | 10.1% |
| FY2023 | $1.2B | $326.8M | $1.00 | $391.7M | 18.8% | 9.8% |
| FY2022 | $1.1B | $174.8M | $0.55 | $255.8M | 19.0% | 9.6% |
| FY2021 | $965.0M | $93.2M | $0.30 | $270.5M | 9.8% | 9.2% |
| FY2020 | $801.5M | $126.5M | $0.42 | $242.8M | 18.7% | 24.4% |
| FY2019 | $736.7M | $103.1M | $0.35 | $155.0M | 19.3% | 25.8% |
| FY2018 | $691.7M | $142.1M | $0.49 | $142.8M | 17.5% | 121.6% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BENTLEY SYSTEMS INC revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
BENTLEY SYSTEMS INC returns on capital have been average, hovering around 14.4% ROIC over the decade.
BENTLEY SYSTEMS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BENTLEY SYSTEMS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.97 per share.