Bentley Systems (BSY)

NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-10-23

$39.70+0.74%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Bentley Systems’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.3%

+10% or more+5%0%−5%−10% or less

1.57 → 1.57 EPS · FY ending Dec 31, 2027 · 10 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 10 to 10; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	439.26M
EPS	—	0.341
Annual ending 2026-12-31
Revenue	—	1.7B
EPS	—	1.402
Annual ending 2027-12-31
Revenue	—	1.87B
EPS	—	1.575

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain dividend at $0.07 per share	The company pays a steady $0.07 dividend per share, showing consistent shareholder returns.	Intact	Dividend per share falls below $0.07 in next 4 quarters	Dividend per share: $0.07 per share FY2026-Q2; GAAP. Published target: $0.07 per share dividend. Target period is not explicitly aligned with this observation. Source published Aug 6, 20260.07 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 0e6586f9-91f0-426c-a0f6-80270d6a7799. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Increase operating income to sustain margin gains	Operating income improved strongly from $78.5M to $126.3M in one quarter.	Intact	Operating income falls below $110M over next 4 quarters	Operating income: $88.608M FY2026-Q2; GAAP. Published target: Operating income >= $126M in next 4 quarters. Target period is not explicitly aligned with this observation. Source published Aug 6, 202688,608,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 0e6586f9-91f0-426c-a0f6-80270d6a7799. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Sustain revenue growth near 14% to about $1.7B	A primary condition in Bentley Systems's published investment case. The stated target is ~$1.7B total revenue.	Intact	Annual revenue falls below $1.6B in FY26	Revenue: $410.727M FY2026-Q2; GAAP. Published target: ~$1.7B total revenue. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026410,727,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 0e6586f9-91f0-426c-a0f6-80270d6a7799. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$1.57

$1.58 → $1.57 · observed estimates

FY2027 revenue$1.87B

$1.88B → $1.87B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.58	$1,878,075,340	16 / 16
2026-07-25	$1.58	$1,878,075,340	16 / 16
2026-07-26	$1.58	$1,878,075,340	16 / 16
2026-07-27	$1.58	$1,878,075,340	16 / 16
2026-07-28	$1.58	$1,878,075,340	16 / 16
2026-07-29	$1.58	$1,878,075,340	16 / 16
2026-07-30	$1.58	$1,878,075,340	16 / 16
2026-07-31	$1.58	$1,878,075,340	16 / 16
2026-08-01	$1.54	$1,876,167,026	9 / 13
2026-08-02	$1.58	$1,878,075,340	16 / 16
2026-08-03	$1.58	$1,878,075,340	16 / 16
2026-08-04	$1.58	$1,878,075,340	16 / 16
2026-08-05	$1.58	$1,878,075,340	16 / 16
2026-08-06	$1.58	$1,878,075,340	16 / 16
2026-08-07	$1.54	$1,875,129,345	9 / 13
2026-08-08	$1.58	$1,878,075,340	16 / 16
2026-08-09	$1.56	$1,873,893,090	17 / 15
2026-08-10	$1.56	$1,873,893,090	17 / 15
2026-08-11	$1.54	$1,875,129,345	9 / 13
2026-08-12	$1.57	$1,873,472,050	16 / 16
2026-08-13	$1.54	$1,875,129,345	9 / 13
2026-08-14	$1.54	$1,875,129,345	9 / 13
2026-08-15	$1.54	$1,875,129,345	9 / 13
2026-08-16	$1.54	$1,875,129,345	9 / 13
2026-08-17	$1.54	$1,875,129,345	9 / 13
2026-08-18	$1.54	$1,875,129,345	9 / 13
2026-08-19	$1.54	$1,875,129,345	9 / 13
2026-08-20	$1.57	$1,872,204,951	9 / 13
2026-08-21	$1.57	$1,872,204,951	9 / 13
2026-08-22	$1.57	$1,872,204,951	9 / 13
2026-08-23	$1.57	$1,872,204,951	9 / 13
2026-08-24	$1.57	$1,872,204,951	9 / 13
2026-08-25	$1.57	$1,872,204,951	9 / 13
2026-08-26	$1.57	$1,872,204,951	9 / 13
2026-08-27	$1.57	$1,872,204,951	9 / 13
2026-08-28	$1.57	$1,872,204,951	9 / 13
2026-08-29	$1.57	$1,872,204,951	9 / 13
2026-08-30	$1.57	$1,872,204,951	9 / 13
2026-08-31	$1.57	$1,872,204,951	9 / 13
2026-09-01	$1.57	$1,872,204,951	9 / 13
2026-09-02	$1.57	$1,872,204,951	9 / 13
2026-09-03	$1.57	$1,872,204,951	9 / 13
2026-09-04	$1.57	$1,872,204,951	9 / 13
2026-09-05	$1.57	$1,872,204,951	9 / 13
2026-09-06	$1.57	$1,872,204,951	9 / 13
2026-09-07	$1.57	$1,872,204,951	9 / 13
2026-09-08	$1.57	$1,872,204,951	9 / 13
2026-09-09	$1.57	$1,872,204,951	9 / 13
2026-09-10	$1.57	$1,872,204,951	9 / 13
2026-09-11	$1.57	$1,872,204,951	9 / 13
2026-09-12	$1.57	$1,872,204,951	9 / 13
2026-09-13	$1.57	$1,872,204,951	9 / 13
2026-09-14	$1.57	$1,872,204,951	9 / 13
2026-09-15	$1.57	$1,872,204,951	9 / 13
2026-09-16	$1.57	$1,872,660,891	9 / 13
2026-09-17	$1.57	$1,872,660,891	10 / 13
2026-09-18	$1.57	$1,872,660,891	10 / 13
2026-09-19	$1.57	$1,872,660,891	10 / 13
2026-09-20	$1.57	$1,872,660,891	10 / 13
2026-09-21	$1.57	$1,872,660,891	10 / 13
2026-09-22	$1.57	$1,872,660,891	10 / 13
2026-09-23	$1.57	$1,872,660,891	10 / 13
2026-09-24	$1.57	$1,872,660,891	10 / 13
2026-09-25	$1.57	$1,872,660,891	10 / 13
2026-09-26	$1.57	$1,872,660,891	10 / 13
2026-09-27	$1.57	$1,872,438,284	10 / 13
2026-09-28	$1.57	$1,872,438,284	10 / 13
2026-09-29	$1.57	$1,872,438,284	10 / 13
2026-09-30	$1.57	$1,872,438,284	10 / 13
2026-10-01	$1.57	$1,872,438,284	9 / 12
2026-10-02	$1.57	$1,872,438,284	9 / 12
2026-10-03	$1.57	$1,872,450,852	10 / 12
2026-10-04	$1.57	$1,872,450,852	9 / 12
2026-10-05	$1.57	$1,872,450,852	9 / 12
2026-10-06	$1.57	$1,872,450,852	9 / 12
2026-10-07	$1.57	$1,872,450,852	9 / 12
2026-10-08	$1.57	$1,872,450,852	9 / 12
2026-10-09	$1.57	$1,872,450,852	9 / 12
2026-10-10	$1.57	$1,872,450,852	9 / 12
2026-10-11	$1.57	$1,872,450,852	10 / 12
2026-10-12	$1.57	$1,872,450,852	10 / 12
2026-10-13	$1.57	$1,872,450,852	10 / 12
2026-10-14	$1.57	$1,872,450,852	10 / 12
2026-10-15	$1.57	$1,872,450,852	10 / 12
2026-10-16	$1.57	$1,872,450,852	10 / 12
2026-10-17	$1.57	$1,872,450,852	10 / 12
2026-10-18	$1.57	$1,872,450,852	10 / 12
2026-10-19	$1.57	$1,872,450,852	10 / 12
2026-10-20	$1.57	$1,872,450,852	10 / 12
2026-10-21	$1.57	$1,872,450,852	10 / 12
2026-10-22	$1.57	$1,872,450,852	10 / 12
2026-10-23	$1.57	$1,872,450,852	10 / 12
2026-10-24	$1.57	$1,872,450,852	10 / 12

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	12	6
2026-06-01	14	4
2026-07-01	14	4
2026-08-01	13	4
2026-09-01	14	4
2026-10-01	13	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 13 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Cantor FitzgeraldOct 16 · prior Sep 14

$37.00 → $42.00+13.5%

$0$23.10$46.20

1 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain dividend at $0.07 per shareDividend per share: $0.07 per share
Increase operating income to sustain margin gainsOperating income: $88.608M
Sustain revenue growth near 14% to about $1.7BRevenue: $410.727M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.6%Typical daily move · historical

Downside history

-45.4%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Bentley Systems outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

BSY is a growth-oriented software business, with recent financial performance in the top half of its industry. Its multi-year view is intact, but the signal has shifted from mildly favorable to mixed, and risk is elevated.

What's priced into Bentley Systems

BSY trades at a 1.21 premium to peers, while the valuation model has low confidence and the expectations gap is 0.38. The evidence flags expensive valuation and weak execution quality, so expectations appear demanding despite neutral overall value evidence.

What the fundamentals likely do

Near-term results have been strong: revenue rose from $364.1 million in 2025-Q2 to $410.7 million in 2026-Q2, while constant-currency ARR growth stayed around 11.5% to 12%. Margins have eased, with operating margin moving from 23.2% to 21.6%, and a guidance cut on the next call is a meaningful risk; the stated near-term miss probability is low at 22%.

What Bentley Systems hinges on

Over the multi-year view, the thesis hinges on sustaining revenue and ARR growth while stabilizing margins as platform costs are absorbed. A guidance cut would weaken the setup, while Fed rate cuts or continued strong results and guidance from sector peers such as SAP, CRM, and NOW would support the sector backdrop.