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Bentley Systems Incorporated (BSY) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$42.40 +3.67% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $42.78

Bentley Systems Incorporated (BSY) earns a Roarable Rating of B+ (Buy) with 76/100 RQD Confidence. High-quality cash engine (81.5% gross margin, 12% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE B+ • BUY Cap $12.36B
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is BSY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, Bentley Systems Incorporated (NASDAQ: BSY) is rated B+ (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 76/100 at a spot price of $42.40 (+3.67% 1D, market cap $12.36B). Pillar breakdown: Fundamental Cash Engine 16/20, Institutional 13F & Options Flow 17/20, SEC Balance-Sheet Forensics 16/20, FRED Macro Regime Fit 14/20, and Executive Insider Alignment 13/20. Across 715 tracked Technology issuers, BSY ranks #31 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does BSY compare to SAIL and PAYC in the Technology sector?
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Within the Technology sector (Computer Software: Prepackaged Software), BSY carries a Roarable B+ (76/100 RQD), trailing P/E of 43.1x, gross margin of 81.5%, and ROIC of 12.4%. By comparison, SAIL (SailPoint Inc.) holds a C grade (65/100 RQD, P/E N/A, ROIC -3.6%, cap $12.02B) and PAYC (Paycom Software Inc.) posts a B- grade (70/100 RQD, P/E 25.9x, ROIC 11.7%, cap $11.91B). Among the 5-stock peer group, PAYC leads on earnings multiple (25.9x) while BSY leads on capital efficiency (12.4% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for BSY?
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Per BSY's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001031308), Bentley Systems Incorporated generated $1.50B in revenue (+11.0% YoY), $277.9M in net income, and $520.2M in free cash flow against $3.56B in total assets and $1.25B in total debt. Key quantitative strengths: Strong cash generator (81.5% gross margin)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Priced at 43x earnings—high expectations leave less room for a lukewarm quarter. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $42.78 (+0.90%)🧬 Cannibal Buyback (-1.52% YoY Shares)⚙️ Cash Engine: 16/20 (B+) • 34.6% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record: Scores of 76/100 (B+) historically ranked in the Top 11% of excess returns over the next 90 days (+7.6% avg 90D alpha vs SPY • 70.0% hit rate).
Audit Bucket Track Record →
RQD QUANT TACHOMETERBUY • B+
025507510076
3-of-3 Quant Analysts Bullish
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR RQD RADARRw B+ · Rk B
Cash (16)Whales (17)SEC (16)Macro (14)CEO (13)
Each axis scored 0–20
12M PRICE TARGET CONE+8.1% Base Target
$54 Bull$46 Base$35 Bear
📬 FREE BSY RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for BSY)Realized 20D OHLCV Swing Band: ±6%
Deterministic 5-Pillar Attribution (76/100 Composite)
🔍 WHY BSY SCORES 76/100 (B+) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Whale & Options Positioning+17/20 pts (22% of score)

20D Institutional Volume Accumulation (±6% realized swing band)

▲ #2 Bullish Driver: Cash Engine Quality+16/20 pts (21% of score)

SEC XBRL FY 2025 (10-K): 34.6% FCF Margin ($520.2M FCF) & 81.5% Gross Margin

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution13/20 pts (-7 pt drag)

Cannibal Buyback (-1.52% YoY Shares) & executive Form 4 sales trim 7 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
68
Grade B-$35.09+9.3% Next Q
Q2 (-2Q)
71
Grade B$38.36+2.8% Next Q
Q3 (-1Q)
73
Grade B$39.43+7.5% Next Q
Current
76
Grade B+$42.40+7.6% Hist 90D α
Trajectory: B- (68) → B+ (76)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the BSY Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 76/100 (B+) score, BSY faces multiple-compression risk if 43.1x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Priced at 43x earnings—high expectations leave less room for a lukewarm quarter.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-1.52% YoY Shares) — any gross margin slip below 79.0% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($35.15) or 200D SMA ($34.36) invalidates the momentum regime and cuts Target Base ($45.83) toward Bear Floor ($34.77).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $BSY• $4.8M Crowd Pool • Kalshi / Polymarket Composite
Contract: “BSY Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”
YES 76%NO 24%Trade / Inspect Odds →
VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How BSY Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$520.2M (34.6% FCF Margin)
Revenue$1.50BGross Profit $1.22B (81.5%)Cost of Sales $277.5MOp Profit $362.6M (24.1%)OpEx (R&D/SG&A) $861.6MNet Profit$277.9M (18.5%)Tax/Other $84.7M

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow
FY23
Rev $1.23B
FY24
Rev $1.35B
FY25
Rev $1.50B
Fiscal YearRevenueGross MarginOp MarginNet ProfitFree Cash FlowROIC %
FY 2025$1.50B81.5%24.1%$277.9M$520.2M12.4%
FY 2024$1.35B80.9%22.3%$234.8M$421.2M10.1%
FY 2023$1.23B81.5%18.8%$326.8M$361.4M4.6%
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring BSY)

  • ✓Walkthrough of BSY's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
  • ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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BSY // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +26.19%▲ RESISTANCE BREAKOUT
2026-11-03O $39.65H $42.40L $39.65C $42.40VOL 4.31M
RES: $40.86SUP: $31.31SMA50: $35.15SMA200: $34.36
$44.94$40.37$35.80$31.23$26.66RES $40.86SUP $31.31$42.402026-05-042026-06-182026-08-052026-09-212026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

BSY Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 BSY Butterfly Map → + Track BSY →
Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle
32.4%/yr Implied 5Y Growth

vs. +11.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on BSY today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for BSY. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for BSY today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (BSY)

Technology Rank #31 of 715 ⚔️ SAIL vs BSY Full Matrix →

1. Head-to-Head Technology Peer Comparison (BSY vs. SAIL, PAYC, HUBS, FROG)

Industry: Computer Software: Prepackaged Software (222 Tracked Issuers)

Across 715 tracked Technology securities in the Roarable RQD universe, Bentley Systems Incorporated (BSY) ranks #31 by composite RQD confidence (76/100, grade B+) and #133 by equity capitalization ($12.36B). Within this direct 5-issuer industry benchmark cohort, PAYC leads on earnings valuation at 25.9x trailing P/E, while BSY leads on capital efficiency and profitability with 12.4% ROIC and 81.5% gross margin. BSY currently leads its immediate peer cohort in composite quantitative strength at 76/100 (B+).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
BSY ACTIVE
Bentley Systems Incorporated
B+ 76/100 43.1x 81.5% 12.4% +3.67% $12.36B Benchmark Subject
SAIL
SailPoint Inc.
C 65/100 — 64.5% -3.6% -8.88% $12.02B /sail-vs-bsy →
PAYC
Paycom Software Inc.
B- 70/100 25.9x 83.2% 11.7% +0.70% $11.91B /payc-vs-bsy →
HUBS
HubSpot Inc.
C 65/100 — 83.8% 0.3% -0.59% $11.71B /hubs-vs-bsy →
FROG
JFrog Ltd.
C 64/100 — 76.8% -7.2% -9.83% $11.64B /frog-vs-bsy →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001031308 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Bentley Systems Incorporated (BSY) reported GAAP revenue of $1.50B (+11.0% vs. FY2024 revenue of $1.35B , and +22.3% cumulative change since FY2023) , GAAP net income of $277.9M, operating cash flow of $538.5M, and free cash flow of $520.2M (+23.5% YoY). On the balance sheet, BSY closed FY2025 with $3.56B in total assets against $1.25B in total debt (Altman Z-Score: 3.64, Piotroski F-Score: 8/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $1.50B $277.9M $538.5M $520.2M $3.56B $1.25B
FY2024 (FY) 2024-12-31 $1.35B $234.8M $435.3M $421.2M $3.40B $1.39B
FY2023 (FY) 2023-12-31 $1.23B $326.8M $416.7M $361.4M $6.59B $1.54B

3. BSY Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is BSY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Bentley Systems Incorporated (NASDAQ: BSY) is rated B+ (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 76/100 at a spot price of $42.40 (+3.67% 1D, market cap $12.36B). Pillar breakdown: Fundamental Cash Engine 16/20, Institutional 13F & Options Flow 17/20, SEC Balance-Sheet Forensics 16/20, FRED Macro Regime Fit 14/20, and Executive Insider Alignment 13/20. Across 715 tracked Technology issuers, BSY ranks #31 in composite RQD confidence.

How does BSY compare to SAIL and PAYC in the Technology sector?

Within the Technology sector (Computer Software: Prepackaged Software), BSY carries a Roarable B+ (76/100 RQD), trailing P/E of 43.1x, gross margin of 81.5%, and ROIC of 12.4%. By comparison, SAIL (SailPoint Inc.) holds a C grade (65/100 RQD, P/E N/A, ROIC -3.6%, cap $12.02B) and PAYC (Paycom Software Inc.) posts a B- grade (70/100 RQD, P/E 25.9x, ROIC 11.7%, cap $11.91B). Among the 5-stock peer group, PAYC leads on earnings multiple (25.9x) while BSY leads on capital efficiency (12.4% ROIC).

What are the biggest fundamental strengths and SEC risk factors for BSY?

Per BSY's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001031308), Bentley Systems Incorporated generated $1.50B in revenue (+11.0% YoY), $277.9M in net income, and $520.2M in free cash flow against $3.56B in total assets and $1.25B in total debt. Key quantitative strengths: Strong cash generator (81.5% gross margin)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Priced at 43x earnings—high expectations leave less room for a lukewarm quarter. Institutional options positioning shows a 50% call / 50% put premium split.

Where is BSY trading relative to its 50-day, 200-day, and 52-week technical levels?

BSY last traded at $42.40 (+3.67% on volume of 3,763,291 shares), positioning the stock +20.63% above its 50-day simple moving average ($35.15) and +23.40% above its 200-day simple moving average ($34.36). Across its 52-week range of $28.08 to $50.80, BSY sits at the 63.0% percentile with a 14-day RSI of 69.6 (BULLISH MOMENTUM) and an implied next-earnings move of ±6.0% ($39.86 to $44.94).

Direct Sub-Reports: BSY RQD Cockpit BSY 12M Forecast BSY Earnings & Move BSY Dividends & DRIP BSY Insiders & 13F BSY Whale Options BSY Profit Sankey BSY News & Why
ROARABLE RATING BRIEF • RQD 76/100 (B+) ✓ SEC XBRL & RQD VERIFIED

BSY — Bentley Systems Incorporated: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Bentley Systems Incorporated (BSY) earns a live Roarable RQD composite score of 76/100, corresponding to a B+ letter grade (Roarable Buy) at a spot price of $42.40 (+3.67% 1D, market capitalization $12.36B).

  • Fundamental Cash Engine (16/20): Anchored by return on invested capital (ROIC) of 12.4%, gross margin of 81.5%, operating margin of 24.1%, and free cash flow yield of 4.34%.
  • Whale 13F & Options Flow (17/20) + Insider Conviction (13/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
  • Macro Regime Fit (14/20) + Forensic Balance Sheet (16/20): Incorporates a 1.26x equity beta, Altman Z-Score of 3.64, Piotroski F-Score of 8/9, and Debt/Equity of 1.05x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Bentley Systems Incorporated is a NASDAQ-listed issuer in the Technology sector, classified under Computer Software: Prepackaged Software..0B. Per the market data, gross margin is 81.5%, which indicates a software-style revenue model.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Bentley Systems Incorporated (BSY) reported $1.50B in annual revenue (up from $1.35B in FY2024, +11.0% YoY) and $277.9M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($1.23B revenue, $326.8M net income) through FY2025, BSY scaled operating cash flow to $538.5M and free cash flow to $520.2M, backed by $3.56B in total assets against $1.25B in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

  • 🐂 Primary Bull Case (B+ • RQD 76/100): Strong cash generator (81.5% gross margin)—profits are backed by real money, not accounting tricks. Big institutional funds and options desks are actively positioning on the bullish side. With Fundamental Cash Engine at 16/20 and Institutional Whale Flow at 17/20, sustained execution supports upside toward the upper end of the $28.08 – $50.80 52-week range.
  • 🐻 Primary Bear Case & Valuation Risk: Priced at 43x earnings—high expectations leave less room for a lukewarm quarter. Investors must weigh 43.1x trailing P/E and 34.7x EV/EBITDA against 24.1% operating margins and a 1.26x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Sector classification is Technology and industry is Computer Software: Prepackaged Software.

  • Key Question #1: Can BSY sustain or expand its 24.1% operating margin and 12.4% ROIC against Computer Software: Prepackaged Software peers over the next 4 quarters?
  • Key Question #2: Following FY2025 revenue of $1.50B and free cash flow of $520.2M, how will capital allocation balance growth reinvestment against $1.25B in total debt?
  • Key Question #3: How sensitive is BSY's 40.1x forward P/E multiple to Technology capital spending cycles and macro interest-rate shifts (Beta 1.26x)?

BSY Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Bentley Systems Incorporated (BSY) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to BSY Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

BSY Bull vs. Bear Conversation Board — What's Your Call at $42.40?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON BSY 🐻 33% BEARISH CONVICTION
1. Pick Your Side on BSY:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
MI MidwestValue RQD DEBATE OPENER • Fundamental Long-Only 🐂 BULLISH 🎯 Target: $51.12 (+25.0%)
📌 Pinned Debate

The RQD cash engine (ROIC 12.4%, FCF yield 4.34%) and Piotroski F-Score of 8/9 show strong cash conversion and improving fundamentals.

Don't sleep on BSY's setup in Technology. The RQD cash engine (ROIC 12.4%, FCF yield 4.34%) and Piotroski F-Score of 8/9 show strong cash conversion and improving fundamentals.. Beta of 1.26 means it moves fast when momentum turns, and the 5-pillar RQD gauge (76/100) backs up the fundamental quality.

SectorRotator 🐂 BULL

@MultipleCompression Fair point on 43.1x trailing P/E, but you're ignoring the forward operating leverage in Computer Software: Prepackaged Software. If gross margin (81.5%) holds, EPS grows into the multiple faster than bears think.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $33.54 (-18.0%)
Spot @ $40.90

A trailing P/E of 43.1 and EV/EBITDA of 34.7 leave the stock exposed to any slowdown, with news flow already citing AI disruption fears

Sitting on the sidelines or leaning short BSY above $40.90. A trailing P/E of 43.1 and EV/EBITDA of 34.7 leave the stock exposed to any slowdown, with news flow already citing AI disruption fears.. Until Fundamental Cash Engine (16/20) and FCF yield (4.34%) inflect higher, upside is capped near $50.52.

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