BENTLEY SYSTEMS, INCORPORATED
At today's price, BENTLEY SYSTEMS, INCORPORATED (BSY) is priced for today's economics sustained for ~5.8 years. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
At about $29, Bentley trades near 26 times company-wide operating income. Inverted, the price asks the business to hold growth near its self-funding ceiling for roughly five years, a stretch that history says only about a third of comparable fast-growers sustained. The bar is in the duration, not the near-term rate. The surprising part is the quality underneath that demanding price: a 29.8% operating margin, a 23% return on equity, and nearly $490 million of trailing free cash flow on $1.6 bill
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427 institutional managers reported holding BSY in 13F filings for the quarter ended 2026-03-31. Together they hold about 47% of the company; the top 10 hold 25%. 68 opened new positions that quarter. Held by BlackRock, Vanguard Group, Swedbank Robur, among others. On the short side, 23.0M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (7.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
BSY's share count grew 2.8% over the past five years even with $290.39M spent on repurchases. It pays a dividend, and has paid one every year in our records (7 and counting), raised 4 years straight; the current rate is $0.28 a share annually. Cash returned over the past three years: $207.84M in dividends and $229.44M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at BSY over the trailing three years. Absence is a fact about the company, not a signal. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
BSY's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -6.3% | +12.3% |
| 2023-11-08 | +7.0% | -7.4% |
| 2024-02-28 | -3.2% | +1.3% |
| 2024-05-08 | +1.5% | -10.9% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
BSY's latest 8-K filings: 2026-05-26 (items 5.07, 8.01, 9.01); 2026-05-07 (items 2.02, 9.01); 2026-04-27 (items 1.01, 2.03, 9.01); 2026-02-26 (items 2.02, 8.01, 9.01); 2025-11-21 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.