Bentley Systems is a software vendor that caters to engineers, architects, constructors, and geospatial professionals by enabling design, modeling, simulation and project, and data management of infrastructure assets. The firm delivers solutions via the cloud, desktop, and hybrid environments. While Bentley is relatively small in comparison with peers like Autodesk, it shines in core specialty areas, like bridge or rail design, as opposed to being more broad-based in its applications. As of fiscal 2022, approximately 58% of revenue is derived from outside the U.S. (with 28% of revenue coming from EMEA and 18% coming from APAC as of fiscal 2022). Bentley's largest end market is the public works and utilities sector, which represents approximately two thirds of revenue.

Financial Strength

5/10

Name	Current	Vs Industry
Cash-To-Debt	0.04
Equity-to-Asset	0.27
Debt-to-Equity	1.78
Debt-to-EBITDA	5.25
Interest Coverage	5.24
Piotroski F-Score	5/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.21	Distress Grey Safe
Beneish M-Score	-2.54	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	11.3
	3-Year EBITDA Growth Rate	8.2
	3-Year EPS without NRI Growth Rate	40
	3-Year FCF Growth Rate	13.4
	3-Year Book Growth Rate	33.4
	Future 3-5Y EPS without NRI Growth Rate	10.5
	Future 3-5Y Total Revenue Growth Rate	11.81

Momentum Rank

8/10

	Name	Current	Vs Industry		Vs History

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	0.55
	Quick Ratio	0.55
	Cash Ratio	0.09
	Days Sales Outstanding	79.46
	Days Payable	34.53

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Payout Ratio	0.25
	3-Year Dividend Growth Rate	88.2
	3-Year Average Share Buyback Ratio	-2.9
	Shareholder Yield %	2.16

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	78.34
	Operating Margin %	18.77
	Net Margin %	26.6
	FCF Margin %	32.26
	ROE %	48
	ROA %	10.23
	ROIC %	12.06
	ROC (Joel Greenblatt) %	298.17
	ROCE %	9.12
	Years of Profitability over Past 10-Year	6

GF Value Rank

6/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	51.99
	Forward PE Ratio	53.02
	PE Ratio without NRI	64.1
	Price-to-Owner-Earnings	61.13
	PEG Ratio	7.63
	PS Ratio	13.93
	PB Ratio	17.27
	Price-to-Free-Cash-Flow	43.62
	Price-to-Operating-Cash-Flow	41.01
	EV-to-EBIT	73.14
	EV-to-EBITDA	55.58
	EV-to-Forward-EBITDA	41.84
	EV-to-Revenue	13.55
	EV-to-Forward-Revenue	13.97
	EV-to-FCF	43.25
	Price-to-Peter-Lynch-Fair-Value	6.19
	Earnings Yield (Greenblatt) %	1.36
	FCF Yield %	2.59

GF Value: MXN790.3

MEX:BSY

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