CluenexBentley Systems BSY
Bentley Systems scores good on business quality (6.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Bentley Systems does
Bentley Systems sells infrastructure engineering software. Architects and civil engineers pay for these digital twin and design tools to build roads, bridges, and plants.
- What it does best
Bentley dominates infrastructure modeling with an 81.8% gross margin, outperforming peers like HubSpot at 83.2% while locking engineers into proprietary project lifecycles that are painful to migrate away from.
- The main risk
Carrying $1.2B in total debt with interest coverage at 15.4x leaves the balance sheet vulnerable if infrastructure spending slows or interest costs rise further.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins sit at 24.3% with an ROE of 24.1%, showing strong profitability that scales well as software revenue expands.
Switching costs protect its ecosystem of infrastructure engineers, placing gross margins in the top quartile at the 87th sector percentile.
Revenue reached $1.6B with growth at 11.0%, showing steady progress from prior years like $1.4B but ticking down from historical highs.
Total debt sits at $1.2B against $123M in cash, backed by $499M in free cash flow, keeping debt service manageable as interest coverage hits 15.4x.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on BSY
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Bentley Systems scores good on the Cluenex quality check (6.4 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health fair.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 3, 2026.
See BSY today
- Today's verdict on BSY, and why
- Fair value with cautious, base and optimistic cases
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- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Bentley Systems (BSY)”, https://cluenex.com/stocks/bsy/, data as of Oct 10, 2026.