BSY · NASDAQ · STOCK
Bentley Systems (BSY) Stock Analysis
$34.96
52W $28.08 – $52.85
54/100
$10.22B
38.0
1.00
Is BSY Bullish or Bearish?
Mixed.
Innellis AI committee rates Bentley Systems (BSY) Watch with a composite score of 54/100
, based on 6 analysts with 50% agreement.
Last updated October 10, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +5.97 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Reduce
- Requires the score to fall below 40.0 — -14.03 from today. The band boundary is 45.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
The committee is genuinely divided. Macro Analyst sees a compelling case. Portfolio Manager remains cautious — sector concentration is already high (hhi 2796.97). This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- ROE of 24.1% shows genuine earnings power backing the valuation — Value
- 3 consecutive earnings beats -- consistent execution — Growth
- MACD histogram positive -- bullish momentum — Technical
Bear Case
- P/E of 36.6 is moderate-to-rich — Value
- Price-to-book of 9.7x prices in significant intangible value — Value
- Growth rate is decelerating quarter over quarter -- the trend line matters more than the level — Growth
- Current ratio of 0.56 is tight -- limited short-term liquidity cushion — Risk
- Bollinger bandwidth of 18.9% signals elevated volatility — Risk
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of October 10, 2026
Overall Committee Score
54/100
Agreement
50%
Analysts
6
Conviction
Contested
Sector Rank
Top 81%
of 287 Technology peers
Value Analyst
neutral
48
/ 100 · Moderate confidence
Fair value -- neither a bargain nor obviously overpriced
+ ROE of 24.1% shows genuine earnings power backing the valuation
− P/E of 36.6 is moderate-to-rich
Growth Analyst
bullish
60
/ 100 · High confidence
Strong, accelerating growth with consistent execution
+ 3 consecutive earnings beats -- consistent execution
− Growth rate is decelerating quarter over quarter -- the trend line matters more than the level
Technical Analyst
neutral
58
/ 100 · High confidence
Mixed or range-bound price action
+ MACD histogram positive -- bullish momentum
Risk Analyst
bearish
35
/ 100 · Moderate confidence
Elevated risk from leverage, volatility, event exposure, or portfolio concentration -- size accordingly
− Current ratio of 0.56 is tight -- limited short-term liquidity cushion
Macro Analyst
bullish
65
/ 100 · Low confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
News Analyst
neutral
58
/ 100 · Low confidence
News flow is mixed or quiet -- no strong signal either way right now
Portfolio Manager
bearish
30
/ 100 · Moderate confidence
The existing book itself argues for caution here, independent of how good this specific stock looks
− Sector concentration is already high (HHI 2796.97)
Investment Thesis Evolution
Committee score moved marginally from 54.0 to 54.0.
- New bearish signals: 2 appeared.
- Bearish pressure eased: 2 signal(s) disappeared.
Analyst-level changes:
- Risk Analyst: +1 bearish signal(s).
- Value Analyst: +1 bearish signal(s).
Comparing 2026-10-09 to 2026-10-10 (1 day apart).
Technical Analysis
RSI (14)
63.7
Neutral
MACD Histogram
0.486
Bullish Momentum
Trend Direction
Sideways
Weekly: Downtrend
Market Structure
Hh Hl
Support
$34.48
Resistance
$35.34
Bollinger %B
0.87
Inside Bands
Price vs Moving Averages
EMA 9
$34.08
Above
EMA 21
$33.49
Above
EMA 50
$33.54
Above
EMA 200
$35.79
Below
Fundamental Analysis
Valuation
6
Growth
63
Profitability
92
Financial Health
36
Cash Flow
70
Valuation
P/E Ratio
38.0×
P/B Ratio
9.07×
PEG Ratio
2.80
Dividend Yield
0.80%
52W High
$52.85
52W Low
$28.08
Quality & Growth
ROE
2336.1%
ROA
781.6%
Gross Margin
8184.5%
Operating Margin
2358.7%
Revenue Growth YoY
—
Debt / Equity
1.05
AI Fundamental Assessment
P/E ratio of 38.0 (rich relative to a 15-40x range); Price-to-book of 9.1x; PEG ratio of 2.8 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 23.4%; Return on assets of 7.8%; Net margin of 18.1%; Gross margin of 81.8%; Current ratio of 0.59 (tight short-term liquidity); Debt-to-equity of 1.05; Free cash flow per share is positive (1.60); Most recent quarter beat estimates by 9.6%; 3 consecutive earnings beats; EPS growth decelerating (+40.7% -> -7.9% QoQ); Average YoY EPS growth of 9.4%; Analyst estimates rising over recent quarters
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