NASDAQ: BSY · Application Software
Bentley Systems (BSY) fair value: undervalued or overvalued?
As of 31 Oct 2026, Faircurve's model values Bentley Systems (BSY) at $37.39 a share. The stock last closed at $42.13, which puts the model's fair value 11.3% below the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 3 Nov 2026. Bentley Systems, Incorporated.
The report adds the live price, the chart against the range the options market prices and the analysts' consensus. No account needed.
This week, in three parts
What happenedThe run of 31 Oct 2026 moved the fair value from $38.20 to $37.39 (-2.1%). The model's quality adjustment to the peer multiple moved, lowering the fair value: most of the move.
What the model makes of itThe price of $42.13 is 11.3% above it: Fairly valued, on a medium evidence grade.
What's nextNo report date on file. The next weekly run is on Saturday 7 Nov 2026.
What price range does the model give BSY?
The calibrated range for BSY over 63 trading days is $30.29 to $44.66. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 10,454 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $26.76 to $51.13. In 41% of the simulations the fair value came out above the price the model ran on.
Faircurve Insights · 31 Oct 2026
The model puts Bentley Systems' fair value at $37.39 a share on 31 Oct 2026, the midpoint of 2,000 simulations. The previous run, on 24 Oct 2026, gave $38.20, so the fair value moved -2.1%. The model's reason, in its own words, is: "The model's quality adjustment to the peer multiple moved, lowering the fair value: most of the move." The calibrated range over 63 trading days is $30.29 to $44.66. It is built from the fair value, as there is no live options data for the stock, and is calibrated weekly against realised prices from 10,454 past valuations. Ranges built this way held the price 60% of the time at this horizon. The evidence grade is Medium. It covers input completeness, the number of comparable companies and how closely they agree, and the spread of outcomes. It does not say whether the fair value is right.
Bentley Systems scores 49 out of 100 on the model's overall quality score, a composite of six factors measured against comparable companies. Balance sheet is the weakest at 28, with net debt to EBITDA of 2.34x against a peer median of 0.25x. Profitability and Stability each score 55. ROIC is 12.6% against a peer median of 8.4%, and EBITDA margin downside volatility over five years is 3.8 pts against a peer median of 4.0 pts. The model compares the company with Paycom Software, Inc. (PAYC), Guidewire Software, Inc. (GWRE), Manhattan Associates, Inc. (MANH), DocuSign, Inc. (DOCU), Fair Isaac Corporation (FICO), Tyler Technologies, Inc. (TYL) and Dynatrace, Inc. (DT).
Written from the figures on this page for the 31 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
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When does BSY report earnings, and how has the stock reacted?
Around its last 8 reports: what the options market priced, and what followed
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across BSY's last 8 reports, ignoring direction, was 4.1%.
How does BSY score on business quality?
Bentley Systems's overall quality score is 49 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 55 | 12.6%ROIC | 8.4% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 45 | 1.72xFCF / net income | 1.70x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analysts' rating changes. | 54 | 11.0%Revenue growth, trailing | 17.5% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 41 | 2.0%Net buybacks / market value | 2.7% |
| Balance sheetNet debt to EBITDA and interest coverage. | 28 | 2.34xNet debt / EBITDA | 0.25x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 55 | 3.8 ptsEBITDA margin downside volatility, 5y | 4.0 pts |
How does BSY compare with similar companies?
The companies in application software closest to Bentley Systems in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| PAYC Paycom Software, Inc. | $262.99 | $278.72 | +6.0% | Fairly valued |
| GWRE Guidewire Software, Inc. | $161.04 | $138.90 | -13.7% | Fairly valued |
| MANH Manhattan Associates, Inc. | $255.14 | $218.38 | -14.4% | Fairly valued |
| DOCU DocuSign, Inc. | $80.36 | $110.44 | +37.4% | Undervalued |
| FICO Fair Isaac Corporation | $724.38 | $854.23 | +17.9% | Undervalued |
| TYL Tyler Technologies, Inc. | $404.24 | $391.55 | -3.1% | Fairly valued |
| PCTY Paylocity Holding Corporation | $171.12 | $176.41 | +3.1% | Low evidence grade |
| DT Dynatrace, Inc. | $47.03 | $61.58 | +30.9% | Undervalued |
What the comparable companies' multiples alone would give for BSY, the peer-implied price, is $28.43 a share on this run. The fair value weighs that against the company's own multiple.
Bentley Systems at a glance
Bentley Systems, Inc., along with its affiliated companies, delivers specialized software solutions for infrastructure engineering across a global footprint, encompassing the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions.
- Market value
- $11.9B
- Sector
- Technology
- Industry
- Application Software
- Revenue expected, next twelve months
- $1.8B
- Consensus revenue growth, next fiscal year
- +12.9%
- Analysts with estimates
- 10
- Beta to the US market
- 0.36
- First valued by Faircurve
- 11 Jul 2026
At the close of 3 Nov 2026, 52.1% of the 1,081 graded US stocks the model covers traded below the model's fair value. BSY was not among them.
How the fair value is worked out: the model prices Bentley Systems on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 24 Oct 2026 the model's fair value for BSY was $38.20. As of 31 Oct 2026 it is $37.39, a change of -2.1%. The model's quality adjustment to the peer multiple moved, lowering the fair value: most of the move. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Bentley Systems's valuation
Is Bentley Systems stock undervalued or overvalued?
On Faircurve's model, BSY reads as Fairly valued as of 31 Oct 2026. The model's fair value is $37.39 a share against a last close of $42.13, a gap of -11.3%.
What is BSY's fair value?
$37.39 a share as of 31 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $26.76 to $51.13.
What price range does the model give BSY?
$30.29 to $44.66 over 63 trading days. Ranges built this way held the price 60% of the time across 10,454 past valuations, refreshed 31 Oct 2026.
How much has BSY moved on past earnings reports?
Across its last 8 reports the median two session move was 4.1%, ignoring direction. The largest was +12.5% around the report of 26 Feb 2026.
How confident is the model in this valuation?
The model's evidence grade for BSY is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.
The model's own ideas on BSY
The model holds no idea open on BSY today. Signed-in readers see the rule each idea runs on, the floor and the exit level the model set and its time limit, and the model's closed ideas on BSY with their outcomes. A free account is enough.