BENTLEY SYSTEMS INC
BSY · Services-Prepackaged Software · 332.5M shares · +3%/yr ↑ shares · EDGAR filings ↗
Reference price $40.01 · est. market cap ~$13.3B — last insider sale, 2026-03-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Infrastructure-engineering software franchise with elite margins and free cash flow; thin liquidity and leverage temper it.
Strengths
- Elite margins and FCF — gross margin 81.5%, operating margin 24.1% (87th), FCF margin 34.6% (93rd)
- Strong returns and growth — ROE 23.4% (78th), revenue +11.0%
Risks
- Thin liquidity, leverage — current ratio 0.56 (4th), D/E 1.05 (76th)
- Infrastructure-spending cyclicality — per 10-K
- Founder/family control — per 10-K
Notable findings
- Weak liquidityCurrent ratio 0.56 (<1)
- Customer concentration~59% of revenue from one customer/distributor — Approximately 59%, 58%, and 58% of our total revenues were from outside the U
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
81.5%
Operating margin
24.1%
Net margin
18.5%
Return on equity
23.4%
Return on assets
7.8%
ROIC
11.7%
Revenue growth (QoQ)
8.3%
Net-income growth
18.3%
Debt / equity
1.1×
Current ratio
0.6×
Free cash flow
$520M
Tangible book value
-$1.5B
Cash & investments
$123M
Stock comp / revenue
4.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Shaman David R. | Grant | 620 | — |
| 2026-06-11 | Andre Werner | Grant | 301 | — |
| 2026-06-11 | Trimback Thomas F | Grant | 42 | — |
| 2026-06-11 | Bentley Raymond B. | Grant | 2.1K | — |
| 2026-06-11 | Cumins Nicholas | Grant | 878 | — |
| 2026-06-11 | Moutte Julien | Grant | 201 | — |
| 2026-06-11 | Lee James K | Grant | 466 | — |
| 2026-06-11 | Griswold Kirk B. | Grant | 86 | — |
| 2026-06-11 | Bentley Keith A. | Grant | 1.1K | — |
| 2026-06-11 | Ballard Brock | Grant | 202 | — |
| 2026-06-11 | Bentley Barry J. | Grant | 3 | — |
| 2026-06-11 | BENTLEY GREGORY S | Grant | 3.7K | — |
| 2026-05-21 | Hughes Brian F. | Grant | 6.7K | — |
| 2026-05-21 | Griswold Kirk B. | Grant | 6.7K | — |
| 2026-05-21 | HAUGEN JANET BRUTSCHEA | Grant | 6.7K | — |
| 2026-05-03 | Shaman David R. | Tax withheld | 5.3K | $33.58 |
| 2026-04-23 | BENTLEY GREGORY S | Grant | 62K | $32.65 |
| 2026-04-23 | BENTLEY GREGORY S | Tax withheld | 27K | $32.65 |
| 2026-04-01 | Moutte Julien | Tax withheld | 3.0K | $34.20 |
| 2026-03-29 | Trimback Thomas F | Tax withheld | 172 | $34.76 |
| 2026-03-19 | BENTLEY GREGORY S | Grant | 3.0K | — |
| 2026-03-19 | Trimback Thomas F | Grant | 35 | — |
| 2026-03-19 | Moutte Julien | Grant | 173 | — |
| 2026-03-19 | Griswold Kirk B. | Grant | 70 | — |
| 2026-03-19 | Lee James K | Grant | 375 | — |
| 2026-03-19 | Cumins Nicholas | Grant | 707 | — |
| 2026-03-19 | Bentley Raymond B. | Grant | 1.7K | — |
| 2026-03-19 | Bentley Keith A. | Grant | 845 | — |
| 2026-03-19 | Andre Werner | Grant | 243 | — |
| 2026-03-19 | Shaman David R. | Grant | 546 | — |
| 2026-03-19 | Bentley Barry J. | Grant | 3 | — |
| 2026-03-19 | Ballard Brock | Grant | 163 | — |
| 2026-03-17 | Cumins Nicholas | Tax withheld | 2.4K | $37.88 |
| 2026-03-17 | Moutte Julien | Tax withheld | 431 | $37.88 |
| 2026-03-17 | Shaman David R. | Tax withheld | 984 | $37.88 |
| 2026-03-17 | Ballard Brock | Tax withheld | 293 | $37.88 |
| 2026-03-17 | Andre Werner | Tax withheld | 1.5K | $37.88 |
| 2026-03-13 | Trimback Thomas F | Tax withheld | 451 | $38.19 |
| 2026-03-13 | Cumins Nicholas | Tax withheld | 6.6K | $38.19 |
| 2026-03-13 | Moutte Julien | Tax withheld | 5.0K | $38.19 |
| 2026-03-13 | Lee James K | Tax withheld | 747 | $38.19 |
| 2026-03-13 | Shaman David R. | Tax withheld | 4.6K | $38.19 |
| 2026-03-13 | Ballard Brock | Tax withheld | 4.1K | $38.19 |
| 2026-03-13 | Andre Werner | Tax withheld | 5.1K | $38.19 |
| 2026-03-12 | Bentley Raymond B. | Gift | 250K | — |
| 2026-03-10 | BENTLEY GREGORY S | Sell | 100 | $40.01 |
| 2026-03-06 | Trimback Thomas F | Grant | 4.0K | — |
| 2026-03-06 | Lee James K | Grant | 36K | — |
| 2026-03-06 | Lee James K | Grant | 13K | — |
| 2026-03-06 | Moutte Julien | Grant | 20K | — |
| 2026-03-06 | Cumins Nicholas | Grant | 75K | — |
| 2026-03-06 | Cumins Nicholas | Grant | 28K | — |
| 2026-03-06 | Andre Werner | Grant | 22K | — |
| 2026-03-06 | Ballard Brock | Grant | 20K | — |
| 2026-03-06 | Shaman David R. | Grant | 19K | — |
| 2026-03-03 | BENTLEY GREGORY S | Gift | 672 | — |
| 2026-03-03 | BENTLEY GREGORY S | Gift | 672 | — |
| 2026-01-30 | Trimback Thomas F | Tax withheld | 300 | $35.12 |
| 2026-01-23 | Shaman David R. | Grant | 18K | $38.84 |
| 2026-01-23 | Shaman David R. | Tax withheld | 5.5K | $38.84 |
| 2026-01-23 | Ballard Brock | Grant | 17K | $38.84 |
| 2026-01-23 | Ballard Brock | Tax withheld | 5.0K | $38.84 |
| 2026-01-23 | Trimback Thomas F | Grant | 3.7K | $38.84 |
| 2026-01-23 | Trimback Thomas F | Tax withheld | 1.2K | $38.84 |
| 2026-01-23 | Cumins Nicholas | Grant | 25K | $38.84 |
| 2026-01-23 | Cumins Nicholas | Tax withheld | 10K | $38.84 |
| 2026-01-23 | Andre Werner | Grant | 21K | $38.84 |
| 2026-01-23 | Andre Werner | Tax withheld | 6.1K | $38.84 |
| 2026-01-23 | Moutte Julien | Grant | 17K | $38.84 |
| 2026-01-23 | Moutte Julien | Tax withheld | 8.5K | $38.84 |
| 2026-01-23 | Lee James K | Tax withheld | 3.3K | $38.84 |
| 2026-01-23 | Lee James K | Grant | 12K | $38.84 |
| 2026-01-23 | BENTLEY GREGORY S | Grant | 37K | $38.84 |
| 2026-01-23 | BENTLEY GREGORY S | Tax withheld | 16K | $38.84 |
| 2026-01-15 | Bentley Raymond B. | Tax withheld | 43K | $39.07 |
| 2026-01-09 | Bentley Keith A. | Tax withheld | 95K | $40.13 |
| 2026-01-01 | Ballard Brock | Tax withheld | 2.2K | $38.16 |
| 2026-01-01 | Bentley Keith A. | Tax withheld | 25K | $38.16 |
| 2026-01-01 | Bentley Barry J. | Tax withheld | 371 | $38.16 |
| 2025-12-15 | Shaman David R. | Gift | 2.5K | — |
| 2025-12-15 | Andre Werner | Tax withheld | 4.4K | $40.25 |
| 2025-12-15 | Cumins Nicholas | Tax withheld | 17K | $40.25 |
| 2025-12-15 | Lee James K | Tax withheld | 9.2K | $40.25 |
| 2025-12-15 | Shaman David R. | Tax withheld | 4.2K | $40.25 |
| 2025-12-15 | Shaman David R. | Tax withheld | 730 | $40.25 |
| 2025-12-11 | Griswold Kirk B. | Grant | 85 | — |
| 2025-12-11 | Moutte Julien | Grant | 72 | — |
| 2025-12-11 | Bentley Barry J. | Grant | 5 | — |
| 2025-12-11 | Lee James K | Grant | 264 | — |
| 2025-12-11 | BENTLEY GREGORY S | Grant | 4.0K | — |
| 2025-12-11 | Ballard Brock | Grant | 78 | — |
| 2025-12-11 | Shaman David R. | Grant | 460 | — |
| 2025-12-11 | Andre Werner | Grant | 157 | — |
| 2025-12-11 | Trimback Thomas F | Grant | 16 | — |
| 2025-12-11 | Bentley Raymond B. | Grant | 1.7K | — |
| 2025-12-11 | Bentley Keith A. | Grant | 1.3K | — |
| 2025-12-11 | Cumins Nicholas | Grant | 485 | — |
| 2025-12-10 | Bentley Raymond B. | Gift | 122K | — |
| 2025-12-01 | BENTLEY GREGORY S | Tax withheld | 8.9K | $41.85 |
| 2025-11-17 | Trimback Thomas F | Sell | 560 | $43.02 |
| 2025-10-27 | Ballard Brock | Tax withheld | 609 | $52.20 |
| 2025-10-25 | Trimback Thomas F | Tax withheld | 74 | $51.73 |
| 2025-10-22 | BENTLEY GREGORY S | Tax withheld | 13K | $52.01 |
| 2025-10-22 | BENTLEY GREGORY S | Grant | 30K | $52.01 |
| 2025-09-30 | Bentley Barry J. | Grant | 4 | — |
| 2025-09-30 | Andre Werner | Grant | 125 | — |
| 2025-09-30 | Trimback Thomas F | Grant | 13 | — |
| 2025-09-30 | Bentley Raymond B. | Grant | 1.4K | — |
| 2025-09-30 | Cumins Nicholas | Grant | 387 | — |
| 2025-09-30 | Griswold Kirk B. | Grant | 68 | — |
| 2025-09-30 | Bentley Keith A. | Grant | 1.0K | — |
| 2025-09-30 | Moutte Julien | Grant | 58 | — |
| 2025-09-30 | Lee James K | Grant | 211 | — |
| 2025-09-30 | BENTLEY GREGORY S | Grant | 3.2K | — |
| 2025-09-30 | Shaman David R. | Grant | 367 | — |
| 2025-09-30 | Ballard Brock | Grant | 64 | — |
| 2025-09-02 | BENTLEY GREGORY S | Sell | 37K | $54.83 |
| 2025-09-02 | Bentley Barry J. | Gift | 110K | — |
| 2025-08-31 | Shaman David R. | Tax withheld | 6.7K | $55.03 |
| 2025-08-27 | BENTLEY GREGORY S | Gift | 351 | — |
| 2025-08-22 | Bentley Keith A. | Gift | 100K | — |
| 2025-08-22 | Bentley Keith A. | Gift | 100K | — |
| 2025-08-21 | BENTLEY GREGORY S | Gift | 9.3K | — |
| 2025-08-01 | Shaman David R. | Tax withheld | 1.2K | $57.12 |
| 2025-07-29 | Shaman David R. | Sell | 400 | $59.25 |
| 2025-07-24 | BENTLEY GREGORY S | Grant | 31K | $58.35 |
| 2025-07-24 | BENTLEY GREGORY S | Tax withheld | 13K | $58.35 |
| 2025-07-14 | Shaman David R. | Sell | 19K | $56.96 |
| 2025-07-11 | Shaman David R. | Sell | 965 | $56.92 |
| 2025-07-08 | Shaman David R. | Tax withheld | 2.6K | $55.90 |
| 2025-07-07 | Bentley Keith A. | Sell | 100 | $56.05 |
| 2025-07-07 | Bentley Keith A. | Sell | 150K | $55.54 |
| 2025-07-03 | Shaman David R. | Sell | 19K | $54.98 |
| 2025-06-20 | Bentley Raymond B. | Sell | 122K | $50.70 |
| 2025-06-18 | Bentley Raymond B. | Sell | 247K | $50.64 |
| 2025-06-18 | Bentley Raymond B. | Sell | 2.4K | $50.98 |
| 2025-06-17 | Bentley Raymond B. | Sell | 273K | $50.30 |
| 2025-06-16 | Bentley Raymond B. | Sell | 355K | $49.96 |
| 2025-06-12 | BENTLEY GREGORY S | Gift | 138K | — |
| 2025-06-12 | Trimback Thomas F | Grant | 14 | — |
| 2025-06-12 | Griswold Kirk B. | Grant | 71 | — |
| 2025-06-12 | Cumins Nicholas | Grant | 404 | — |
| 2025-06-12 | Bentley Raymond B. | Grant | 1.4K | — |
| 2025-06-12 | Bentley Keith A. | Grant | 1.1K | — |
| 2025-06-12 | Andre Werner | Grant | 131 | — |
| 2025-06-12 | Moutte Julien | Grant | 60 | — |
| 2025-06-12 | Lee James K | Grant | 220 | — |
| 2025-06-12 | BENTLEY GREGORY S | Grant | 3.3K | — |
| 2025-06-12 | BENTLEY GREGORY S | Gift | 148K | — |
| 2025-06-12 | Shaman David R. | Grant | 420 | — |
| 2025-06-12 | Bentley Barry J. | Grant | 4 | — |
| 2025-06-12 | Ballard Brock | Grant | 67 | — |
| 2025-06-06 | BENTLEY GREGORY S | Gift | 506 | — |
| 2025-06-02 | BENTLEY GREGORY S | Gift | 29K | — |
| 2025-06-02 | BENTLEY GREGORY S | Gift | 671 | — |
| 2025-06-02 | BENTLEY GREGORY S | Gift | 29K | — |
| 2025-05-22 | HAUGEN JANET BRUTSCHEA | Grant | 4.2K | — |
| 2025-05-22 | Hughes Brian F. | Grant | 4.2K | — |
| 2025-05-22 | Griswold Kirk B. | Grant | 4.2K | — |
| 2025-05-13 | Lee James K | Tax withheld | 6.1K | $48.14 |
| 2025-05-07 | Ballard Brock | Sell | 12K | $45.08 |
| 2025-05-05 | Shaman David R. | Tax withheld | 10K | $43.77 |
| 2025-04-23 | BENTLEY GREGORY S | Grant | 48K | $43.42 |
| 2025-04-23 | BENTLEY GREGORY S | Tax withheld | 21K | $43.42 |
| 2025-04-19 | Shaman David R. | Tax withheld | 752 | $43.19 |
| 2025-04-19 | Andre Werner | Tax withheld | 422 | $43.19 |
| 2025-04-19 | Cumins Nicholas | Tax withheld | 1.2K | $43.19 |
| 2025-04-19 | Ballard Brock | Tax withheld | 277 | $43.19 |
| 2025-04-19 | Moutte Julien | Tax withheld | 306 | $43.19 |
| 2025-04-01 | Moutte Julien | Tax withheld | 2.7K | $40.49 |
| 2025-03-28 | Trimback Thomas F | Tax withheld | 170 | $39.70 |
| 2025-03-27 | Andre Werner | Grant | 161 | — |
| 2025-03-27 | Trimback Thomas F | Grant | 18 | — |
| 2025-03-27 | Bentley Keith A. | Grant | 1.3K | — |
| 2025-03-27 | Shaman David R. | Grant | 557 | — |
| 2025-03-27 | Moutte Julien | Grant | 85 | — |
| 2025-03-27 | Lee James K | Grant | 308 | — |
| 2025-03-27 | Griswold Kirk B. | Grant | 91 | — |
| 2025-03-27 | Cumins Nicholas | Grant | 497 | — |
| 2025-03-27 | Bentley Raymond B. | Grant | 1.8K | — |
| 2025-03-27 | BENTLEY GREGORY S | Grant | 4.0K | — |
| 2025-03-27 | Bentley Barry J. | Grant | 5 | — |
| 2025-03-27 | Ballard Brock | Grant | 82 | — |
| 2025-03-17 | Andre Werner | Tax withheld | 1.5K | $42.43 |
| 2025-03-17 | Cumins Nicholas | Tax withheld | 2.1K | $42.43 |
| 2025-03-17 | Shaman David R. | Gift | 9.8K | — |
| 2025-03-17 | Shaman David R. | Tax withheld | 1.2K | $42.43 |
| 2025-03-17 | Ballard Brock | Tax withheld | 193 | $42.43 |
| 2025-03-13 | Shaman David R. | Grant | 18K | — |
| 2025-03-13 | Shaman David R. | Tax withheld | 2.7K | $40.11 |
| 2025-03-13 | Ballard Brock | Grant | 17K | — |
| 2025-03-13 | Ballard Brock | Tax withheld | 1.9K | $40.11 |
| 2025-03-13 | Andre Werner | Grant | 20K | — |
| 2025-03-13 | Andre Werner | Tax withheld | 3.1K | $40.11 |
| 2025-03-13 | Trimback Thomas F | Grant | 3.6K | — |
| 2025-03-13 | Trimback Thomas F | Tax withheld | 193 | $40.11 |
| 2025-03-13 | Cumins Nicholas | Grant | 29K | — |
| 2025-03-13 | Cumins Nicholas | Grant | 24K | — |
| 2025-03-13 | Cumins Nicholas | Tax withheld | 3.6K | $40.11 |
| 2025-03-13 | Lee James K | Grant | 12K | — |
| 2025-03-12 | BENTLEY GREGORY S | Sell | 54K | $41.04 |
| 2025-03-12 | BENTLEY GREGORY S | Gift | 605 | — |
| 2025-03-12 | BENTLEY GREGORY S | Gift | 605 | — |
| 2025-03-03 | Ballard Brock | Sell | 6.1K | $43.13 |
| 2025-03-03 | Ballard Brock | Sell | 1.5K | $43.78 |
| 2025-01-31 | Shaman David R. | Tax withheld | 19K | $46.55 |
| 2025-01-31 | Shaman David R. | Grant | 46K | $46.55 |
| 2025-01-31 | Shaman David R. | Tax withheld | 20K | $46.55 |
| 2025-01-31 | Andre Werner | Tax withheld | 9.1K | $46.55 |
| 2025-01-31 | Andre Werner | Grant | 23K | $46.55 |
| 2025-01-31 | Andre Werner | Tax withheld | 10K | $46.55 |
| 2025-01-31 | Cumins Nicholas | Tax withheld | 36K | $46.55 |
| 2025-01-31 | Cumins Nicholas | Grant | 77K | $46.55 |
| 2025-01-31 | Cumins Nicholas | Tax withheld | 36K | $46.55 |
| 2025-01-30 | Trimback Thomas F | Tax withheld | 294 | $45.92 |
| 2025-01-24 | Bentley Keith A. | Sell | 1.2K | $46.33 |
| 2025-01-22 | Andre Werner | Grant | 14K | $46.56 |
| 2025-01-22 | Andre Werner | Tax withheld | 4.2K | $46.56 |
| 2025-01-22 | Trimback Thomas F | Grant | 2.9K | $46.56 |
| 2025-01-22 | Trimback Thomas F | Tax withheld | 976 | $46.56 |
| 2025-01-22 | Cumins Nicholas | Grant | 20K | $46.56 |
| 2025-01-22 | Cumins Nicholas | Tax withheld | 8.2K | $46.56 |
| 2025-01-22 | BENTLEY GREGORY S | Grant | 23K | $46.56 |
| 2025-01-22 | Shaman David R. | Grant | 13K | $46.56 |
| 2025-01-22 | Shaman David R. | Tax withheld | 3.8K | $46.56 |
| 2025-01-22 | Ballard Brock | Grant | 10K | $46.56 |
| 2025-01-22 | Ballard Brock | Tax withheld | 3.0K | $46.56 |
| 2025-01-22 | Lee James K | Grant | 165K | — |
| 2025-01-02 | Ballard Brock | Tax withheld | 2.2K | $46.70 |
| 2025-01-02 | Bentley Keith A. | Sell | 70K | $46.67 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-26 | Shareholder voteOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-27 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-26 | ResultsOtherExhibits | filing ↗ |
| 2025-11-21 | OtherExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-10-14 | OtherExhibits | filing ↗ |
| 2025-09-12 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-26 | 2026-05-21 | 0001104659-26-066280 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001031308-26-000014 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001031308-26-000017 ↗ |
| 8-K | 2026-04-27 | 2026-04-23 | 0001104659-26-049444 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001031308-26-000007 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001031308-26-000005 ↗ |
| 8-K | 2025-11-21 | 2025-11-21 | 0001031308-25-000016 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001031308-25-000012 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001031308-25-000015 ↗ |
| 8-K | 2025-10-14 | 2025-10-14 | 0001104659-25-099285 ↗ |
| 8-K | 2025-09-12 | 2025-09-12 | 0001031308-25-000011 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001031308-25-000007 ↗ |