BENTLEY SYSTEMS, INCORPORATED

BSY · Technology · $10.9B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power100

Median gross margin 79.8% over 8y, very stable.

Returns on capital54

Median ROIC 11.3%, above the 9% hurdle in 75% of years.

Balance-sheet safety57

Net debt/EBITDA 3.1x, interest coverage 48x.

Capital discipline45

Owner earnings +7.9%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

165% above value

Owner earnings (normalized): $227.8M
Est. intrinsic value / share: $12.31
Recent price: $32.59
Discount to value: 165% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BSY. See the disclaimer.