Recent News
Aug. 5, 2025 — Bentley announced finalists for the 2025 Going Digital Awards. Oct. 1, 2025 — Bentley scheduled third-quarter 2025 results and a management webcast for Nov. 5, 2025. Oct. 14–16, 2025 — Bentley held Year in Infrastructure in Amsterdam, unveiling platform upgrades and expanded AI capabilities; Oct. 16–17, 2025 — Bentley announced the 2025 Going Digital Awards winners and related product enhancements.
Technical Analysis
ADX sits at 12.21, signalling no dominant trend; this low strength reduces the likelihood that short-term directional moves will sustain beyond initial impulses and therefore tempers breakout conviction against the existing valuation premium.
DI+ shows a dip & reversal, a bullish indication; DI- shows decreasing, also a bullish indication. Together these DI readings point to a nascent directional bias to the upside, but the low ADX limits follow-through strength relative to the stock’s current premium.
MACD reads -0.43 with a trend increasing and a signal line at -0.50; MACD crossed above its signal line, which denotes bullish momentum and suggests near-term upward pressure on price could persist while momentum builds.
MRO stands at 13.43 with a trend increasing; the positive MRO indicates price currently sits above the model target and therefore carries elevated mean-reversion risk even as the oscillator rises, creating a tension between momentum and reversion forces.
RSI sits at 48.63 and shows a peak & reversal, a bearish development; that reversal increases the chance of short-term softening unless momentum indicators (MACD, DI+) regain conviction.
Price sits at $51.73 above the 200-day average ($48.91) and just above the 20-day average ($51.14) but below the 50-day average ($52.82). The 12-day EMA registers a peak & reversal, while the ichimoku cloud (Senkou A $53.69, Senkou B $55.26) and the super-trend upper band at $53.96 provide nearby overhead resistance. Low trading volume relative to multi-period averages weakens breakout conviction.
Fundamental Analysis
Total revenue reached $364,106,000, with YoY revenue growth of -21.01% and QoQ revenue growth of -129.33%, indicating revenue contraction on both comparative bases; those declines weigh on multiple expansion given the current market price.
Operating metrics show operating margin at 23.188% and EBIT margin at 22.322%; EBIT margin declined QoQ by -28.84% and YoY by -9.45%. EBIT margin sits below the industry peer mean (34.28%) and below the industry peer median (43.47%), suggesting margin compression relative to typical peers despite positive absolute margins.
Net income totaled $70,482,000; EPS came in at $0.32 versus an estimate of $0.29, a $0.03 beat representing a 10.35% surprise. Free cash flow reached $56,994,000 while free cash flow yield equals 0.35%; free cash flow yield fell QoQ by -78.68% and declined YoY by -11.78%, indicating weakened cash yield relative to recent quarters even though free cash converts at roughly 80.86% of net income.
Liquidity shows $89,646,000 in cash and short-term investments and a current ratio near 0.51x, well below the industry peer mean current ratio of 1.70x; working capital sits negative at -$418,842,000, heightening reliance on operating cash flow and financing structures. Debt metrics include total debt of $1,282,737,000, debt-to-assets of 37.47%, and debt-to-equity near 1.10x; interest coverage registers at 41.43x, above the industry peer mean of 37.79x, reflecting ample coverage of interest expense.
Return metrics show return on equity at 6.07% and return on assets at 2.07%, both down QoQ and YoY. Asset turnover sits near 10.67%, below the industry peer mean of 12.98%, which constrains revenue generation from existing asset base. Research and development spending at $75,385,000 supports product and platform initiatives highlighted at the recent conference.
Valuation speaks plainly: WMDST values the stock as over-valued. Market multiples reflect that assessment—PE ratio stands at 165.45x, price-to-sales near 44.45x, enterprise value relative to revenue and earnings elevated—multiples that imply high expectations and limited margin for operational slip.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 83.6 M |
| Operating Cash Flow | $ 61.1 M | |
| Capital Expenditures | $ -4.09 M | |
| Change In Working Capital | $ -58.13 M | |
| Dividends Paid | $ -21.30 M | |
| Cash Flow Delta | $ 6.0 M | |
| End Period Cash Flow | $ 89.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 364.1 M | |
| Forward Revenue | $ 115.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 68.8 M | |
| Depreciation | $ 15.7 M | |
| Depreciation and Amortization | $ 15.7 M | |
| Research and Development | $ 75.4 M | |
| Total Operating Expenses | $ 279.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 295.3 M | |
| EBITDA | $ 97.0 M | |
| EBIT | $ 81.3 M | |
| Operating Income | $ 84.4 M | |
| Interest Income | $ 337.0 K | |
| Interest Expense | $ 2.0 M | |
| Net Interest Income | $ -3.52 M | |
| Income Before Tax | $ 79.3 M | |
| Tax Provision | $ 8.9 M | |
| Tax Rate | 11.2 % | |
| Net Income | $ 70.5 M | |
| Net Income From Continuing Operations | $ 70.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.29 | |
| EPS Actual | $ 0.32 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 10.345 % | |
| Forward EPS | $ 0.29 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.4 B | |
| Intangible Assets | $ 2.6 B | |
| Net Tangible Assets | $ -1.45 B | |
| Total Current Assets | $ 439.5 M | |
| Cash and Short-Term Investments | $ 89.6 M | |
| Cash | $ 89.6 M | |
| Net Receivables | $ 291.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 80.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 24.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 858.4 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 2.3 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -31.37 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.83 | |
| Shares Outstanding | 303.438 M | |
| Revenue Per-Share | $ 1.20 | |
| VALUATION | Market Capitalization | $ 16.2 B |
| Enterprise Value | $ 17.4 B | |
| Enterprise Multiple | 179.108 | |
| Enterprise Multiple QoQ | 65.13 % | |
| Enterprise Multiple YoY | 17.342 % | |
| Enterprise Multiple IPRWA | high: 634.148 BSY: 179.108 mean: 90.987 median: 82.154 low: -577.222 |
|
| EV/R | 47.728 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.946 | |
| Asset To Liability | 1.514 | |
| Debt To Capital | 0.525 | |
| Debt To Assets | 0.375 | |
| Debt To Assets QoQ | -0.549 % | |
| Debt To Assets YoY | 5237.749 % | |
| Debt To Assets IPRWA | high: 1.095 BSY: 0.375 mean: 0.161 median: 0.098 low: 0.002 |
|
| Debt To Equity | 1.104 | |
| Debt To Equity QoQ | -5.503 % | |
| Debt To Equity YoY | 4651.916 % | |
| Debt To Equity IPRWA | high: 3.008 BSY: 1.104 mean: 0.297 median: 0.176 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.928 | |
| Price To Book QoQ | 16.652 % | |
| Price To Book YoY | -8.02 % | |
| Price To Book IPRWA | high: 34.07 BSY: 13.928 mean: 12.063 median: 10.727 low: -16.218 |
|
| Price To Earnings (P/E) | 165.45 | |
| Price To Earnings QoQ | 33.767 % | |
| Price To Earnings YoY | 3.199 % | |
| Price To Earnings IPRWA | high: 564.562 BSY: 165.45 mean: 139.001 median: 130.187 low: -357.639 |
|
| PE/G Ratio | -19.303 | |
| Price To Sales (P/S) | 44.451 | |
| Price To Sales QoQ | 25.685 % | |
| Price To Sales YoY | -1.432 % | |
| Price To Sales IPRWA | high: 113.355 median: 48.199 mean: 45.683 BSY: 44.451 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 160.707 | |
| Forward PE/G | -18.75 | |
| Forward P/S | 140.001 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 17.315 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.107 | |
| Asset Turnover Ratio QoQ | -2.075 % | |
| Asset Turnover Ratio YoY | 6.744 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 mean: 0.13 median: 0.129 BSY: 0.107 low: 0.0 |
|
| Receivables Turnover | 1.225 | |
| Receivables Turnover Ratio QoQ | 2.13 % | |
| Receivables Turnover Ratio YoY | 1.634 % | |
| Receivables Turnover Ratio IPRWA | high: 4.687 mean: 1.421 median: 1.257 BSY: 1.225 low: 0.131 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 74.511 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.869 | |
| CapEx To Revenue | -0.011 | |
| CapEx To Depreciation | -0.26 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ -1.45 B | |
| Net Working Capital | $ -418.84 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.104 | |
| Current Ratio | 0.512 | |
| Current Ratio QoQ | 4.003 % | |
| Current Ratio YoY | 4.054 % | |
| Current Ratio IPRWA | high: 9.787 mean: 1.697 median: 1.353 BSY: 0.512 low: 0.079 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.221 | |
| Cost Of Debt | 0.136 % | |
| Interest Coverage Ratio | 41.426 | |
| Interest Coverage Ratio QoQ | 57.102 % | |
| Interest Coverage Ratio YoY | 107.253 % | |
| Interest Coverage Ratio IPRWA | high: 181.115 median: 54.034 BSY: 41.426 mean: 37.786 low: -203.84 |
|
| Operating Cash Flow Ratio | 0.115 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.034 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.31 | |
| Dividend Payout Ratio | 0.302 | |
| Dividend Rate | $ 0.07 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.598 % | |
| Revenue Growth | -1.737 % | |
| Revenue Growth QoQ | -129.326 % | |
| Revenue Growth YoY | -21.01 % | |
| Revenue Growth IPRWA | high: 32.808 % median: 9.099 % mean: 6.965 % BSY: -1.737 % low: -28.474 % |
|
| Earnings Growth | -8.571 % | |
| Earnings Growth QoQ | -112.856 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 157.143 % median: 5.491 % mean: 4.809 % BSY: -8.571 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 81.111 % | |
| Gross Margin QoQ | -1.421 % | |
| Gross Margin YoY | 0.298 % | |
| Gross Margin IPRWA | high: 91.297 % BSY: 81.111 % mean: 72.301 % median: 68.585 % low: 33.069 % |
|
| EBIT Margin | 22.322 % | |
| EBIT Margin QoQ | -28.838 % | |
| EBIT Margin YoY | -9.448 % | |
| EBIT Margin IPRWA | high: 74.313 % median: 43.473 % mean: 34.281 % BSY: 22.322 % low: -124.558 % |
|
| Return On Sales (ROS) | 23.188 % | |
| Return On Sales QoQ | -26.078 % | |
| Return On Sales YoY | -5.935 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.038 % BSY: 23.188 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 57.0 M | |
| Free Cash Flow Yield | 0.352 % | |
| Free Cash Flow Yield QoQ | -78.68 % | |
| Free Cash Flow Yield YoY | -11.779 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % median: 0.694 % mean: 0.529 % BSY: 0.352 % low: -8.108 % |
|
| Free Cash Growth | -73.659 % | |
| Free Cash Growth QoQ | -139.949 % | |
| Free Cash Growth YoY | 4.549 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.395 % BSY: -73.659 % low: -316.997 % |
|
| Free Cash To Net Income | 0.809 | |
| Cash Flow Margin | 27.109 % | |
| Cash Flow To Earnings | 1.4 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.065 % | |
| Return On Assets QoQ | -23.12 % | |
| Return On Assets YoY | -5.275 % | |
| Return On Assets IPRWA | high: 18.439 % median: 4.609 % mean: 3.909 % BSY: 2.065 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | 3.169 % | |
| Return On Equity (ROE) | 0.061 | |
| Return On Equity QoQ | -27.138 % | |
| Return On Equity YoY | -17.179 % | |
| Return On Equity IPRWA | high: 0.214 median: 0.079 mean: 0.07 BSY: 0.061 low: -0.337 |
|
| DuPont ROE | 6.239 % | |
| Return On Invested Capital (ROIC) | 2.998 % | |
| Return On Invested Capital QoQ | -26.048 % | |
| Return On Invested Capital YoY | -101.124 % | |
| Return On Invested Capital IPRWA | high: 14.979 % median: 7.176 % mean: 5.601 % BSY: 2.998 % low: -13.978 % |
|