NASDAQ · STOCK
Bentley Systems
$35.43
52W $28.08 – $58.19
53/100
$10.36B
39.8
1.00
Is BSY Bullish or Bearish?
Mixed.
Innellis AI committee rates Bentley Systems (BSY) Watch with a composite score of 53/100
, based on 7 analysts with 71% agreement.
Last updated July 31, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +6.77 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 — -13.23 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. Growth Analyst sees a compelling case — quarter-over-quarter growth rate is accelerating, not just positive. Risk Analyst remains cautious — current ratio of 0.56 is tight -- limited short-term liquidity cushion. This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- ROE of 23.6% shows genuine earnings power backing the valuation — Value
- Quarter-over-quarter growth rate is ACCELERATING, not just positive — Growth
- MACD histogram positive -- bullish momentum — Technical
- Market regime is bullish (Bull market -- normal position sizing) — Macro
Bear Case
- P/E of 37.9 is moderate-to-rich — Value
- Price-to-book of 9.7x prices in significant intangible value — Value
- Current ratio of 0.56 is tight -- limited short-term liquidity cushion — Risk
- Bollinger bandwidth of 22.2% 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 July 31, 2026
Overall Committee Score
53/100
Agreement
71%
Analysts
7
Conviction
Contested
Sector Rank
Top 59%
of 172 Technology peers
Value Analyst
neutral
48
/ 100 · Moderate confidence
Fair value -- neither a bargain nor obviously overpriced
+ ROE of 23.6% shows genuine earnings power backing the valuation
− P/E of 37.9 is moderate-to-rich
Growth Analyst
bullish
75
/ 100 · Moderate confidence
Strong, accelerating growth with consistent execution
+ Quarter-over-quarter growth rate is ACCELERATING, not just positive
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
neutral
58
/ 100 · Moderate confidence
Macro backdrop is mixed or neutral -- not a strong tailwind or headwind either way
+ Market regime is bullish (Bull market -- normal position sizing)
News Analyst
neutral
53
/ 100 · Low confidence
News flow is mixed or quiet -- no strong signal either way right now
Portfolio Manager
neutral
45
/ 100 · High confidence
Portfolio-level factors are mixed -- worth a deliberate sizing decision, not a default-size position
+ Portfolio position concentration is currently healthy
− Sector concentration is already high (HHI 2744.14)
Investment Thesis Evolution
Committee score moved marginally from 55.3 to 53.2.
- Committee agreement increased sharply from 50% to 71%.
- New bearish signals: 6 appeared.
- New bullish signals: 2 appeared.
- Bearish pressure eased: 5 signal(s) disappeared.
- Analyst(s) changed stance: Macro Analyst.
- New analyst(s) joined: Value Analyst.
Analyst-level changes:
- Growth Analyst: score 85->75 (-10).
- Macro Analyst: stance bullish->neutral; score 65->58 (-8); +1 bullish signal(s).
- Portfolio Manager: +2 bearish signal(s).
- Risk Analyst: +2 bearish signal(s).
- Technical Analyst: score 48->58 (+10).
- Value Analyst joined: neutral at 48.
Comparing 2026-07-30 to 2026-07-31 (1 day apart).
Technical Analysis
RSI (14)
64.4
Neutral
MACD Histogram
0.505
Bullish Momentum
Trend Direction
Sideways
Weekly: Downtrend
Market Structure
Lh Ll
Support
$34.48
Resistance
$40.36
Bollinger %B
0.87
Inside Bands
Price vs Moving Averages
EMA 9
$34.11
Above
EMA 21
$32.88
Above
EMA 50
$32.46
Above
EMA 200
$36.84
Below
Fundamental Analysis
Valuation
0
Growth
82
Profitability
1
Financial Health
39
Cash Flow
37
Valuation
P/E Ratio
39.8×
P/B Ratio
9.04×
PEG Ratio
4.66
Dividend Yield
0.01%
52W High
$58.19
52W Low
$28.08
Quality & Growth
ROE
23.4%
ROA
7.8%
Gross Margin
81.6%
Operating Margin
24.0%
Revenue Growth YoY
—
Debt / Equity
0.95
AI Fundamental Assessment
P/E ratio of 39.8 (rich relative to a 15-40x range); Price-to-book of 9.0x; PEG ratio of 4.7 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 0.2%; Return on assets of 0.1%; Net margin of 0.2%; Gross margin of 0.8%; Current ratio of 0.51 (tight short-term liquidity); Debt-to-equity of 0.95; Free cash flow margin of 1.0% (thin cash generation); Free cash flow per share is positive (1.57); Most recent quarter beat estimates by 5.9%; 2 consecutive earnings beats; EPS growth accelerating (+0.0% -> +40.7% QoQ); Analyst estimates rising over recent quarters
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