BSYBentley Systems, Incorporated

$39.71-21% 1Y

RyuScore

Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.

RyuScore 56 out of 100, Average
Today's price. Only valuation depends on it.

Average. Bentley Systems, Incorporated scores higher than 51% of the 2,231 companies Ryufin scores.

Carried by return on new capital and the balance sheet, held back by valuation and capital allocation.

Technology median 46 · all companies 55

How the score has moved

At each fiscal year end, from the reports and price of the time
17
36
43
46
52
56
20212022202320242025today

The biggest move was up 19 points from 2021 to 2022, mostly return on new capital.

Valuation

26% of the score

35median 53

Bentley Systems, Incorporated is valued at 31.7x its operating profit before acquisition amortisation (EBITA), including debt: a very rich multiple.

60x
50x
35x
25x
18x
12x
8x
31.7x
Full points at 8x or less, none from 60xfull points

Return on capital

18% of the score

56median 24

Over 6 years the business earned 10% a year after tax on the capital it uses.

2%
8%
15%
25%
10%
None at 2% or less, full points from 25%full points
Return on capital by year
6 years agolatest 12%

Return on new capital

16% of the score

100median 33

For every dollar of operating profit earned over 6 years, yearly profit grew by 15 cents. New capital earned 12%, and 130% of profit went back into the business.

-5%
12%
15%
None at minus 5 cents, full points from 12 centsfull points

Capital allocation

14% of the score

21median 63

How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.

Share countUp 2.2% a year over 5 years: new shares
36
5%
-3%
2.2%
0 pointsfull points
Assets against salesAssets grew 26% a year, sales 13%
0
12%
-2%
12%
0 pointsfull points

Cycle position

12% of the score

45median 63

Today's operating margin of 24% is 1.25x its normal 19%: above its usual level. Normal is half the 8 year median, half the last four years, so a margin that has held is not taken for a peak.

2x
1.5x
1x
0.7x
1.3x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
8 years agonow 24%

Balance sheet

8% of the score

74median 50

What the debt weighs against the profit that has to carry it.

Net debt to EBITDA2.6x a year of EBITDA
49
4.5x
0.5x
2.6x
0 pointsfull points
Interest coverOperating profit covers interest 20x
100
1.5x
12x
19.7x
0 pointsfull points

Earnings quality

6% of the score

99median 90

Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.

Cash against profitOperating cash flow was 1.66x profit over 3 years
100
0.7x
1x
1.3x
1.7x
0 pointsfull points
AccrualsCash ran ahead of profit by 7.5% of assets
98
8%
0%
-8%
-7.5%
0 pointsfull points

How the RyuScore works

Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.

Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.