What is Bentley Systems Inc worth?
With the base-case assumptions below, a discounted cash flow model on Bentley Systems Inc's reported free cash flow gives $43.71 per share. The share price was $31.44 on September 25, 2026, 28% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.5% | 10.0% | $25.81 | -18% |
| Base | 13.5% | 9.0% | $43.71 | +39% |
| Bull | 18.5% | 8.0% | $79.36 | +152% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $57.47 | $61.75 | $66.97 | $73.50 | $81.90 |
| 8.0% | $47.15 | $49.92 | $53.19 | $57.13 | $61.93 |
| 9.0% | $39.63 | $41.52 | $43.71 | $46.26 | $49.28 |
| 10.0% | $33.92 | $35.27 | $36.79 | $38.54 | $40.56 |
| 11.0% | $29.45 | $30.44 | $31.54 | $32.78 | $34.19 |
Where the presets come from
Base: years 1 to 5 grow at Bentley Systems Inc's revenue growth rate over the last 5 fiscal years (13.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions