Group 1 - Bentley Systems, Incorporated (BSY) shares have increased by 14% over the past four weeks, closing at $38.66, with a mean price target of $48.54 indicating a potential upside of 25.6% [1] - The average price target consists of 13 estimates ranging from a low of $42.00 to a high of $61.00, with a standard deviation of $5.49, suggesting a consensus among analysts [2] - Analysts have shown strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [11] Group 2 - Over the last 30 days, four earnings estimates for BSY have been revised upward, leading to a 6.7% increase in the Zacks Consensus Estimate [12] - BSY holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13] - While the consensus price target may not be entirely reliable, the direction it suggests appears to be a good guide for potential price movement [14]

Bentley Systems, Incorporated (BSY) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimat ...

Core Insights - Bentley Systems, Incorporated (NASDAQ:BSY) is recognized as one of the 14 best dividend stocks to invest in under $50 [1] - Piper Sandler has lowered its price target for Bentley Systems from $45 to $42 while maintaining a Neutral rating, citing a forecast of 10.5%-12.5% ARR growth for FY26, with only 40 basis points expected from programmatic acquisitions in 2025 [2] - The services segment, which has faced challenges for nearly eight quarters, is anticipated to recover with a projected revenue growth of 15%-20% in 2026 [2] Financial Performance - During the Q4 2025 earnings call, the company reported that its annual constant currency ARR growth has remained in the low-double-digit range since 2022 [3] - Bentley Systems achieved a free cash flow margin of 35% in 2025, with a truly free cash flow margin of 30% when excluding stock-based compensation [3] - The company has successfully retired its convertible debt due in 2026, reducing the fully diluted share count by approximately 3% and completing its deleveraging process [4] Strategic Initiatives - Bentley Systems is focusing on artificial intelligence as a significant opportunity, integrating AI capabilities into its products and building platforms for users to create AI-driven workflows [5] - ARR grew by 11.5% year over year in Q4, with net revenue retention steady at 109%, supported by strong performance in the Seequent segment and Public Works Utilities [6] - The momentum in growth is attributed to global infrastructure investment and robust performance from Bentley Asset Analytics [6] Company Overview - Bentley Systems develops infrastructure engineering software, providing integrated software solutions across various professional disciplines, infrastructure sectors, geographies, and stages of the infrastructure lifecycle [7]

Core Insights - Bentley Systems, Incorporated (NASDAQ:BSY) is recognized as one of the best technology stocks, particularly highlighted by hedge funds [1][2] - UBS has raised its price target for BSY from $40 to $43, maintaining a Neutral rating, citing accelerating annual recurring revenue as a key factor [2][9] Financial Performance - For Q4 2025, Bentley Systems reported total revenues of $391.6 million, an increase of 11.9% year over year, with subscription revenues rising by 13.0% to $356.6 million [3] - The annualized recurring revenues (ARR) grew by 11.5% to $1.462 billion on a constant currency basis [3] - The net retention rate for recurring revenue was 109%, indicating strong customer retention [4] - Operating income margin improved to 20.0%, while the adjusted operating income margin reached 24.1% [4] - Adjusted EPS increased to $0.27, and net income per diluted share was reported at $0.18 [4] - For the entire year, Bentley Systems generated $1.502 billion in revenue, with $1.377 billion from subscriptions, showing consistent growth across various financial metrics compared to 2024 [5] Company Overview - Bentley Systems is a global software company that provides solutions for infrastructure design, construction, and operations, enabling professionals to enhance project delivery and optimize asset performance [6]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The investment strategy involves seeking deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The strategy also includes identifying wide moat stocks, which are high-quality businesses with sustainable competitive advantages [1] Group 2: Research Service - The research service, Asia Value & Moat Stocks, provides value investors with ideas and monthly updates on potential investment opportunities in the Asian equity market [1] - The service is led by an analyst with over a decade of experience in both buy and sell sides of the market, ensuring a knowledgeable approach to identifying investment opportunities [1]

Core Insights - Bentley Systems Inc. (NASDAQ:BSY) experienced a significant stock rally, increasing by 14.04% to close at $37.04, driven by strong earnings and a positive outlook for 2026 [1][7]. Financial Performance - For the fiscal year 2024, Bentley Systems reported an 18.3% increase in attributable net income, reaching $277.86 million, up from $234.79 million in 2023. Revenues also rose by 15%, totaling $1.5 billion compared to $1.3 billion in the previous year [2]. - In Q4 2024, the company saw a 17% increase in attributable net income to $58.6 million from $50.09 million, while total revenues surged by 11.8% to $391.58 million from $349.8 million [2]. Future Projections - For the current year, Bentley Systems aims to grow its revenues by 11 to 13%, targeting a range of $1.685 billion to $1.715 billion. Subscription revenues are expected to grow by 11 to 13%, while services revenues are projected to increase by 15 to 20%. Perpetual licenses revenues are anticipated to remain flat year-on-year [3]. Dividend Announcement - Bentley Systems declared a dividend of $0.07 per share for all Class A and B common shareholders, with a record date of March 10, 2026, and payment scheduled for March 19 [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ______________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39548 _______________________________________________________ ...

Core Insights - Bentley Systems reported a GAAP operating income of $79 million in Q4 and $363 million for the year, with adjusted operating income less stock-based compensation (SBC) at $94 million in Q4, reflecting a 24.1% margin, and $430 million for the year, up 16% with a 28.6% margin [1][8] Revenue Performance - Total revenue for 2025 was $1.502 billion, an 11% increase on a reported basis and 10% in constant currency, with Q4 revenue at $392 million, increasing 12% reported and 10% in constant currency [4][8] - Subscription revenue was the primary growth driver, rising 13% reported (12% constant currency) for the full year and accounting for 92% of total revenue, up from 2024 [3][8] - Perpetual license revenue remained flat for both the quarter and year, while service revenue declined 6% reported (7% constant currency) for the year, with a modest increase in Q4 [2] Future Outlook - For 2026, management guided constant-currency revenue growth of 11%–13%, projecting total revenue between $1.685 billion and $1.715 billion, with adjusted operating income less operating SBC of $495 million to $510 million [7][20][23] - The company anticipates free cash flow of approximately $500 million to $570 million for 2026, with a focus on dividends, share repurchases, and up to $400 million in programmatic acquisitions annually [24] AI and Data Strategy - Bentley plans to embed AI across its products and utilize ProjectWise/iTwin as an AI-ready data foundation, allowing customers control over their proprietary data for model training [6][18] - The AI strategy includes automating tasks and interactions, applying AI to engineering applications, and ensuring data stewardship through a Data Agreement Registry [21][19] Sector and Regional Demand - Resources and utilities were highlighted as the fastest-growing sectors, with strong performance driven by global infrastructure investment and demand for grid resilience [14][15] - Regionally, the Americas showed strong growth supported by U.S. infrastructure investments, while EMEA growth was led by the Middle East, and Asia Pacific saw solid growth in India [16]

分组1 - Bentley Systems reported quarterly earnings of $0.27 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.21 per share a year ago, with an earnings surprise of -1.21% [1] - The company achieved revenues of $391.58 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 3.27%, and up from $349.82 million year-over-year [2] - Bentley Systems has surpassed consensus revenue estimates four times over the last four quarters, indicating a positive trend in revenue performance [2] 分组2 - The stock has underperformed, losing about 14.9% since the beginning of the year, while the S&P 500 has gained 1.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $406.47 million, and for the current fiscal year, it is $1.35 on revenues of $1.64 billion [7] - The Internet - Software industry, to which Bentley Systems belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues reached $1,502 million, growing 11% on a reported basis and 10% in constant currency [31] - Subscription revenues grew 13% reported and 12% in constant currency, now representing 92% of total revenues, up 2% from 2024 [32] - Free cash flow generation for the year totaled $520 million, up 24% year-over-year, with a free cash flow margin of 35% [5][34] Business Line Data and Key Metrics Changes - The E365 initiative now comprises 45% of subscription revenues, an increase from 42% in 2024 [32] - The asset analytics strategy reached a $50 million run rate milestone for asset consumption revenue in 2025, with significant contributions from acquisitions [15] - Perpetual license revenues were flat for both the quarter and the full year, while service revenues declined by 6% reported and 7% in constant currency for the full year [32] Market Data and Key Metrics Changes - The resources sector was the fastest-growing sector, driven by the performance of Seequent, which is expanding into critical resources [25] - The Americas region saw strong growth, supported by favorable macro conditions for infrastructure investment, with the U.S. market remaining healthy [26] - Growth in EMEA was led by the Middle East, with expectations for continued strong performance in 2026 [27] Company Strategy and Development Direction - The company is focusing on embedding AI capabilities into its products and enabling users to build their own AI-driven workflows [19] - Bentley Systems aims to leverage AI to enhance engineering work, automate design tasks, and optimize entire designs [20] - The strategy includes a commitment to data stewardship, ensuring users control their data used for AI training [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 outlook, expecting total revenue growth in the range of 11%-13% in constant currency [37] - The macro environment for 2026 is expected to remain consistent with 2025, with strong growth in most sectors except for facilities and commercial buildings [60] - AI is viewed as an opportunity rather than a risk, with expectations that it will transform infrastructure engineering business models [7][18] Other Important Information - The company reduced its net debt leverage to a healthy 2.1x, providing strategic flexibility for future acquisitions [36] - The company retired its 2026 convertible notes, reducing the fully diluted share count by approximately 3% [36] Q&A Session Summary Question: What elements could push constant currency ARR growth closer to the higher end of the range? - AI is contributing to asset analytics growth, but it may take time for this to reflect in ARR due to the nature of inspections not being annual [46] Question: Is the $400 million for programmatic acquisitions consistent with past amounts? - The company is open to expanding M&A opportunities beyond asset analytics now that leverage is at a more optimal level [51] Question: Are you seeing changes in infrastructure budgets or delayed projects? - The macro environment is consistent with 2025, with strong growth in most sectors, but China is experiencing a slowdown [60] Question: How much of the services revenue recovery is driven by asset analytics versus core Maximo business? - The recovery is primarily driven by improvements in the IBM Maximo services business, with asset analytics contributing minimally [64] Question: Can you discuss the new packaging for ProjectWise and its impact on guidance? - The new packaging was released in Q4 and is expected to resonate well with accounts, supporting growth going forward [68] Question: How is the company leveraging its network for AI design? - The company is engaging with accounts to evolve its engineering applications to support AI-driven workflows, focusing on adoption over monetization [71]