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Ken GriffinReduced
Citadel Advisors · Q2 2026
$7.31M
244.7K shares · 0.0% of portfolio
Bentley Systems Inc
Bentley Systems Inc (BSY) is listed on NASDAQ and classified in Software - Application, part of the Technology sector. It is headquartered in Exton, United States and has 5,800 employees. The company is worth $11.91B and trades at 43.3x its earnings of the last twelve months; the median for its sector is 28.0x. Revenue was $1.5B in fiscal 2025, up 11.0% from the year before. Net income was $277.86M. The share price is 24.8% below its 52-week high of $52.39. It pays a dividend yielding 0.71%. 7 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Israel Englander (Millennium Management), at $105.15M. In that quarter, 1 of them opened or added to the position and 4 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -26.3% over 5Y.
today you would have $613.11▼ -38.7%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 6 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Year-end price | $38.17 | $46.70 | $52.18 | $36.96 | $48.33 | $40.51 | |
| P/E | 66.0x | 44.9x | 64.9x | 52.2x | 67.2x | 161.1x | 96.5x |
| P/S | 12.8x | 8.5x | 11.5x | 14.1x | 11.2x | 15.8x | 15.1x |
| P/B | 20.5x | 10.7x | 15.0x |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 15.1% a year plus a 0.7% dividend yield. Growth capped at 25%.
Median P/E of 28.0 among peers in the sector.
Median P/E of 66.0 across this company’s own years on record.
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Technology, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| NXTNextpower Inc. | $77.63 | 20.1x | 4.6x | 0.00% | 27.22% | $11.93B |
| SMTCSemtech Corp | $125.12 | 82.9x | 15.6x | 0.00% | 23.66% | $11.68B |
| GRABGrab Holdings Ltd | $2.85 | 25.9x | 1.7x | 0.00% | 7.74% | $11.66B |
| FROGJFrog Ltd | $93.89 |
| 19.6x |
| 21.4x |
| 37.2x |
| 35.5x |
| EPS | $0.85 | $0.72 | $1.00 | $0.55 | $0.30 | $0.42 |
| Dividend yield | 0.35% | 0.73% | 0.51% | 0.38% | 0.32% | 0.25% | 0.07% |
| Payout | 27.38% | 32.94% | 33.33% | 20.00% | 21.82% | 40.00% | 7.14% |
| Profit margin | 16.63% | 18.50% | 17.35% | 26.60% | 15.90% | 9.66% | 15.78% |
| ROE | 26.92% | 23.36% | 22.55% | 37.00% | 30.48% | 22.77% | 37.04% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 2 families.
Room for errors in the reported numbers.
-2.0% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| — |
| 12.0x |
| 0.00% |
| -4.93% |
| $11.58B |
| PAYCPaycom Software, Inc. | $272.61 | 28.8x | 20.7x | 0.55% | 41.09% | $12.29B |
| SAILSailPoint, Inc. | $20.06 | — | 1.7x | 0.00% | -2.88% | $11.45B |