Bentley Systems, Incorporated (BSY) Stock Analysis

Bentley Systems’ principal competitive advantage lies in its deeply embedded, specialized software portfolio for infrastructure engineering, which is both broad and highly interoperable. Unlike generalist rivals such as Autodesk, Bentley’s solutions are tailored for complex, large-scale civil, utility, and industrial projects—sectors where switching costs are high and workflows are mission-critical. Its digital twin and asset analytics platforms, including Bentley Infrastructure Cloud and Seequent, are increasingly integrated into customer operations, reinforcing lock-in.

Recurring revenue is a structural strength: 92% of 2025 revenues are recurring, with a 109% dollar-based net retention rate and 99% account retention, indicating strong customer loyalty and expansion. Bentley’s direct sales model (93% of revenue) enables close customer relationships and responsiveness, contrasting with Autodesk’s heavier reliance on channel partners.

Bentley’s R&D intensity (20% of revenue reinvested) supports ongoing innovation, notably in AI and digital twin technology, which is increasingly demanded by infrastructure owners and operators. The company’s global reach (serving 41,000 accounts in 189 countries) and sectoral diversification help buffer against regional or sector-specific downturns.

Culturally, Bentley scores high on employee engagement (80%+), which supports talent retention and innovation. However, the company faces threats from larger, well-capitalized competitors (e.g., Autodesk, Hexagon) and must continually invest to maintain its technological edge. Nonetheless, its sector focus, high switching costs, and strong customer retention underpin a durable competitive position.