Is Bentley Systems, Inc. overvalued or undervalued?

As of 26 February 2025, Bentley Systems, Inc. has moved from a fair valuation to very expensive. The company is currently overvalued, with a P/E ratio of 58, a Price to Book Value of 13.75, and an EV to EBITDA of 41.58. In comparison, PTC, Inc. has a P/E ratio of 45.58 and an EV to EBITDA of 27.51, while Zoom Video Communications, Inc. presents a more attractive valuation with a P/E of 22.48 and an EV to EBITDA of 14.97.
Despite a strong return of 10.99% year-to-date compared to the S&P 500's 2.44%, the high valuation metrics indicate that Bentley Systems, Inc. is not justified at its current price of 51.83. The company's ROE stands at 23.56%, which is impressive, but it does not sufficiently counterbalance the elevated valuation levels when compared to its peers.