Is Bentley Systems, Inc. overvalued or undervalued?

As of 10 October 2025, the valuation grade for Bentley Systems, Inc. has moved from expensive to very expensive, indicating a significant increase in perceived overvaluation. The company is currently considered 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, peers such as ANSYS, Inc. have a P/E of 52.27 and an EV to EBITDA of 33.86, while Fair Isaac Corp. shows a much higher P/E of 207.61, further illustrating Bentley's relative valuation challenges.
Recent stock performance has been underwhelming, with a 1-week return of -10.26% compared to a -2.43% return for the S&P 500, and a 1-year return of -1.61% against the S&P 500's 13.36%. This underperformance reinforces the notion that Bentley Systems, Inc. is currently overvalued in the market.