Highlights

  • Bentley Systems received a buy rating from Griffin Securities with a target price of USD 61.
  • The company delivered double-digit revenue growth and expanding margins in the third quarter of 2025.
  • Recurring revenues and cash flows supported improved earnings across both quarterly and nine-month periods.

Bentley Systems, Incorporated (Nasdaq:BSY) has come under investor focus after Griffin Securities, Inc. issued a buy rating on the stock with a target price of USD 61. The buy recommendation from Griffin Securities reflects a constructive analyst view on Bentley Systems at a time when the company continues to report steady growth across revenues, margins, and cash flows.

Quarterly Performance Shows Steady Growth

For the third quarter ended September 30, 2025, Bentley Systems reported total revenues of USD 375.5 million, representing a year-over-year increase of 12 percent, or 10.6 percent on a constant-currency basis. Subscription revenues accounted for the majority of this total at USD 344.3 million, growing 13.5 percent year over year.

Annualized recurring revenues reached USD 1,405.2 million as of September 30, 2025, compared with USD 1,270.7 million a year earlier. The company maintained a dollar-based net retention rate of 109 percent over the last twelve months, consistent with the prior-year period. Operating income margin improved to 22.5 percent from 20.5 percent a year ago, while adjusted operating income less stock-based compensation margin increased to 27.7 percent.

Profitability also improved, with net income per diluted share rising to USD 0.18 from USD 0.13 in the same quarter last year. Adjusted earnings per share increased to USD 0.27 from USD 0.24. Cash flows from operations totaled USD 116.4 million, while free cash flow reached USD 110.7 million, both showing notable year-over-year growth.

Nine-Month Results Reinforce Momentum

For the nine months ended September 30, 2025, Bentley generated total revenues of USD 1,110.2 million, an increase of 10.7 percent year over year. Subscription revenues during the period rose 12.4 percent to USD 1,020.1 million, continuing to represent the dominant share of total revenues.

Operating income margin for the nine-month period improved to 25.6 percent from 24.0 percent in the prior year, while adjusted operating income less stock-based compensation margin rose to 30.2 percent. Net income per diluted share increased to USD 0.67, and adjusted earnings per share climbed to USD 0.94.

Cash generation remained strong, with operating cash flows of USD 396.9 million and free cash flow of USD 384.0 million, both higher than the comparable period last year.

Rating Reinforces Investor Focus

The buy rating from Griffin Securities, combined with Bentley’s consistent financial performance, has reinforced investor attention on the stock. The analyst target of USD 61 underscores expectations tied to Bentley’s ongoing execution and recurring revenue model.