In the dynamic world of technology, AppLovin Corporation and Bentley Systems, Incorporated stand out as innovators in software applications, yet they serve distinct yet overlapping markets. AppLovin focuses on mobile app marketing and monetization, while Bentley delivers specialized infrastructure engineering software. Comparing these two firms sheds light on their innovation strategies and growth potential. Join me as we explore which company offers the most compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between AppLovin Corporation and Bentley Systems, Incorporated by providing an overview of these two companies and their main differences.
AppLovin Overview
AppLovin Corporation builds a software platform aimed at mobile app developers to enhance marketing and monetization globally. Their solutions include AppDiscovery for marketing, Adjust for analytics, and MAX for in-app bidding, targeting advertisers and publishers. Founded in 2011, AppLovin is headquartered in Palo Alto, California, and operates in the technology sector with a market cap of approximately 194B USD.
Bentley Systems Overview
Bentley Systems, Incorporated provides infrastructure engineering software solutions worldwide, including applications for design integration, subsurface modeling, and project delivery. Their products serve engineers, architects, planners, and contractors. Established in 1984, Bentley is based in Exton, Pennsylvania, with a market cap near 11.5B USD and operates in the technology sector, employing about 5,500 people.
Key similarities and differences
Both companies operate in the technology sector focusing on software applications, serving professional markets. AppLovin specializes in mobile app marketing and monetization platforms, whereas Bentley targets infrastructure engineering and project delivery software. AppLovin’s market cap is significantly larger, reflecting different scales and focus areas, with Bentley offering broader geographic infrastructure solutions and AppLovin emphasizing digital advertising technologies.
Income Statement Comparison
The table below presents a side-by-side comparison of key income statement metrics for AppLovin Corporation and Bentley Systems, Incorporated for the fiscal year 2024.
| Metric | AppLovin Corporation (APP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 194B | 11.5B |
| Revenue | 4.71B | 1.35B |
| EBITDA | 2.34B | 382M |
| EBIT | 1.89B | 318M |
| Net Income | 1.58B | 235M |
| EPS | 4.68 | 0.75 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
AppLovin Corporation
AppLovin experienced strong growth from 2020 to 2024, with revenue rising by 225% and net income surging over 1360%. Margins improved significantly, with a gross margin of 75.22% and a net margin of 33.55% in 2024. The latest fiscal year showed accelerated revenue growth of 43.44% and a remarkable 208.75% increase in net margin, indicating robust profitability expansion.
Bentley Systems, Incorporated
Bentley Systems reported steady revenue growth of nearly 69% over five years, alongside an 85.57% increase in net income. Gross margin remained high at 80.95%, while net margin stood at 17.35% in 2024. However, despite positive revenue and EBIT growth in the latest year, net margin and EPS declined, reflecting some pressure on profitability despite overall favorable trends.
Which one has the stronger fundamentals?
AppLovin demonstrates stronger fundamentals with higher revenue and net income growth rates, as well as superior margin expansion, particularly in net margin and EPS growth. Bentley Systems maintains solid profitability and margin levels but faces some recent softness in net margin and EPS. Overall, AppLovin’s more pronounced growth and margin improvements suggest a more dynamic financial performance.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for AppLovin Corporation and Bentley Systems, Incorporated for the fiscal year 2024.
| Ratios | AppLovin Corporation (APP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| ROE | 1.45 | 0.23 |
| ROIC | 0.39 | 0.09 |
| P/E | 69.06 | 62.63 |
| P/B | 100.11 | 14.13 |
| Current Ratio | 2.19 | 0.54 |
| Quick Ratio | 2.19 | 0.54 |
| D/E (Debt-to-Equity) | 3.26 | 1.37 |
| Debt-to-Assets | 0.61 | 0.42 |
| Interest Coverage | 5.89 | 12.20 |
| Asset Turnover | 0.80 | 0.40 |
| Fixed Asset Turnover | 23.71 | 20.47 |
| Payout Ratio | 0 | 0.31 |
| Dividend Yield | 0 | 0.49% |
Interpretation of the Ratios
AppLovin Corporation
AppLovin shows strong profitability metrics with a high net margin of 33.55% and an impressive return on equity of 144.96%, reflecting effective capital use. However, its high debt-to-equity ratio of 3.26 and debt-to-assets at 60.59% raise leverage concerns. The current and quick ratios at 2.19 indicate solid short-term liquidity. The company does not pay dividends, likely focusing on growth and reinvestment strategies.
Bentley Systems, Incorporated
Bentley Systems presents moderate profitability with a net margin of 17.35% and return on equity at 22.55%, which are favorable but less robust than AppLovin’s. The current ratio of 0.54 suggests potential liquidity risks, while its debt-to-equity ratio at 1.37 and debt-to-assets at 41.96% are less concerning but still notable. The company pays a small dividend yielding 0.49%, indicating some shareholder returns despite a cautious payout environment.
Which one has the best ratios?
AppLovin holds an overall stronger position with more favorable profitability ratios and liquidity metrics, despite higher leverage and valuation multiples. Bentley’s financials show some liquidity constraints and fewer favorable ratios overall. AppLovin’s focus on growth without dividends contrasts with Bentley’s moderate returns and dividend payments, reflecting differing financial strategies and risk profiles.
Strategic Positioning
This section compares the strategic positioning of AppLovin Corporation (APP) and Bentley Systems, Incorporated (BSY) regarding market position, key segments, and exposure to technological disruption:
AppLovin Corporation (APP)
- Leading mobile app marketing platform with high competitive pressure in software applications.
- Key segments include advertising software and app development platforms driving revenue growth.
- Exposure centers on software platform innovations in mobile marketing; potential disruption in ad tech.
Bentley Systems, Incorporated (BSY)
- Infrastructure engineering software provider facing moderate competitive pressure.
- Focuses on infrastructure design, simulation, and project delivery systems in engineering software.
- Exposed to technological changes in infrastructure modeling and collaboration software.
APP vs BSY Positioning
APP pursues a concentrated strategy focused on mobile app marketing and monetization, leveraging advertising and app platforms. BSY adopts a diversified approach across infrastructure engineering software and asset performance solutions, serving multiple professional segments with broad geographic reach.
Which has the best competitive advantage?
APP demonstrates a very favorable moat with growing ROIC and strong value creation, indicating a durable competitive advantage. BSY shows a slightly unfavorable moat with declining ROIC and value erosion, reflecting weaker competitive positioning.
Stock Comparison
The stock price chart highlights significant price appreciation for AppLovin Corporation (APP) and notable decline for Bentley Systems, Incorporated (BSY) over the past 12 months, reflecting contrasting trading dynamics and investor sentiment.
Trend Analysis
AppLovin Corporation’s stock exhibited a strong bullish trend over the past 12 months with an 897.53% increase, though showing deceleration and high volatility with a standard deviation of 201.11. Recent months indicate a mild negative shift of -10.17%.
Bentley Systems, Incorporated’s stock followed a bearish trend over the same period, declining by 24.64%, with decelerating losses and low volatility (std deviation 4.62). The recent trend remains negative at -22.63%.
Comparing the two, AppLovin Corporation has delivered markedly higher market performance with substantial gains, while Bentley Systems has experienced consistent declines throughout the analyzed timeframe.
Target Prices
Analyst consensus target prices suggest potential upside for both AppLovin Corporation and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| AppLovin Corporation | 860 | 630 | 756.33 |
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
AppLovin’s consensus target price of 756.33 USD is significantly above its current price of 572.17 USD, indicating optimistic analyst expectations. Bentley Systems’ consensus target of 48.75 USD also exceeds its current price of 39.32 USD, suggesting moderate upside potential.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for AppLovin Corporation and Bentley Systems, Incorporated:
Rating Comparison
AppLovin Corporation Rating
- Rating: B, classified as Very Favorable by analysts.
- Discounted Cash Flow Score: Moderate at 3, indicating balanced valuation.
- Return on Equity Score: Very Favorable at 5, showing high efficiency in generating profit from equity.
- Return on Assets Score: Very Favorable at 5, reflecting effective asset use.
- Debt To Equity Score: Very Unfavorable at 1, pointing to high financial risk.
- Overall Score: Moderate at 3, representing a balanced overall financial standing.
Bentley Systems, Incorporated Rating
- Rating: B-, also rated Very Favorable by analysts.
- Discounted Cash Flow Score: Favorable at 4, suggesting better valuation.
- Return on Equity Score: Favorable at 4, indicating good profitability.
- Return on Assets Score: Favorable at 4, indicating efficient asset utilization.
- Debt To Equity Score: Very Unfavorable at 1, also indicating higher financial risk.
- Overall Score: Moderate at 3, similarly reflecting balanced financial health.
Which one is the best rated?
Both companies share a moderate overall score of 3 and face similar financial risk with low debt-to-equity scores. AppLovin scores higher on return metrics, while Bentley holds an edge in discounted cash flow valuation.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for AppLovin Corporation and Bentley Systems, Incorporated:
APP Scores
- Altman Z-Score: 30.7, indicating a safe zone and very low bankruptcy risk.
- Piotroski Score: 7, categorized as strong financial health.
BSY Scores
- Altman Z-Score: 3.74, indicating a safe zone with low bankruptcy risk.
- Piotroski Score: 9, categorized as very strong financial health.
Which company has the best scores?
Based on the provided data, Bentley Systems has a lower but still safe Altman Z-Score and a higher Piotroski Score of 9, indicating stronger financial health compared to AppLovin’s score of 7.
Grades Comparison
Here is a detailed comparison of the latest grades assigned to AppLovin Corporation and Bentley Systems, Incorporated:
AppLovin Corporation Grades
The table below shows recent grades from several reputable financial institutions for AppLovin Corporation:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | Maintain | Overweight | 2026-01-13 |
| Wells Fargo | Maintain | Overweight | 2026-01-08 |
| Jefferies | Maintain | Buy | 2025-12-11 |
| Benchmark | Maintain | Buy | 2025-12-11 |
| Citigroup | Maintain | Buy | 2025-11-12 |
| Wells Fargo | Maintain | Overweight | 2025-11-07 |
| Goldman Sachs | Maintain | Neutral | 2025-11-07 |
| JP Morgan | Maintain | Neutral | 2025-11-06 |
| Wedbush | Maintain | Outperform | 2025-11-06 |
| Piper Sandler | Maintain | Overweight | 2025-11-06 |
Overall, AppLovin’s grades consistently favor buying or overweight positions with a few neutral ratings, indicating a generally positive outlook from analysts.
Bentley Systems, Incorporated Grades
The table below summarizes recent grades from credible grading companies for Bentley Systems, Incorporated:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Piper Sandler | Downgrade | Neutral | 2026-01-13 |
| Barclays | Maintain | Equal Weight | 2026-01-12 |
| RBC Capital | Maintain | Outperform | 2026-01-05 |
| Baird | Maintain | Outperform | 2025-11-06 |
| Rosenblatt | Maintain | Buy | 2025-11-06 |
| Piper Sandler | Maintain | Overweight | 2025-11-06 |
| JP Morgan | Maintain | Neutral | 2025-11-06 |
| Rosenblatt | Upgrade | Buy | 2025-10-17 |
| Piper Sandler | Maintain | Overweight | 2025-08-07 |
| Goldman Sachs | Maintain | Sell | 2025-08-07 |
Bentley Systems shows a more mixed set of grades, with several buy and outperform ratings but also a notable sell rating and recent downgrade to neutral.
Which company has the best grades?
AppLovin Corporation has received more consistent buy and overweight grades compared to Bentley Systems, which has a wider range including sell and neutral ratings. This suggests a stronger analyst consensus favoring AppLovin, potentially implying a more optimistic outlook for investors.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses for AppLovin Corporation (APP) and Bentley Systems, Incorporated (BSY) based on the latest financial and operational data.
| Criterion | AppLovin Corporation (APP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Diversification | Strong with significant revenue from Advertising ($3.22B) and Apps ($1.49B) segments | Moderate, mainly from Subscriptions and Licenses ($1.27B) and Services ($84M) |
| Profitability | High net margin (33.55%), ROIC 38.7%, and ROE 144.96% – very favorable | Moderate net margin (17.35%), ROIC 9.3%, ROE 22.55% – favorable but declining ROIC |
| Innovation | Demonstrates durable competitive advantage with growing ROIC and high fixed asset turnover (23.71) | Innovation slower; declining ROIC and moderate fixed asset turnover (20.47) |
| Global presence | Significant global reach through digital advertising platforms | Strong presence in engineering software with global license subscriptions |
| Market Share | Leading in mobile advertising and app monetization | Niche leader in engineering software with growing subscription base |
Key takeaways: AppLovin shows robust profitability, growing competitive advantage, and strong diversification in digital markets. Bentley Systems faces challenges with declining profitability and liquidity but maintains a solid position in its niche with a steady subscription revenue base. Investors should weigh AppLovin’s aggressive growth against Bentley’s more stable but less dynamic profile.
Risk Analysis
Below is a comparative overview of key risks for AppLovin Corporation (APP) and Bentley Systems, Incorporated (BSY) based on recent 2024 data:
| Metric | AppLovin Corporation (APP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Risk | High beta (2.5) indicates high volatility and sensitivity to market swings | Moderate beta (1.21), lower volatility risk |
| Debt level | High debt-to-equity (3.26) and debt-to-assets (60.6%) ratios signal significant leverage risk | Moderate debt-to-equity (1.37), debt-to-assets (42%) – more balanced leverage |
| Regulatory Risk | Moderate, tech sector subject to data privacy and advertising regulations | Moderate, infrastructure software faces compliance with industry standards |
| Operational Risk | Dependence on advertising market and app developer ecosystem | Exposure to complex infrastructure projects and integration challenges |
| Environmental Risk | Low direct impact, but indirect from data center energy usage | Moderate due to infrastructure industry’s environmental footprint |
| Geopolitical Risk | Moderate, with global client base but US-centric operations | Higher exposure due to global infrastructure projects, including emerging markets |
AppLovin’s most impactful risks stem from its high market volatility and heavy leverage, increasing financial vulnerability. Bentley’s operational complexity and geopolitical exposure pose moderate to high risks but benefit from more balanced debt and stable cash flow. Both companies require careful monitoring of debt levels and market conditions.
Which Stock to Choose?
AppLovin Corporation (APP) shows a strong income evolution with a 224.53% revenue growth over 2020-2024 and a favorable net margin of 33.55%. Its financial ratios are slightly favorable overall, with excellent profitability (ROE 144.96%) but relatively high debt levels and a strong rating of B. The company exhibits a very favorable moat with ROIC well above WACC, indicating durable competitive advantage.
Bentley Systems, Incorporated (BSY) displays moderate income growth of 68.81% over the same period and a favorable net margin of 17.35%. Its financial ratios lean slightly unfavorable due to liquidity concerns and moderate profitability metrics (ROE 22.55%), with a solid rating of B-. Its moat is slightly unfavorable, with ROIC close to WACC but declining, signaling challenges in value creation.
Investors focused on high growth and strong profitability might find APP’s profile more attractive given its robust income growth, profitability, and competitive moat. Conversely, those prioritizing stability may see BSY’s consistent but slower growth and solid rating as more fitting, considering its less pronounced moat and financial risks.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of AppLovin Corporation and Bentley Systems, Incorporated to enhance your investment decisions:
