Atlassian Corporation (TEAM) and Bentley Systems, Incorporated (BSY) are two influential players in the software application industry, each specializing in distinct yet overlapping markets. Atlassian leads in collaborative project management and developer tools, while Bentley focuses on infrastructure engineering software. Both companies emphasize innovation to address evolving business and engineering challenges. In this article, I will analyze their strengths to help you decide which company presents a more compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between Atlassian Corporation and Bentley Systems, Incorporated by providing an overview of these two companies and their main differences.
Atlassian Corporation Overview
Atlassian Corporation, founded in 2002 and headquartered in Sydney, Australia, designs and develops software products focused on project management, collaboration, and software development. Its portfolio includes well-known tools like Jira, Confluence, Trello, and Bitbucket, serving global technical and business teams to enhance work organization and service management. With 12,157 employees, Atlassian is a prominent player in the application software industry.
Bentley Systems, Incorporated Overview
Bentley Systems, incorporated in 1984 and based in Exton, Pennsylvania, provides infrastructure engineering software solutions worldwide. Its offerings include modeling, simulation, project delivery, and asset performance systems tailored for civil, structural, and geotechnical engineers, among others. Bentley employs around 5,500 professionals and focuses on software applications that support infrastructure design and management across multiple sectors.
Key similarities and differences
Both companies operate in the software application industry and serve professional and enterprise customers with specialized solutions. Atlassian emphasizes collaboration and project management software primarily for IT and business teams, while Bentley targets infrastructure engineering and asset management with a focus on modeling and simulation. Atlassian’s workforce is more than double Bentley’s, reflecting differences in scale and possibly market reach.
Income Statement Comparison
This table compares key income statement metrics for Atlassian Corporation and Bentley Systems, Incorporated for their most recent fiscal years, providing a snapshot of their financial performance.
| Metric | Atlassian Corporation (TEAM) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 31.1B | 11.4B |
| Revenue | 5.22B | 1.35B |
| EBITDA | 24.0M | 382.4M |
| EBIT | -68.3M | 317.8M |
| Net Income | -257.0M | 234.8M |
| EPS | -0.98 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Atlassian Corporation
Atlassian’s revenue steadily increased from $2.1B in 2021 to $5.2B in 2025, showing strong growth. Despite this, net income remained negative, though losses narrowed from -$579M to -$257M. Gross margins remained robust at 82.8%, but EBIT margin was negative at -1.31%. The latest year showed improved net margin and EPS, signaling better profitability trends.
Bentley Systems, Incorporated
Bentley Systems experienced consistent revenue growth from $801M in 2020 to $1.35B in 2024. Net income rose from $126M to $235M, with net margins improving to 17.35%. EBIT margin was solid at 23.49%. However, recent net margin and EPS showed declines, indicating some pressure despite overall positive growth and stable gross margins around 81%.
Which one has the stronger fundamentals?
Both companies exhibit favorable income statement evaluations with consistent revenue and net income growth. Atlassian demonstrates higher revenue growth but continues to face net losses and negative EBIT margins. Bentley shows positive net income and EBIT margins, although recent EPS and net margin growth slowed. Bentley’s sustained profitability contrasts with Atlassian’s improving but still negative earnings.
Financial Ratios Comparison
The following table compares key financial ratios of Atlassian Corporation and Bentley Systems, Incorporated for their most recent fiscal years, providing a snapshot of each company’s financial health and valuation metrics.
| Ratios | Atlassian Corporation (TEAM) 2025 | Bentley Systems, Inc. (BSY) 2024 |
|---|---|---|
| ROE | -19.1% | 22.6% |
| ROIC | -4.5% | 9.3% |
| P/E | -207.1 | 62.6 |
| P/B | 39.5 | 14.1 |
| Current Ratio | 1.22 | 0.54 |
| Quick Ratio | 1.22 | 0.54 |
| D/E (Debt-to-Equity) | 0.92 | 1.37 |
| Debt-to-Assets | 20.5% | 41.9% |
| Interest Coverage | -4.27 | 12.2 |
| Asset Turnover | 0.86 | 0.40 |
| Fixed Asset Turnover | 19.0 | 20.5 |
| Payout ratio | 0% | 30.7% |
| Dividend yield | 0% | 0.49% |
Interpretation of the Ratios
Atlassian Corporation
Atlassian shows mixed financial ratios with several unfavorable metrics such as negative net margin (-4.92%) and return on equity (-19.08%), reflecting profitability challenges. The company’s quick ratio (1.22) and debt to assets (20.51%) are favorable, indicating adequate liquidity and manageable leverage. Atlassian does not pay dividends, likely due to its reinvestment strategy in R&D and growth initiatives.
Bentley Systems, Incorporated
Bentley Systems exhibits stronger profitability ratios with a net margin of 17.35% and return on equity of 22.55%, both favorable. However, liquidity ratios like current and quick ratios are weak (0.54), suggesting potential short-term financial stress. The company pays a modest dividend yield of 0.49%, though this is considered unfavorable compared to its earnings profile and leverage ratios.
Which one has the best ratios?
Both companies have a slightly unfavorable overall ratio profile, but Bentley displays stronger profitability and interest coverage. Atlassian’s liquidity and leverage ratios are more favorable, while its earnings and return metrics lag. Bentley’s lower liquidity and higher debt ratios offset its profit strengths, leading to a balanced but cautious view on ratio quality between the two.
Strategic Positioning
This section compares the strategic positioning of Atlassian Corporation and Bentley Systems, including market position, key segments, and exposure to technological disruption:
Atlassian Corporation
- Leading software application provider with competitive NASDAQ presence; faces moderate competition.
- Key segments include project management, collaboration, and developer tools driving growth.
- Offers cloud-based, collaborative software products; faces moderate risk from tech disruption.
Bentley Systems, Incorporated
- Focused infrastructure engineering software firm with strong NASDAQ presence; faces sector competition.
- Focuses on infrastructure design, simulation, and asset performance software for engineering sectors.
- Provides specialized engineering software with moderate exposure to technological shifts.
Atlassian Corporation vs Bentley Systems Positioning
Atlassian adopts a diversified software portfolio targeting multiple team collaboration and development needs, while Bentley concentrates on infrastructure engineering solutions. Atlassian’s broad scope supports varied revenue streams; Bentley’s focus caters to niche professional users, each with distinct market advantages and risks.
Which has the best competitive advantage?
Both companies exhibit declining ROIC trends and currently shed value relative to WACC, with Atlassian’s position rated very unfavorable and Bentley’s slightly unfavorable. Neither demonstrates a strong economic moat or sustained competitive advantage based on recent financial evaluations.
Stock Comparison
The stock prices of Atlassian Corporation and Bentley Systems, Incorporated have both experienced significant declines over the past 12 months, reflecting bearish trends with decelerating momentum and varying degrees of volatility.
Trend Analysis
Atlassian Corporation (TEAM) shows a bearish trend over the past year with a price decline of -42.01%, accompanied by high volatility (std deviation 41.22) and decelerating downward momentum. The stock’s highest and lowest prices were 314.28 and 118.55 respectively.
Bentley Systems, Incorporated (BSY) also exhibits a bearish trend with a price decrease of -24.99% over the same period, lower volatility (std deviation 4.63), and decelerating losses. Its price ranged between 58.59 and 38.15.
Comparing the two, Atlassian’s stock experienced a steeper decline and higher volatility, while Bentley’s stock delivered a smaller loss, indicating relatively better market performance over the past year.
Target Prices
The analyst consensus for target prices shows a favorable outlook for both Atlassian Corporation and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Atlassian Corporation | 290 | 185 | 234.14 |
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
Analysts expect Atlassian’s stock to rise significantly from its current price of 118.55 USD, while Bentley Systems also shows upside potential versus its current 39.14 USD price. Both stocks present attractive target upside opportunities.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Atlassian Corporation and Bentley Systems, Incorporated:
Rating Comparison
Atlassian Corporation Rating
- Rating: C, classified as Very Favorable
- Discounted Cash Flow Score: 5, Very Favorable
- ROE Score: 1, Very Unfavorable
- ROA Score: 1, Very Unfavorable
- Debt To Equity Score: 1, Very Unfavorable
- Overall Score: 2, Moderate
Bentley Systems, Incorporated Rating
- Rating: B-, classified as Very Favorable
- Discounted Cash Flow Score: 4, Favorable
- ROE Score: 4, Favorable
- ROA Score: 4, Favorable
- Debt To Equity Score: 1, Very Unfavorable
- Overall Score: 3, Moderate
Which one is the best rated?
Bentley Systems holds a higher rating (B-) and better scores in ROE and ROA compared to Atlassian, though both share a very unfavorable debt-to-equity score. Overall, Bentley Systems is rated slightly better based on the provided data.
Scores Comparison
Here is a comparison of the financial scores for Atlassian Corporation and Bentley Systems, Incorporated:
TEAM Scores
- Altman Z-Score: 4.70, indicating a safe zone with low bankruptcy risk.
- Piotroski Score: 5, reflecting average financial strength.
BSY Scores
- Altman Z-Score: 3.74, also in the safe zone with low bankruptcy risk.
- Piotroski Score: 9, showing very strong financial health.
Which company has the best scores?
Bentley Systems has a lower Altman Z-Score than Atlassian but both are in the safe zone. However, Bentley’s Piotroski Score of 9 is significantly stronger than Atlassian’s 5, indicating better overall financial health.
Grades Comparison
Here is a comparison of the most recent grades issued by recognized grading companies for the two companies:
Atlassian Corporation Grades
The table below summarizes recent grades from established grading firms for Atlassian Corporation:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| BTIG | Maintain | Buy | 2026-01-13 |
| Piper Sandler | Maintain | Overweight | 2026-01-05 |
| Bernstein | Maintain | Outperform | 2025-11-18 |
| Macquarie | Maintain | Outperform | 2025-11-03 |
| Mizuho | Maintain | Outperform | 2025-10-31 |
| Bernstein | Maintain | Outperform | 2025-10-31 |
| TD Cowen | Maintain | Hold | 2025-10-27 |
| BMO Capital | Maintain | Outperform | 2025-10-24 |
| UBS | Maintain | Neutral | 2025-10-24 |
| Keybanc | Maintain | Overweight | 2025-10-23 |
Overall, Atlassian Corporation’s grades predominantly reflect a positive outlook with many “Outperform” and “Buy” ratings, indicating consistent analyst confidence.
Bentley Systems, Incorporated Grades
The table below summarizes recent grades from established grading firms 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 mixed rating profile with a recent downgrade to “Neutral” by Piper Sandler alongside several “Outperform” and “Buy” ratings, but also a “Sell” rating from Goldman Sachs, reflecting more varied analyst sentiment.
Which company has the best grades?
Atlassian Corporation has received more consistent and predominantly positive grades such as “Outperform” and “Buy,” while Bentley Systems exhibits more rating variability including downgrades and a “Sell.” This contrast may influence investor confidence and risk assessment differently between the two companies.
Strengths and Weaknesses
Below is a comparison table highlighting key strengths and weaknesses of Atlassian Corporation (TEAM) and Bentley Systems, Incorporated (BSY) based on their recent financial and market data.
| Criterion | Atlassian Corporation (TEAM) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Diversification | Moderate: Primarily software licenses and services focused, with growing subscription revenue streams. | Moderate: Diverse software subscription and licensing models, plus professional services. |
| Profitability | Weak: Negative net margin (-4.92%) and ROE (-19.08%), shedding value with declining ROIC. | Stronger: Positive net margin (17.35%) and ROE (22.55%), but ROIC slightly neutral and declining. |
| Innovation | Moderate: Strong in software services but profitability challenges suggest execution issues. | Moderate: Innovation in licensing models, but slower asset turnover and high valuation multiples. |
| Global presence | Solid: Well-established global SaaS presence with large user base. | Solid: Global reach in engineering software with enterprise clients. |
| Market Share | Significant in collaboration software but faces intense competition and value destruction. | Niche leader in engineering software, steady market share with moderate profitability. |
Key takeaways: Atlassian shows strong market penetration but struggles with profitability and value creation, indicating caution. Bentley Systems enjoys better profitability and a niche market position despite some operational inefficiencies and valuation concerns. Investors should weigh TEAM’s growth potential against BSY’s steadier earnings profile.
Risk Analysis
Below is a summary table of key risks for Atlassian Corporation (TEAM) and Bentley Systems, Incorporated (BSY) based on the most recent financial and operational data.
| Metric | Atlassian Corporation (TEAM) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Risk | Moderate (Beta 0.888; price down 7.7% recently) | Higher (Beta 1.214; volatile valuation) |
| Debt Level | Moderate (Debt/Equity 0.92; debt/assets 20.5%) | Elevated (Debt/Equity 1.37; debt/assets 42%) |
| Regulatory Risk | Moderate (Global tech regulations impact) | Moderate (Infrastructure sector regulations) |
| Operational Risk | Medium (Negative net margin -4.92%, ROE -19.08%) | Medium (Positive margins but lower asset turnover) |
| Environmental Risk | Low (Software industry, minimal direct impact) | Low to Moderate (Infrastructure software may face some regulation) |
| Geopolitical Risk | Moderate (Headquartered in Australia with global exposure) | Moderate (US-based, global infrastructure projects) |
The most significant risks for TEAM stem from weak profitability and negative returns on equity, which suggest operational and financial challenges ahead. BSY faces higher financial leverage and valuation concerns but shows stronger profitability and financial strength overall. Investors should weigh TEAM’s operational struggles against BSY’s higher debt load and valuation risk.
Which Stock to Choose?
Atlassian Corporation (TEAM) shows a favorable income evolution with significant revenue and net income growth, but suffers from weak profitability, negative returns on equity and assets, and a slightly unfavorable global financial ratios profile; its debt level is moderate with a neutral debt-to-equity ratio and favorable debt-to-assets ratio, supported by a very favorable overall rating (“C”).
Bentley Systems, Incorporated (BSY) presents a favorable income statement with solid gross and EBIT margins, positive returns on equity and assets, yet mixed financial ratios marked by several unfavorable liquidity and valuation metrics; it carries higher debt as indicated by an unfavorable debt-to-equity score but holds a very favorable overall rating (“B-“).
Considering the ratings and financial evaluations, TEAM’s strong income growth contrasts with its value destruction indicated by declining ROIC, while BSY, despite some debt concerns, maintains positive profitability and a slightly unfavorable but more balanced moat; investors focused on growth may find TEAM’s revenue expansion appealing, whereas those prioritizing profitability and moderate risk might see BSY as more aligned with quality investing strategies.
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 Atlassian Corporation and Bentley Systems, Incorporated to enhance your investment decisions:
