In the rapidly evolving software industry, Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY) stand out as key players, each offering unique solutions for infrastructure and design. Both companies operate in the software application sector, focusing on engineering and design tools, but they approach innovation and market needs differently. As an investor, understanding their strategies and market positions is crucial. Join me as I analyze these companies to determine which one might be the more compelling addition to your portfolio.
Table of contents
Company Overview
Autodesk, Inc. Overview
Autodesk, Inc. is a leading provider of 3D design, engineering, and entertainment software, headquartered in San Rafael, California. Established in 1982, Autodesk serves a diverse range of industries, including architecture, engineering, construction, manufacturing, and media. Their flagship products, such as AutoCAD and Fusion 360, enable professionals to create, visualize, and simulate designs effectively. With a market capitalization of approximately $64.76B and a robust portfolio of software solutions, Autodesk positions itself as an essential tool for innovation and collaboration across various sectors.
Bentley Systems, Incorporated Overview
Bentley Systems, Incorporated specializes in infrastructure engineering software solutions, catering to numerous sectors globally since its inception in 1984. Headquartered in Exton, Pennsylvania, Bentley offers a comprehensive suite of applications for infrastructure design, project delivery, and asset performance. Notable products include MicroStation and ProjectWise, which facilitate collaboration and efficiency in civil engineering projects. With a market cap of around $12.25B, Bentley Systems remains a pivotal player in the infrastructure domain, focusing on improving the lifecycle management of assets and projects.
Key similarities and differences
Both Autodesk and Bentley Systems operate within the software application industry, focusing on engineering and design solutions. However, Autodesk emphasizes creative design across various industries, while Bentley Systems specializes in infrastructure engineering and management. Their distinct target markets and product offerings highlight their unique positions within the competitive landscape.
Income Statement Comparison
In this section, I present a comparative analysis of the income statements for Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY) for their most recent fiscal years.
| Metric | Autodesk, Inc. (ADSK) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 64.76B | 12.25B |
| Revenue | 6.13B | 1.35B |
| EBITDA | 1.55B | 0.38B |
| EBIT | 1.37B | 0.32B |
| Net Income | 1.11B | 0.24B |
| EPS | 5.17 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Interpretation of Income Statement
Autodesk (ADSK) demonstrates a robust upward trajectory in both revenue and net income, with a notable increase from 5.44B in revenue in FY 2024 to 6.13B in FY 2025, reflecting a growth rate of approximately 12.8%. Similarly, net income rose from 906M to 1.11B, suggesting improved profit margins. Conversely, Bentley Systems (BSY) also reported growth, from 1.22B in revenue in FY 2023 to 1.35B in FY 2024, indicating a solid 10.2% increase. However, while ADSK’s margins have improved significantly, BSY’s profitability remains stable with a slight decrease in net income margins, reflecting a need for strategic adjustments. Overall, Autodesk showcases stronger financial health and growth potential compared to Bentley.
Financial Ratios Comparison
The following table provides a comparative overview of key financial ratios for Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY) for the most recent fiscal years.
| Metric | Autodesk (ADSK) | Bentley (BSY) |
|---|---|---|
| ROE | 42.43% | 22.55% |
| ROIC | 18.01% | 9.30% |
| P/E | 60.20 | 62.63 |
| P/B | 25.54 | 14.13 |
| Current Ratio | 0.68 | 0.54 |
| Quick Ratio | 0.68 | 0.54 |
| D/E | 0.98 | 1.37 |
| Debt-to-Assets | 23.62% | 41.96% |
| Interest Coverage | 0 | 12.20 |
| Asset Turnover | 0.57 | 0.40 |
| Fixed Asset Turnover | 21.44 | 20.47 |
| Payout Ratio | 0% | 30.72% |
| Dividend Yield | 0% | 0.49% |
Interpretation of Financial Ratios
The analysis reveals that Autodesk showcases superior profitability metrics, with a significantly higher ROE and ROIC compared to Bentley Systems. However, both companies exhibit low current and quick ratios, indicating potential liquidity concerns. Autodesk’s higher debt-to-assets ratio suggests a more aggressive financing strategy, while Bentley’s interest coverage ratio indicates better capacity to meet interest obligations despite high leverage. Overall, Autodesk appears to be in a stronger financial position, but the elevated P/E ratio may pose a valuation risk.
Dividend and Shareholder Returns
Autodesk, Inc. (ADSK) does not pay dividends, reflecting a strategy focused on reinvestment for growth and innovation. This approach supports its high valuation but carries risks associated with market volatility. Conversely, Bentley Systems, Inc. (BSY) has a moderate dividend payout ratio of 30.7% and an annual yield of 0.49%, indicating a balanced approach between returning value to shareholders and retaining earnings for growth. Both companies engage in share buybacks, which can enhance shareholder value by reducing share dilution. Overall, the differing strategies may influence long-term value creation, with Autodesk’s growth focus contrasting Bentley’s income-oriented approach.
Strategic Positioning
Autodesk, Inc. (ADSK) holds a substantial market share in the 3D design and engineering software sector, driven by its diverse product suite, including AutoCAD and BIM 360. In contrast, Bentley Systems, Incorporated (BSY) focuses on infrastructure engineering software, carving out a niche with offerings like MicroStation and ProjectWise. Competitive pressure remains high as both companies innovate amidst rapid technological disruptions, particularly in cloud solutions and AI integration, making it essential for investors to monitor industry trends closely.
Stock Comparison
Over the past year, Autodesk, Inc. (ADSK) has experienced significant price movements, demonstrating a bullish trend overall, while Bentley Systems, Incorporated (BSY) has faced a bearish trend that has intensified recently.
Trend Analysis
For Autodesk, Inc. (ADSK), the stock has seen a price change of +32.16% over the past year, indicating a bullish trend. However, the recent trend from September 14, 2025, to November 30, 2025, shows a decline of -4.92%, suggesting a deceleration in upward momentum. Notably, the stock peaked at 326.37 and reached a low of 201.6 within the year, with a standard deviation of 30.24 indicating some volatility in its price movements.
In contrast, Bentley Systems, Incorporated (BSY) has experienced a price change of -10.21% over the past year, reflecting a bearish trend. The recent period from September 14, 2025, to November 30, 2025, reveals a more pronounced decline of -20.74%, with a standard deviation of 4.51, indicating lower volatility compared to ADSK. The stock’s highest price was 58.59, while the lowest was 38.66, confirming a downward trajectory.
Overall, while ADSK shows signs of a bullish trend despite recent setbacks, BSY is firmly in a bearish phase, highlighting the importance of cautious investment strategies in the current market conditions.
Analyst Opinions
Recent analyst recommendations for Autodesk, Inc. (ADSK) suggest a “Buy” rating, reflecting a solid overall score and strong performance metrics, particularly in return on equity and assets. In contrast, Bentley Systems, Incorporated (BSY) has received a “Hold” rating, indicating moderate confidence due to its slightly lower scores in key financial areas. Analysts emphasize Autodesk’s robust growth potential, while cautioning investors about BSY’s performance stability. The consensus for Autodesk is a “Buy,” whereas Bentley Systems holds a neutral stance, encouraging careful evaluation before investment.
Stock Grades
In this section, I present the latest stock ratings for Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY) based on reliable grading data from recognized companies.
Autodesk, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Baird | Maintain | Outperform | 2025-11-26 |
| BMO Capital | Maintain | Market Perform | 2025-11-26 |
| Wells Fargo | Maintain | Overweight | 2025-11-26 |
| Deutsche Bank | Upgrade | Buy | 2025-11-26 |
| Macquarie | Maintain | Outperform | 2025-11-26 |
| B of A Securities | Maintain | Neutral | 2025-11-26 |
| Barclays | Maintain | Overweight | 2025-11-26 |
| Rosenblatt | Maintain | Buy | 2025-11-26 |
| Rosenblatt | Maintain | Buy | 2025-11-24 |
| Baird | Maintain | Outperform | 2025-11-18 |
Bentley Systems, Incorporated Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Baird | Maintain | Outperform | 2025-11-06 |
| Piper Sandler | Maintain | Overweight | 2025-11-06 |
| JP Morgan | Maintain | Neutral | 2025-11-06 |
| Rosenblatt | Maintain | Buy | 2025-11-06 |
| Rosenblatt | Upgrade | Buy | 2025-10-17 |
| Goldman Sachs | Maintain | Sell | 2025-08-07 |
| Rosenblatt | Downgrade | Neutral | 2025-08-07 |
| Piper Sandler | Maintain | Overweight | 2025-08-07 |
| UBS | Maintain | Neutral | 2025-08-07 |
| Oppenheimer | Maintain | Outperform | 2025-08-07 |
Overall, the stock ratings for both Autodesk and Bentley Systems indicate a stable performance, with most grades maintained at “Outperform” or “Overweight.” Notably, Autodesk received an upgrade to “Buy” from Deutsche Bank, signaling an increased confidence in its future performance.
Target Prices
Currently, I have identified reliable target prices from analysts for Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY).
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Autodesk, Inc. | 400 | 343 | 373.4 |
| Bentley Systems, Incorporated | 64 | 57 | 60.5 |
Analysts expect Autodesk, Inc. to reach a consensus target price of 373.4, which is significantly above its current price of 303.34. For Bentley Systems, the target consensus is 60.5, also above its current price of 41.96, indicating a positive outlook for both companies.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY) based on recent data.
| Criterion | Autodesk (ADSK) | Bentley Systems (BSY) |
|---|---|---|
| Diversification | High | Moderate |
| Profitability | Strong margins (Net: 18.1%) | Moderate margins (Net: 17.4%) |
| Innovation | High (Continuous product development) | Moderate (Focus on infrastructure) |
| Global presence | Strong (Active worldwide) | Moderate (Primarily in specific regions) |
| Market Share | Significant | Growing |
| Debt level | Moderate (Debt-to-Equity: 0.98) | High (Debt-to-Equity: 1.37) |
In summary, Autodesk exhibits strong profitability and innovation with a solid global presence, while Bentley Systems shows promise with a growing market share, albeit with higher debt levels.
Risk Analysis
The following table outlines various risks associated with Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY). This can help investors assess which company aligns with their risk tolerance.
| Metric | Autodesk, Inc. | Bentley Systems, Inc. |
|---|---|---|
| Market Risk | Moderate | Moderate |
| Regulatory Risk | High | Moderate |
| Operational Risk | Moderate | High |
| Environmental Risk | Low | Moderate |
| Geopolitical Risk | Moderate | High |
In summary, both companies face considerable regulatory and operational risks, particularly Autodesk due to its market strategy. Bentley’s exposure to geopolitical tensions is noteworthy, especially as global infrastructure projects evolve. It’s crucial for investors to weigh these risks against their investment goals carefully.
Which one to choose?
In comparing Autodesk, Inc. (ADSK) and Bentley Systems, Incorporated (BSY), Autodesk exhibits stronger fundamentals, notably a gross profit margin of approximately 91% and a net profit margin of about 18%. In contrast, Bentley shows lower margins at 81% and 17%, respectively. Autodesk’s price-to-earnings ratio stands at 60, while Bentley’s is slightly lower at 62. Recent stock trends indicate a bullish outlook for Autodesk, with a 32% price increase, compared to Bentley’s bearish trend, having dropped over 10%.
Analysts rate Autodesk at “B” and Bentley at “B-,” suggesting a preference for Autodesk based on overall financial health.
For growth-oriented investors, Autodesk appears favorable, whereas those prioritizing dividend yield may lean towards Bentley, which offers a modest yield.
Specific risks include Autodesk’s high valuation and competition in the software sector, while Bentley faces potential supply chain challenges.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of Autodesk, Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
