In the rapidly evolving software industry, DocuSign, Inc. (DOCU) and Bentley Systems, Incorporated (BSY) stand out as leaders with distinct yet overlapping market focuses. DocuSign revolutionizes digital agreements and contract management, while Bentley Systems pioneers infrastructure engineering software solutions. Both companies emphasize innovation and cater to global markets, making their comparison essential for investors seeking growth and resilience. This article will help you decide which company is the more compelling investment opportunity.
Table of contents
Companies Overview
I will begin the comparison between DocuSign and Bentley Systems by providing an overview of these two companies and their main differences.
DocuSign Overview
DocuSign, Inc. specializes in electronic signature software and digital agreement management globally. Its mission focuses on enabling businesses to efficiently prepare, sign, and manage agreements through AI-driven contract lifecycle management and various specialized cloud offerings. Headquartered in San Francisco, DocuSign serves enterprises, commercial, and small businesses, positioning itself as a leader in digital transaction management within the software application industry.
Bentley Systems Overview
Bentley Systems, Incorporated delivers infrastructure engineering software solutions worldwide, targeting professionals in civil, structural, geotechnical, and geospatial fields. It offers a broad portfolio of modeling, simulation, project delivery, and asset performance applications designed to support infrastructure design and construction. Based in Exton, Pennsylvania, Bentley serves a niche market of engineers and planners, emphasizing integration and collaboration in infrastructure engineering software.
Key similarities and differences
Both DocuSign and Bentley Systems operate in the software application sector and are listed on NASDAQ, with market caps near 11.4B USD. They focus on specialized software solutions serving distinct professional audiences—DocuSign on digital document workflows and agreements, Bentley on infrastructure engineering and project management. While DocuSign leverages AI for contract automation, Bentley emphasizes open modeling and simulation for infrastructure projects, reflecting differing approaches within technology-driven markets.
Income Statement Comparison
Below is a side-by-side comparison of the most recent fiscal year income statement metrics for DocuSign, Inc. and Bentley Systems, Incorporated.
| Metric | DocuSign, Inc. (DOCU) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 11.36B | 11.43B |
| Revenue | 2.98B | 1.35B |
| EBITDA | 357M | 382M |
| EBIT | 249M | 318M |
| Net Income | 1.07B | 235M |
| EPS | 5.23 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
DocuSign, Inc.
DocuSign’s revenue doubled from 2021 to 2025, reaching $2.98B, while net income swung from a loss to a $1.07B profit. Gross margin remained strong at 79.12%, with a neutral EBIT margin around 8.38%. The 2025 year showed solid margin improvement and significant net income growth, reflecting better operational efficiency and profitability.
Bentley Systems, Incorporated
Bentley’s revenue grew steadily to $1.35B in 2024, with net income rising to $235M. The company maintained a favorable gross margin near 81% and a strong EBIT margin of 23.49%. However, net margin declined by 34.77% in the most recent year, along with EPS dropping 28%, indicating some pressure on bottom-line profitability despite revenue gains.
Which one has the stronger fundamentals?
DocuSign exhibits stronger fundamentals with higher revenue and net income growth rates and improving margins, especially net margin growth exceeding 300%. Bentley shows solid profitability and margin stability but faces recent net margin and EPS declines. Overall, DocuSign’s income statement reflects more favorable trends in profitability and growth over the analyzed period.
Financial Ratios Comparison
The table below presents the most recent key financial ratios for DocuSign, Inc. and Bentley Systems, Incorporated, reflecting their fiscal year 2025 and 2024 results respectively.
| Ratios | DocuSign, Inc. (2025) | Bentley Systems, Inc. (2024) |
|---|---|---|
| ROE | 53.3% | 22.6% |
| ROIC | 9.1% | 9.3% |
| P/E | 18.5 | 62.6 |
| P/B | 9.87 | 14.13 |
| Current Ratio | 0.81 | 0.54 |
| Quick Ratio | 0.81 | 0.54 |
| D/E (Debt-to-Equity) | 0.06 | 1.37 |
| Debt-to-Assets | 3.1% | 41.96% |
| Interest Coverage | 129.0 | 12.2 |
| Asset Turnover | 0.74 | 0.40 |
| Fixed Asset Turnover | 7.28 | 20.47 |
| Payout Ratio | 0 | 30.7% |
| Dividend Yield | 0 | 0.49% |
Interpretation of the Ratios
DocuSign, Inc.
DocuSign shows a mix of favorable and unfavorable financial ratios, with strong net margin at 35.87% and a high return on equity of 53.32%, signaling profitable operations and efficient capital use. However, a low current ratio of 0.81 and a high price-to-book ratio of 9.87 raise liquidity and valuation concerns. The company does not pay dividends, likely focusing on reinvestment and growth strategies.
Bentley Systems, Incorporated
Bentley Systems displays several favorable metrics such as a net margin of 17.35% and a return on equity of 22.55%, but it faces challenges with a low current ratio of 0.54 and a high debt-to-equity ratio of 1.37, indicating potential liquidity and leverage risks. The dividend yield is modest at 0.49%, but is rated unfavorable, reflecting limited shareholder returns relative to risk.
Which one has the best ratios?
DocuSign generally exhibits stronger profitability and capital efficiency ratios with a slightly favorable overall rating, while Bentley Systems struggles with higher leverage and weaker liquidity, resulting in a slightly unfavorable global ratio opinion. Both companies face valuation and liquidity challenges, but DocuSign’s higher proportion of favorable ratios suggests relatively better financial health.
Strategic Positioning
This section compares the strategic positioning of DocuSign and Bentley Systems, including Market position, Key segments, and exposure to disruption:
DocuSign, Inc.
- Leading in electronic signature software with competitive pressure from digital workflow providers.
- Key segments include subscription-based e-signature solutions and professional services driving revenues.
- Uses AI-driven contract lifecycle management and signer identification to address technological changes.
Bentley Systems, Incorporated
- Focuses on infrastructure engineering software amid competition from specialized engineering tools.
- Revenue driven by subscriptions, licenses, and project delivery systems for infrastructure professionals.
- Provides open modeling and simulation software, integrating 4D construction and asset performance systems.
DocuSign, Inc. vs Bentley Systems, Incorporated Positioning
DocuSign’s strategy centers on digital agreement management with a concentration in e-signature solutions, while Bentley offers diversified engineering software across infrastructure sectors. DocuSign leverages AI innovations; Bentley focuses on integrated project delivery and asset management.
Which has the best competitive advantage?
DocuSign shows a slightly favorable moat with growing profitability, whereas Bentley displays a slightly unfavorable moat with declining returns, indicating DocuSign currently holds a stronger competitive advantage.
Stock Comparison
The stock prices of DocuSign, Inc. and Bentley Systems, Incorporated over the past year reveal contrasting trends, with DocuSign showing overall gains despite recent declines, while Bentley has experienced sustained losses and decelerating momentum.
Trend Analysis
DocuSign’s stock exhibited a bullish trend over the past 12 months with a 9.63% increase, though recent months show a sharp 22.46% decline and decelerating momentum amid high volatility (std dev 12.98). The stock reached a high of 106.99 and a low of 50.84.
Bentley Systems showed a bearish trend over 12 months, with a 24.99% price drop and decelerating losses. Recent declines intensified to 23.0%, with lower volatility (std dev 4.63). The stock’s price ranged from 58.59 down to 38.15.
Comparatively, DocuSign delivered the highest market performance with a positive annual return, while Bentley Systems faced significant depreciation, indicating a stronger trend for DocuSign over the last year.
Target Prices
The current analyst consensus presents a positive outlook for both DocuSign, Inc. and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| DocuSign, Inc. | 88 | 70 | 76.86 |
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
Analysts expect DocuSign’s price to rise moderately above the current 56.71 USD, while Bentley Systems shows a target roughly 25% above today’s 39.14 USD, indicating potential upside in both stocks.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for DocuSign, Inc. and Bentley Systems, Incorporated:
Rating Comparison
DocuSign, Inc. Rating
- Rating: B+ indicating a very favorable assessment.
- Discounted Cash Flow Score: 5, considered very favorable.
- ROE Score: 4, indicating favorable profit efficiency.
- ROA Score: 4, showing favorable asset utilization.
- Debt To Equity Score: 3, a moderate level of financial risk.
- Overall Score: 3, reflecting a moderate overall standing.
Bentley Systems, Incorporated Rating
- Rating: B- indicating a very favorable assessment.
- Discounted Cash Flow Score: 4, considered favorable.
- ROE Score: 4, indicating favorable profit efficiency.
- ROA Score: 4, showing favorable asset utilization.
- Debt To Equity Score: 1, indicating very unfavorable financial risk.
- Overall Score: 3, reflecting a moderate overall standing.
Which one is the best rated?
DocuSign has a higher rating (B+) and a superior discounted cash flow score compared to Bentley’s B- and lower DCF score. Both have equal ROE, ROA, and overall scores, but Bentley’s debt to equity score is notably weaker.
Scores Comparison
Here is a comparison of the financial health scores for DocuSign, Inc. and Bentley Systems, Incorporated:
DocuSign, Inc. Scores
- Altman Z-Score: 4.43 indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 5, reflecting average financial strength.
Bentley Systems, Incorporated Scores
- Altman Z-Score: 3.74 indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 9, reflecting very strong financial strength.
Which company has the best scores?
Bentley Systems has a slightly lower Altman Z-Score but remains in the safe zone, and a significantly higher Piotroski Score of 9 compared to DocuSign’s 5, indicating stronger overall financial health based on these metrics.
Grades Comparison
Here is a comparison of the latest available grades and ratings for DocuSign, Inc. and Bentley Systems, Incorporated:
DocuSign, Inc. Grades
The following table summarizes recent analyst grades for DocuSign, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| RBC Capital | Maintain | Sector Perform | 2026-01-05 |
| Evercore ISI Group | Maintain | In Line | 2025-12-05 |
| UBS | Maintain | Neutral | 2025-12-05 |
| Wells Fargo | Maintain | Equal Weight | 2025-12-05 |
| Piper Sandler | Maintain | Neutral | 2025-12-05 |
| RBC Capital | Maintain | Sector Perform | 2025-12-05 |
| JP Morgan | Maintain | Neutral | 2025-12-05 |
| B of A Securities | Maintain | Neutral | 2025-12-05 |
| Needham | Maintain | Hold | 2025-12-05 |
| Baird | Maintain | Neutral | 2025-12-05 |
DocuSign’s grades predominantly indicate a hold or neutral stance, reflecting a broadly cautious analyst sentiment without strong momentum for upgrade or downgrade.
Bentley Systems, Incorporated Grades
The following table summarizes recent analyst grades 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 shows a mix of positive ratings including Outperform, Buy, and Overweight, tempered by a recent downgrade and one Sell rating, indicating some analyst divergence but overall a stronger positive bias than DocuSign.
Which company has the best grades?
Bentley Systems has received generally more favorable grades compared to DocuSign, with several Outperform and Buy ratings versus DocuSign’s consistent Hold and Neutral grades. This suggests investors may perceive Bentley as having better growth or value prospects, impacting portfolio decisions accordingly.
Strengths and Weaknesses
Below is a comparison table highlighting the key strengths and weaknesses of DocuSign, Inc. (DOCU) and Bentley Systems, Incorporated (BSY) based on the latest financial and operational data.
| Criterion | DocuSign, Inc. (DOCU) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| Diversification | Moderate: Primarily subscription-based revenue with growing professional services | Moderate: Diverse license types and subscriptions, plus professional services |
| Profitability | Strong net margin (35.9%) and ROE (53.3%), but neutral ROIC vs. WACC | Moderate net margin (17.4%) and ROE (22.6%), neutral ROIC; profitability declining |
| Innovation | High: Strong revenue growth from subscription services and professional offerings | Moderate: Steady subscriptions growth but declining ROIC trend indicates innovation challenges |
| Global presence | Large global footprint via cloud-based e-signature services | Global presence with enterprise licenses and subscriptions but less scalable than SaaS |
| Market Share | Leading position in e-signature market, but no strong economic moat yet | Niche software market with moderate share; losing value with declining ROIC |
Key takeaways: DocuSign shows robust profitability and growth in subscription revenue, indicating solid innovation and market leadership, though it lacks a strong economic moat. Bentley Systems faces declining profitability and value creation challenges, reflecting increased risk despite a diversified product offering. Investors should weigh DocuSign’s growth potential against Bentley’s current financial headwinds.
Risk Analysis
Below is a comparative table outlining key risk metrics for DocuSign, Inc. (DOCU) and Bentley Systems, Incorporated (BSY) based on the most recent data available.
| Metric | DocuSign, Inc. (DOCU) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| Market Risk | Beta 0.99 (moderate) | Beta 1.21 (higher volatility) |
| Debt Level | Debt/Equity 0.06 (low) | Debt/Equity 1.37 (high) |
| Regulatory Risk | Moderate (tech sector, data compliance) | Moderate (infrastructure software, global markets) |
| Operational Risk | Moderate (cloud reliance, innovation pace) | Moderate (project delivery complexity) |
| Environmental Risk | Low (software-based, limited physical footprint) | Low (software-based, limited physical footprint) |
| Geopolitical Risk | Moderate (global client base, US-based) | Moderate (global infrastructure projects) |
The most impactful risks are Bentley’s high debt level posing financial strain, and its higher market volatility. DocuSign shows a safer debt profile but faces moderate operational risks from rapid tech changes. Both companies maintain moderate regulatory and geopolitical exposure due to their global operations. Investors should weigh Bentley’s financial leverage against DocuSign’s growth dynamics.
Which Stock to Choose?
DocuSign, Inc. (DOCU) shows a favorable income evolution with strong net margin growth and an overall positive income statement evaluation. Its financial ratios appear slightly favorable, supported by high profitability, low debt, and a very favorable rating of B+. Despite a current ratio below 1, DOCU maintains a safe Altman Z-Score and an average Piotroski score, indicating moderate financial stability.
Bentley Systems, Incorporated (BSY) presents a favorable income statement with solid revenue growth but mixed margin trends and some unfavorable one-year net margin and EPS declines. Its financial ratios are slightly unfavorable due to higher debt levels and valuation metrics, though profitability remains decent. BSY holds a very favorable rating of B- and scores well on financial strength with a safe Altman Z-Score and a very strong Piotroski score.
Investors focused on growth might find DOCU’s strong profitability and improving income growth appealing, while those prioritizing financial strength and consistent operational metrics could see BSY as a potential choice. The differing debt profiles and rating nuances suggest that risk-averse investors may weigh these factors carefully.
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 DocuSign, Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
