In the fast-evolving software application sector, Bentley Systems, Incorporated (BSY) and Domo, Inc. (DOMO) stand out with distinct but overlapping market focuses. Bentley excels in infrastructure engineering software, while Domo leads in cloud-based business intelligence platforms. Both emphasize innovation to address complex data challenges. This article will analyze their strengths and risks to help you decide which company could be the better addition to your investment portfolio in 2026.
Table of contents
Companies Overview
I will begin the comparison between Bentley Systems and Domo by providing an overview of these two companies and their main differences.
Bentley Systems Overview
Bentley Systems, Incorporated provides infrastructure engineering software solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company offers a wide range of open modeling, simulation, and project delivery applications for infrastructure design, asset management, and geotechnical analysis. Founded in 1984 and headquartered in Exton, Pennsylvania, Bentley serves civil, structural, and geospatial professionals with over 5,500 employees.
Domo Overview
Domo, Inc. operates a cloud-based business intelligence platform that connects all organizational levels with real-time data and insights, accessible via smartphones. Headquartered in American Fork, Utah, Domo focuses on enabling business management through data connectivity and digital collaboration. Established in 2010, Domo employs around 888 people and serves customers in the US, Japan, and other international markets.
Key similarities and differences
Both Bentley Systems and Domo operate within the software application industry, emphasizing solutions that enhance organizational efficiency and data utilization. Bentley specializes in infrastructure engineering software with a broad product portfolio for design and asset management, while Domo concentrates on cloud-based business intelligence platforms for real-time data access. Market capitalization and workforce size differ significantly, reflecting their varying scale and market focus.
Income Statement Comparison
The table below compares key income statement metrics for Bentley Systems, Incorporated and Domo, Inc. for their most recent fiscal years.
| Metric | Bentley Systems, Incorporated | Domo, Inc. |
|---|---|---|
| Market Cap | 11.4B | 257M |
| Revenue | 1.35B | 317M |
| EBITDA | 382M | -50M |
| EBIT | 318M | -59M |
| Net Income | 235M | -82M |
| EPS | 0.75 | -2.13 |
| Fiscal Year | 2024 | 2025 |
Income Statement Interpretations
Bentley Systems, Incorporated
Bentley Systems exhibited solid growth in revenue and net income from 2020 to 2024, with revenue rising from 801M to 1.35B and net income from 126M to 235M. Margins remained strong, with a gross margin near 81% and a net margin over 17% in 2024. The latest year showed slower net margin and EPS growth despite significant EBIT expansion.
Domo, Inc.
Domo’s revenue grew from 210M in 2021 to 317M in 2025, but net income remained negative, with a loss of 82M in 2025. Gross margins held favorably at about 74%, yet EBIT and net margins stayed negative, reflecting ongoing operational challenges. The most recent year saw slight revenue decline and worsening profitability metrics.
Which one has the stronger fundamentals?
Bentley Systems demonstrates stronger fundamentals with consistent revenue and net income growth, favorable margins, and positive overall income statement evaluations. In contrast, Domo struggles with sustained losses, negative EBIT and net margins, and unfavorable recent growth trends, indicating weaker financial stability despite some revenue gains.
Financial Ratios Comparison
The table below presents the most recent financial ratios for Bentley Systems, Incorporated (BSY) and Domo, Inc. (DOMO) based on their fiscal year 2024 and 2025 data respectively.
| Ratios | Bentley Systems, Incorporated (BSY) | Domo, Inc. (DOMO) |
|---|---|---|
| ROE | 22.6% | 46.2% |
| ROIC | 9.3% | 194.7% |
| P/E | 62.6 | -3.98 |
| P/B | 14.1 | -1.84 |
| Current Ratio | 0.54 | 0.56 |
| Quick Ratio | 0.54 | 0.56 |
| D/E | 1.37 | -0.76 |
| Debt-to-Assets | 42.0% | 63.2% |
| Interest Coverage | 12.2 | -3.0 |
| Asset Turnover | 0.40 | 1.48 |
| Fixed Asset Turnover | 20.5 | 8.17 |
| Payout Ratio | 30.7% | 0% |
| Dividend Yield | 0.49% | 0% |
Interpretation of the Ratios
Bentley Systems, Incorporated
Bentley Systems shows a mix of strong and weak ratios. Its net margin at 17.35% and ROE at 22.55% are favorable, indicating profitability and efficient equity use. However, a high P/E of 62.63, low current ratio of 0.54, and elevated debt-to-equity of 1.37 raise concerns about valuation and liquidity. The company pays a dividend with a low yield of 0.49%, suggesting limited income return.
Domo, Inc.
Domo displays several favorable efficiency ratios, including a strong asset turnover of 1.48 and fixed asset turnover of 8.17, reflecting good operational use of assets. However, it suffers from a negative net margin (-25.84%), unfavorable interest coverage (-2.99), and current ratio of 0.56, highlighting liquidity and profitability challenges. Domo does not pay dividends, likely due to ongoing reinvestment and growth priorities.
Which one has the best ratios?
Domo presents a balanced profile with half its ratios favorable, mainly in operational efficiency and capital returns, but faces significant profitability and liquidity weaknesses. Bentley Systems has a slightly unfavorable overall profile, with strong profitability but concerns in valuation and liquidity. Both companies exhibit notable risks, with neither clearly superior across all financial metrics.
Strategic Positioning
This section compares the strategic positioning of Bentley Systems, Incorporated and Domo, Inc., focusing on Market position, Key segments, and Exposure to technological disruption:
Bentley Systems, Incorporated
- Established in infrastructure engineering software with global reach, facing moderate competitive pressure.
- Key segments include infrastructure design applications, project delivery systems, and asset performance solutions.
- Exposure to technological shifts in infrastructure software and collaboration tools, leveraging open modeling and simulation.
Domo, Inc.
- Operates in cloud-based business intelligence with smaller market cap and higher beta, indicating higher competition risk.
- Focuses on cloud platform subscriptions and professional services for business intelligence across multiple regions.
- Faces technological disruption risks inherent in cloud-based real-time data connectivity and mobile business management.
Bentley Systems, Incorporated vs Domo, Inc. Positioning
Bentley offers a diversified portfolio across infrastructure software and asset management, while Domo concentrates on cloud-based business intelligence subscriptions. Bentley’s broad infrastructure focus contrasts with Domo’s niche specialization, reflecting varied market scale and risk profiles.
Which has the best competitive advantage?
Domo shows a very favorable moat with growing ROIC and strong value creation, indicating a durable competitive advantage. Bentley’s slightly unfavorable moat and declining ROIC suggest challenges in sustaining value creation and profitability.
Stock Comparison
The past year has seen significant bearish movements for Bentley Systems, Incorporated and Domo, Inc., with both stocks experiencing notable declines and decelerating downtrends amid varying trading volume dynamics.
Trend Analysis
Bentley Systems, Incorporated (BSY) recorded a 24.99% price decrease over the past 12 months, indicating a bearish trend with deceleration. The stock fluctuated between a high of 58.59 and a low of 38.15, showing moderate volatility with a 4.63 standard deviation.
Domo, Inc. (DOMO) experienced a sharper 44.54% decline over the same period, also bearish with deceleration. Its price ranged from 18.06 to 6.15, exhibiting lower volatility than BSY, with a 3.01 standard deviation.
Comparing both, Bentley Systems outperformed Domo in market performance, delivering a smaller percentage loss over the past year despite both trending downward.
Target Prices
Analysts present a clear consensus on target prices for Bentley Systems, Incorporated and Domo, Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
| Domo, Inc. | 13 | 10 | 11.5 |
The consensus target prices suggest upside potential for both stocks compared to their current prices of 39.14 for Bentley Systems and 6.15 for Domo. Analysts anticipate moderate growth for Bentley Systems and significant appreciation potential for Domo, reflecting differing risk-reward profiles.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Bentley Systems, Incorporated (BSY) and Domo, Inc. (DOMO):
Rating Comparison
BSY Rating
- Rating: B-, considered very favorable by analysts.
- Discounted Cash Flow Score: 4, indicating a favorable valuation based on future cash flows.
- ROE Score: 4, showing favorable efficiency in generating profit from equity.
- ROA Score: 4, favorable use of assets to generate earnings.
- Debt To Equity Score: 1, indicating very unfavorable financial risk due to high debt.
- Overall Score: 3, a moderate overall financial standing.
DOMO Rating
- Rating: C, also rated very favorable despite lower scores.
- Discounted Cash Flow Score: 1, indicating a very unfavorable valuation.
- ROE Score: 5, very favorable, reflecting excellent profit generation from equity.
- ROA Score: 1, very unfavorable asset utilization.
- Debt To Equity Score: 1, also very unfavorable financial risk.
- Overall Score: 2, moderate but lower than BSY’s overall score.
Which one is the best rated?
Based strictly on the provided data, BSY holds a higher overall score and more favorable discounted cash flow and asset utilization scores, while DOMO excels in return on equity but has weaker scores elsewhere. BSY is overall better rated.
Scores Comparison
The comparison of Bentley Systems and Domo scores highlights their financial health and risk levels as follows:
Bentley Systems Scores
- Altman Z-Score: 3.74 indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 9, classified as very strong financial health.
Domo Scores
- Altman Z-Score: -10.10 indicating distress zone, high bankruptcy risk.
- Piotroski Score: 3, classified as very weak financial health.
Which company has the best scores?
Bentley Systems shows significantly stronger financial health with a safe zone Altman Z-Score and a very strong Piotroski Score, unlike Domo, which is in financial distress with very weak Piotroski results.
Grades Comparison
Here is a comparison of the recent grades assigned to Bentley Systems, Incorporated and Domo, Inc.:
Bentley Systems, Incorporated Grades
The following table summarizes recent grades from verified 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 |
Overall, Bentley Systems shows a varied rating pattern with a recent downgrade to Neutral by Piper Sandler, but several Outperform and Buy ratings persist.
Domo, Inc. Grades
The following table shows recent verified grades for Domo, Inc. from recognized grading companies.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| DA Davidson | Maintain | Neutral | 2025-12-05 |
| TD Cowen | Maintain | Buy | 2025-12-05 |
| Lake Street | Maintain | Hold | 2025-12-05 |
| DA Davidson | Maintain | Neutral | 2025-12-01 |
| JMP Securities | Maintain | Market Outperform | 2025-09-10 |
| DA Davidson | Maintain | Neutral | 2025-08-28 |
| Cantor Fitzgerald | Maintain | Overweight | 2025-08-28 |
| TD Cowen | Upgrade | Buy | 2025-08-26 |
| JMP Securities | Maintain | Market Outperform | 2025-06-25 |
| Cantor Fitzgerald | Maintain | Overweight | 2025-06-25 |
Domo, Inc. maintains a consistent positive outlook with multiple Buy and Market Outperform ratings and no downgrades.
Which company has the best grades?
Both Bentley Systems and Domo, Inc. have consensus ratings of “Buy,” but Domo exhibits a steadier positive trend with no downgrades, while Bentley Systems shows mixed ratings including a recent downgrade. This may influence investors differently based on their risk tolerance and confidence in momentum.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses for Bentley Systems, Incorporated (BSY) and Domo, Inc. (DOMO) based on recent financial and operational data.
| Criterion | Bentley Systems, Incorporated (BSY) | Domo, Inc. (DOMO) |
|---|---|---|
| Diversification | High revenue diversification with strong subscription and license segments (over $1.26B in Subscriptions and Licenses, $84M Services) | Moderate diversification; majority revenue from subscriptions (~$286M) and smaller professional services ($31M) |
| Profitability | Positive net margin (17.35%) and ROE (22.55%), but ROIC only slightly above WACC; overall slightly unfavorable economic moat | Negative net margin (-25.84%) but very high ROE (46.23%) and ROIC (194.73%); very favorable economic moat due to growing ROIC |
| Innovation | Moderate innovation with stable subscription growth; fixed asset turnover strong (20.47) | High innovation and asset efficiency indicated by strong asset turnovers (8.17 fixed asset turnover) and rising ROIC |
| Global presence | Established global footprint with enterprise license subscriptions exceeding $530M | Growing presence with increasing subscription revenue but smaller scale compared to BSY |
| Market Share | Large market share in engineering software with steady subscription growth | Smaller market share but rapidly expanding subscription base and improving financial metrics |
In summary, BSY offers stable diversification and profitability but faces challenges with declining ROIC and some unfavorable liquidity ratios. DOMO, while currently less profitable overall, shows a strong competitive edge with rapidly increasing ROIC and innovation, making it a compelling growth candidate with higher risk.
Risk Analysis
Below is a comparative table outlining key risks for Bentley Systems, Incorporated (BSY) and Domo, Inc. (DOMO) based on the most recent financial and operational data for 2025-2026:
| Metric | Bentley Systems, Incorporated (BSY) | Domo, Inc. (DOMO) |
|---|---|---|
| Market Risk | Moderate (Beta 1.21; high P/E 62.63) | High (Beta 1.65; volatile price range) |
| Debt level | Moderate (Debt/Equity 1.37; Debt to Assets 42%) | Elevated (Debt/Equity -0.76; Debt to Assets 63%) |
| Regulatory Risk | Low to moderate (stable US tech sector) | Moderate (cloud services with evolving compliance) |
| Operational Risk | Moderate (complex software integration) | High (scaling cloud platform with lower liquidity) |
| Environmental Risk | Low (software sector, limited direct impact) | Low (software sector, limited direct impact) |
| Geopolitical Risk | Moderate (global infrastructure software exposure) | Moderate (international cloud operations) |
The most impactful risk for Bentley Systems is its unfavorable valuation multiples and liquidity ratios, despite solid profitability and safe bankruptcy scores. For Domo, financial distress is a key concern, highlighted by its negative net margin, poor liquidity, distress-zone Altman Z-score, and weak Piotroski score, making operational and debt risks particularly critical. Investors should weigh Bentley’s higher valuation risk against Domo’s financial instability and market volatility.
Which Stock to Choose?
Bentley Systems, Incorporated (BSY) shows favorable income evolution with a 10.15% revenue growth in 2024 and strong profitability metrics, including a 17.35% net margin and 22.55% ROE. However, it carries significant debt, reflected in an unfavorable debt-to-equity ratio and a slightly unfavorable overall financial ratio evaluation. Its rating is very favorable with a B- grade.
Domo, Inc. (DOMO) presents an unfavorable income evolution marked by a -0.61% revenue decline and a -25.84% net margin in 2025, despite exhibiting very favorable ROE and ROIC. The company has a mixed debt profile with negative debt-to-equity but unfavorable debt-to-assets and interest coverage. Its overall financial ratio evaluation is neutral, and it holds a very favorable rating with a C grade.
For investors, BSY might appear more favorable for those valuing stable income growth and profitability despite leverage concerns, while DOMO could be interpreted as suitable for those tolerant to volatility and focused on companies with potential for value creation as indicated by its strong ROIC trend and rating. The choice could depend on one’s risk appetite and investment strategy.
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 Bentley Systems, Incorporated and Domo, Inc. to enhance your investment decisions:
