In today’s dynamic technology landscape, Bentley Systems, Incorporated (BSY) and PagerDuty, Inc. (PD) stand out as key players in the software application industry. Bentley focuses on infrastructure engineering solutions, while PagerDuty excels in digital operations management with AI-driven insights. Both compete for leadership in innovation and market relevance, making their investment potential a compelling topic. Let’s explore which company offers the most promising opportunity for your portfolio.
Table of contents
Companies Overview
I will begin the comparison between Bentley Systems, Incorporated and PagerDuty, Inc. by providing an overview of these two companies and their main differences.
Bentley Systems, Incorporated Overview
Bentley Systems, Incorporated specializes in infrastructure engineering software, offering a broad range of open modeling, simulation, project delivery, and asset performance applications. It serves professionals in civil, structural, geotechnical, and geoscience engineering, as well as architects and planners across various regions including the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company is headquartered in Exton, Pennsylvania, and employs around 5,500 people.
PagerDuty, Inc. Overview
PagerDuty, Inc. operates a digital operations management platform that collects and processes data from software-enabled systems using machine learning to predict and address issues. It serves multiple industries such as technology, telecommunications, retail, and financial services. Founded in 2009 and headquartered in San Francisco, California, PagerDuty employs approximately 1,242 people and focuses on digital signal management and operational insights.
Key similarities and differences
Both Bentley Systems and PagerDuty operate in the technology sector, specifically within the software application industry. Bentley focuses on infrastructure engineering solutions with extensive product offerings supporting design and asset management, whereas PagerDuty concentrates on real-time digital operations management using machine learning. Bentley’s business model targets engineering and construction professionals globally, while PagerDuty serves a diverse set of industries with a platform for operational data analytics and incident response.
Income Statement Comparison
This table compares the key income statement metrics for Bentley Systems, Incorporated and PagerDuty, Inc. for their most recent fiscal years, providing a snapshot of their financial performance.
| Metric | Bentley Systems, Incorporated (BSY) | PagerDuty, Inc. (PD) |
|---|---|---|
| Market Cap | 11.4B USD | 1.03B USD |
| Revenue | 1.35B USD | 467M USD |
| EBITDA | 382M USD | -12M USD |
| EBIT | 318M USD | -32.5M USD |
| Net Income | 235M USD | -42.7M USD |
| EPS | 0.75 USD | -0.59 USD |
| Fiscal Year | 2024 | 2025 |
Income Statement Interpretations
Bentley Systems, Incorporated
Bentley Systems showed consistent revenue growth from 801M in 2020 to 1.35B in 2024, with net income rising from 126M to 235M. Margins remained strong, with gross margin near 81% and net margin improving overall. In 2024, revenue grew 10.15% but net margin and EPS declined, indicating some pressure on profitability despite higher sales.
PagerDuty, Inc.
PagerDuty’s revenue increased significantly from 214M in 2021 to 467M in 2025, with net losses narrowing from -69M to -43M. Gross margin remained favorable around 83%, but the company sustained negative net and EBIT margins. The latest year showed improved net margin and EPS growth, reflecting progress in managing expenses and losses.
Which one has the stronger fundamentals?
Bentley Systems maintains favorable margins and profitability with steady revenue and net income growth over five years, despite a recent dip in net margin and EPS. PagerDuty exhibits rapid revenue growth and improving margins but remains unprofitable. Bentley’s consistent profitability contrasts with PagerDuty’s ongoing losses, suggesting Bentley currently holds stronger fundamental financial stability.
Financial Ratios Comparison
The table below presents the most recent financial ratios for Bentley Systems, Incorporated (BSY) and PagerDuty, Inc. (PD) to facilitate a clear comparison of their financial metrics as of their latest fiscal years.
| Ratios | Bentley Systems, Incorporated (BSY) 2024 | PagerDuty, Inc. (PD) 2025 |
|---|---|---|
| ROE | 22.55% | -32.92% |
| ROIC | 9.30% | -9.66% |
| P/E | 62.63 | -39.87 |
| P/B | 14.13 | 13.12 |
| Current Ratio | 0.54 | 1.87 |
| Quick Ratio | 0.54 | 1.87 |
| D/E (Debt to Equity) | 1.37 | 3.57 |
| Debt-to-Assets | 41.96% | 50.00% |
| Interest Coverage | 12.20 | -6.46 |
| Asset Turnover | 0.40 | 0.50 |
| Fixed Asset Turnover | 20.47 | 16.61 |
| Payout Ratio | 30.72% | 0% |
| Dividend Yield | 0.49% | 0% |
Interpretation of the Ratios
Bentley Systems, Incorporated
Bentley Systems shows strong profitability with a favorable net margin of 17.35% and a robust return on equity at 22.55%. However, valuation ratios like PE at 62.63 and PB at 14.13 are unfavorable, alongside liquidity concerns reflected in a low current ratio of 0.54. The company pays dividends with a modest yield of 0.49%, but its payout appears low, indicating cautious distribution aligned with free cash flow coverage.
PagerDuty, Inc.
PagerDuty’s financial ratios reveal challenges, including negative net margin (-9.14%) and return on equity (-32.92%), signaling operational losses and weak profitability. While liquidity ratios are favorable, with a current ratio of 1.87, debt measures such as debt-to-equity at 3.57 and interest coverage at -3.51 are unfavorable. PagerDuty does not pay dividends, consistent with its reinvestment strategy during a high-growth phase.
Which one has the best ratios?
Bentley Systems presents a mixed profile with stronger profitability and some valuation and liquidity weaknesses. PagerDuty faces more pronounced profitability and leverage issues, despite better liquidity. Overall, Bentley’s ratios are slightly unfavorable but comparatively more balanced, whereas PagerDuty’s ratios are generally unfavorable, highlighting greater financial risk.
Strategic Positioning
This section compares the strategic positioning of Bentley Systems and PagerDuty, including market position, key segments, and exposure to technological disruption:
Bentley Systems, Incorporated (BSY)
- Market position and competitive pressure
- Key segments and business drivers
- Exposure to technological disruption
PagerDuty, Inc. (PD)
- Established global player in infrastructure engineering software with moderate competition.
- Focus on infrastructure design, modeling, simulation, and project delivery systems.
- Provides open modeling and simulation software with moderate risk from tech shifts.
Bentley Systems vs PagerDuty Positioning
Bentley Systems has a diversified portfolio across infrastructure engineering software, while PagerDuty focuses on digital operations management platforms. Bentley benefits from a broad industrial base; PagerDuty targets fast-evolving tech sectors, implying different risk and growth profiles.
Which has the best competitive advantage?
Both companies are currently shedding value with slightly unfavorable moats. Bentley shows declining profitability, while PagerDuty has improving returns despite value destruction, indicating PagerDuty’s potential for future competitive improvement.
Stock Comparison
The stock price chart highlights significant declines for both Bentley Systems, Incorporated and PagerDuty, Inc. over the past year, reflecting persistent bearish trends with decelerating momentum.
Trend Analysis
Bentley Systems, Incorporated (BSY) experienced a bearish trend with a -25% price change over the past 12 months and decelerating decline. The stock traded between 58.59 and 38.15, showing moderate volatility with a 4.63 standard deviation.
PagerDuty, Inc. (PD) showed a stronger bearish trend with a -52% price change over the same period and deceleration in decline. The price ranged from 24.66 to 11.22, with lower volatility at a 2.92 standard deviation.
Comparing trends, BSY outperformed PD, delivering a smaller loss and higher relative market value over the past year. Both stocks faced seller dominance despite increasing volume trends.
Target Prices
The current analyst consensus on target prices shows moderate upside potential for both companies.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
| PagerDuty, Inc. | 19 | 15 | 16.2 |
Analysts expect Bentley Systems’ stock price to rise significantly from its current $39.14, while PagerDuty’s consensus target price of $16.2 suggests potential gains from its current $11.22 level.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Bentley Systems, Incorporated and PagerDuty, Inc.:
Rating Comparison
BSY Rating
- Rating: B- indicating a very favorable overall evaluation.
- Discounted Cash Flow Score: 4, favorable assessment.
- ROE Score: 4, favorable efficiency in profit generation.
- ROA Score: 4, favorable asset utilization.
- Debt To Equity Score: 1, very unfavorable financial risk.
- Overall Score: 3, moderate overall financial standing.
PD Rating
- Rating: A- indicating a very favorable overall evaluation.
- Discounted Cash Flow Score: 5, very favorable assessment.
- ROE Score: 5, very favorable efficiency in profit generation.
- ROA Score: 5, very favorable asset utilization.
- Debt To Equity Score: 1, very unfavorable financial risk.
- Overall Score: 4, favorable overall financial standing.
Which one is the best rated?
PagerDuty, Inc. is better rated than Bentley Systems, Incorporated based on all core financial scores except the debt-to-equity score, where both share a very unfavorable rating. PagerDuty’s stronger DCF, ROE, ROA, and overall scores reflect a more favorable analyst assessment.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Bentley Systems (BSY) and PagerDuty (PD):
BSY Scores
- Altman Z-Score: 3.74, indicating a safe zone with low risk.
- Piotroski Score: 9, reflecting very strong financial health.
PD Scores
- Altman Z-Score: 1.26, placing the company in distress zone.
- Piotroski Score: 7, showing strong but not very strong health.
Which company has the best scores?
Bentley Systems (BSY) has the better scores with a safe zone Altman Z-Score and a very strong Piotroski Score of 9. PagerDuty (PD) shows financial distress risk and a lower Piotroski Score of 7.
Grades Comparison
Here is the grades comparison for Bentley Systems, Incorporated and PagerDuty, Inc.:
Bentley Systems, Incorporated Grades
This table presents recent grades issued by reputable financial 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 mix of Buy, Outperform, Neutral, and one Sell rating, with a recent downgrade from Overweight to Neutral by Piper Sandler, indicating a cautious but generally positive outlook.
PagerDuty, Inc. Grades
Below are the latest grades from recognized grading firms for PagerDuty, Inc.
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Truist Securities | Maintain | Buy | 2026-01-07 |
| RBC Capital | Downgrade | Sector Perform | 2026-01-05 |
| TD Cowen | Maintain | Buy | 2025-11-26 |
| Craig-Hallum | Downgrade | Hold | 2025-11-26 |
| Morgan Stanley | Maintain | Equal Weight | 2025-11-26 |
| RBC Capital | Maintain | Outperform | 2025-11-26 |
| Truist Securities | Maintain | Buy | 2025-11-19 |
| Baird | Maintain | Neutral | 2025-09-04 |
| RBC Capital | Maintain | Outperform | 2025-09-04 |
| Canaccord Genuity | Maintain | Buy | 2025-09-04 |
PagerDuty’s ratings present a balance with several Buy and Outperform grades, mixed with multiple Hold and Equal Weight ratings, showing a more cautious consensus.
Which company has the best grades?
Bentley Systems holds a stronger consensus with 6 Buy versus 5 Hold and 1 Sell ratings, while PagerDuty has a majority of Hold ratings (13) despite 7 Buy ratings. Investors might view Bentley Systems as having generally more favorable analyst sentiment, potentially reflecting greater confidence in its near-term prospects.
Strengths and Weaknesses
Below is a comparative overview of the key strengths and weaknesses of Bentley Systems, Incorporated (BSY) and PagerDuty, Inc. (PD) based on the most recent financial and operational data.
| Criterion | Bentley Systems, Incorporated (BSY) | PagerDuty, Inc. (PD) |
|---|---|---|
| Diversification | Strong diversification with multiple revenue streams including subscriptions, licenses, and professional services totaling over 1.3B USD in 2024 | Limited diversification; primarily focused on digital operations management without segmented revenue data |
| Profitability | Positive net margin at 17.35%, ROE 22.55%, but declining ROIC trend and slightly unfavorable moat status | Negative profitability metrics: net margin -9.14%, ROE -32.92%, ROIC -9.66%, though showing a slight upward ROIC trend |
| Innovation | Moderate innovation indicated by stable subscription growth and product licensing, but ROIC decline suggests efficiency issues | Innovative growth potential indicated by improving ROIC despite current losses, but profitability remains a significant challenge |
| Global presence | Established global presence with extensive enterprise subscriptions and service offerings worldwide | Growing presence in cloud-based digital operations, but financial scale and global reach smaller and less diversified |
| Market Share | Solid market share in engineering software with recurring revenues exceeding 1.2B USD | Emerging market position in IT incident management, but financials and metrics lag behind industry leaders |
Key takeaways: Bentley Systems shows strong revenue diversification and profitability with challenges in capital efficiency, while PagerDuty is still in a growth phase with improving profitability trends but currently operates at a loss and less diversified. Investors should weigh stability against growth potential and risk tolerance.
Risk Analysis
Below is a comparative table highlighting key risks for Bentley Systems, Incorporated (BSY) and PagerDuty, Inc. (PD) based on the most recent data from 2025-2026.
| Metric | Bentley Systems, Incorporated (BSY) | PagerDuty, Inc. (PD) |
|---|---|---|
| Market Risk | Moderate (Beta 1.21; tech sector volatility) | Lower (Beta 0.63; niche SaaS market) |
| Debt level | Moderate (Debt/Equity 1.37; 42% debt to assets) | High (Debt/Equity 3.57; 50% debt to assets) |
| Regulatory Risk | Low (Primarily software, US-based) | Moderate (International operations including Japan) |
| Operational Risk | Moderate (Complex software suite, 5500 employees) | Moderate (Platform reliability critical, 1242 employees) |
| Environmental Risk | Low (Software industry, minimal direct impact) | Low (Digital platform with limited environmental footprint) |
| Geopolitical Risk | Moderate (Global presence in infrastructure markets) | Moderate (International client base, exposure to global tech market) |
The most impactful risk for Bentley Systems is its moderate debt level combined with slightly unfavorable liquidity ratios, which may constrain financial flexibility. PagerDuty faces higher financial risk due to significant leverage and negative profitability, increasing vulnerability to market downturns. Operational risks are notable for both given their reliance on complex software platforms.
Which Stock to Choose?
Bentley Systems, Incorporated (BSY) shows favorable income growth with a 10.15% revenue increase in 2024 and a strong net margin of 17.35%. Its financial ratios are mixed: favorable profitability and interest coverage contrast with unfavorable liquidity and valuation metrics. Debt levels are moderate with a net debt to EBITDA of 3.56, and the overall rating is very favorable (B-). However, its economic moat is slightly unfavorable due to declining ROIC relative to WACC.
PagerDuty, Inc. (PD) exhibits positive income growth, including 8.54% revenue growth and improving net margin despite current losses. Its financial ratios are largely unfavorable in profitability and leverage but show favorable liquidity and cost of capital. Debt is relatively high with a debt-to-equity ratio of 3.57, yet the rating is very favorable (A-). The economic moat is also slightly unfavorable, though ROIC shows an improving trend.
Considering ratings and financial evaluations, BSY could appear more stable with stronger profitability and income growth, while PD might appeal to those focused on growth potential despite current losses and higher leverage. Investors with a risk-averse profile might find BSY’s established profitability more reassuring, whereas risk-tolerant investors aiming for growth may see PD’s improving metrics as promising.
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 PagerDuty, Inc. to enhance your investment decisions:
