In the dynamic tech landscape, Salesforce, Inc. (CRM) and Bentley Systems, Incorporated (BSY) stand out as key players in software applications, though they target different markets. Salesforce leads in customer relationship management and cloud-based business solutions, while Bentley specializes in infrastructure engineering software. Both companies emphasize innovation to maintain competitive edges. This article will help you decide which company presents the most compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between Salesforce and Bentley Systems by providing an overview of these two companies and their main differences.
Salesforce Overview
Salesforce, Inc. is a leading provider of customer relationship management (CRM) technology designed to unify companies and customers globally. Its Customer 360 platform offers diverse services including sales, service, marketing, commerce, analytics, and integration tools. Founded in 1999 and headquartered in San Francisco, Salesforce focuses on empowering businesses across multiple industries through innovative cloud-based software solutions.
Bentley Systems Overview
Bentley Systems, Incorporated specializes in infrastructure engineering software solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Founded in 1984 and based in Exton, Pennsylvania, Bentley offers applications for infrastructure design, simulation, project delivery, and asset performance. The company serves engineers, architects, planners, and maintenance professionals with a broad portfolio of modeling and collaboration tools.
Key similarities and differences
Both Salesforce and Bentley Systems operate in the technology sector, providing application software solutions to professional markets. Salesforce emphasizes customer relationship management and cloud-based services targeting industries like financial services and healthcare. Bentley focuses on infrastructure engineering software and project management tools for civil and geotechnical engineering fields. Their business models differ in industry focus, with Salesforce centered on CRM and Bentley on infrastructure design and asset management.
Income Statement Comparison
The table below compares the key income statement metrics for Salesforce, Inc. and Bentley Systems, Incorporated, reflecting their most recent fiscal years.
| Metric | Salesforce, Inc. (CRM) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 218.2B | 11.5B |
| Revenue | 37.9B | 1.35B |
| EBITDA | 11.14B | 382M |
| EBIT | 7.67B | 318M |
| Net Income | 6.20B | 242M |
| EPS | 6.44 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Salesforce, Inc.
Salesforce’s revenue and net income showed strong growth from 2021 to 2025, with revenue increasing from $21.3B to $37.9B and net income rising from $4.07B in 2021 to $6.2B in 2025. Margins remained robust, with gross margin near 77% and net margin at 16.35% in 2025. The latest year exhibited favorable growth rates across revenue, earnings, and EPS, signaling sustained operational efficiency.
Bentley Systems, Incorporated
Bentley Systems experienced consistent revenue growth, rising from $801M in 2020 to $1.35B in 2024, with net income also increasing from $126M to $242M. Gross margin remained strong at about 81%, while EBIT and net margins hovered around 23.5% and 17.35%, respectively. However, recent net margin and EPS growth slowed, with margin compression and a decline in EPS growth noted in the latest year.
Which one has the stronger fundamentals?
Both companies present favorable fundamentals with strong revenue and net income growth over their respective periods. Salesforce shows high margin stability and pronounced earnings expansion recently, while Bentley Systems maintains higher gross and EBIT margins but faces recent margin and EPS pressures. Salesforce’s broader scale and margin consistency contrast with Bentley’s margin volatility, reflecting differing risk and growth profiles.
Financial Ratios Comparison
Below is a comparison of key financial ratios for Salesforce, Inc. (CRM) and Bentley Systems, Incorporated (BSY) for their most recent fiscal years, providing insight into their profitability, liquidity, leverage, and market valuation.
| Ratios | Salesforce, Inc. (2025) | Bentley Systems, Inc. (2024) |
|---|---|---|
| ROE | 10.13% | 22.55% |
| ROIC | 7.95% | 9.30% |
| P/E | 53.04 | 62.63 |
| P/B | 5.37 | 14.13 |
| Current Ratio | 1.06 | 0.54 |
| Quick Ratio | 1.06 | 0.54 |
| D/E (Debt to Equity) | 0.19 | 1.37 |
| Debt-to-Assets | 11.07% | 41.96% |
| Interest Coverage | 26.49 | 12.20 |
| Asset Turnover | 0.37 | 0.40 |
| Fixed Asset Turnover | 7.03 | 20.47 |
| Payout Ratio | 24.80% | 30.72% |
| Dividend Yield | 0.47% | 0.49% |
Interpretation of the Ratios
Salesforce, Inc.
Salesforce shows a slightly favorable ratio profile with strong net margin (16.35%) and solid interest coverage (28.18), indicating good profitability and debt servicing ability. However, its high P/E (53.04) and P/B (5.37) ratios are less attractive, suggesting overvaluation concerns. The company pays dividends with a low yield (0.47%), reflecting modest shareholder returns and a cautious payout approach.
Bentley Systems, Incorporated
Bentley Systems exhibits mixed ratios with a favorable net margin (17.35%) and robust ROE (22.55%), but faces challenges like a weak current ratio (0.54) and high debt-to-equity (1.37), indicating liquidity and leverage risks. Its P/E (62.63) and P/B (14.13) ratios also raise valuation concerns. Bentley pays dividends with a low yield (0.49%), signaling limited income for shareholders.
Which one has the best ratios?
Salesforce presents a more balanced ratio set with a higher proportion of favorable metrics (42.86%) and manageable leverage, despite some valuation drawbacks. Bentley Systems shows stronger profitability ratios but suffers from liquidity weaknesses and higher leverage, contributing to a less favorable overall ratio assessment.
Strategic Positioning
This section compares the strategic positioning of Salesforce, Inc. and Bentley Systems, Incorporated, including market position, key segments, and exposure to technological disruption:
Salesforce, Inc.
- Leading CRM software provider with significant market cap and moderate competitive pressure.
- Diverse segments: Sales, Service, Marketing, Commerce, Integration, Analytics, Platform, and Professional Services driving revenue.
- Provides cloud-based customer engagement platforms; potential disruption from evolving SaaS and analytics technologies.
Bentley Systems, Incorporated
- Smaller market cap with niche focus in infrastructure engineering software, facing moderate competitive pressure.
- Focus on infrastructure design, modeling, simulation software, and project delivery with subscription and license revenue.
- Specialized infrastructure software with emphasis on open modeling and simulation; disruption risks tied to engineering software innovation.
Salesforce, Inc. vs Bentley Systems, Incorporated Positioning
Salesforce pursues a diversified strategy across multiple cloud-based CRM and analytics segments, offering wide industry applications. Bentley concentrates on infrastructure engineering software with specialized modeling and simulation solutions, limiting diversification but focusing on niche expertise.
Which has the best competitive advantage?
Both companies currently show a slightly unfavorable MOAT status. Salesforce has growing profitability despite shedding value, while Bentley shows declining profitability and no value creation, indicating Salesforce may have a more resilient competitive advantage.
Stock Comparison
Over the past 12 months, Salesforce, Inc. and Bentley Systems, Incorporated have both experienced bearish price trends with notable declines, yet differing volatility and acceleration patterns have shaped their trading dynamics.
Trend Analysis
Salesforce, Inc. (CRM) shows a -21.86% price change over the past year, confirming a bearish trend with accelerating decline and high volatility, peaking at 361.99 and bottoming at 227.11.
Bentley Systems, Incorporated (BSY) recorded a -24.32% price change over the same period, also bearish, but with decelerating decline and much lower volatility, ranging between 58.59 and 38.15.
Comparing both stocks, Salesforce experienced a slightly smaller price decline with acceleration, whereas Bentley faced a larger drop with slowing momentum, making Salesforce the better performer in this timeframe.
Target Prices
Analysts present a clear consensus on target prices for Salesforce, Inc. and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Salesforce, Inc. | 400 | 250 | 324.17 |
| Bentley Systems, Inc. | 55 | 45 | 48.75 |
Salesforce’s consensus target price at 324.17 USD is significantly above its current price of 228.24 USD, indicating potential upside. Bentley Systems’ consensus target of 48.75 USD also suggests room for growth from its present 39.45 USD market price.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Salesforce, Inc. and Bentley Systems, Incorporated:
Rating Comparison
Salesforce, Inc. Rating
- Rating: B+, classified as Very Favorable by analysts.
- Discounted Cash Flow Score: 4, indicating Favorable valuation.
- ROE Score: 4, showing strong profit generation from equity.
- ROA Score: 4, reflecting effective asset utilization.
- Debt To Equity Score: 3, rated as Moderate financial risk.
- Overall Score: 3, Moderate overall financial standing.
Bentley Systems, Incorporated Rating
- Rating: B-, also classified as Very Favorable by analysts.
- Discounted Cash Flow Score: 4, indicating Favorable valuation.
- ROE Score: 4, showing strong profit generation from equity.
- ROA Score: 4, reflecting effective asset utilization.
- Debt To Equity Score: 1, rated as Very Unfavorable risk level.
- Overall Score: 3, Moderate overall financial standing.
Which one is the best rated?
Salesforce holds a higher rating (B+) compared to Bentley’s B-, with a stronger debt-to-equity score indicating lower financial risk. Both companies share similar scores in cash flow, ROE, ROA, and overall rating, but Salesforce’s balance sheet is rated more favorably.
Scores Comparison
Here is a comparison of the financial scores for Salesforce, Inc. and Bentley Systems, Incorporated:
Salesforce, Inc. Scores
- Altman Z-Score: 5.26, indicating a safe zone and low bankruptcy risk.
- Piotroski Score: 7, categorized as strong financial health.
Bentley Systems, Incorporated Scores
- Altman Z-Score: 3.74, indicating a safe zone and low bankruptcy risk.
- Piotroski Score: 9, categorized as very strong financial health.
Which company has the best scores?
Bentley Systems has a higher Piotroski Score of 9 compared to Salesforce’s 7, suggesting stronger financial health. Both companies are in the safe zone for Altman Z-Score, but Salesforce’s score is higher at 5.26 versus 3.74.
Grades Comparison
Here is a comparison of the latest available grades from reputable financial institutions for both companies:
Salesforce, Inc. Grades
The table below shows recent grade updates from established grading companies for Salesforce, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Maintain | Overweight | 2026-01-12 |
| RBC Capital | Maintain | Sector Perform | 2026-01-05 |
| Morgan Stanley | Maintain | Overweight | 2025-12-09 |
| Citigroup | Maintain | Neutral | 2025-12-08 |
| DA Davidson | Maintain | Neutral | 2025-12-05 |
| Citizens | Maintain | Market Outperform | 2025-12-04 |
| Deutsche Bank | Maintain | Buy | 2025-12-04 |
| Wedbush | Maintain | Outperform | 2025-12-04 |
| Northland Capital Markets | Maintain | Market Perform | 2025-12-04 |
| Canaccord Genuity | Maintain | Buy | 2025-12-04 |
Salesforce exhibits a generally positive trend with multiple overweight, buy, and outperform grades maintained recently.
Bentley Systems, Incorporated Grades
The table below summarizes recent grade updates from established 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 mixed pattern with recent downgrades and some sell ratings, alongside outperform and buy grades.
Which company has the best grades?
Salesforce, Inc. has generally received stronger and more consistent buy and outperform grades compared to Bentley Systems, which has a more mixed rating profile including a recent downgrade and a sell rating. This disparity may influence investors’ confidence levels and risk assessments differently for each stock.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses of Salesforce, Inc. (CRM) and Bentley Systems, Incorporated (BSY) based on their latest financial and operational data.
| Criterion | Salesforce, Inc. (CRM) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| Diversification | Highly diversified SaaS portfolio across cloud sales, service, analytics, marketing, and platform segments with total revenue > $38B in 2025 | Focused primarily on software subscriptions and licenses for infrastructure engineering, with revenue around $1.4B in 2024 |
| Profitability | Moderate net margin (16.35%), ROIC 7.95% slightly below WACC; profitability growing but still shedding value | Stronger net margin (17.35%) and ROE (22.55%), ROIC 9.3%, but declining profitability trend and also shedding value |
| Innovation | Leading cloud CRM innovation, expanding analytics and AI integrations | Solid innovation in engineering software with high fixed asset turnover but less diversified product innovation |
| Global presence | Extensive global reach with large enterprise client base | More niche global presence focused on infrastructure and engineering sectors |
| Market Share | Market leader in CRM and cloud services with strong growth trajectory | Smaller market share in specialized infrastructure software market |
Key takeaways: Salesforce exhibits strong diversification and growing profitability despite currently shedding value, reflecting ongoing investments in innovation. Bentley Systems shows commendable profitability metrics but faces challenges with declining returns and less diversification. Both require cautious monitoring for sustainable value creation.
Risk Analysis
Below is a comparative table of key risk factors for Salesforce, Inc. (CRM) and Bentley Systems, Incorporated (BSY) as of the latest fiscal years:
| Metric | Salesforce, Inc. (CRM) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Risk | Beta 1.27 – moderately sensitive to market fluctuations | Beta 1.21 – moderately sensitive to market fluctuations |
| Debt level | Low debt-to-equity 0.19 – favorable leverage | High debt-to-equity 1.37 – unfavorable leverage |
| Regulatory Risk | Moderate, operating globally with some compliance complexity | Moderate, industry-specific regulations in infrastructure software |
| Operational Risk | Large workforce (76K employees), complexity in integrating various platforms | Smaller workforce (5.5K), but complex infrastructure software delivery |
| Environmental Risk | Moderate, tech industry focus with some sustainability initiatives | Moderate, software for infrastructure with exposure to environmental project changes |
| Geopolitical Risk | US-based with global customers, exposure to trade policies and international market risks | US-based with global presence, infrastructure sector may be affected by geopolitical tensions |
Salesforce carries lower financial risk due to conservative debt levels and strong liquidity, though its market valuation is high, posing valuation risk. Bentley’s higher leverage and weaker liquidity ratios increase financial vulnerability, despite strong operational focus. Market and geopolitical risks remain moderate for both given their global reach and industry sectors.
Which Stock to Choose?
Salesforce, Inc. (CRM) shows a favorable income evolution with 8.72% revenue growth in 2025 and strong profitability metrics, including a 16.35% net margin. Its financial ratios are slightly favorable overall, supported by low debt levels and solid interest coverage, reflected in a very favorable B+ rating.
Bentley Systems, Incorporated (BSY) also demonstrates favorable income growth, with 10.15% revenue increase in 2024 and a 17.35% net margin. However, its financial ratios are slightly unfavorable overall, primarily due to high debt and weak liquidity ratios, resulting in a very favorable B- rating but with notable leverage concerns.
For investors, the choice might depend on risk tolerance: those favoring stability and moderate risk could find Salesforce’s improving profitability and balanced ratios more appealing, while more risk-tolerant investors focused on growth might consider Bentley’s strong earnings growth despite its higher leverage and less favorable financial ratios.
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 Salesforce, Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
