Investors often seek companies that lead innovation while addressing growing market needs. Shopify Inc. (SHOP) and Bentley Systems, Incorporated (BSY) both operate in the software application industry but serve distinct niches—e-commerce platforms for merchants versus infrastructure engineering solutions. Comparing their market strategies and growth potential reveals unique investment opportunities. Join me as we explore which company stands out as the smarter choice to add to your portfolio in 2026.
Table of contents
Companies Overview
I will begin the comparison between Shopify and Bentley Systems by providing an overview of these two companies and their main differences.
Shopify Overview
Shopify Inc. is a Canadian commerce company that provides a comprehensive commerce platform and related services globally. Its platform supports merchants in displaying, managing, marketing, and selling products across various channels, including online storefronts and physical locations. Shopify also offers merchant solutions like payment processing, shipping, and financing, positioning itself as a key player in the application software industry with a market cap of approximately 205B USD.
Bentley Systems Overview
Bentley Systems, Incorporated is a U.S.-based company specializing in infrastructure engineering software solutions worldwide. It offers a broad suite of open modeling, simulation, project delivery, and asset management applications tailored to civil, structural, geotechnical, and geospatial professionals. With a market cap near 11.5B USD, Bentley focuses on software for design integration and infrastructure project collaboration within the application software sector.
Key similarities and differences
Both Shopify and Bentley Systems operate in the software application industry, serving global markets with technology-driven solutions. Shopify focuses on commerce platforms and merchant services to facilitate sales and customer management, while Bentley Systems provides specialized infrastructure engineering software for professional engineers and planners. Shopify’s business model centers on enabling commerce transactions across multiple channels, whereas Bentley Systems emphasizes engineering project software and asset performance systems.
Income Statement Comparison
Below is the income statement comparison for Shopify Inc. and Bentley Systems, Incorporated, reflecting their financial performance for the fiscal year 2024.
| Metric | Shopify Inc. (SHOP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 205B | 11.5B |
| Revenue | 8.88B | 1.35B |
| EBITDA | 1.34B | 382M |
| EBIT | 1.30B | 318M |
| Net Income | 2.02B | 235M |
| EPS | 1.56 | 0.75 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Shopify Inc.
Shopify’s revenue and net income have shown strong growth from 2020 to 2024, with revenue rising from $2.9B to $8.9B and net income turning positive after losses in 2022. Margins improved steadily, gross margin reached 50.36%, and net margin grew significantly to 22.74% in 2024. The latest year saw a 25.78% revenue increase and a remarkable 1116.06% net margin growth, indicating robust profitability improvement.
Bentley Systems, Incorporated
Bentley Systems’ revenue increased steadily from $0.8B in 2020 to $1.35B in 2024, with net income rising from $126M to $235M. Gross margin remains strong at 80.95%, while net margin stands at 17.35%. Although revenue and EBIT grew in 2024 by 10.15% and 41.35%, respectively, net margin declined by 34.77%, and EPS fell by 28%, reflecting some margin pressure despite top-line growth.
Which one has the stronger fundamentals?
Shopify displays stronger fundamentals with rapid revenue and net income growth, significant margin expansion, and favorable income statement evaluations across all key metrics. Bentley Systems maintains solid profitability and margin levels but faces challenges with margin contraction and EPS decline in the most recent year. Overall, Shopify’s income statement performance appears more robust and consistently improving.
Financial Ratios Comparison
The table below compares key financial ratios for Shopify Inc. and Bentley Systems, Incorporated based on their latest fiscal year data from 2024.
| Ratios | Shopify Inc. (SHOP) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| ROE | 17.5% | 22.6% |
| ROIC | 7.5% | 9.3% |
| P/E | 68.2 | 62.6 |
| P/B | 11.9 | 14.1 |
| Current Ratio | 3.71 | 0.54 |
| Quick Ratio | 3.70 | 0.54 |
| D/E (Debt-to-Equity) | 0.10 | 1.37 |
| Debt-to-Assets | 8.1% | 42.0% |
| Interest Coverage | 0 | 12.2 |
| Asset Turnover | 0.64 | 0.40 |
| Fixed Asset Turnover | 63.4 | 20.5 |
| Payout Ratio | 0% | 30.7% |
| Dividend Yield | 0% | 0.49% |
Interpretation of the Ratios
Shopify Inc.
Shopify shows a mixed ratio profile with 50% favorable, 35.7% unfavorable, and 14.3% neutral ratios, leading to a slightly favorable global opinion. Strengths include a high net margin of 22.74% and ROE of 17.47%, while challenges appear in high WACC (17.1%), elevated PE (68.18), and PB (11.91). Shopify does not pay dividends, reflecting its focus on reinvestment and growth.
Bentley Systems, Incorporated
Bentley Systems reports a less favorable ratio set with 28.6% favorable and 50% unfavorable, yielding a slightly unfavorable overall rating. It benefits from a solid ROE of 22.55% and interest coverage of 12.83, but weak liquidity ratios and high debt-to-equity (1.37) raise concerns. Bentley pays a modest dividend with a 0.49% yield, indicating some shareholder returns despite ratio weaknesses.
Which one has the best ratios?
Shopify’s ratios are generally stronger, particularly in profitability and capital structure, compared to Bentley’s higher leverage and liquidity issues. Shopify’s slightly favorable rating contrasts with Bentley’s slightly unfavorable, suggesting Shopify’s financial health and operational efficiency are currently superior based on these metrics.
Strategic Positioning
This section compares the strategic positioning of Shopify and Bentley Systems, including market position, key segments, and exposure to technological disruption:
Shopify Inc.
- Leading commerce platform with strong global presence; faces competitive pressure in e-commerce software.
- Revenue driven by Merchant Solutions and Subscription Services, supporting diverse commerce functionalities.
- Platform model integrates multiple sales channels; moderate exposure to disruption through evolving commerce technologies.
Bentley Systems, Incorporated
- Niche leader in infrastructure engineering software; competition from specialized engineering software firms.
- Revenue mainly from subscriptions, licenses, and professional services focused on infrastructure and geotechnical engineering.
- Focus on infrastructure modeling and project delivery; exposed to disruption via advances in engineering software and simulation.
Shopify vs Bentley Systems Positioning
Shopify pursues a diversified commerce platform strategy across multiple global regions and sales channels, while Bentley concentrates on specialized infrastructure and engineering software. Shopify’s broad market reach contrasts with Bentley’s focused industry niche, reflecting distinct business drivers and competitive landscapes.
Which has the best competitive advantage?
Both companies have a slightly unfavorable MOAT status. Shopify shows improving profitability but still destroys value, whereas Bentley’s profitability declines and it also fails to create value, indicating Shopify currently holds a marginally stronger competitive position.
Stock Comparison
The stock price movements over the past year reveal contrasting dynamics, with Shopify Inc. exhibiting a strong bullish trend despite recent deceleration, while Bentley Systems, Incorporated shows a sustained bearish trend with accelerating declines.
Trend Analysis
Shopify Inc. stock experienced a 106.32% increase over the past 12 months, indicating a bullish trend with deceleration. It reached a high of 173.86 and a low of 54.43, with notable volatility (std deviation 33.7).
Bentley Systems, Incorporated shows a bearish trend with a 24.58% price decline over the same period, also decelerating. The stock ranged between 38.15 and 58.59, with lower volatility (std deviation 4.62).
Comparing both, Shopify delivered the highest market performance with significant gains, while Bentley’s stock declined, reflecting divergent investor sentiment and market momentum.
Target Prices
Analysts present a clear consensus on target prices for Shopify Inc. and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Shopify Inc. | 200 | 140 | 186.24 |
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
Shopify’s consensus target price of 186.24 is notably above its current price of 157.46, indicating bullish expectations. Bentley Systems’ consensus target at 48.75 also suggests upside potential from its current price of 39.33.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Shopify Inc. and Bentley Systems, Incorporated:
Rating Comparison
Shopify Inc. Rating
- Rating: B, assessed as Very Favorable overall.
- Discounted Cash Flow Score: Moderate at 3, reflecting balanced valuation outlook.
- ROE Score: Favorable at 4, showing efficient profit generation from equity.
- ROA Score: Very Favorable at 5, indicating excellent asset utilization efficiency.
- Debt To Equity Score: Moderate at 3, suggesting average financial risk management.
- Overall Score: Moderate at 3, reflecting a balanced but not outstanding financial state.
Bentley Systems, Incorporated Rating
- Rating: B-, also rated Very Favorable overall.
- Discounted Cash Flow Score: Favorable at 4, indicating a more positive valuation.
- ROE Score: Favorable at 4, equally efficient in generating shareholder profits.
- ROA Score: Favorable at 4, showing good but slightly lower asset efficiency.
- Debt To Equity Score: Very Unfavorable at 1, indicating higher financial risk.
- Overall Score: Moderate at 3, similar overall financial assessment as Shopify.
Which one is the best rated?
Shopify holds a slightly stronger rating with a better debt-to-equity score and superior asset utilization (ROA) than Bentley. Although Bentley has a higher discounted cash flow score, its high financial risk lowers its comparative standing.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Shopify Inc. and Bentley Systems, Incorporated:
SHOP Scores
- Altman Z-Score: 50.42, indicating a strong safe zone with very low bankruptcy risk.
- Piotroski Score: 6, reflecting average financial strength and investment potential.
BSY Scores
- Altman Z-Score: 3.74, also in the safe zone, showing low bankruptcy risk.
- Piotroski Score: 9, indicating very strong financial health and value for investors.
Which company has the best scores?
Bentley Systems has a lower but still safe Altman Z-Score and a very strong Piotroski Score of 9. Shopify’s extremely high Z-Score shows safety, but its average Piotroski Score of 6 is weaker than Bentley’s.
Grades Comparison
Here is a comparison of recent grades and ratings for Shopify Inc. and Bentley Systems, Incorporated:
Shopify Inc. Grades
The following table shows recent grade actions by reputable grading companies for Shopify Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Scotiabank | Upgrade | Sector Outperform | 2026-01-08 |
| Wolfe Research | Downgrade | Peer Perform | 2026-01-06 |
| Wells Fargo | Maintain | Overweight | 2025-12-17 |
| Truist Securities | Maintain | Hold | 2025-11-05 |
| CIBC | Maintain | Outperform | 2025-11-05 |
| Cantor Fitzgerald | Maintain | Neutral | 2025-11-05 |
| DA Davidson | Maintain | Buy | 2025-11-05 |
| Scotiabank | Maintain | Sector Perform | 2025-11-05 |
| Needham | Maintain | Buy | 2025-11-05 |
| JP Morgan | Maintain | Overweight | 2025-11-05 |
Shopify’s grades show a mixed but generally positive outlook, with multiple “Buy” and “Outperform” ratings balanced by some “Hold” and “Neutral” opinions.
Bentley Systems, Incorporated Grades
The following table presents recent grade updates from reputable sources for Bentley Systems:
| 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’ grades indicate a stable but somewhat cautious stance, with several “Outperform” and “Buy” grades offset by downgrades and a “Sell” rating.
Which company has the best grades?
Shopify Inc. has received more consistent “Buy” and “Outperform” ratings compared to Bentley Systems, which shows a mixed rating profile including a recent downgrade and a “Sell” rating. This suggests Shopify’s outlook is currently viewed more favorably by analysts, which could influence investor confidence and portfolio decisions.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses of Shopify Inc. (SHOP) and Bentley Systems, Incorporated (BSY) based on the most recent financial performance and market data.
| Criterion | Shopify Inc. (SHOP) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Diversification | Moderate: Primarily focused on e-commerce platforms with subscription and merchant solutions revenue streams growing steadily. | Moderate: Diverse revenue from subscriptions, licenses, and professional services in software for infrastructure projects. |
| Profitability | Strong net margin at 22.74% and ROE of 17.47%, but ROIC below WACC indicating value destruction. | Good net margin at 17.35% and strong ROE at 22.55%, yet ROIC slightly below WACC with declining profitability trend. |
| Innovation | High: Significant growth in ROIC trend (+514%), indicating improving capital efficiency despite current value destruction. | Moderate: Stable but declining ROIC (-45%), suggesting challenges in maintaining efficiency and innovation pace. |
| Global presence | Strong global e-commerce platform with expanding merchant base and subscription services. | Strong presence in infrastructure software markets globally, with broad license and subscription offerings. |
| Market Share | Large in e-commerce solutions, expanding rapidly with strong subscription growth reaching $6.53B in services. | Niche leader in infrastructure software, steady revenue around $1.27B from subscriptions and licenses. |
Key takeaways: Shopify leads in profitability margins and innovation momentum but currently struggles with value creation relative to capital costs. Bentley shows solid profitability and diversified revenue but faces challenges in maintaining ROIC and operational efficiency. Both companies have strong market positions in their respective sectors, requiring careful monitoring of capital returns and growth sustainability.
Risk Analysis
Below is a comparison table of key risks for Shopify Inc. and Bentley Systems, Incorporated as of 2026:
| Metric | Shopify Inc. (SHOP) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| Market Risk | High beta (2.84) indicates high volatility | Moderate beta (1.21) implies moderate volatility |
| Debt level | Low debt-to-equity (0.1), very favorable | High debt-to-equity (1.37), unfavorable |
| Regulatory Risk | Moderate due to global e-commerce regulations | Moderate, mainly infrastructure software regulations |
| Operational Risk | Platform dependency and tech innovation pressure | Complex product integration and project delivery risks |
| Environmental Risk | Moderate, as a tech company with limited direct impact | Moderate, with some exposure through infrastructure projects |
| Geopolitical Risk | Global operations expose it to trade and policy shifts | Global presence but more focused on stable infrastructure markets |
Shopify faces significant market risk due to its high beta and valuation multiples, while maintaining a strong balance sheet with low debt. Bentley carries higher financial risk from its elevated debt levels but benefits from stable cash flow in infrastructure sectors. Market volatility and debt exposure are the most impactful risks for investors to monitor.
Which Stock to Choose?
Shopify Inc. (SHOP) shows strong income growth with a 25.78% revenue increase in 2024 and favorable profitability ratios, including a 22.74% net margin and 17.47% ROE. Its debt levels are low, reflected in a 0.1 debt-to-equity ratio and favorable interest coverage. The company holds a very favorable rating, though some valuation metrics like P/E and P/B appear high.
Bentley Systems, Incorporated (BSY) presents moderate income growth of 10.15% revenue increase in 2024, with solid profitability including a 17.35% net margin and 22.55% ROE. However, it carries higher debt with a 1.37 debt-to-equity ratio and moderate interest coverage. Its rating is also very favorable but valuation ratios remain elevated and liquidity ratios unfavorable.
Considering the ratings and overall income and financial ratio evaluations, Shopify’s profile might appeal more to growth-oriented investors seeking strong profitability and manageable debt. Bentley Systems may appear more suited to investors comfortable with higher leverage and moderate income growth. Both companies exhibit slightly unfavorable economic moats, indicating caution regarding value creation sustainability.
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 Shopify Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
