In today’s fast-evolving technology landscape, Snowflake Inc. and Bentley Systems, Incorporated stand out as influential players in the software application industry. Snowflake excels in cloud-based data platforms, while Bentley focuses on infrastructure engineering software solutions. Both companies innovate to meet complex data and design challenges, attracting overlapping markets in digital transformation. 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 Snowflake Inc. and Bentley Systems, Incorporated by providing an overview of these two companies and their main differences.
Snowflake Inc. Overview
Snowflake Inc. operates a cloud-based data platform that enables organizations to consolidate data into a single source of truth to generate business insights, build data-driven applications, and share data. Founded in 2012 and based in Bozeman, Montana, Snowflake serves a diverse range of industries with its Data Cloud platform, positioning itself as a key player in the software application sector with a market cap of approximately 70.4B USD.
Bentley Systems, Incorporated Overview
Bentley Systems, Incorporated develops infrastructure engineering software solutions for global markets including the Americas, Europe, and Asia-Pacific. Headquartered in Exton, Pennsylvania, and founded in 1984, Bentley provides open modeling, simulation applications, project delivery systems, and asset performance systems for civil, structural, geotechnical, and geospatial professionals. It operates within the software application industry and has a market cap near 11.4B USD.
Key similarities and differences
Both Snowflake and Bentley Systems belong to the software application industry and serve professional clients with specialized platforms. Snowflake focuses primarily on cloud-based data management for business insights, while Bentley specializes in engineering software solutions for infrastructure design and project management. Snowflake is larger by market cap and employee count, reflecting its broader data platform scope, whereas Bentley has a longer history and targets niche engineering markets with diverse software offerings.
Income Statement Comparison
The table below presents a side-by-side comparison of key income statement metrics for Snowflake Inc. and Bentley Systems, Incorporated for their most recent fiscal years.
| Metric | Snowflake Inc. (SNOW) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Market Cap | 70.4B | 11.4B |
| Revenue | 3.63B | 1.35B |
| EBITDA | -1.10B | 382M |
| EBIT | -1.28B | 318M |
| Net Income | -1.29B | 242M |
| EPS | -3.86 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Snowflake Inc.
Snowflake Inc. showed strong revenue growth from 2021 to 2025, increasing from 592M to 3.63B, a 512.52% rise. However, net income remained negative and worsened from -539M to -1.29B, reflecting ongoing losses. Gross margins stayed favorable at 66.5%, but EBIT and net margins were negative and declined further in 2025, indicating profitability challenges despite top-line growth.
Bentley Systems, Incorporated
Bentley Systems demonstrated consistent revenue growth, rising from 801M in 2020 to 1.35B in 2024, an overall 68.81% increase. Net income also improved from 126M to 242M, with positive net and EBIT margins at 17.35% and 23.49%, respectively. Despite a slight decline in net margin growth in 2024, the company maintained strong profitability and expanding earnings per share over the period.
Which one has the stronger fundamentals?
Bentley Systems exhibits stronger fundamentals with sustained profitability, positive net and EBIT margins, and steady growth in net income and EPS. Snowflake, while growing revenues rapidly and maintaining healthy gross margins, continues to face significant net losses and negative operating margins. Overall, Bentley’s income statement reflects a more favorable and stable financial position.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for Snowflake Inc. and Bentley Systems, Incorporated, based on their most recent fiscal year data.
| Ratios | Snowflake Inc. (SNOW) 2025 | Bentley Systems, Inc. (BSY) 2024 |
|---|---|---|
| ROE | -42.9% | 22.6% |
| ROIC | -25.2% | 9.3% |
| P/E | -47.0 | 62.6 |
| P/B | 20.1 | 14.1 |
| Current Ratio | 1.75 | 0.54 |
| Quick Ratio | 1.75 | 0.54 |
| D/E (Debt-to-Equity) | 0.90 | 1.37 |
| Debt-to-Assets | 29.7% | 41.96% |
| Interest Coverage | -528 | 12.2 |
| Asset Turnover | 0.40 | 0.40 |
| Fixed Asset Turnover | 5.53 | 20.47 |
| Payout ratio | 0 | 30.7% |
| Dividend yield | 0 | 0.49% |
Interpretation of the Ratios
Snowflake Inc.
Snowflake shows several weak ratios, including negative net margin (-35.45%) and return on equity (-42.86%), indicating operational and profitability challenges. Its current and quick ratios at 1.75 are favorable, reflecting solid liquidity. Snowflake does not pay dividends, likely due to ongoing reinvestment in R&D, as suggested by high research expenses, and a growth-focused strategy without share buybacks.
Bentley Systems, Incorporated
Bentley presents a generally stronger profitability profile with a positive net margin of 17.35% and return on equity of 22.55%, though its current ratio is weak at 0.54, signaling potential liquidity concerns. The company pays a modest dividend with a 0.49% yield, but payout ratios and buyback programs are not highlighted, suggesting cautious shareholder returns supported by steady earnings.
Which one has the best ratios?
Both companies face mixed ratio evaluations with 50% unfavorable metrics each, yet Bentley’s positive profitability and interest coverage ratios contrast with Snowflake’s negative returns and income quality. Liquidity favors Snowflake, while Bentley’s dividend payments add shareholder value. Overall, neither company shows a clearly superior ratio profile based solely on the given data.
Strategic Positioning
This section compares the strategic positioning of Snowflake Inc. and Bentley Systems, Incorporated including market position, key segments, and exposure to technological disruption:
Snowflake Inc.
- Market leader in cloud-based data platform with strong NYSE presence and $70B market cap.
- Key revenue from product sales ($3.46B in 2025), focused on data cloud platform services.
- Positioned in fast-evolving cloud software sector, exposed to rapid technology changes.
Bentley Systems, Incorporated
- Mid-sized player in infrastructure engineering software with $11B market cap on NASDAQ.
- Diverse revenue streams from subscriptions, licenses, and professional services across infrastructure sectors.
- Operates in specialized engineering software with steady demand but faces technology shifts.
Snowflake Inc. vs Bentley Systems, Incorporated Positioning
Snowflake pursues a concentrated strategy focused on cloud data platforms with high growth potential, while Bentley offers diversified infrastructure software solutions. Snowflake’s larger scale contrasts with Bentley’s niche specialization and broader product mix.
Which has the best competitive advantage?
Both companies show declining ROIC trends with profitability below cost of capital, indicating shedding value. Snowflake’s very unfavorable moat contrasts with Bentley’s slightly unfavorable status, suggesting Bentley maintains a marginally stronger competitive advantage currently.
Stock Comparison
The stock price movements of Snowflake Inc. and Bentley Systems, Incorporated over the past 12 months reveal distinct bearish trends, with both companies experiencing price declines and decelerating momentum.
Trend Analysis
Snowflake Inc. (SNOW) shows a bearish trend with an 8.27% price decline over the past year, accompanied by a deceleration in trend and high volatility, with prices ranging from 108.56 to 274.88.
Bentley Systems (BSY) experienced a sharper bearish trend, dropping 24.99% over the past year with decelerating momentum and significantly lower volatility, trading between 38.15 and 58.59.
Comparing both, SNOW delivered a smaller price decline than BSY, indicating relatively better market performance despite both stocks trending downward over the analyzed period.
Target Prices
Analysts provide a clear consensus on target prices for Snowflake Inc. and Bentley Systems, Incorporated.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Snowflake Inc. | 325 | 237 | 281.86 |
| Bentley Systems, Incorporated | 55 | 45 | 48.75 |
The target consensus for Snowflake at 281.86 USD suggests upside potential from its current price of 210.38 USD. Bentley Systems’ consensus target of 48.75 USD also indicates expected growth relative to its current price of 39.14 USD.
Analyst Opinions Comparison
This section compares analysts’ ratings and financial scores for Snowflake Inc. and Bentley Systems, Incorporated:
Rating Comparison
SNOW Rating
- Rating: C-, considered very favorable overall.
- Discounted Cash Flow Score: 3, moderate rating.
- ROE Score: 1, very unfavorable.
- ROA Score: 1, very unfavorable.
- Debt To Equity Score: 1, very unfavorable.
- Overall Score: 1, very unfavorable.
BSY Rating
- Rating: B-, considered very favorable overall.
- Discounted Cash Flow Score: 4, favorable rating.
- ROE Score: 4, favorable rating.
- ROA Score: 4, favorable rating.
- Debt To Equity Score: 1, very unfavorable.
- Overall Score: 3, moderate rating.
Which one is the best rated?
Bentley Systems holds a better overall rating (B-) and superior scores in discounted cash flow, ROE, and ROA than Snowflake, despite both having a low debt-to-equity score. Bentley is better rated based on provided data.
Scores Comparison
The comparison of Snowflake Inc. and Bentley Systems, Incorporated scores is as follows:
Snowflake Inc. Scores
- Altman Z-Score: 5.36, in the safe zone, low bankruptcy risk
- Piotroski Score: 4, indicating average financial strength
Bentley Systems, Incorporated Scores
- Altman Z-Score: 3.74, in the safe zone, low bankruptcy risk
- Piotroski Score: 9, indicating very strong financial strength
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, compared to Snowflake’s higher Z-Score but only average Piotroski Score of 4.
Grades Comparison
The following presents a comparison of recent grades from established grading firms for Snowflake Inc. and Bentley Systems, Incorporated:
Snowflake Inc. Grades
This table summarizes recent analyst grades and actions for Snowflake Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Downgrade | Equal Weight | 2026-01-12 |
| Argus Research | Upgrade | Buy | 2026-01-08 |
| Citigroup | Maintain | Buy | 2025-12-08 |
| Wells Fargo | Maintain | Overweight | 2025-12-04 |
| Keybanc | Maintain | Overweight | 2025-12-04 |
| Piper Sandler | Maintain | Overweight | 2025-12-04 |
| Morgan Stanley | Maintain | Overweight | 2025-12-04 |
| Wedbush | Maintain | Outperform | 2025-12-04 |
| Deutsche Bank | Maintain | Buy | 2025-12-04 |
| Cantor Fitzgerald | Maintain | Overweight | 2025-12-04 |
Snowflake’s grades mostly reflect a bullish stance, with a majority of “Buy” and “Overweight” ratings, despite a recent downgrade by Barclays.
Bentley Systems, Incorporated Grades
This table details recent analyst grades and actions 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 wider range of ratings, including “Outperform,” “Buy,” and some “Neutral” and “Sell,” with a recent downgrade from Piper Sandler.
Which company has the best grades?
Snowflake Inc. holds a stronger consensus with consistent “Buy” and “Overweight” grades from multiple firms, while Bentley Systems presents a more mixed outlook with some downgrades and a “Sell” rating. This contrast may influence investor sentiment regarding growth potential and risk profiles.
Strengths and Weaknesses
Below is a comparison table highlighting the key strengths and weaknesses of Snowflake Inc. (SNOW) and Bentley Systems, Incorporated (BSY) based on recent financial and operational data.
| Criterion | Snowflake Inc. (SNOW) | Bentley Systems, Incorporated (BSY) |
|---|---|---|
| Diversification | Moderate product focus, mainly on data products and professional services; product revenue grew from $553M in 2021 to $3.46B in 2025 | Diversified subscription and licensing model; strong recurring revenue streams over $1.26B in 2024 |
| Profitability | Negative net margin (-35.45%) and declining ROIC (-25.24%), shedding value with negative ROE (-42.86%) | Positive net margin (17.35%), positive ROE (22.55%), but ROIC slightly below ideal at 9.3% |
| Innovation | Strong growth in product revenue indicates innovation in data cloud services | Established in engineering software with steady growth; innovation focused on subscription models |
| Global presence | Strong, as a cloud data platform with international clients | Global reach in infrastructure software, but with more niche market focus |
| Market Share | Rapidly growing but currently not profitable, facing competitive pressure | Stable market share in its sector, but valuation ratios (PE=62.63, PB=14.13) appear stretched |
Key takeaways: Snowflake shows impressive top-line growth and innovation but struggles with profitability and value creation, signaling high risk. Bentley Systems maintains profitability with solid recurring revenues but faces valuation and liquidity concerns. Both require cautious consideration with attention to financial health and market positioning.
Risk Analysis
Below is a comparative table of key risks for Snowflake Inc. (SNOW) and Bentley Systems, Incorporated (BSY) based on the most recent financial data and market conditions:
| Metric | Snowflake Inc. (SNOW) | Bentley Systems, Inc. (BSY) |
|---|---|---|
| Market Risk | Moderate (Beta 1.144) | Moderate (Beta 1.214) |
| Debt Level | Moderate (Debt/Equity 0.9) | Elevated (Debt/Equity 1.37) |
| Regulatory Risk | Moderate (Tech industry focus) | Moderate (Global infrastructure focus) |
| Operational Risk | Medium (Rapid growth challenges) | Medium (Complex software solutions) |
| Environmental Risk | Low (Software sector) | Low (Software sector) |
| Geopolitical Risk | Moderate (International exposure) | Moderate (Global operations) |
Snowflake faces risks from unprofitable margins and high valuation multiples, making market corrections impactful. Bentley’s higher debt and lower liquidity ratios present financial risks despite strong profitability and robust Piotroski score. Both operate globally, exposing them to regulatory and geopolitical uncertainties.
Which Stock to Choose?
Snowflake Inc. (SNOW) shows strong revenue growth of 29.21% in 2025 but posts unfavorable profitability with a net margin of -35.45% and negative returns on equity and invested capital. Its debt level is moderate, and the company receives a very favorable rating despite slightly unfavorable financial ratios and a very unfavorable value creation MOAT assessment.
Bentley Systems, Incorporated (BSY) reports a stable income evolution with a 10.15% revenue growth in 2024, favorable profitability metrics including a net margin of 17.35%, and positive returns on equity and assets. The company carries higher debt relative to EBITDA, shows slightly unfavorable financial ratios overall, and holds a very favorable rating with a slightly unfavorable MOAT due to declining profitability.
For investors prioritizing growth and market expansion, Snowflake’s rapid revenue increase and strong rating might appear attractive despite profitability challenges. Conversely, those seeking stability and positive earnings might find Bentley’s consistent profitability and solid rating more suitable, acknowledging its moderate financial risks and less favorable MOAT.
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 Snowflake Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
