In the rapidly evolving realm of software applications, PTC Inc. and Bentley Systems, Incorporated stand out as key players, each with a distinct focus on innovation and market presence. Both companies operate within the same industry, yet they target different niches—PTC specializes in digital transformation solutions, while Bentley excels in infrastructure engineering software. This comparison will delve into their strategies, market positions, and growth potential, ultimately guiding you to determine which company may be the more compelling investment opportunity.
Table of contents
Company Overview
PTC Inc. Overview
PTC Inc. is a leader in software and services, specializing in enabling digital transformation across various industries. Headquartered in Boston, Massachusetts, PTC provides a range of solutions, including the ThingWorx platform for IoT applications and Vuforia for augmented reality experiences. The company’s offerings, such as Onshape for product development and Windchill for product lifecycle management, cater to the needs of modern enterprises seeking efficiency and innovation. With a market cap of approximately $21B and a workforce of over 7,500 employees, PTC is well-positioned to capitalize on the growing demand for digital solutions in an increasingly competitive landscape.
Bentley Systems, Incorporated Overview
Bentley Systems, Incorporated, based in Exton, Pennsylvania, is a prominent player in the infrastructure engineering software market. The company offers a comprehensive suite of applications designed for infrastructure design and simulation, including MicroStation and OpenRoads. With a focus on collaboration and project delivery, Bentley serves a diverse range of professionals, from civil engineers to city planners. With a market cap around $12B and a workforce of 5,500, Bentley Systems continues to innovate and expand its impact across global infrastructure projects.
Key similarities and differences
Both PTC and Bentley Systems operate within the software application industry, focusing on enhancing productivity through technology. While PTC emphasizes digital transformation and IoT solutions, Bentley Systems targets infrastructure engineering with its specialized modeling and project delivery tools. Their distinct market focuses highlight the varied applications of software in driving business efficiency and innovation.
Income Statement Comparison
The following table provides a comparison of the most recent income statements for PTC Inc. and Bentley Systems, Incorporated, illustrating key financial metrics.
| Metric | PTC Inc. | Bentley Systems, Inc. |
|---|---|---|
| Market Cap | 21.02B | 12.25B |
| Revenue | 2.74B | 1.35B |
| EBITDA | 1.06B | 382M |
| EBIT | 929M | 318M |
| Net Income | 741M | 241M |
| EPS | 6.18 | 0.75 |
| Fiscal Year | 2025 | 2024 |
Interpretation of Income Statement
In the most recent fiscal year, PTC Inc. demonstrated a strong revenue growth of 19.2% from $2.29B in 2024 to $2.74B in 2025, while Bentley Systems saw a more modest increase, with revenue rising from $1.23B in 2023 to $1.35B in 2024. PTC’s net income also improved significantly, reaching $741M, reflecting robust operational efficiency and higher margins. In contrast, Bentley’s net income increased to $241M, indicating stable performance but less aggressive growth. Overall, PTC’s stronger growth trajectory and improved margins highlight its competitive edge in the software sector.
Financial Ratios Comparison
The following table provides a comparison of key financial metrics for PTC Inc. and Bentley Systems, Incorporated. This will help us evaluate their performance and financial health.
| Metric | PTC Inc. | Bentley Systems, Inc. |
|---|---|---|
| ROE | 19.33% | 22.55% |
| ROIC | 14.77% | 9.30% |
| P/E | 32.88 | 62.63 |
| P/B | 6.36 | 14.13 |
| Current Ratio | 0.96 | 0.54 |
| Quick Ratio | 0.96 | 0.54 |
| D/E | 0.36 | 1.37 |
| Debt-to-Assets | 20.68% | 47.31% |
| Interest Coverage | N/A | 12.20 |
| Asset Turnover | 0.41 | 0.40 |
| Fixed Asset Turnover | 15.58 | 20.47 |
| Payout Ratio | 0% | 30.72% |
| Dividend Yield | 0% | 0.49% |
Interpretation of Financial Ratios
In comparing PTC Inc. and Bentley Systems, PTC exhibits a stronger return on equity (ROE) and return on invested capital (ROIC), indicating efficient use of equity and capital. However, Bentley’s higher interest coverage suggests better ability to meet interest obligations. PTC’s lower debt-to-assets ratio reflects a more conservative financial structure. Overall, while PTC shows robust profitability, Bentley might have more aggressive growth strategies, evident in its higher P/E and P/B ratios. Caution is warranted due to Bentley’s higher leverage, which could pose risks in a downturn.
Dividend and Shareholder Returns
PTC Inc. does not pay dividends, opting instead to reinvest in growth opportunities, which is common during high growth phases. They do engage in share buyback programs, indicating a commitment to enhance shareholder value. In contrast, Bentley Systems offers a modest dividend yield of 0.49% with a payout ratio of approximately 31%. Their approach, alongside share buybacks, suggests a balanced strategy of returning value while supporting sustainable growth. Overall, while PTC focuses on reinvestment, Bentley’s dual approach supports long-term shareholder value creation.
Strategic Positioning
In the competitive landscape of software applications, PTC Inc. (PTC) and Bentley Systems, Incorporated (BSY) are key players. PTC holds a substantial market share with its robust offerings, including the ThingWorx platform and Vuforia, which cater to diverse business needs. Meanwhile, BSY excels in infrastructure engineering software, providing comprehensive solutions that integrate open modeling and simulation. Both companies face competitive pressure from emerging technologies and startups, emphasizing the need for continuous innovation and adaptation. As technological disruption evolves, maintaining a strategic edge is crucial for sustained growth.
Stock Comparison
In this section, I will analyze the weekly stock price movements of PTC Inc. and Bentley Systems, Incorporated over the past year, highlighting key price dynamics and trading patterns.
Trend Analysis
PTC Inc. (PTC)
Over the past year, PTC’s stock has experienced a price change of +5.78%, indicating a bullish trend. However, in the recent period from September 14, 2025, to November 30, 2025, the stock has decreased by -14.47%. This recent decline suggests a potential deceleration in momentum, with notable volatility indicated by a standard deviation of 12.91. The highest price recorded during this period was 215.05, while the lowest was 139.77.
Bentley Systems, Incorporated (BSY)
Conversely, BSY’s stock has seen a price change of -10.21% over the past year, confirming a bearish trend. The recent analysis from September 14, 2025, to November 30, 2025, reflects a more significant drop of -20.74%. The stock also demonstrates a deceleration in its trend, with a standard deviation of 4.51. The highest and lowest prices during this timeframe were 58.59 and 38.66, respectively.
In summary, while PTC shows a bullish trend over the longer term, the recent downturn raises caution for investors. Meanwhile, BSY is in a bearish trend, with both companies experiencing a deceleration in their respective price movements.
Analyst Opinions
Recent analyst recommendations indicate a cautious yet optimistic outlook for PTC Inc. (PTC), rated B+ by analysts due to strong return metrics and a solid discounted cash flow score. Conversely, Bentley Systems (BSY) holds a B- rating, reflecting concerns regarding its debt-to-equity ratio and valuation metrics. Analysts recommend a “buy” for PTC based on its robust fundamentals, while BSY is suggested to “hold” as it navigates operational challenges. Overall, the consensus for PTC is a buy, while BSY remains neutral for the current year.
Stock Grades
As we analyze the latest stock ratings for PTC Inc. and Bentley Systems, Incorporated, we see consistent evaluations from reputable grading companies.
PTC Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Piper Sandler | maintain | Neutral | 2025-11-07 |
| Rosenblatt | maintain | Buy | 2025-11-06 |
| Rosenblatt | maintain | Buy | 2025-10-30 |
| Barclays | maintain | Overweight | 2025-07-31 |
| Piper Sandler | maintain | Neutral | 2025-07-31 |
| Oppenheimer | maintain | Outperform | 2025-07-31 |
| Rosenblatt | maintain | Buy | 2025-07-31 |
| Keybanc | maintain | Overweight | 2025-07-31 |
| RBC Capital | maintain | Outperform | 2025-07-31 |
| Stifel | maintain | Buy | 2025-07-31 |
Bentley Systems, Incorporated Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Baird | maintain | Outperform | 2025-11-06 |
| Piper Sandler | maintain | Overweight | 2025-11-06 |
| JP Morgan | maintain | Neutral | 2025-11-06 |
| Rosenblatt | maintain | Buy | 2025-11-06 |
| Rosenblatt | upgrade | Buy | 2025-10-17 |
| Goldman Sachs | maintain | Sell | 2025-08-07 |
| Rosenblatt | downgrade | Neutral | 2025-08-07 |
| Piper Sandler | maintain | Overweight | 2025-08-07 |
| UBS | maintain | Neutral | 2025-08-07 |
| Oppenheimer | maintain | Outperform | 2025-08-07 |
Overall, the trend indicates that both companies have maintained stable ratings, with PTC showing a mix of neutral and buy ratings and Bentley Systems receiving a blend of outperform, buy, and neutral evaluations. This suggests a cautious yet positive sentiment from analysts towards these stocks.
Target Prices
The consensus target prices for PTC Inc. and Bentley Systems, Incorporated indicate positive growth expectations from analysts.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| PTC Inc. | 255 | 120 | 213.25 |
| Bentley Systems, Incorporated | 64 | 57 | 60.5 |
For PTC Inc., the target consensus of 213.25 suggests significant upside potential compared to its current price of 175.43. Meanwhile, Bentley Systems has a consensus target of 60.5, indicating favorable expectations against its current trading price of 41.96.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of PTC Inc. and Bentley Systems, Incorporated based on recent financial data.
| Criterion | PTC Inc. | Bentley Systems, Inc. |
|---|---|---|
| Diversification | High (software services) | Moderate (focused on infrastructure engineering) |
| Profitability | Strong (Net Profit Margin: 27%) | Moderate (Net Profit Margin: 17%) |
| Innovation | High (advanced tech solutions) | High (cutting-edge engineering software) |
| Global presence | Established in Americas, Europe, Asia | Established in Americas, Europe, Asia-Pacific |
| Market Share | Significant in software sector | Growing in engineering software sector |
| Debt level | Moderate (Debt-to-Equity: 0.36) | High (Debt-to-Equity: 1.37) |
Key takeaways indicate that while PTC Inc. demonstrates strong profitability and innovation, Bentley Systems excels in its global presence and is actively growing in its market share, despite having a higher debt level.
Risk Analysis
The table below summarizes the key risks associated with PTC Inc. and Bentley Systems, Incorporated.
| Metric | PTC Inc. | Bentley Systems, Incorporated |
|---|---|---|
| Market Risk | Moderate | High |
| Regulatory Risk | Low | Moderate |
| Operational Risk | Moderate | High |
| Environmental Risk | Low | Moderate |
| Geopolitical Risk | Moderate | High |
In my analysis, market and operational risks are significant for both companies, with Bentley Systems facing higher exposure. The technology sector’s rapid evolution and regulatory changes further compound these risks, necessitating prudent risk management strategies for investors.
Which one to choose?
In comparing PTC Inc. (PTC) and Bentley Systems (BSY), I find that PTC demonstrates stronger fundamentals with a higher gross profit margin of 82.1% and a net profit margin of 27.1%. In contrast, BSY has lower margins of 80.9% and 17.4%, respectively. The Price-to-Earnings (P/E) ratio for PTC is 32.9, indicating a more favorable valuation compared to BSY’s 62.6, which suggests that PTC may offer better growth potential relative to its price.
Analysts rate PTC with a B+ versus BSY’s B-, highlighting PTC’s better overall score and return metrics. However, investors should be cautious of market dependence and competition, particularly as BSY shows a bearish trend with a recent price drop of 20.7%, while PTC remains bullish despite a recent decline.
Recommendation: Investors focused on growth may prefer PTC, while those prioritizing a more conservative approach might consider BSY for its established presence.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of PTC Inc. and Bentley Systems, Incorporated to enhance your investment decisions:
