Bentley SystemsDocuSign

Bentley Systems vs DocuSign

Bentley Systems Inc and DocuSign, Inc are presented on this page to provide a neutral comparison. This page compares business models, financial performance, and market context for each company, outlin...

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Digital Twin Creators

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Investment Analysis

Bentley Systems

Pros

  • Bentley Systems shows consistent revenue growth with a 12% year-over-year increase reported in Q3 2025 and strong subscription revenue growth driving ARR expansion.
  • The company is leveraging Infrastructure AI and digital transformation trends, which are expected to enhance product value and support long-term margin recovery.
  • Robust cash flow generation with free cash flow rising to $110.7 million in Q3 2025 underpins financial health and supports growth initiatives, including potential acquisitions.

Considerations

  • Profit margins have recently contracted, dropping from 29.2% to 17.9% net profit margin, raising concerns about sustained profitability despite forecasts of margin recovery.
  • Earnings growth projections of around 14.9% per year lag broader US market expectations, creating mixed sentiment regarding the valuation premium investors pay.
  • Debt-to-equity ratio remains elevated at over 100%, indicating higher leverage which could pose financial risks if market conditions deteriorate.
DocuSign

Pros

  • DocuSign benefits from a leading position in the e-signature and digital transaction management market, supported by strong brand recognition and extensive customer base.
  • The company has successfully diversified revenue streams through expanded product offerings beyond e-signature, including agreement cloud solutions.
  • DocuSign shows solid recurring revenue characteristics with a high customer retention rate, supporting predictable revenue growth.

Considerations

  • Competitive pressures from both specialized and broad enterprise software firms intensify, potentially compressing pricing and slowing market share growth.
  • The macroeconomic environment and variable technology spending trends pose cyclicality risks that may adversely affect growth momentum.
  • Recent share price volatility and valuation multiples appear stretched relative to near-term earnings growth prospects, raising concerns about downside risk.

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