<ul>
<li>对于考虑在约 32.64 美元的价格下，Bentley Systems 是否开始显得有价值或仍然存在更多下行风险的投资者，本文将探讨当前价格的真实含义。</li>
<li>该股票面临压力，过去一周回报下降 1.6%，过去一个月下降 0.6%，年初至今下降 14.4%，过去一年下降 31.2%。在更长的时间段内，三年和五年的回报分别下降了 33.6% 和 45.9%。</li>
<li>最近的报道集中在这段延长的股价疲软期如何重塑对 Bentley Systems 的预期，并加深投资者对估值的关注。由于多年的回报已经考验了市场情绪，许多读者现在希望了解当前价格是否公正地反映了业务基本面。</li>
<li>在 Simply Wall St 的估值检查表中，Bentley Systems 得分为 6 分中的 3 分。本文的其余部分将比较不同估值方法对该股票的看法，并在最后指出一种更广泛的价值思考方式。</li>
</ul>
<p>了解为什么 Bentley Systems 过去一年-31.2% 的回报落后于同行。</p>
<h3>方法一：Bentley Systems 折现现金流（DCF）分析</h3>
<p>折现现金流（DCF）模型通过预测企业未来可能产生的现金流，并将这些现金流折现回现值，来估算股票今天可能的价值。</p>
<p>对于 Bentley Systems，使用的模型是两阶段自由现金流到股权的方法。最新的十二个月自由现金流约为 4.907 亿美元。分析师提供了未来几年的详细估计，Simply Wall St 随后将这些预测进一步延伸，预计 2026 年和 2027 年的自由现金流分别为 5.432 亿美元和 6.120 亿美元，并推算到 2035 年达到 9.440 亿美元。</p>
<p>基于此，DCF 模型指向每股约 40.58 美元的内在价值。与当前约 32.64 美元的股价相比，这意味着该股票的交易价格约为内在价值的 19.6% 的折扣，表明市场价格低于模型所指示的水平。</p>
<p><strong>结果：被低估</strong></p>
<p>我们的折现现金流（DCF）分析表明，Bentley Systems 被低估了 19.6%。将其添加到您的观察列表或投资组合中，或发现 46 只更多高质量被低估的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTMw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTMw"/></p>
<p>截至 2026 年 5 月的 BSY 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出 Bentley Systems 的公允价值的更多细节。</p>
<h3>方法二：Bentley Systems 的价格与收益</h3>
<p>对于盈利的公司，市盈率（P/E）是将您为股票支付的价格与企业当前产生的收益联系起来的有用方式。较高或较低的市盈率通常反映市场对未来增长的预期以及投资者感受到的风险程度。</p>
<p>一般来说，预期收益增长较快和感知风险较低可以支持较高的市盈率，而增长较慢和风险较高则往往合理化较低的倍数。Bentley Systems 目前的市盈率为 36.25 倍，超过了大多数软件行业平均的 29.33 倍，但低于同行组的 63.74 倍。</p>
<p>Simply Wall St 还使用一种专有的 “公允比率” 来估算每家公司可能的更合适的市盈率，基于收益增长、利润率、行业、市场资本和风险特征等因素。这比简单的同行或行业比较更具信息性，因为它将非常不同的公司视为相同。对于 Bentley Systems，公允比率为 27.00 倍，而当前为 36.25 倍，这表明该股票的交易价格高于该公允价值估计。</p>
<p><strong>结果：被高估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTMw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTMw"/></p>
<p>截至 2026 年 5 月的 NasdaqGS:BSY 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？开始投资于遗产，而不是高管。发现我们 20 家顶级创始人领导的公司。</p>
<h2>升级您的决策：选择您的 Bentley Systems 叙述</h2>
<p>之前提到过，有一种更好的方式来理解估值。叙述通过让您将关于 Bentley Systems 的清晰故事与您看到的数字相结合，赋予其生命，例如您对公允价值的看法以及您对未来收入、收益和利润率的假设。</p>
<p>在 Simply Wall St 的社区页面上，叙述是数百万投资者用来将公司故事与财务预测以及公允价值联系起来的可访问工具。这使您能够在一个地方看到您的期望如何转化为一个数字，以便与当前股价进行比较。</p>
<p>叙述也是实时的，这意味着当新信息出现时，例如新的收益指导或分析师价格目标，预测和公允价值会在该叙述中更新。您可以快速查看您的论点是否仍然与最新数据一致。</p>
<p>对于 Bentley Systems，一位投资者可能会围绕分析师更高的公允价值约 58.69 美元构建叙述，假设更强的利润率和更高的未来市盈率，而另一位可能倾向于较低的 42.00 美元的观点，假设更为温和。通过将每个叙述的公允价值与当前价格进行比较，您可以决定哪个故事，以及哪一组假设，最符合您自己的期望。</p>
<p>您认为 Bentley Systems 的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTMw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTMw"/></p>
<p>NasdaqGS:BSY 1 年股票价格图表</p>
<p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
<h3>估值是复杂的，但我们在这里为您简化它。</h3>
<p>通过我们的详细分析，发现 Bentley Systems 是否被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易和财务状况。</strong></p>
<p>获取免费分析</p>

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<p>宾利系统（Bentley Systems，股票代码：BSY）在经历了长期的股价疲软后面临重新评估，过去一年回报率下降了 31.2%。估值分析发出相互矛盾的信号：折现现金流模型表明该股票被低估了 19.6%，目前交易价格低于其内在价值 40.58 美元。相反，市盈率指标则显示出高估，因为当前的市盈率为 36.25 倍，超过了合理比例 27.00 倍以及软件行业的平均水平</p>

<ul>
<li>For investors considering whether Bentley Systems at around US$32.64 is starting to look like value or still carries more downside risk, this article walks through what the current price really implies.</li>
<li>The stock has been under pressure, with returns falling 1.6% over the last week, 0.6% over the last month, 14.4% year to date, and 31.2% over the past year. Over longer periods, the 3 year and 5 year returns are down 33.6% and 45.9% respectively.</li>
<li>Recent coverage has focused on how this extended period of share price weakness is reshaping expectations for Bentley Systems and sharpening investor focus on valuation. With sentiment already tested by multi year returns, many readers are now looking to understand whether the current price fairly reflects the business fundamentals.</li>
<li>On Simply Wall St's valuation checklist, Bentley Systems scores 3 out of 6. The rest of this article will compare what different valuation methods say about the stock and will also point to a broader way of thinking about value at the end.</li>
</ul>
<div class="lb-trans"><ul>
<li>对于考虑在约 32.64 美元的价格下，Bentley Systems 是否开始显得有价值或仍然存在更多下行风险的投资者，本文将探讨当前价格的真实含义。</li>
<li>该股票面临压力，过去一周回报下降 1.6%，过去一个月下降 0.6%，年初至今下降 14.4%，过去一年下降 31.2%。在更长的时间段内，三年和五年的回报分别下降了 33.6% 和 45.9%。</li>
<li>最近的报道集中在这段延长的股价疲软期如何重塑对 Bentley Systems 的预期，并加深投资者对估值的关注。由于多年的回报已经考验了市场情绪，许多读者现在希望了解当前价格是否公正地反映了业务基本面。</li>
<li>在 Simply Wall St 的估值检查表中，Bentley Systems 得分为 6 分中的 3 分。本文的其余部分将比较不同估值方法对该股票的看法，并在最后指出一种更广泛的价值思考方式。</li>
</ul>
</div><p>Find out why Bentley Systems's -31.2% return over the last year is lagging behind its peers.</p>
<div class="lb-trans"><p>了解为什么 Bentley Systems 过去一年-31.2% 的回报落后于同行。</p>
</div><h3>Approach 1: Bentley Systems Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法一：Bentley Systems 折现现金流（DCF）分析</h3>
</div><p>A Discounted Cash Flow, or DCF, model estimates what a stock could be worth today by projecting the cash the business may generate in the future and then discounting those cash flows back to a present value.</p>
<div class="lb-trans"><p>折现现金流（DCF）模型通过预测企业未来可能产生的现金流，并将这些现金流折现回现值，来估算股票今天可能的价值。</p>
</div><p>For Bentley Systems, the model used is a 2 Stage Free Cash Flow to Equity approach. The latest twelve month free cash flow is about $490.7 million. Analysts provide detailed estimates for the next few years, and Simply Wall St then extends those projections further, with free cash flow in 2026 and 2027 estimated at $543.2 million and $612.0 million respectively, and extrapolated out to $944.0 million by 2035.</p>
<div class="lb-trans"><p>对于 Bentley Systems，使用的模型是两阶段自由现金流到股权的方法。最新的十二个月自由现金流约为 4.907 亿美元。分析师提供了未来几年的详细估计，Simply Wall St 随后将这些预测进一步延伸，预计 2026 年和 2027 年的自由现金流分别为 5.432 亿美元和 6.120 亿美元，并推算到 2035 年达到 9.440 亿美元。</p>
</div><p>On this basis, the DCF model points to an estimated intrinsic value of about $40.58 per share. Compared with the current share price of roughly $32.64, this implies the stock trades at about a 19.6% discount to that intrinsic value, which suggests the market price sits below what the model indicates.</p>
<div class="lb-trans"><p>基于此，DCF 模型指向每股约 40.58 美元的内在价值。与当前约 32.64 美元的股价相比，这意味着该股票的交易价格约为内在价值的 19.6% 的折扣，表明市场价格低于模型所指示的水平。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被低估</strong></p>
</div><p>Our Discounted Cash Flow (DCF) analysis suggests Bentley Systems is undervalued by 19.6%. Track this in your watchlist or portfolio, or discover 46 more high quality undervalued stocks.</p>
<div class="lb-trans"><p>我们的折现现金流（DCF）分析表明，Bentley Systems 被低估了 19.6%。将其添加到您的观察列表或投资组合中，或发现 46 只更多高质量被低估的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTMw" alt="" original-src="https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/dcf?date=2026-05-30"/></p>
<p>BSY Discounted Cash Flow as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 BSY 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Bentley Systems.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出 Bentley Systems 的公允价值的更多细节。</p>
</div><h3>Approach 2: Bentley Systems Price vs Earnings</h3>
<div class="lb-trans"><h3>方法二：Bentley Systems 的价格与收益</h3>
</div><p>For profitable companies, the P/E ratio is a useful way to connect what you pay for the stock with the earnings the business is currently generating. A higher or lower P/E often reflects what the market is building in for future growth and how much risk investors feel they are taking on.</p>
<div class="lb-trans"><p>对于盈利的公司，市盈率（P/E）是将您为股票支付的价格与企业当前产生的收益联系起来的有用方式。较高或较低的市盈率通常反映市场对未来增长的预期以及投资者感受到的风险程度。</p>
</div><p>In general, faster expected earnings growth and lower perceived risk can support a higher P/E, while slower growth and higher risk tend to justify a lower multiple. Bentley Systems currently trades on a P/E of 36.25x. That sits above the broader Software industry average of about 29.33x, but below the peer group average of 63.74x.</p>
<div class="lb-trans"><p>一般来说，预期收益增长较快和感知风险较低可以支持较高的市盈率，而增长较慢和风险较高则往往合理化较低的倍数。Bentley Systems 目前的市盈率为 36.25 倍，超过了大多数软件行业平均的 29.33 倍，但低于同行组的 63.74 倍。</p>
</div><p>Simply Wall St also uses a proprietary “Fair Ratio” to estimate what a more tailored P/E might look like for each company, based on factors such as earnings growth, profit margins, industry, market cap and risk profile. This can be more informative than a simple peer or industry comparison, which treats very different companies as if they were the same. For Bentley Systems, the Fair Ratio is 27.00x versus the current 36.25x, which points to the stock trading above that fair value estimate.</p>
<div class="lb-trans"><p>Simply Wall St 还使用一种专有的 “公允比率” 来估算每家公司可能的更合适的市盈率，基于收益增长、利润率、行业、市场资本和风险特征等因素。这比简单的同行或行业比较更具信息性，因为它将非常不同的公司视为相同。对于 Bentley Systems，公允比率为 27.00 倍，而当前为 36.25 倍，这表明该股票的交易价格高于该公允价值估计。</p>
</div><p><strong>Result: OVERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被高估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTMw" alt="" original-src="https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/pe-multiple-vs-industry?date=2026-05-30"/></p>
<p>NasdaqGS:BSY P/E Ratio as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 NasdaqGS:BSY 市盈率</p>
</div><p>P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 20 top founder-led companies.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？开始投资于遗产，而不是高管。发现我们 20 家顶级创始人领导的公司。</p>
</div><h2>Upgrade Your Decision Making: Choose your Bentley Systems Narrative</h2>
<div class="lb-trans"><h2>升级您的决策：选择您的 Bentley Systems 叙述</h2>
</div><p>Earlier it was mentioned that there is an even better way to understand valuation. Narratives bring that to life by letting you attach a clear story about Bentley Systems to the numbers you see, such as your own view of fair value and your assumptions for future revenue, earnings and margins.</p>
<div class="lb-trans"><p>之前提到过，有一种更好的方式来理解估值。叙述通过让您将关于 Bentley Systems 的清晰故事与您看到的数字相结合，赋予其生命，例如您对公允价值的看法以及您对未来收入、收益和利润率的假设。</p>
</div><p>On Simply Wall St's Community page, Narratives are an accessible tool used by millions of investors to link a company story to a financial forecast and then to a fair value. This allows you to see in one place how your expectations translate into a number to compare with the current share price.</p>
<div class="lb-trans"><p>在 Simply Wall St 的社区页面上，叙述是数百万投资者用来将公司故事与财务预测以及公允价值联系起来的可访问工具。这使您能够在一个地方看到您的期望如何转化为一个数字，以便与当前股价进行比较。</p>
</div><p>Narratives are also live, which means that when new information comes through, such as fresh earnings guidance or analyst price targets, the forecast and fair value in that Narrative update. You can quickly see whether your thesis still lines up with the latest data.</p>
<div class="lb-trans"><p>叙述也是实时的，这意味着当新信息出现时，例如新的收益指导或分析师价格目标，预测和公允价值会在该叙述中更新。您可以快速查看您的论点是否仍然与最新数据一致。</p>
</div><p>For Bentley Systems, one investor might build a Narrative around the higher analyst fair value of about US$58.69 with stronger margins and a higher future P/E, while another might lean toward the lower US$42.00 view with more modest assumptions. By comparing each Narrative's fair value to the current price, you can decide which story, and which set of assumptions, fits your own expectations best.</p>
<div class="lb-trans"><p>对于 Bentley Systems，一位投资者可能会围绕分析师更高的公允价值约 58.69 美元构建叙述，假设更强的利润率和更高的未来市盈率，而另一位可能倾向于较低的 42.00 美元的观点，假设更为温和。通过将每个叙述的公允价值与当前价格进行比较，您可以决定哪个故事，以及哪一组假设，最符合您自己的期望。</p>
</div><p>Do you think there's more to the story for Bentley Systems? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>您认为 Bentley Systems 的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTMw" alt="" original-src="https://images.simplywall.st/company/5a34828e-fc13-4214-b1cb-3e209f1346a0/chart/quote-price?date=2026-05-30"/></p>
<p>NasdaqGS:BSY 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>NasdaqGS:BSY 1 年股票价格图表</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
</div><h3>Valuation is complex, but we're here to simplify it.</h3>
<div class="lb-trans"><h3>估值是复杂的，但我们在这里为您简化它。</h3>
</div><p>Discover if Bentley Systems might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p>
<div class="lb-trans"><p>通过我们的详细分析，发现 Bentley Systems 是否被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易和财务状况。</strong></p>
</div><p>Access Free Analysis</p>
<div class="lb-trans"><p>获取免费分析</p>
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在 Bentley Systems (BSY) 长期股价疲软之后，是否是时候重新评估该公司