Bentley Systems, Incorporated Class B Common Stock

BSY trades at a 36.6x P/E multiple—nearly double the software services median—despite sitting comfortably below its 52-week high with neutral momentum (RSI 46.7). The valuation premium suggests the market is pricing in substantial growth expectations, yet the stock hasn't reached recent highs, creating an interesting asymmetry: either growth will justify the multiple or multiple compression looms. With 8.46% short interest and $10.2B market cap, there's modest short squeeze risk, but the more pressing tension is whether infrastructure software fundamentals can sustain this lofty earnings multiple in a normalizing rate environment.