BSY BSY

Name: BSY Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 23, 2026

Price at analysis: $35.09

Crucible Score

70.2

Quality × Value Composite

KQI — Quality

76.5

B+

Fundamental Quality Index

KVI — Value

62.6

C+

Valuation Attractiveness Index

Crucible Verdict — BSY

BSY presents a quality-value disconnect with solid fundamentals trading at a 20% discount to fair value. The company demonstrates strong operational metrics across financial quality (78) and moat durability (79), yet struggles with market positioning (64) that weighs on valuation. The 67% earnings beat rate suggests consistent execution that the market hasn't fully recognized.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

78.0

Growth Profile

75.8

Moat Durability

78.7

Management Effectiveness

70.3

Diversification & Resilience

81.2

Market Position

64.0

Weakest dimension: Market Position (64.0)

◆ KVI Value Dimensions

DCF Margin of Safety

70.4

FCF Yield & Cash Returns

49.9

Relative Valuation

70.5

Growth-Adjusted Value

38.4

Historical Valuation

94.5

Macro Context

50.5

◆ DCF Valuation Scenarios

Bear Case

$28.52

Base Case

$42.18

Bull Case

$61.34

Price at Analysis

$35.09

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$28.52	6.0%	22.0%	10.5%
🟢 Base	$42.18	9.0%	25.0%	10.0%
🟢 Bull	$61.34	12.0%	28.0%	9.5%

Key Assumptions: BSY has demonstrated strong revenue growth (~11.7% 5-year CAGR) with expanding operating margins from ~10% to ~24%, and very low capex intensity (~1.2% of revenue) typical of asset-light software businesses. WACC is set at 10.0% base using CAPM (4.39% RFR + 1.18 × 5.5% ERP = 10.88%, adjusted slightly lower given recurring revenue stability). Tax rate normalized to 18% reflecting historical volatility but trending toward a stable effective rate, and FCF conversion remains exceptionally high relative to EBITDA given minimal capex needs.

◆ Financial Snapshot

Profitability

Gross Margin81.5%

Operating Margin24.1%

Net Margin18.5%

ROIC10.7%

ROE37.6%

Balance Sheet

Balance SheetCR: 0.56

Cash ConversionFCF/EPS: 1.88x

Capital IntensityCapex/Rev: 1.2%

Altman Z-Score3.41 (Safe)

Piotroski F-Score9/9 (Strong)

Growth

Revenue CAGR11.7% CAGR

Earnings CAGR31.4% CAGR

Growth ConsistencyCV: 0.35

Segment Breadth8/10 growing (80%)

Quarterly TrendMargin↓↓, WC↓

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership55.6%

Compensation93% performance-based

Insider ActivityNeutral

Capital AllocationROIC 10.7% vs WACC 0.8%

Earnings Beat Rate67% (14/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 23, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.