#ARR

Bentley Systems: Durable Infrastructure Compounder, Thin Margin of Safety

Bentley Systems is a specialized infrastructure-engineering software vendor whose economic engine is a recurring estate embedded in civil, utility, and owner-operator workflows, with $1.495 billion ARR, 93% recurring revenue, 99% account retention, and 109% net retention. Full-year 2025 revenue rose 11.0% to $1.502 billion and free cash flow reached $520.2 million, yet a dual-class structure leaves the Bentley Control Group with about 62.8% of voting power and the $30 price sits roughly at conservative fair value. Rating Hold: a high-quality, sticky compounder whose cash conversion the headline P/E understates, but founder control and a thin margin of safety make a fresh buy more attractive below $25.

SentinelOne 深度研究

SentinelOne 是 AI 原生端点安全厂商，靠自主检测与 Purple AI、AI-SIEM 等新兴产品扩平台。最新季 ARR 约 11.63 亿美元、同比增 23%，新兴产品已占 ARR 一半，但收入增速从 47% 放缓到 22%、股权激励约占收入 30%、估值较 CrowdStrike 大幅折价。研报评级持有：折价有据，但微软捆绑与龙头挤压让兑现仍需观察。

Rockwell Automation 深度价值投资分析

北美工业自动化龙头，Software & Control 占收入 29% 但贡献 42% 营业利润；434 美元远高于合理区间上沿，理想买入 210-260。