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Bentley Systems

BSY Nasdaq Application Software Financials FY2018–FY2025

Bentley Systems' revenue rose 11.0% to $1.5 billion in fiscal 2025. Its operating margin was 24.1%, up from 22.3% a year earlier. Free cash flow was $520 million, up 23.5%. It paid out $210 million in dividends and buybacks, 40% of free cash flow. The diluted share count fell 0.2%.

Last close · Oct 23, 2026

$39.70

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$1.5B
11.0% vs prior year
Operating margin Operating income as a share of revenue.
24.2%
1.8 pts
Net income Profit after all expenses, interest and tax.
$278M
18.4%
Free cash flow Cash from operations minus capital spending.
$520M
23.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.3%
2.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.6x
On $0.91 EPS (TTM)

What Bentley Systems does

No business description yet.

Legal name
BENTLEY SYSTEMS, INCORPORATED
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001031308-26-000007
0001031308

Revenue and margins

Bentley Systems had $1.5B of revenue in fiscal 2025, up 11.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2018 to 2025, diluted EPS grew 8.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $520M in fiscal 2025, 34.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Bentley Systems returned $210M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count fell 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Bentley Systems yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.1B and divides by 333.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.6x · peers 71.3x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Bentley Systems can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $329M$71.7M$68.4M$64.0M$123M
Debt incl. finance leases $1.4B$1.8B$1.5B$1.4B$1.2B
Net debt / EBITDA 7.5x6.1x5.2x3.8x2.8x
Debt / equity 3.5x3.1x1.7x1.3x1.1x
Interest coverage 8.2x6.0x6.6x17.8x47.8x
Current ratio 1.0x0.7x0.6x0.5x0.6x
Quick ratio 1.0x0.7x0.6x0.5x0.6x
Total assets $2.7B$3.2B$3.3B$3.4B$3.6B
Total liabilities $2.3B$2.6B$2.4B$2.4B$2.4B
Shareholders' equity $409M$574M$883M$1.0B$1.2B
Net debt (− = net cash) $1.1B$1.7B$1.5B$1.3B$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

2 insiders

Of sales under plans

14%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 10, 2026 Gregory S BentleyExecutive Chair & President, Director, 10% owner Sold plan 100 $40.01 $0.0M Form 4
Nov 17, 2025 Thomas F TrimbackChief Accounting Officer Sold 560 $43.02 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 96 / 99 / 9
Accruals ratio −2.8%−6.0%−7.5%
Altman Z'' 0.020.270.40

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Bentley Systems BSY $12.7B 11.0% 24.2% 34.6% 12.3% 43.6x 9
Guidewire Software GWRE $16.1B 22.7% 10.2% 25.6% 12.1% 116.0x 8 Compare →
Samsara IOT $26.5B 29.6% −3.3% 12.8% — — — Compare →
Bill BILL $5.1B 13.0% −4.4% 25.0% −1.7% — 4 Compare →
Dolby DLB $5.9B 5.9% 19.6% 32.3% 11.4% 26.7x 5 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $692M $735M $802M $965M $1.1B $1.2B $1.4B $1.5B
Gross profit $560M $593M $634M $749M $862M $962M $1.1B $1.2B
Research and development $175M $184M $186M $221M $258M $275M $281M $308M
Operating income $121M $142M $150M $94.6M $209M $231M $302M $363M
Interest expense $9.6M $9.7M $7.2M $11.5M $35.1M $35.0M $17.0M $7.6M
Pretax income $113M $128M $168M $93.3M $198M $184M $293M $351M
Income tax −$29.2M $23.7M $38.6M −$3.4M $21.3M −$143M $58.7M $73.0M
Net income $142M $103M $127M $93.2M $175M $327M $235M $278M
Diluted EPS $0.49 $0.35 $0.42 $0.30 $0.55 $1.00 $0.72 $0.85
Diluted shares 0.29B 0.29B 0.30B 0.31B 0.33B 0.33B 0.33B 0.33B
Cash flow
Cash from operations $162M $171M $258M $288M $274M $417M $435M $539M
Capital expenditure $18.6M $16.6M $16.4M $17.5M $18.5M $25.0M $14.0M $18.3M
Free cash flow $143M $154M $242M $270M $256M $392M $421M $520M
Depreciation and amortization $29.2M $32.2M $36.1M $52.8M $71.5M $50.9M $47.7M $47.3M
Stock-based compensation $7.9M $8.1M $32.1M $49.0M $75.2M $73.0M $74.4M $72.6M
Acquisitions $135M $34.1M $93.0M $1.0B $743M $26.0M $130M $93.3M
Share buybacks $46.5M $24.2M $0.0M $0.0M $28.2M $0.0M $64.4M $125M
Dividends paid $20.1M $25.0M $423M $33.4M $34.5M $58.8M $72.1M $85.0M
Dividends and buybacks $66.5M $49.2M $423M $33.4M $62.7M $58.8M $136M $210M
Balance sheet
Cash and short-term investments $81.2M $121M $122M $329M $71.7M $68.4M $64.0M $123M
Total debt — $234M $246M $1.4B $1.8B $1.5B $1.4B $1.2B
Finance lease liabilities $0.0M $0.0M $0.3M $0.1M $0.0M $0.0M $0.0M $0.0M
Current assets — $354M $340M $616M $416M $420M $442M $539M
Current liabilities — $392M $466M $594M $628M $760M $814M $960M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $29.6M $28.4M $31.8M $32.3M $40.1M $33.8M $36.0M
Total assets — $995M $1.1B $2.7B $3.2B $3.3B $3.4B $3.6B
Total liabilities — $660M $784M $2.3B $2.6B $2.4B $2.4B $2.4B
Shareholders' equity $147M $335M $342M $409M $574M $883M $1.0B $1.2B
Margins
Gross margin 81.0% 80.6% 79.2% 77.6% 78.4% 78.3% 81.0% 81.5%
Operating margin 17.6% 19.3% 18.7% 9.8% 19.0% 18.8% 22.3% 24.2%
EBITDA margin 21.8% 23.7% 23.2% 15.3% 25.5% 22.9% 25.9% 27.3%
Net margin 20.6% 14.0% 15.8% 9.7% 15.9% 26.6% 17.4% 18.5%
FCF margin 20.7% 21.0% 30.2% 28.0% 23.3% 31.9% 31.1% 34.6%
Returns
Return on capital — — 25.3% 9.6% 9.8% 10.0% 10.3% 12.3%
Return on capital employed — — 23.8% 6.9% 9.1% 9.1% 11.8% 14.0%
Return on equity — — 37.4% 24.8% 35.6% 44.9% 24.4% 24.9%
Return on assets — — 11.9% 4.9% 6.0% 10.1% 7.0% 8.0%
Growth
Revenue growth — 6.2% 9.1% 20.4% 13.9% 11.8% 10.2% 11.0%
Net income growth — −27.5% 22.7% −26.3% 87.6% 87.0% −28.2% 18.4%
EPS growth — −28.6% 20.0% −28.6% 83.3% 81.8% −28.0% 18.1%
FCF growth — 7.9% 56.9% 11.8% −5.4% 53.1% 7.5% 23.5%
Share count change — 0.4% 1.9% 5.1% 5.5% 0.2% 0.4% −0.2%
Financial health
Net debt / EBITDA — 0.7x 0.7x 7.5x 6.1x 5.2x 3.8x 2.8x
Debt / equity — 0.7x 0.7x 3.5x 3.1x 1.7x 1.3x 1.1x
Interest coverage 12.6x 14.6x 20.8x 8.2x 6.0x 6.6x 17.8x 47.8x
Current ratio — 0.9x 0.7x 1.0x 0.7x 0.6x 0.5x 0.6x
Quick ratio — 0.9x 0.7x 1.0x 0.7x 0.6x 0.5x 0.6x
Capital allocation
Capex / revenue 2.7% 2.3% 2.1% 1.8% 1.7% 2.0% 1.0% 1.2%
Stock comp / revenue 1.1% 1.1% 4.0% 5.1% 6.8% 5.9% 5.5% 4.8%
Payouts / FCF 46.6% 31.9% 174.7% 12.4% 24.5% 15.0% 32.4% 40.4%
Quality scores
Piotroski F-score — — — 5.0 5.0 5.0 6.0 9.0
Altman Z'' — 1.1 −0.5 −0.1 −0.2 0.0 0.3 0.4
Accruals ratio — — −12.4% −10.3% −3.4% −2.8% −6.0% −7.5%

Source: SEC EDGAR XBRL filings (CIK 0001031308). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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