Bentley Systems
BSY Nasdaq· Application Software
Last close · Oct 23, 2026
$39.70
KIRA · Stoqly’s AI analyst, in plain words
- Bentley Systems had $1.5B of revenue in fiscal 2025, up 11.0% on the year before. Over five years, revenue changed +13.4% a year on average.
- Its operating margin was 24.2%, up 1.8 pts: of every 100 in sales, about 24 is left after running the business.
- Bentley Systems made $278M of net profit in fiscal 2025. From fiscal 2018 to 2025, diluted EPS grew 8.2% a year.
- Free cash flow was $520M in fiscal 2025, 34.6% of revenue.
- Bentley Systems returned $210M to shareholders in fiscal 2025, 40% of free cash flow. The diluted share count fell 0.2%.
- Bentley Systems owes $1.1B more than it holds in cash, about 2.8 years of operating profit.
Market cap
$12.7B
P/E
43.6x
Revenue
$1.5B
Net income
$278M
Free cash flow
$520M
Operating margin
24.2%
Bentley Systems in 30 seconds · fiscal 2025
Are sales growing?
+11.0%
Yes. Sales grew 11.0% last year.
Does it make a profit?
18.5%
Yes. It keeps 18.5% of every sale as profit.
Does profit turn into cash?
34.6%
Yes. 34.6% of sales ends up as free cash.
Is debt under control?
2.8x
Keep an eye on it. Repaying its debt would take 2.8 years of operating profit.
How healthy are the accounts?
9 / 9
Solid. It passes 9 of 9 health tests.
How is the share priced?
43.6x
One share costs 43.6 times its yearly profit per share. Typical for its sector: 33.0x.
What Bentley Systems does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- BENTLEY SYSTEMS, INCORPORATED
- CIK
- 0001031308
Bentley Systems · BSY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $965M | $1.1B | $1.2B | $1.4B | $1.5B |
| Revenue growth | 20.4% | 13.9% | 11.8% | 10.2% | 11.0% |
| Gross margin | 77.6% | 78.4% | 78.3% | 81.0% | 81.5% |
| Operating margin | 9.8% | 19.0% | 18.8% | 22.3% | 24.2% |
| Net income | $93.2M | $175M | $327M | $235M | $278M |
| Net margin | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% |
| Diluted EPS | $0.30 | $0.55 | $1.00 | $0.72 | $0.85 |
| Cash | |||||
| Cash from operations | $288M | $274M | $417M | $435M | $539M |
| Capital expenditure | $17.5M | $18.5M | $25.0M | $14.0M | $18.3M |
| Free cash flow | $270M | $256M | $392M | $421M | $520M |
| FCF margin | 28.0% | 23.3% | 31.9% | 31.1% | 34.6% |
| Dividends paid | $33.4M | $34.5M | $58.8M | $72.1M | $85.0M |
| Share buybacks | $0.0M | $28.2M | $0.0M | $64.4M | $125M |
| Share count change | 5.1% | 5.5% | 0.2% | 0.4% | −0.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $409M | $574M | $883M | $1.0B | $1.2B |
| Net debt / EBITDA | 7.5x | 6.1x | 5.2x | 3.8x | 2.8x |
| Current ratio | 1.0x | 0.7x | 0.6x | 0.5x | 0.6x |
| Interest coverage | 8.2x | 6.0x | 6.6x | 17.8x | 47.8x |
| Returns and quality | |||||
| Return on capital | 9.6% | 9.8% | 10.0% | 10.3% | 12.3% |
| Return on equity | 24.8% | 35.6% | 44.9% | 24.4% | 24.9% |
| Piotroski F-score | 5 | 5 | 5 | 6 | 9 |
| Altman Z'' | −0.1 | −0.2 | 0.0 | 0.3 | 0.4 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
2 insiders
Of sales under plans
14%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Bentley Systems · BSY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-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% | — | 8 |
| Samsara IOT | $26.5B | 29.6% | −3.3% | 12.8% | — | — | — |
| Bill BILL | $5.1B | 13.0% | −4.4% | 25.0% | −1.7% | — | 4 |
| Dolby DLB | $5.9B | 5.9% | 19.6% | 32.3% | 11.4% | 26.7x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $39.70 a share, the company is worth $12.7B: 43.6 times its earnings of the last four quarters.
Bentley Systems grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 1 of 1.
Source: SEC EDGAR XBRL filings (CIK 0001031308). Data updated October 16, 2026. For information only — not investment advice. Check the original filings before relying on any figure.