Bentley Systems
BSY · Application Software
$39.70
0.7%Guidewire Software
GWRE · Application Software
$189.00
0.3%The short version
- Bentley Systems is the larger business, with $1.5B of revenue in fiscal 2025 against $1.5B for Guidewire Software.
- Guidewire Software grew revenue faster (22.7%, against 11.0%).
- Bentley Systems kept more of each dollar of sales as operating profit (24.2% operating margin, against 10.2% operating margin).
- Bentley Systems turned more of its sales into free cash flow (34.6% FCF margin, against 25.6% FCF margin).
| Latest fiscal year | BSY · FY25 | GWRE · FY26 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $16.1B |
| Revenue | $1.5B | $1.5B |
| Free cash flow | $520M | $378M |
| Net income | $278M | $139M |
| Growth | ||
| Revenue growth | 11.0% | 22.7% |
| 5-year growth | 13.4% | 14.7% |
| Share count change | −0.2% | −0.6% |
| Profitability | ||
| Gross margin | 81.5% | 64.2% |
| Operating margin | 24.2% | 10.2% |
| Net margin | 18.5% | 9.4% |
| FCF margin | 34.6% | 25.6% |
| Return on capital | 12.3% | 12.1% |
| Return on equity | 24.9% | 10.5% |
| Balance sheet | ||
| Net debt | $1.1B | −$75.0M |
| Net debt / EBITDA | 2.8x | −0.4x |
| Dividends and buybacks | $210M | $606M |
| Valuation & quality | ||
| P/E | 43.6x | — |
| Piotroski F-score | 9 | 8 |
FY17
BSY —
GWRE $510M
FY18
BSY $692M
GWRE $653M
FY19
BSY $735M
GWRE $720M
FY20
BSY $802M
GWRE $742M
FY21
BSY $965M
GWRE $743M
FY22
BSY $1.1B
GWRE $813M
FY23
BSY $1.2B
GWRE $905M
FY24
BSY $1.4B
GWRE $981M
FY25
BSY $1.5B
GWRE $1.2B
FY26
BSY —
GWRE $1.5B
BSY
GWRE
FY17
BSY —
GWRE 4.3%
FY18
BSY 17.6%
GWRE −2.4%
FY19
BSY 19.3%
GWRE 0.2%
FY20
BSY 18.7%
GWRE −3.2%
FY21
BSY 9.8%
GWRE −14.2%
FY22
BSY 19.0%
GWRE −24.5%
FY23
BSY 18.8%
GWRE −16.5%
FY24
BSY 22.3%
GWRE −5.4%
FY25
BSY 24.2%
GWRE 3.4%
FY26
BSY —
GWRE 10.2%
BSY
GWRE
FY17
BSY —
GWRE $133M
FY18
BSY $143M
GWRE $131M
FY19
BSY $154M
GWRE $71.2M
FY20
BSY $242M
GWRE $91.7M
FY21
BSY $270M
GWRE $92.6M
FY22
BSY $256M
GWRE −$47.5M
FY23
BSY $392M
GWRE $32.6M
FY24
BSY $421M
GWRE $189M
FY25
BSY $520M
GWRE $295M
FY26
BSY —
GWRE $378M
BSY
GWRE
FY17
BSY —
GWRE —
FY18
BSY —
GWRE —
FY19
BSY —
GWRE 0.2%
FY20
BSY 25.3%
GWRE −2.3%
FY21
BSY 9.6%
GWRE −10.3%
FY22
BSY 9.8%
GWRE −19.7%
FY23
BSY 10.0%
GWRE −14.5%
FY24
BSY 10.3%
GWRE −5.4%
FY25
BSY 12.3%
GWRE 4.8%
FY26
BSY —
GWRE 12.1%
BSY
GWRE
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.