Bill vs Bentley Systems
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The short version
- Bill is the larger business, with $1.7B of revenue in fiscal 2026 against $1.5B for Bentley Systems.
- Bill grew revenue faster (13.0%, against 11.0%).
- Bentley Systems kept more of each dollar of sales as operating profit (24.2% operating margin, against β4.4%).
- Bentley Systems turned more of its sales into free cash flow (34.6% FCF margin, against 25.0%).
- Bentley Systems earned a higher return on the capital invested in it (12.3%, against β1.7%).
| Latest fiscal year | BILL Β· FY26 | BSY Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $12.7B |
| Revenue | $1.7B | $1.5B |
| Free cash flow | $413M | $520M |
| Net income | β$11.2M | $278M |
| Growth | ||
| Revenue growth | 13.0% | 11.0% |
| 5-year growth | 47.3% | 13.4% |
| Share count change | β3.8% | β0.2% |
| Profitability | ||
| Gross margin | 80.9% | 81.5% |
| Operating margin | β4.4% | 24.2% |
| Net margin | β0.7% | 18.5% |
| FCF margin | 25.0% | 34.6% |
| Return on capital | β1.7% | 12.3% |
| Return on equity | β0.3% | 24.9% |
| Balance sheet | ||
| Net debt | β$101M | $1.1B |
| Net debt / EBITDA | β | 2.8x |
| Dividends and buybacks | $561M | $210M |
| Valuation & quality | ||
| P/E | β | 43.6x |
| Piotroski F-score | 4 | 9 |
Revenue
FY18
BILL $64.9M
BSY $692M
FY19
BILL $108M
BSY $735M
FY20
BILL $158M
BSY $802M
FY21
BILL $238M
BSY $965M
FY22
BILL $642M
BSY $1.1B
FY23
BILL $1.1B
BSY $1.2B
FY24
BILL $1.3B
BSY $1.4B
FY25
BILL $1.5B
BSY $1.5B
FY26
BILL $1.7B
BSY β
BILL
BSY
Operating margin
FY18
BILL β12.1%
BSY 17.6%
FY19
BILL β9.1%
BSY 19.3%
FY20
BILL β21.7%
BSY 18.7%
FY21
BILL β47.8%
BSY 9.8%
FY22
BILL β49.4%
BSY 19.0%
FY23
BILL β27.9%
BSY 18.8%
FY24
BILL β13.5%
BSY 22.3%
FY25
BILL β5.5%
BSY 24.2%
FY26
BILL β4.4%
BSY β
BILL
BSY
Free cash flow
FY18
BILL β$9.7M
BSY $143M
FY19
BILL β$6.7M
BSY $154M
FY20
BILL β$15.9M
BSY $242M
FY21
BILL β$14.3M
BSY $270M
FY22
BILL β$23.5M
BSY $256M
FY23
BILL $180M
BSY $392M
FY24
BILL $278M
BSY $421M
FY25
BILL $346M
BSY $520M
FY26
BILL $413M
BSY β
BILL
BSY
Return on capital
FY18
BILL β
BSY β
FY19
BILL β
BSY β
FY20
BILL β
BSY 25.3%
FY21
BILL β
BSY 9.6%
FY22
BILL β9.2%
BSY 9.8%
FY23
BILL β7.3%
BSY 10.0%
FY24
BILL β4.1%
BSY 10.3%
FY25
BILL β1.8%
BSY 12.3%
FY26
BILL β1.7%
BSY β
BILL
BSY
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.