Bentley Systems vs Guidewire Software
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KIRA’s take AI analyst
I put Bentley Systems and Guidewire Software side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Bentley Systems turned more of its sales into free cash flow (34.6% FCF margin, against 25.6%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Bentley Systems
BSY
7/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Guidewire Software
GWRE
4/11
Revenue growth5-year growthNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BSY FY25 | GWRE FY26 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $15.7B |
| 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 | 43.8x | — |
| Piotroski F-score | 9 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.