Bentley Systems vs Dolby
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The short version
- Bentley Systems is the larger business, with $1.5B of revenue in fiscal 2025 against $1.3B for Dolby.
- Bentley Systems grew revenue faster (11.0%, against 5.9%).
- Bentley Systems kept more of each dollar of sales as operating profit (24.2% operating margin, against 19.6%).
- Bentley Systems turned more of its sales into free cash flow (34.6% FCF margin, against 32.3%).
- Bentley Systems earned a higher return on the capital invested in it (12.3%, against 11.4%).
- Investors pay more for each dollar of Bentley Systems’s earnings: a P/E of 43.6x against 26.7x for Dolby.
| Latest fiscal year | BSY · FY25 | DLB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $5.9B |
| Revenue | $1.5B | $1.3B |
| Free cash flow | $520M | $436M |
| Net income | $278M | $255M |
| Growth | ||
| Revenue growth | 11.0% | 5.9% |
| 5-year growth | 13.4% | 3.0% |
| Share count change | −0.2% | 0.2% |
| Profitability | ||
| Gross margin | 81.5% | 88.1% |
| Operating margin | 24.2% | 19.6% |
| Net margin | 18.5% | 18.9% |
| FCF margin | 34.6% | 32.3% |
| Return on capital | 12.3% | 11.4% |
| Return on equity | 24.9% | 10.0% |
| Balance sheet | ||
| Net debt | $1.1B | −$703M |
| Net debt / EBITDA | 2.8x | −2.0x |
| Dividends and buybacks | $210M | $252M |
| Valuation & quality | ||
| P/E | 43.6x | 26.7x |
| Piotroski F-score | 9 | 5 |
Revenue
FY16
BSY —
DLB $1.0B
FY17
BSY —
DLB $1.1B
FY18
BSY $692M
DLB $1.1B
FY19
BSY $735M
DLB $1.2B
FY20
BSY $802M
DLB $1.2B
FY21
BSY $965M
DLB $1.3B
FY22
BSY $1.1B
DLB $1.3B
FY23
BSY $1.2B
DLB $1.3B
FY24
BSY $1.4B
DLB $1.3B
FY25
BSY $1.5B
DLB $1.3B
BSY
DLB
Operating margin
FY16
BSY —
DLB 22.6%
FY17
BSY —
DLB 22.9%
FY18
BSY 17.6%
DLB 17.4%
FY19
BSY 19.3%
DLB 20.7%
FY20
BSY 18.7%
DLB 18.8%
FY21
BSY 9.8%
DLB 26.9%
FY22
BSY 19.0%
DLB 16.5%
FY23
BSY 18.8%
DLB 16.6%
FY24
BSY 22.3%
DLB 20.3%
FY25
BSY 24.2%
DLB 19.6%
BSY
DLB
Free cash flow
FY16
BSY —
DLB $259M
FY17
BSY —
DLB $278M
FY18
BSY $143M
DLB $279M
FY19
BSY $154M
DLB $231M
FY20
BSY $242M
DLB $278M
FY21
BSY $270M
DLB $393M
FY22
BSY $256M
DLB $271M
FY23
BSY $392M
DLB $337M
FY24
BSY $421M
DLB $297M
FY25
BSY $520M
DLB $436M
BSY
DLB
Return on capital
FY16
BSY —
DLB 13.4%
FY17
BSY —
DLB 12.9%
FY18
BSY —
DLB 6.6%
FY19
BSY —
DLB 17.4%
FY20
BSY 25.3%
DLB 15.6%
FY21
BSY 9.6%
DLB 23.2%
FY22
BSY 9.8%
DLB 12.7%
FY23
BSY 10.0%
DLB 11.9%
FY24
BSY 10.3%
DLB 12.5%
FY25
BSY 12.3%
DLB 11.4%
BSY
DLB
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.