Bentley Systems vs Dolby
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Bentley Systems and Dolby 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 $1.3B 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.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Bentley Systems
BSY
8/11
Revenue growth5-year growthOperating marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Dolby
DLB
3/11
Gross marginNet marginNet debt / EBITDA
Side by side
Best in the row
| 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 |
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.