Bentley Systems, Incorporated (BSY) 10-Year Financial Performance & Capital Metrics

BSY • • Industrial / General

TechnologyApplication SoftwareDesign & Engineering SoftwareInfrastructure Design

AboutBentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. In addition, it offers industry solutions comprising AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. The company serves civil, structural, geotechnical, geoscience subsurface engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.Show more

Revenue $1.35B +10.1%
EBITDA $367M +24.7%
Net Income $235M -28.2%
EPS (Diluted) 0.72 -28.0%
Gross Margin 80.95% +9.2%
EBITDA Margin 27.11% +13.2%
Operating Margin 22.33% +19.0%
Net Margin 17.35% -34.8%
ROE 24.39% -45.6%
ROIC 9.46% +28.9%
Debt/Equity 1.37 -22.9%
Interest Coverage 12.20 +118.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 34.9%
✓Strong 5Y profit CAGR of 17.9%
✓FCF machine: 31.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.9%
✓Healthy 5Y average net margin of 17.1%

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)
✗Trading more than 30% below 52-week high
✗Expensive at 12.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y12.93%

3Y11.92%

TTM11.12%

Profit (Net Income) CAGR

10Y-

5Y17.89%

3Y36.07%

TTM-26.07%

EPS CAGR

10Y-

5Y13.05%

3Y33.89%

TTM-25.23%

ROCE

10Y Avg15.93%

5Y Avg12.12%

3Y Avg9.95%

Latest11.75%

Peer Comparison

Infrastructure Design

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BSYBentley Systems, Incorporated	11.41B	39.07	54.26	10.15%	18.45%	22.53%	3.69%	1.37
PCORProcore Technologies, Inc.	11.02B	70.90	-98.47	21.23%	-9.84%	-10.25%	1.61%	0.06
CALXCalix, Inc.	3.91B	59.04	-131.20	-20.02%	-0.78%	-0.88%	1.29%	0.01

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	691.71M	736.65M	801.54M	965.05M	1.1B	1.23B	1.35B
Revenue Growth %	-	0.06%	0.09%	0.2%	0.14%	0.12%	0.1%
Cost of Goods Sold+	131.32M	144.15M	167.16M	216.54M	237.01M	318.18M	257.77M
COGS % of Revenue	0.19%	0.2%	0.21%	0.22%	0.22%	0.26%	0.19%
Gross Profit+	560.39M	592.5M	634.39M	748.51M	862.07M	910.24M	1.1B
Gross Margin %	0.81%	0.8%	0.79%	0.78%	0.78%	0.74%	0.81%
Gross Profit Growth %	-	0.06%	0.07%	0.18%	0.15%	0.06%	0.2%
Operating Expenses+	439M	450.64M	484.24M	653.92M	653.46M	679.69M	793.18M
OpEx % of Revenue	0.63%	0.61%	0.6%	0.68%	0.59%	0.55%	0.59%
Selling, General & Admin	249.96M	252.87M	257.24M	407.4M	354.49M	418.65M	477.93M
SG&A % of Revenue	0.36%	0.34%	0.32%	0.42%	0.32%	0.34%	0.35%
Research & Development	175.03M	183.55M	185.51M	220.91M	257.86M	274.62M	281.25M
R&D % of Revenue	0.25%	0.25%	0.23%	0.23%	0.23%	0.22%	0.21%
Other Operating Expenses	654K	14.21M	41.48M	25.6M	41.11M	-13.58M	34M
Operating Income+	121.39M	141.87M	150.15M	94.59M	208.61M	230.54M	302.15M
Operating Margin %	0.18%	0.19%	0.19%	0.1%	0.19%	0.19%	0.22%
Operating Income Growth %	-	0.17%	0.06%	-0.37%	1.21%	0.11%	0.31%
EBITDA+	147.53M	174.03M	186.27M	139.53M	280.15M	294.13M	366.76M
EBITDA Margin %	0.21%	0.24%	0.23%	0.14%	0.25%	0.24%	0.27%
EBITDA Growth %	-	0.18%	0.07%	-0.25%	1.01%	0.05%	0.25%
D&A (Non-Cash Add-back)	26.14M	32.16M	36.12M	44.94M	71.54M	63.59M	64.61M
EBIT	122.47M	137.84M	174.84M	107.4M	233.33M	224.86M	317.83M
Net Interest Income+	-8.77M	-8.2M	-7.48M	-11.22M	-34.63M	-39.79M	-22.04M
Interest Income	842K	1.53M	437K	306K	421K	1.54M	2.73M
Interest Expense	9.61M	9.73M	7.91M	11.53M	35.06M	41.33M	24.77M
Other Income/Expense	-8.53M	-15.03M	15M	-1.26M	-12.55M	-47.02M	-8.99M
Pretax Income+	112.86M	126.83M	165.15M	93.33M	196.06M	183.53M	293.16M
Pretax Margin %	0.16%	0.17%	0.21%	0.1%	0.18%	0.15%	0.22%
Income Tax+	-29.25M	23.74M	38.63M	-3.45M	21.28M	-143.24M	58.73M
Effective Tax Rate %	1.26%	0.81%	0.77%	1%	0.89%	1.78%	0.8%
Net Income+	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.79M
Net Margin %	0.21%	0.14%	0.16%	0.1%	0.16%	0.27%	0.17%
Net Income Growth %	-	-0.27%	0.23%	-0.26%	0.88%	0.87%	-0.28%
Net Income (Continuing)	142.11M	103.1M	126.52M	96.78M	174.78M	326.77M	234.43M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	704K	704K	133K
EPS (Diluted)+	0.54	0.39	0.42	0.30	0.53	1.00	0.72
EPS Growth %	-	-0.28%	0.08%	-0.29%	0.77%	0.89%	-0.28%
EPS (Basic)	0.54	0.39	0.44	0.30	0.57	1.07	0.75
Diluted Shares Outstanding	261.23M	261.23M	299.37M	314.61M	331.77M	332.5M	333.77M
Basic Shares Outstanding	261.23M	261.23M	289.86M	305.71M	309.23M	312.36M	314.89M
Dividend Payout Ratio	0.14%	0.24%	3.34%	0.36%	0.2%	0.18%	0.31%

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	283.22M	353.56M	340.26M	615.83M	415.89M	419.56M	442.07M
Cash & Short-Term Investments	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M
Cash Only	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	184.56M	204.5M	190.02M	235.27M	287.07M	293.54M	314.47M
Days Sales Outstanding	97.39	101.33	86.53	88.98	95.34	87.22	84.83
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	12.39M	23.41M	24.69M	34.35M	38.73M	44.8M	50.53M
Total Non-Current Assets+	640.37M	641.04M	785.78M	2.04B	2.75B	2.9B	2.96B
Property, Plant & Equipment	29.39M	29.63M	74.54M	82.64M	72.5M	78.58M	66.1M
Fixed Asset Turnover	23.53x	24.86x	10.75x	11.68x	15.16x	15.63x	20.47x
Goodwill	446.32M	480.06M	581.17M	1.59B	2.24B	2.27B	2.37B
Intangible Assets	54M	46.31M	45.63M	245.83M	292.27M	248.79M	213.96M
Long-Term Investments	0	1.73M	5.69M	6.44M	22.27M	23.48M	25.76M
Other Non-Current Assets	29.59M	32.24M	39.52M	48.65M	72.25M	67.28M	86.44M
Total Assets+	923.6M	994.6M	1.13B	2.66B	3.17B	3.32B	3.4B
Asset Turnover	0.75x	0.74x	0.71x	0.36x	0.35x	0.37x	0.40x
Asset Growth %	-	0.08%	0.13%	1.36%	0.19%	0.05%	0.02%
Total Current Liabilities+	435.74M	392.41M	465.56M	593.87M	628.36M	760.36M	814.33M
Accounts Payable	8.57M	17.67M	16.49M	16.48M	15.18M	18.09M	16.48M
Days Payables Outstanding	23.81	44.74	36.01	27.78	23.37	20.76	23.33
Short-Term Debt	0	0	0	5M	5M	10M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	101.11M	131.24M	185.58M	268.15M	296.93M	383.63M	471.69M
Current Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x
Quick Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	340.42M	267.57M	318.88M	1.66B	1.96B	1.68B	1.54B
Long-Term Debt	258.75M	233.75M	246M	1.43B	1.78B	1.52B	1.39B
Capital Lease Obligations	0	0	31.77M	35.27M	27.67M	30.63M	26.89M
Deferred Tax Liabilities	10.47M	8.26M	10.85M	65.01M	51.23M	9.72M	8.61M
Other Non-Current Liabilities	21.43M	17.4M	23.25M	116.88M	92.47M	100.9M	104.12M
Total Liabilities	776.16M	659.98M	784.44M	2.25B	2.59B	2.44B	2.36B
Total Debt+	258.75M	233.75M	294.38M	1.49B	1.82B	1.57B	1.43B
Net Debt	177.57M	112.65M	172.37M	1.16B	1.75B	1.5B	1.36B
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x
Debt / EBITDA	1.75x	1.34x	1.58x	10.67x	6.51x	5.34x	3.89x
Net Debt / EBITDA	1.20x	0.65x	0.93x	8.31x	6.25x	5.11x	3.72x
Interest Coverage	12.64x	14.58x	18.98x	8.21x	5.95x	5.58x	12.20x
Total Equity+	147.43M	334.62M	341.6M	409.22M	573.45M	883.98M	1.04B
Equity Growth %	-	1.27%	0.02%	0.2%	0.4%	0.54%	0.18%
Book Value per Share	0.56	1.28	1.14	1.30	1.73	2.66	3.12
Total Shareholders' Equity	147.43M	334.62M	341.6M	409.22M	572.75M	883.28M	1.04B
Common Stock	2.5M	2.55M	2.72M	2.83M	2.89M	2.96M	3.02M
Retained Earnings	-218.55M	-52.67M	-376M	-439.63M	-370.87M	-161.93M	-75.94M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	-29.41M	-23.93M	-26.23M	-91.77M	-89.74M	-84.99M	-104.08M
Minority Interest	0	0	0	0	704K	704K	133K

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	161.47M	170.77M	258.34M	288.02M	274.32M	416.7M	435.29M
Operating CF Margin %	0.23%	0.23%	0.32%	0.3%	0.25%	0.34%	0.32%
Operating CF Growth %	-	0.06%	0.51%	0.11%	-0.05%	0.52%	0.04%
Net Income	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.43M
Depreciation & Amortization	29.2M	32.16M	36.12M	52.79M	71.54M	71.86M	64.61M
Stock-Based Compensation	7.88M	8.09M	32.11M	49.05M	75.21M	72.97M	74.42M
Deferred Taxes	-60.06M	732K	16.25M	-19.75M	-5.13M	-198.88M	12.57M
Other Non-Cash Items	6.38M	12.22M	-23.55M	1.59M	-26.98M	46.5M	26.72M
Working Capital Changes	35.95M	14.48M	70.89M	111.15M	-15.09M	97.45M	22.54M
Change in Receivables	-41.79M	-21.15M	12.39M	-35.52M	-60.94M	-5.18M	-32.06M
Change in Inventory	19.24M	-5.98M	0	14.26M	0	0	0
Change in Payables	37.25M	41.88M	51.19M	50.08M	29.18M	68.73M	74.95M
Cash from Investing+	-154.76M	-53.69M	-117.33M	-1.06B	-770.13M	-60.5M	-143.27M
Capital Expenditures	-19.49M	-16.64M	-16.45M	-17.54M	-18.55M	-25M	-14.05M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-877K	-37.05M	-7.85M	-4.08M	-8.57M	0	2.62M
Cash from Financing+	-58.8M	-77.05M	-136.51M	982.58M	243.03M	-359.07M	-289.85M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-20.06M	-24.99M	-422.65M	-33.4M	-34.49M	-58.76M	-72.11M
Share Repurchases	-	-	-	-	-	-	-
Other Financing	2.74M	-7.4M	7.13M	-59.82M	10.74M	17.19M	5.84M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	141.97M	154.13M	241.89M	270.49M	255.78M	391.69M	421.25M
FCF Margin %	0.21%	0.21%	0.3%	0.28%	0.23%	0.32%	0.31%
FCF Growth %	-	0.09%	0.57%	0.12%	-0.05%	0.53%	0.08%
FCF per Share	0.54	0.59	0.81	0.86	0.77	1.18	1.26
FCF Conversion (FCF/Net Income)	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x
Interest Paid	8.86M	9.22M	8.01M	4.63M	26.58M	37.39M	17.2M
Taxes Paid	25.78M	27.91M	28.99M	40.2M	29.48M	43.62M	59.74M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	96.39%	42.77%	37.42%	24.82%	35.57%	44.84%	24.39%
Return on Invested Capital (ROIC)	28.01%	27.55%	23.43%	6.81%	8.04%	7.34%	9.46%
Gross Margin	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%
Net Margin	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x
Interest Coverage	12.64x	14.58x	18.98x	8.21x	5.95x	5.58x	12.20x
FCF Conversion	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x
Revenue Growth	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%

Revenue by Segment

	2020	2021	2022	2023	2024
Subscriptions And Licenses	736.65M	865.89M	1B	1.13B	1.27B
Subscriptions And Licenses Growth	-	17.54%	15.90%	12.23%	12.69%
Subscription and Circulation	679.27M	812.81M	960.22M	1.08B	1.22B
Subscription and Circulation Growth	-	19.66%	18.14%	12.51%	13.24%
Enterprise License Subscriptions	221.52M	290.1M	345.68M	433.32M	530.37M
Enterprise License Subscriptions Growth	-	30.96%	19.16%	25.35%	22.40%
Enterprise License Subscriptions, E365 Subscriptions	-	223.29M	306.9M	411.02M	518M
Enterprise License Subscriptions, E365 Subscriptions Growth	-	-	37.44%	33.93%	26.03%
Term License Subscriptions	187M	253.43M	350.23M	388.7M	434.49M
Term License Subscriptions Growth	-	35.52%	38.20%	10.98%	11.78%
SELECT Subscriptions	270.75M	269.28M	264.31M	258.29M	258.5M
SELECT Subscriptions Growth	-	-0.54%	-1.85%	-2.28%	0.08%
Service	64.89M	99.16M	95.48M	102.07M	84.43M
Service Growth	-	52.81%	-3.71%	6.89%	-17.28%
Professional Services, Other	47.5M	77.82M	77.68M	85.7M	69.13M
Professional Services, Other Growth	-	63.82%	-0.17%	10.32%	-19.33%
Perpetual Licenses	57.38M	53.08M	43.38M	46.04M	45.96M
Perpetual Licenses Growth	-	-7.50%	-18.28%	6.13%	-0.17%
Professional Services, Recurring	17.39M	21.34M	17.8M	16.37M	14.64M
Professional Services, Recurring Growth	-	22.74%	-16.58%	-8.05%	-10.56%

Revenue by Geography

	2020	2021	2022	2023	2024
United States, Canada, And Latin America	395.75M	483.09M	584.79M	650.93M	717M
United States, Canada, And Latin America Growth	-	22.07%	21.05%	11.31%	10.15%
EMEA	254.04M	300.12M	312.8M	353.55M	388.38M
EMEA Growth	-	18.14%	4.23%	13.03%	9.85%
Asia Pacific	151.76M	181.84M	201.48M	223.94M	247.71M
Asia Pacific Growth	-	19.82%	10.81%	11.14%	10.62%

Frequently Asked Questions

Valuation & Price

Bentley Systems, Incorporated (BSY) has a price-to-earnings (P/E) ratio of 54.3x. This suggests investors expect higher future growth.

Growth & Financials

Bentley Systems, Incorporated (BSY) reported $1.46B in revenue for fiscal year 2024. This represents a 111% increase from $691.7M in 2018.

Bentley Systems, Incorporated (BSY) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Bentley Systems, Incorporated (BSY) is profitable, generating $269.3M in net income for fiscal year 2024 (17.4% net margin).

Dividend & Returns

Yes, Bentley Systems, Incorporated (BSY) pays a dividend with a yield of 0.55%. This makes it attractive for income-focused investors.

Bentley Systems, Incorporated (BSY) has a return on equity (ROE) of 24.4%. This is excellent, indicating efficient use of shareholder capital.

Bentley Systems, Incorporated (BSY) generated $460.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Bentley Systems, Incorporated (BSY) 10-Year Financial Performance & Capital Metrics

BSY • • Industrial / General

TechnologyApplication SoftwareDesign & Engineering SoftwareInfrastructure Design

Revenue $1.35B +10.1%
EBITDA $367M +24.7%
Net Income $235M -28.2%
EPS (Diluted) 0.72 -28.0%
Gross Margin 80.95% +9.2%
EBITDA Margin 27.11% +13.2%
Operating Margin 22.33% +19.0%
Net Margin 17.35% -34.8%
ROE 24.39% -45.6%
ROIC 9.46% +28.9%
Debt/Equity 1.37 -22.9%
Interest Coverage 12.20 +118.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 34.9%
✓Strong 5Y profit CAGR of 17.9%
✓FCF machine: 31.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.9%
✓Healthy 5Y average net margin of 17.1%

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)
✗Trading more than 30% below 52-week high
✗Expensive at 12.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y12.93%

3Y11.92%

TTM11.12%

Profit (Net Income) CAGR

10Y-

5Y17.89%

3Y36.07%

TTM-26.07%

EPS CAGR

10Y-

5Y13.05%

3Y33.89%

TTM-25.23%

ROCE

10Y Avg15.93%

5Y Avg12.12%

3Y Avg9.95%

Latest11.75%

Peer Comparison

Infrastructure Design

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BSYBentley Systems, Incorporated	11.41B	39.07	54.26	10.15%	18.45%	22.53%	3.69%	1.37
PCORProcore Technologies, Inc.	11.02B	70.90	-98.47	21.23%	-9.84%	-10.25%	1.61%	0.06
CALXCalix, Inc.	3.91B	59.04	-131.20	-20.02%	-0.78%	-0.88%	1.29%	0.01

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	691.71M	736.65M	801.54M	965.05M	1.1B	1.23B	1.35B
Revenue Growth %	-	0.06%	0.09%	0.2%	0.14%	0.12%	0.1%
Cost of Goods Sold+	131.32M	144.15M	167.16M	216.54M	237.01M	318.18M	257.77M
COGS % of Revenue	0.19%	0.2%	0.21%	0.22%	0.22%	0.26%	0.19%
Gross Profit+	560.39M	592.5M	634.39M	748.51M	862.07M	910.24M	1.1B
Gross Margin %	0.81%	0.8%	0.79%	0.78%	0.78%	0.74%	0.81%
Gross Profit Growth %	-	0.06%	0.07%	0.18%	0.15%	0.06%	0.2%
Operating Expenses+	439M	450.64M	484.24M	653.92M	653.46M	679.69M	793.18M
OpEx % of Revenue	0.63%	0.61%	0.6%	0.68%	0.59%	0.55%	0.59%
Selling, General & Admin	249.96M	252.87M	257.24M	407.4M	354.49M	418.65M	477.93M
SG&A % of Revenue	0.36%	0.34%	0.32%	0.42%	0.32%	0.34%	0.35%
Research & Development	175.03M	183.55M	185.51M	220.91M	257.86M	274.62M	281.25M
R&D % of Revenue	0.25%	0.25%	0.23%	0.23%	0.23%	0.22%	0.21%
Other Operating Expenses	654K	14.21M	41.48M	25.6M	41.11M	-13.58M	34M
Operating Income+	121.39M	141.87M	150.15M	94.59M	208.61M	230.54M	302.15M
Operating Margin %	0.18%	0.19%	0.19%	0.1%	0.19%	0.19%	0.22%
Operating Income Growth %	-	0.17%	0.06%	-0.37%	1.21%	0.11%	0.31%
EBITDA+	147.53M	174.03M	186.27M	139.53M	280.15M	294.13M	366.76M
EBITDA Margin %	0.21%	0.24%	0.23%	0.14%	0.25%	0.24%	0.27%
EBITDA Growth %	-	0.18%	0.07%	-0.25%	1.01%	0.05%	0.25%
D&A (Non-Cash Add-back)	26.14M	32.16M	36.12M	44.94M	71.54M	63.59M	64.61M
EBIT	122.47M	137.84M	174.84M	107.4M	233.33M	224.86M	317.83M
Net Interest Income+	-8.77M	-8.2M	-7.48M	-11.22M	-34.63M	-39.79M	-22.04M
Interest Income	842K	1.53M	437K	306K	421K	1.54M	2.73M
Interest Expense	9.61M	9.73M	7.91M	11.53M	35.06M	41.33M	24.77M
Other Income/Expense	-8.53M	-15.03M	15M	-1.26M	-12.55M	-47.02M	-8.99M
Pretax Income+	112.86M	126.83M	165.15M	93.33M	196.06M	183.53M	293.16M
Pretax Margin %	0.16%	0.17%	0.21%	0.1%	0.18%	0.15%	0.22%
Income Tax+	-29.25M	23.74M	38.63M	-3.45M	21.28M	-143.24M	58.73M
Effective Tax Rate %	1.26%	0.81%	0.77%	1%	0.89%	1.78%	0.8%
Net Income+	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.79M
Net Margin %	0.21%	0.14%	0.16%	0.1%	0.16%	0.27%	0.17%
Net Income Growth %	-	-0.27%	0.23%	-0.26%	0.88%	0.87%	-0.28%
Net Income (Continuing)	142.11M	103.1M	126.52M	96.78M	174.78M	326.77M	234.43M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	704K	704K	133K
EPS (Diluted)+	0.54	0.39	0.42	0.30	0.53	1.00	0.72
EPS Growth %	-	-0.28%	0.08%	-0.29%	0.77%	0.89%	-0.28%
EPS (Basic)	0.54	0.39	0.44	0.30	0.57	1.07	0.75
Diluted Shares Outstanding	261.23M	261.23M	299.37M	314.61M	331.77M	332.5M	333.77M
Basic Shares Outstanding	261.23M	261.23M	289.86M	305.71M	309.23M	312.36M	314.89M
Dividend Payout Ratio	0.14%	0.24%	3.34%	0.36%	0.2%	0.18%	0.31%

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	283.22M	353.56M	340.26M	615.83M	415.89M	419.56M	442.07M
Cash & Short-Term Investments	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M
Cash Only	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	184.56M	204.5M	190.02M	235.27M	287.07M	293.54M	314.47M
Days Sales Outstanding	97.39	101.33	86.53	88.98	95.34	87.22	84.83
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	12.39M	23.41M	24.69M	34.35M	38.73M	44.8M	50.53M
Total Non-Current Assets+	640.37M	641.04M	785.78M	2.04B	2.75B	2.9B	2.96B
Property, Plant & Equipment	29.39M	29.63M	74.54M	82.64M	72.5M	78.58M	66.1M
Fixed Asset Turnover	23.53x	24.86x	10.75x	11.68x	15.16x	15.63x	20.47x
Goodwill	446.32M	480.06M	581.17M	1.59B	2.24B	2.27B	2.37B
Intangible Assets	54M	46.31M	45.63M	245.83M	292.27M	248.79M	213.96M
Long-Term Investments	0	1.73M	5.69M	6.44M	22.27M	23.48M	25.76M
Other Non-Current Assets	29.59M	32.24M	39.52M	48.65M	72.25M	67.28M	86.44M
Total Assets+	923.6M	994.6M	1.13B	2.66B	3.17B	3.32B	3.4B
Asset Turnover	0.75x	0.74x	0.71x	0.36x	0.35x	0.37x	0.40x
Asset Growth %	-	0.08%	0.13%	1.36%	0.19%	0.05%	0.02%
Total Current Liabilities+	435.74M	392.41M	465.56M	593.87M	628.36M	760.36M	814.33M
Accounts Payable	8.57M	17.67M	16.49M	16.48M	15.18M	18.09M	16.48M
Days Payables Outstanding	23.81	44.74	36.01	27.78	23.37	20.76	23.33
Short-Term Debt	0	0	0	5M	5M	10M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	101.11M	131.24M	185.58M	268.15M	296.93M	383.63M	471.69M
Current Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x
Quick Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	340.42M	267.57M	318.88M	1.66B	1.96B	1.68B	1.54B
Long-Term Debt	258.75M	233.75M	246M	1.43B	1.78B	1.52B	1.39B
Capital Lease Obligations	0	0	31.77M	35.27M	27.67M	30.63M	26.89M
Deferred Tax Liabilities	10.47M	8.26M	10.85M	65.01M	51.23M	9.72M	8.61M
Other Non-Current Liabilities	21.43M	17.4M	23.25M	116.88M	92.47M	100.9M	104.12M
Total Liabilities	776.16M	659.98M	784.44M	2.25B	2.59B	2.44B	2.36B
Total Debt+	258.75M	233.75M	294.38M	1.49B	1.82B	1.57B	1.43B
Net Debt	177.57M	112.65M	172.37M	1.16B	1.75B	1.5B	1.36B
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x
Debt / EBITDA	1.75x	1.34x	1.58x	10.67x	6.51x	5.34x	3.89x
Net Debt / EBITDA	1.20x	0.65x	0.93x	8.31x	6.25x	5.11x	3.72x
Interest Coverage	12.64x	14.58x	18.98x	8.21x	5.95x	5.58x	12.20x
Total Equity+	147.43M	334.62M	341.6M	409.22M	573.45M	883.98M	1.04B
Equity Growth %	-	1.27%	0.02%	0.2%	0.4%	0.54%	0.18%
Book Value per Share	0.56	1.28	1.14	1.30	1.73	2.66	3.12
Total Shareholders' Equity	147.43M	334.62M	341.6M	409.22M	572.75M	883.28M	1.04B
Common Stock	2.5M	2.55M	2.72M	2.83M	2.89M	2.96M	3.02M
Retained Earnings	-218.55M	-52.67M	-376M	-439.63M	-370.87M	-161.93M	-75.94M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	-29.41M	-23.93M	-26.23M	-91.77M	-89.74M	-84.99M	-104.08M
Minority Interest	0	0	0	0	704K	704K	133K

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	161.47M	170.77M	258.34M	288.02M	274.32M	416.7M	435.29M
Operating CF Margin %	0.23%	0.23%	0.32%	0.3%	0.25%	0.34%	0.32%
Operating CF Growth %	-	0.06%	0.51%	0.11%	-0.05%	0.52%	0.04%
Net Income	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.43M
Depreciation & Amortization	29.2M	32.16M	36.12M	52.79M	71.54M	71.86M	64.61M
Stock-Based Compensation	7.88M	8.09M	32.11M	49.05M	75.21M	72.97M	74.42M
Deferred Taxes	-60.06M	732K	16.25M	-19.75M	-5.13M	-198.88M	12.57M
Other Non-Cash Items	6.38M	12.22M	-23.55M	1.59M	-26.98M	46.5M	26.72M
Working Capital Changes	35.95M	14.48M	70.89M	111.15M	-15.09M	97.45M	22.54M
Change in Receivables	-41.79M	-21.15M	12.39M	-35.52M	-60.94M	-5.18M	-32.06M
Change in Inventory	19.24M	-5.98M	0	14.26M	0	0	0
Change in Payables	37.25M	41.88M	51.19M	50.08M	29.18M	68.73M	74.95M
Cash from Investing+	-154.76M	-53.69M	-117.33M	-1.06B	-770.13M	-60.5M	-143.27M
Capital Expenditures	-19.49M	-16.64M	-16.45M	-17.54M	-18.55M	-25M	-14.05M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-877K	-37.05M	-7.85M	-4.08M	-8.57M	0	2.62M
Cash from Financing+	-58.8M	-77.05M	-136.51M	982.58M	243.03M	-359.07M	-289.85M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-20.06M	-24.99M	-422.65M	-33.4M	-34.49M	-58.76M	-72.11M
Share Repurchases	-	-	-	-	-	-	-
Other Financing	2.74M	-7.4M	7.13M	-59.82M	10.74M	17.19M	5.84M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	141.97M	154.13M	241.89M	270.49M	255.78M	391.69M	421.25M
FCF Margin %	0.21%	0.21%	0.3%	0.28%	0.23%	0.32%	0.31%
FCF Growth %	-	0.09%	0.57%	0.12%	-0.05%	0.53%	0.08%
FCF per Share	0.54	0.59	0.81	0.86	0.77	1.18	1.26
FCF Conversion (FCF/Net Income)	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x
Interest Paid	8.86M	9.22M	8.01M	4.63M	26.58M	37.39M	17.2M
Taxes Paid	25.78M	27.91M	28.99M	40.2M	29.48M	43.62M	59.74M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	96.39%	42.77%	37.42%	24.82%	35.57%	44.84%	24.39%
Return on Invested Capital (ROIC)	28.01%	27.55%	23.43%	6.81%	8.04%	7.34%	9.46%
Gross Margin	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%
Net Margin	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x
Interest Coverage	12.64x	14.58x	18.98x	8.21x	5.95x	5.58x	12.20x
FCF Conversion	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x
Revenue Growth	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%

Revenue by Segment

	2020	2021	2022	2023	2024
Subscriptions And Licenses	736.65M	865.89M	1B	1.13B	1.27B
Subscriptions And Licenses Growth	-	17.54%	15.90%	12.23%	12.69%
Subscription and Circulation	679.27M	812.81M	960.22M	1.08B	1.22B
Subscription and Circulation Growth	-	19.66%	18.14%	12.51%	13.24%
Enterprise License Subscriptions	221.52M	290.1M	345.68M	433.32M	530.37M
Enterprise License Subscriptions Growth	-	30.96%	19.16%	25.35%	22.40%
Enterprise License Subscriptions, E365 Subscriptions	-	223.29M	306.9M	411.02M	518M
Enterprise License Subscriptions, E365 Subscriptions Growth	-	-	37.44%	33.93%	26.03%
Term License Subscriptions	187M	253.43M	350.23M	388.7M	434.49M
Term License Subscriptions Growth	-	35.52%	38.20%	10.98%	11.78%
SELECT Subscriptions	270.75M	269.28M	264.31M	258.29M	258.5M
SELECT Subscriptions Growth	-	-0.54%	-1.85%	-2.28%	0.08%
Service	64.89M	99.16M	95.48M	102.07M	84.43M
Service Growth	-	52.81%	-3.71%	6.89%	-17.28%
Professional Services, Other	47.5M	77.82M	77.68M	85.7M	69.13M
Professional Services, Other Growth	-	63.82%	-0.17%	10.32%	-19.33%
Perpetual Licenses	57.38M	53.08M	43.38M	46.04M	45.96M
Perpetual Licenses Growth	-	-7.50%	-18.28%	6.13%	-0.17%
Professional Services, Recurring	17.39M	21.34M	17.8M	16.37M	14.64M
Professional Services, Recurring Growth	-	22.74%	-16.58%	-8.05%	-10.56%

Revenue by Geography

	2020	2021	2022	2023	2024
United States, Canada, And Latin America	395.75M	483.09M	584.79M	650.93M	717M
United States, Canada, And Latin America Growth	-	22.07%	21.05%	11.31%	10.15%
EMEA	254.04M	300.12M	312.8M	353.55M	388.38M
EMEA Growth	-	18.14%	4.23%	13.03%	9.85%
Asia Pacific	151.76M	181.84M	201.48M	223.94M	247.71M
Asia Pacific Growth	-	19.82%	10.81%	11.14%	10.62%

Frequently Asked Questions

Valuation & Price

Bentley Systems, Incorporated (BSY) has a price-to-earnings (P/E) ratio of 54.3x. This suggests investors expect higher future growth.

Growth & Financials

Bentley Systems, Incorporated (BSY) reported $1.46B in revenue for fiscal year 2024. This represents a 111% increase from $691.7M in 2018.

Bentley Systems, Incorporated (BSY) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Bentley Systems, Incorporated (BSY) is profitable, generating $269.3M in net income for fiscal year 2024 (17.4% net margin).

Dividend & Returns

Yes, Bentley Systems, Incorporated (BSY) pays a dividend with a yield of 0.55%. This makes it attractive for income-focused investors.

Bentley Systems, Incorporated (BSY) has a return on equity (ROE) of 24.4%. This is excellent, indicating efficient use of shareholder capital.

Bentley Systems, Incorporated (BSY) generated $460.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.