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

BSY •

TechnologyApplication SoftwareEngineering design and simulation software

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 $1.5B +11.0%
EBITDA $363M -1.1%
Net Income $278M +18.3%
EPS (Diluted) 0.85 +18.1%
Gross Margin 81.52% +0.7%
EBITDA Margin 24.15% -10.9%
Operating Margin 24.15% +8.1%
Net Margin 18.5% +6.6%
ROE 24.91% +2.1%
ROIC 11.44% +20.9%
Debt/Equity 1.08 -21.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 31.4%
✓Strong 5Y profit CAGR of 17.0%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 34.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.4%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 10.2x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y13.38%

3Y10.97%

TTM10.99%

Profit (Net Income) CAGR

10Y-

5Y17.04%

3Y16.71%

TTM18.35%

EPS CAGR

10Y-

5Y15.14%

3Y17.05%

TTM16.44%

ROCE

10Y Avg15.69%

5Y Avg10.16%

3Y Avg11.6%

Latest14%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	691.71M	736.65M	801.54M	965.05M	1.1B	1.23B	1.35B	1.5B
Revenue Growth %	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%	10.99%
Cost of Goods Sold+	131.32M	144.15M	167.16M	216.54M	237.01M	318.18M	257.77M	277.53M
COGS % of Revenue	18.99%	19.57%	20.85%	22.44%	21.56%	25.9%	19.05%	18.48%
Gross Profit+	560.39M	592.5M	634.39M	748.51M	862.07M	910.24M	1.1B	1.22B
Gross Margin %	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%	81.52%
Gross Profit Growth %	-	5.73%	7.07%	17.99%	15.17%	5.59%	20.33%	11.77%
Operating Expenses+	439M	450.64M	484.24M	653.92M	653.46M	679.69M	793.18M	814.45M
OpEx % of Revenue	63.47%	61.17%	60.41%	67.76%	59.45%	55.33%	58.62%	54.23%
Selling, General & Admin	249.96M	252.87M	257.24M	407.4M	354.49M	418.65M	477.93M	506.88M
SG&A % of Revenue	36.14%	34.33%	32.09%	42.22%	32.25%	34.08%	35.32%	33.75%
Research & Development	175.03M	183.55M	185.51M	220.91M	257.86M	274.62M	281.25M	307.58M
R&D % of Revenue	25.3%	24.92%	23.14%	22.89%	23.46%	22.36%	20.79%	20.48%
Other Operating Expenses	654K	14.21M	41.48M	25.6M	41.11M	-13.58M	34M	0
Operating Income+	121.39M	141.87M	150.15M	94.59M	208.61M	230.54M	302.15M	362.62M
Operating Margin %	17.55%	19.26%	18.73%	9.8%	18.98%	18.77%	22.33%	24.15%
Operating Income Growth %	-	16.87%	5.84%	-37%	120.55%	10.51%	31.06%	20.01%
EBITDA+	147.53M	174.03M	186.27M	139.53M	280.15M	294.13M	366.76M	362.62M
EBITDA Margin %	21.33%	23.62%	23.24%	14.46%	25.49%	23.94%	27.11%	24.15%
EBITDA Growth %	-	17.96%	7.03%	-25.09%	100.78%	4.99%	24.69%	-1.13%
D&A (Non-Cash Add-back)	26.14M	32.16M	36.12M	44.94M	71.54M	63.59M	64.61M	0
EBIT	122.47M	137.84M	174.84M	107.4M	233.33M	224.86M	317.83M	0
Net Interest Income+	-8.77M	-8.2M	-7.48M	-11.22M	-34.63M	-39.79M	-22.04M	0
Interest Income	842K	1.53M	437K	306K	421K	1.54M	2.73M	0
Interest Expense	9.61M	9.73M	7.91M	11.53M	35.06M	41.33M	24.77M	-12.44M
Other Income/Expense	-8.53M	-15.03M	15M	-1.26M	-12.55M	-47.02M	-8.99M	-11.89M
Pretax Income+	112.86M	126.83M	165.15M	93.33M	196.06M	183.53M	293.16M	350.73M
Pretax Margin %	16.32%	17.22%	20.6%	9.67%	17.84%	14.94%	21.67%	23.35%
Income Tax+	-29.25M	23.74M	38.63M	-3.45M	21.28M	-143.24M	58.73M	-72.98M
Effective Tax Rate %	125.92%	81.28%	76.61%	99.85%	89.14%	178.06%	80.09%	79.22%
Net Income+	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.79M	277.86M
Net Margin %	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%	18.5%
Net Income Growth %	-	-27.45%	22.72%	-26.34%	87.55%	86.97%	-28.15%	18.35%
Net Income (Continuing)	142.11M	103.1M	126.52M	96.78M	174.78M	326.77M	234.43M	277.86M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	704K	704K	133K	79K
EPS (Diluted)+	0.54	0.39	0.42	0.30	0.53	1.00	0.72	0.85
EPS Growth %	-	-27.78%	7.69%	-28.57%	76.67%	88.68%	-28%	18.06%
EPS (Basic)	0.54	0.39	0.44	0.30	0.57	1.07	0.75	0.88
Diluted Shares Outstanding	261.23M	261.23M	299.37M	314.61M	331.77M	332.5M	333.77M	333.09M
Basic Shares Outstanding	261.23M	261.23M	289.86M	305.71M	309.23M	312.36M	314.89M	314.69M
Dividend Payout Ratio	14.11%	24.24%	334.05%	35.84%	19.74%	17.98%	30.72%	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	283.22M	353.56M	340.26M	615.83M	415.89M	419.56M	442.07M	539.03M
Cash & Short-Term Investments	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M	123.28M
Cash Only	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M	123.28M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	184.56M	204.5M	190.02M	235.27M	287.07M	293.54M	314.47M	350.3M
Days Sales Outstanding	97.39	101.33	86.53	88.98	95.34	87.22	84.83	85.14
Inventory	0	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	65.46M
Total Non-Current Assets+	640.37M	641.04M	785.78M	2.04B	2.75B	2.9B	2.96B	3.02B
Property, Plant & Equipment	29.39M	29.63M	74.54M	82.64M	72.5M	78.58M	66.1M	67.17M
Fixed Asset Turnover	23.53x	24.86x	10.75x	11.68x	15.16x	15.63x	20.47x	22.36x
Goodwill	446.32M	480.06M	581.17M	1.59B	2.24B	2.27B	2.37B	2.48B
Intangible Assets	54M	46.31M	45.63M	245.83M	292.27M	248.79M	213.96M	193.02M
Long-Term Investments	0	1.73M	5.69M	6.44M	22.27M	23.48M	25.76M	27.92M
Other Non-Current Assets	29.59M	32.24M	39.52M	48.65M	72.25M	67.28M	86.44M	75.5M
Total Assets+	923.6M	994.6M	1.13B	2.66B	3.17B	3.32B	3.4B	3.56B
Asset Turnover	0.75x	0.74x	0.71x	0.36x	0.35x	0.37x	0.40x	0.42x
Asset Growth %	-	7.69%	13.21%	136.16%	19.02%	4.89%	2.41%	4.57%
Total Current Liabilities+	435.74M	392.41M	465.56M	593.87M	628.36M	760.36M	814.33M	960.21M
Accounts Payable	8.57M	17.67M	16.49M	16.48M	15.18M	18.09M	16.48M	26.95M
Days Payables Outstanding	23.81	44.74	36.01	27.78	23.37	20.76	23.33	35.45
Short-Term Debt	0	0	0	5M	5M	10M	0	13.67M
Deferred Revenue (Current)	296.15M	213.94M	212.16M	237.41M	240.68M	270.71M	262.72M	278.24M
Other Current Liabilities	101.11M	131.24M	185.58M	268.15M	296.93M	383.63M	471.69M	668.3M
Current Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x	0.56x
Quick Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x	0.56x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	340.42M	267.57M	318.88M	1.66B	1.96B	1.68B	1.54B	1.41B
Long-Term Debt	258.75M	233.75M	246M	1.43B	1.78B	1.52B	1.39B	1.27B
Capital Lease Obligations	0	0	31.77M	35.27M	27.67M	30.63M	26.89M	0
Deferred Tax Liabilities	10.47M	8.26M	10.85M	65.01M	51.23M	9.72M	8.61M	4.37M
Other Non-Current Liabilities	21.43M	17.4M	23.25M	116.88M	92.47M	100.9M	104.12M	130.03M
Total Liabilities	776.16M	659.98M	784.44M	2.25B	2.59B	2.44B	2.36B	2.37B
Total Debt+	258.75M	233.75M	294.38M	1.49B	1.82B	1.57B	1.43B	1.28B
Net Debt	177.57M	112.65M	172.37M	1.16B	1.75B	1.5B	1.36B	1.16B
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x	1.08x
Debt / EBITDA	1.75x	1.34x	1.58x	10.67x	6.51x	5.34x	3.89x	3.54x
Net Debt / EBITDA	1.20x	0.65x	0.93x	8.31x	6.25x	5.11x	3.72x	3.20x
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	1.19B
Equity Growth %	-	126.97%	2.09%	19.8%	40.13%	54.15%	17.78%	14.25%
Book Value per Share	0.56	1.28	1.14	1.30	1.73	2.66	3.12	3.57
Total Shareholders' Equity	147.43M	334.62M	341.6M	409.22M	572.75M	883.28M	1.04B	1.19B
Common Stock	2.5M	2.55M	2.72M	2.83M	2.89M	2.96M	3.02M	3.02M
Retained Earnings	-218.55M	-52.67M	-376M	-439.63M	-370.87M	-161.93M	-75.94M	-40.26M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-29.41M	-23.93M	-26.23M	-91.77M	-89.74M	-84.99M	-104.08M	-74.56M
Minority Interest	0	0	0	0	704K	704K	133K	79K

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	161.47M	170.77M	258.34M	288.02M	274.32M	416.7M	435.29M	538.46M
Operating CF Margin %	23.34%	23.18%	32.23%	29.85%	24.96%	33.92%	32.17%	35.86%
Operating CF Growth %	-	5.76%	51.28%	11.49%	-4.76%	51.9%	4.46%	23.7%
Net Income	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.43M	277.79M
Depreciation & Amortization	29.2M	32.16M	36.12M	52.79M	71.54M	71.86M	64.61M	65.88M
Stock-Based Compensation	7.88M	8.09M	32.11M	49.05M	75.21M	72.97M	74.42M	72.58M
Deferred Taxes	-60.06M	732K	16.25M	-19.75M	-5.13M	-198.88M	12.57M	24.33M
Other Non-Cash Items	6.38M	12.22M	-23.55M	1.59M	-26.98M	46.5M	26.72M	97.88M
Working Capital Changes	35.95M	14.48M	70.89M	111.15M	-15.09M	97.45M	22.54M	0
Change in Receivables	-41.79M	-21.15M	12.39M	-35.52M	-60.94M	-5.18M	-32.06M	-18.58M
Change in Inventory	19.24M	-5.98M	0	14.26M	0	0	0	0
Change in Payables	37.25M	41.88M	51.19M	50.08M	29.18M	68.73M	74.95M	-18.44M
Cash from Investing+	-154.76M	-53.69M	-117.33M	-1.06B	-770.13M	-60.5M	-143.27M	-112.31M
Capital Expenditures	-19.49M	-16.64M	-16.45M	-17.54M	-18.55M	-25M	-14.05M	-18.25M
CapEx % of Revenue	2.82%	2.26%	2.05%	1.82%	1.69%	2.04%	1.04%	1.22%
Acquisitions	-135.26M	-37.05M	-93.03M	-1.03B	-743.01M	-26.02M	-130.41M	-93.25M
Investments	-	-	-	-	-	-	-	-
Other Investing	-877K	-37.05M	-7.85M	-4.08M	-8.57M	0	2.62M	179K
Cash from Financing+	-58.8M	-77.05M	-136.51M	982.58M	243.03M	-359.07M	-289.85M	-376.3M
Debt Issued (Net)	-11.25M	-25M	11.82M	1.18B	338.6M	-258.57M	-146.71M	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	-20.06M	-24.99M	-422.65M	-33.4M	-34.49M	-58.76M	-72.11M	-84.96M
Share Repurchases	-46.45M	-24.17M	-83.97M	-120.54M	-71.81M	-58.94M	-76.86M	-125.06M
Other Financing	2.74M	-7.4M	290.81M	-54.17M	10.74M	17.19M	5.84M	-291.33M
Net Change in Cash	-53.28M	39.92M	905K	207.33M	-257.65M	-3.27M	-4.4M	59.27M
Free Cash Flow+	141.97M	154.13M	241.89M	270.49M	255.78M	391.69M	421.25M	520.21M
FCF Margin %	20.52%	20.92%	30.18%	28.03%	23.27%	31.89%	31.13%	34.64%
FCF Growth %	-	8.57%	56.94%	11.82%	-5.44%	53.14%	7.54%	23.49%
FCF per Share	0.54	0.59	0.81	0.86	0.77	1.18	1.26	1.56
FCF Conversion (FCF/Net Income)	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x	1.94x
Interest Paid	8.86M	9.22M	8.01M	4.63M	26.58M	37.39M	17.2M	0
Taxes Paid	25.78M	27.91M	28.99M	40.2M	29.48M	43.62M	59.74M	0

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	96.39%	42.77%	37.42%	24.82%	35.57%	44.84%	24.39%	24.91%
Return on Invested Capital (ROIC)	28.01%	27.55%	23.43%	6.81%	8.04%	7.34%	9.46%	11.44%
Gross Margin	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%	81.52%
Net Margin	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%	18.5%
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x	1.08x
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	1.94x
Revenue Growth	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%	10.99%

US Stock Screener

...

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

BSY •

TechnologyApplication SoftwareEngineering design and simulation software

Revenue $1.5B +11.0%
EBITDA $363M -1.1%
Net Income $278M +18.3%
EPS (Diluted) 0.85 +18.1%
Gross Margin 81.52% +0.7%
EBITDA Margin 24.15% -10.9%
Operating Margin 24.15% +8.1%
Net Margin 18.5% +6.6%
ROE 24.91% +2.1%
ROIC 11.44% +20.9%
Debt/Equity 1.08 -21.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 31.4%
✓Strong 5Y profit CAGR of 17.0%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 34.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.4%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 10.2x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y13.38%

3Y10.97%

TTM10.99%

Profit (Net Income) CAGR

10Y-

5Y17.04%

3Y16.71%

TTM18.35%

EPS CAGR

10Y-

5Y15.14%

3Y17.05%

TTM16.44%

ROCE

10Y Avg15.69%

5Y Avg10.16%

3Y Avg11.6%

Latest14%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	691.71M	736.65M	801.54M	965.05M	1.1B	1.23B	1.35B	1.5B
Revenue Growth %	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%	10.99%
Cost of Goods Sold+	131.32M	144.15M	167.16M	216.54M	237.01M	318.18M	257.77M	277.53M
COGS % of Revenue	18.99%	19.57%	20.85%	22.44%	21.56%	25.9%	19.05%	18.48%
Gross Profit+	560.39M	592.5M	634.39M	748.51M	862.07M	910.24M	1.1B	1.22B
Gross Margin %	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%	81.52%
Gross Profit Growth %	-	5.73%	7.07%	17.99%	15.17%	5.59%	20.33%	11.77%
Operating Expenses+	439M	450.64M	484.24M	653.92M	653.46M	679.69M	793.18M	814.45M
OpEx % of Revenue	63.47%	61.17%	60.41%	67.76%	59.45%	55.33%	58.62%	54.23%
Selling, General & Admin	249.96M	252.87M	257.24M	407.4M	354.49M	418.65M	477.93M	506.88M
SG&A % of Revenue	36.14%	34.33%	32.09%	42.22%	32.25%	34.08%	35.32%	33.75%
Research & Development	175.03M	183.55M	185.51M	220.91M	257.86M	274.62M	281.25M	307.58M
R&D % of Revenue	25.3%	24.92%	23.14%	22.89%	23.46%	22.36%	20.79%	20.48%
Other Operating Expenses	654K	14.21M	41.48M	25.6M	41.11M	-13.58M	34M	0
Operating Income+	121.39M	141.87M	150.15M	94.59M	208.61M	230.54M	302.15M	362.62M
Operating Margin %	17.55%	19.26%	18.73%	9.8%	18.98%	18.77%	22.33%	24.15%
Operating Income Growth %	-	16.87%	5.84%	-37%	120.55%	10.51%	31.06%	20.01%
EBITDA+	147.53M	174.03M	186.27M	139.53M	280.15M	294.13M	366.76M	362.62M
EBITDA Margin %	21.33%	23.62%	23.24%	14.46%	25.49%	23.94%	27.11%	24.15%
EBITDA Growth %	-	17.96%	7.03%	-25.09%	100.78%	4.99%	24.69%	-1.13%
D&A (Non-Cash Add-back)	26.14M	32.16M	36.12M	44.94M	71.54M	63.59M	64.61M	0
EBIT	122.47M	137.84M	174.84M	107.4M	233.33M	224.86M	317.83M	0
Net Interest Income+	-8.77M	-8.2M	-7.48M	-11.22M	-34.63M	-39.79M	-22.04M	0
Interest Income	842K	1.53M	437K	306K	421K	1.54M	2.73M	0
Interest Expense	9.61M	9.73M	7.91M	11.53M	35.06M	41.33M	24.77M	-12.44M
Other Income/Expense	-8.53M	-15.03M	15M	-1.26M	-12.55M	-47.02M	-8.99M	-11.89M
Pretax Income+	112.86M	126.83M	165.15M	93.33M	196.06M	183.53M	293.16M	350.73M
Pretax Margin %	16.32%	17.22%	20.6%	9.67%	17.84%	14.94%	21.67%	23.35%
Income Tax+	-29.25M	23.74M	38.63M	-3.45M	21.28M	-143.24M	58.73M	-72.98M
Effective Tax Rate %	125.92%	81.28%	76.61%	99.85%	89.14%	178.06%	80.09%	79.22%
Net Income+	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.79M	277.86M
Net Margin %	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%	18.5%
Net Income Growth %	-	-27.45%	22.72%	-26.34%	87.55%	86.97%	-28.15%	18.35%
Net Income (Continuing)	142.11M	103.1M	126.52M	96.78M	174.78M	326.77M	234.43M	277.86M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	704K	704K	133K	79K
EPS (Diluted)+	0.54	0.39	0.42	0.30	0.53	1.00	0.72	0.85
EPS Growth %	-	-27.78%	7.69%	-28.57%	76.67%	88.68%	-28%	18.06%
EPS (Basic)	0.54	0.39	0.44	0.30	0.57	1.07	0.75	0.88
Diluted Shares Outstanding	261.23M	261.23M	299.37M	314.61M	331.77M	332.5M	333.77M	333.09M
Basic Shares Outstanding	261.23M	261.23M	289.86M	305.71M	309.23M	312.36M	314.89M	314.69M
Dividend Payout Ratio	14.11%	24.24%	334.05%	35.84%	19.74%	17.98%	30.72%	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	283.22M	353.56M	340.26M	615.83M	415.89M	419.56M	442.07M	539.03M
Cash & Short-Term Investments	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M	123.28M
Cash Only	81.18M	121.1M	122.01M	329.34M	71.68M	68.41M	64.01M	123.28M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	184.56M	204.5M	190.02M	235.27M	287.07M	293.54M	314.47M	350.3M
Days Sales Outstanding	97.39	101.33	86.53	88.98	95.34	87.22	84.83	85.14
Inventory	0	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	65.46M
Total Non-Current Assets+	640.37M	641.04M	785.78M	2.04B	2.75B	2.9B	2.96B	3.02B
Property, Plant & Equipment	29.39M	29.63M	74.54M	82.64M	72.5M	78.58M	66.1M	67.17M
Fixed Asset Turnover	23.53x	24.86x	10.75x	11.68x	15.16x	15.63x	20.47x	22.36x
Goodwill	446.32M	480.06M	581.17M	1.59B	2.24B	2.27B	2.37B	2.48B
Intangible Assets	54M	46.31M	45.63M	245.83M	292.27M	248.79M	213.96M	193.02M
Long-Term Investments	0	1.73M	5.69M	6.44M	22.27M	23.48M	25.76M	27.92M
Other Non-Current Assets	29.59M	32.24M	39.52M	48.65M	72.25M	67.28M	86.44M	75.5M
Total Assets+	923.6M	994.6M	1.13B	2.66B	3.17B	3.32B	3.4B	3.56B
Asset Turnover	0.75x	0.74x	0.71x	0.36x	0.35x	0.37x	0.40x	0.42x
Asset Growth %	-	7.69%	13.21%	136.16%	19.02%	4.89%	2.41%	4.57%
Total Current Liabilities+	435.74M	392.41M	465.56M	593.87M	628.36M	760.36M	814.33M	960.21M
Accounts Payable	8.57M	17.67M	16.49M	16.48M	15.18M	18.09M	16.48M	26.95M
Days Payables Outstanding	23.81	44.74	36.01	27.78	23.37	20.76	23.33	35.45
Short-Term Debt	0	0	0	5M	5M	10M	0	13.67M
Deferred Revenue (Current)	296.15M	213.94M	212.16M	237.41M	240.68M	270.71M	262.72M	278.24M
Other Current Liabilities	101.11M	131.24M	185.58M	268.15M	296.93M	383.63M	471.69M	668.3M
Current Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x	0.56x
Quick Ratio	0.65x	0.90x	0.73x	1.04x	0.66x	0.55x	0.54x	0.56x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	340.42M	267.57M	318.88M	1.66B	1.96B	1.68B	1.54B	1.41B
Long-Term Debt	258.75M	233.75M	246M	1.43B	1.78B	1.52B	1.39B	1.27B
Capital Lease Obligations	0	0	31.77M	35.27M	27.67M	30.63M	26.89M	0
Deferred Tax Liabilities	10.47M	8.26M	10.85M	65.01M	51.23M	9.72M	8.61M	4.37M
Other Non-Current Liabilities	21.43M	17.4M	23.25M	116.88M	92.47M	100.9M	104.12M	130.03M
Total Liabilities	776.16M	659.98M	784.44M	2.25B	2.59B	2.44B	2.36B	2.37B
Total Debt+	258.75M	233.75M	294.38M	1.49B	1.82B	1.57B	1.43B	1.28B
Net Debt	177.57M	112.65M	172.37M	1.16B	1.75B	1.5B	1.36B	1.16B
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x	1.08x
Debt / EBITDA	1.75x	1.34x	1.58x	10.67x	6.51x	5.34x	3.89x	3.54x
Net Debt / EBITDA	1.20x	0.65x	0.93x	8.31x	6.25x	5.11x	3.72x	3.20x
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	1.19B
Equity Growth %	-	126.97%	2.09%	19.8%	40.13%	54.15%	17.78%	14.25%
Book Value per Share	0.56	1.28	1.14	1.30	1.73	2.66	3.12	3.57
Total Shareholders' Equity	147.43M	334.62M	341.6M	409.22M	572.75M	883.28M	1.04B	1.19B
Common Stock	2.5M	2.55M	2.72M	2.83M	2.89M	2.96M	3.02M	3.02M
Retained Earnings	-218.55M	-52.67M	-376M	-439.63M	-370.87M	-161.93M	-75.94M	-40.26M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-29.41M	-23.93M	-26.23M	-91.77M	-89.74M	-84.99M	-104.08M	-74.56M
Minority Interest	0	0	0	0	704K	704K	133K	79K

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	161.47M	170.77M	258.34M	288.02M	274.32M	416.7M	435.29M	538.46M
Operating CF Margin %	23.34%	23.18%	32.23%	29.85%	24.96%	33.92%	32.17%	35.86%
Operating CF Growth %	-	5.76%	51.28%	11.49%	-4.76%	51.9%	4.46%	23.7%
Net Income	142.11M	103.1M	126.52M	93.19M	174.78M	326.79M	234.43M	277.79M
Depreciation & Amortization	29.2M	32.16M	36.12M	52.79M	71.54M	71.86M	64.61M	65.88M
Stock-Based Compensation	7.88M	8.09M	32.11M	49.05M	75.21M	72.97M	74.42M	72.58M
Deferred Taxes	-60.06M	732K	16.25M	-19.75M	-5.13M	-198.88M	12.57M	24.33M
Other Non-Cash Items	6.38M	12.22M	-23.55M	1.59M	-26.98M	46.5M	26.72M	97.88M
Working Capital Changes	35.95M	14.48M	70.89M	111.15M	-15.09M	97.45M	22.54M	0
Change in Receivables	-41.79M	-21.15M	12.39M	-35.52M	-60.94M	-5.18M	-32.06M	-18.58M
Change in Inventory	19.24M	-5.98M	0	14.26M	0	0	0	0
Change in Payables	37.25M	41.88M	51.19M	50.08M	29.18M	68.73M	74.95M	-18.44M
Cash from Investing+	-154.76M	-53.69M	-117.33M	-1.06B	-770.13M	-60.5M	-143.27M	-112.31M
Capital Expenditures	-19.49M	-16.64M	-16.45M	-17.54M	-18.55M	-25M	-14.05M	-18.25M
CapEx % of Revenue	2.82%	2.26%	2.05%	1.82%	1.69%	2.04%	1.04%	1.22%
Acquisitions	-135.26M	-37.05M	-93.03M	-1.03B	-743.01M	-26.02M	-130.41M	-93.25M
Investments	-	-	-	-	-	-	-	-
Other Investing	-877K	-37.05M	-7.85M	-4.08M	-8.57M	0	2.62M	179K
Cash from Financing+	-58.8M	-77.05M	-136.51M	982.58M	243.03M	-359.07M	-289.85M	-376.3M
Debt Issued (Net)	-11.25M	-25M	11.82M	1.18B	338.6M	-258.57M	-146.71M	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	-20.06M	-24.99M	-422.65M	-33.4M	-34.49M	-58.76M	-72.11M	-84.96M
Share Repurchases	-46.45M	-24.17M	-83.97M	-120.54M	-71.81M	-58.94M	-76.86M	-125.06M
Other Financing	2.74M	-7.4M	290.81M	-54.17M	10.74M	17.19M	5.84M	-291.33M
Net Change in Cash	-53.28M	39.92M	905K	207.33M	-257.65M	-3.27M	-4.4M	59.27M
Free Cash Flow+	141.97M	154.13M	241.89M	270.49M	255.78M	391.69M	421.25M	520.21M
FCF Margin %	20.52%	20.92%	30.18%	28.03%	23.27%	31.89%	31.13%	34.64%
FCF Growth %	-	8.57%	56.94%	11.82%	-5.44%	53.14%	7.54%	23.49%
FCF per Share	0.54	0.59	0.81	0.86	0.77	1.18	1.26	1.56
FCF Conversion (FCF/Net Income)	1.14x	1.66x	2.04x	3.09x	1.57x	1.28x	1.85x	1.94x
Interest Paid	8.86M	9.22M	8.01M	4.63M	26.58M	37.39M	17.2M	0
Taxes Paid	25.78M	27.91M	28.99M	40.2M	29.48M	43.62M	59.74M	0

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	96.39%	42.77%	37.42%	24.82%	35.57%	44.84%	24.39%	24.91%
Return on Invested Capital (ROIC)	28.01%	27.55%	23.43%	6.81%	8.04%	7.34%	9.46%	11.44%
Gross Margin	81.01%	80.43%	79.15%	77.56%	78.44%	74.1%	80.95%	81.52%
Net Margin	20.54%	14%	15.78%	9.66%	15.9%	26.6%	17.35%	18.5%
Debt / Equity	1.76x	0.70x	0.86x	3.64x	3.18x	1.78x	1.37x	1.08x
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	1.94x
Revenue Growth	-	6.5%	8.81%	20.4%	13.89%	11.77%	10.15%	10.99%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BSY vs Peers

vs CDNS

vs ADSK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BSY vs Peers

vs CDNS

vs ADSK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios