8-K Announcements
6Feb 26, 2026·SEC
Nov 21, 2025·SEC
Nov 5, 2025·SEC
Bentley Systems, Incorporated (BSY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Bentley Systems, Incorporated (BSY) stock price & volume — 10-year historical chart
Bentley Systems, Incorporated (BSY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Bentley Systems, Incorporated (BSY) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $0.27vs $0.26+3.9% | $392Mvs $382M+2.6% |
| Q4 2025 | Nov 5, 2025 | $0.27vs $0.27-1.7% | $376Mvs $370M+1.6% |
| Q3 2025 | Aug 6, 2025 | $0.32vs $0.28+12.3% | $364Mvs $364M+0.1% |
| Q2 2025 | May 7, 2025 | $0.35vs $0.30+15.5% | $371Mvs $366M+1.2% |
Bentley Systems, Incorporated (BSY) competitors in Engineering design and simulation software — business model, growth, and fundamentals comparison
Bentley Systems, Incorporated (BSY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Bentley Systems, Incorporated (BSY) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| 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▲ 0% | 592.5M▲ 5.7% | 634.39M▲ 7.1% | 748.51M▲ 18.0% | 862.07M▲ 15.2% | 910.24M▲ 5.6% | 1.1B▲ 20.3% | 1.22B▲ 11.8% |
| 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▲ 0% | 141.87M▲ 16.9% | 150.15M▲ 5.8% | 94.59M▼ 37.0% | 208.61M▲ 120.5% | 230.54M▲ 10.5% | 302.15M▲ 31.1% | 362.62M▲ 20.0% |
| 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▲ 0% | 126.83M▲ 12.4% | 165.15M▲ 30.2% | 93.33M▼ 43.5% | 196.06M▲ 110.1% | 183.53M▼ 6.4% | 293.16M▲ 59.7% | 350.73M▲ 19.6% |
| 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 % | -25.92% | 18.72% | 23.39% | -3.69% | 10.86% | -78.05% | 20.03% | -20.81% |
| Net Income | 142.11M▲ 0% | 103.1M▼ 27.5% | 126.52M▲ 22.7% | 93.19M▼ 26.3% | 174.78M▲ 87.5% | 326.79M▲ 87.0% | 234.79M▼ 28.2% | 277.86M▲ 18.3% |
| 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% | 0.39▼ 27.8% | 0.42▲ 7.7% | 0.30▼ 28.6% | 0.53▲ 76.7% | 1.00▲ 88.7% | 0.72▼ 28.0% | 0.85▲ 18.1% |
| 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% | - |
Bentley Systems, Incorporated (BSY) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| 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▲ 0% | 994.6M▲ 7.7% | 1.13B▲ 13.2% | 2.66B▲ 136.2% | 3.17B▲ 19.0% | 3.32B▲ 4.9% | 3.4B▲ 2.4% | 3.56B▲ 4.6% |
| 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▲ 0% | 334.62M▲ 127.0% | 341.6M▲ 2.1% | 409.22M▲ 19.8% | 573.45M▲ 40.1% | 883.98M▲ 54.2% | 1.04B▲ 17.8% | 1.19B▲ 14.3% |
| 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 |
Bentley Systems, Incorporated (BSY) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| 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▲ 0% | 39.92M▲ 174.9% | 905K▼ 97.7% | 207.33M▲ 22809.5% | -257.65M▼ 224.3% | -3.27M▲ 98.7% | -4.4M▼ 34.6% | 59.27M▲ 1446.1% |
| Free Cash Flow | 141.97M▲ 0% | 154.13M▲ 8.6% | 241.89M▲ 56.9% | 270.49M▲ 11.8% | 255.78M▼ 5.4% | 391.69M▲ 53.1% | 421.25M▲ 7.5% | 520.21M▲ 23.5% |
| 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 |
Bentley Systems, Incorporated (BSY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet 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) SEC filings — annual & quarterly reports (10-K, 10-Q)
Feb 26, 2026·SEC
Nov 21, 2025·SEC
Nov 5, 2025·SEC
Bentley Systems, Incorporated (BSY) stock FAQ — growth, dividends, profitability & financials explained
Bentley Systems, Incorporated (BSY) reported $1.50B in revenue for fiscal year 2025. This represents a 117% increase from $691.7M in 2018.
Bentley Systems, Incorporated (BSY) grew revenue by 11.0% over the past year. This is steady growth.
Yes, Bentley Systems, Incorporated (BSY) is profitable, generating $277.9M in net income for fiscal year 2025 (18.5% net margin).
Yes, Bentley Systems, Incorporated (BSY) pays a dividend with a yield of 0.80%. This makes it attractive for income-focused investors.
Bentley Systems, Incorporated (BSY) has a return on equity (ROE) of 24.9%. This is excellent, indicating efficient use of shareholder capital.
Bentley Systems, Incorporated (BSY) generated $520.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Bentley Systems, Incorporated (BSY) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates