A Business at a Glance
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Table of Contents PART I Our Business Bentley Systems is the infrastructure engineering software company. Our purpose is to advance the world’s infrastructure for better quality of life. Our mission is to reshape how infrastructure systems and critical resources are delivered and optimized. We were founded in 1984 by the Bentley brothers and on September 25, 2020, we completed our initial public offering (“IPO”). Our enduring commitment is to develop and support the most comprehensive portfolio of integrated software offerings across disciplines, sectors, geographies, and the infrastructure lifecycle, enabling digital workflows that improve project delivery and asset performance.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.4B | 1.2B | 1.1B | 965M |
| Net Income | 278M | 278M | 235M | 327M | 175M | 93M |
| EPS | $0.85 | $0.85 | $0.72 | $1.00 | $0.55 | $0.30 |
| Free Cash Flow | 520M | 520M | 421M | 392M | 256M | 270M |
| ROIC | 12.2% | 9.2% | 7.6% | 9.9% | 8.5% | 9.3% |
| Gross Margin | 59.8% | 59.8% | 60.3% | 78.3% | 78.4% | 77.6% |
| Debt/Equity | 1.08 | 1.08 | 1.37 | 1.78 | 3.18 | 3.64 |
| Dividends/Share | $0.26 | $0.28 | $0.24 | $0.20 | $0.12 | $0.12 |
| Operating Income | 363M | 363M | 302M | 231M | 209M | 95M |
| Operating Margin | 24.1% | 24.1% | 22.3% | 18.8% | 19.0% | 9.8% |
| ROE | 23.4% | 24.9% | 24.4% | 44.9% | 35.6% | 24.8% |
| Shares Outstanding | 327M | 327M | 326M | 327M | 318M | 311M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 692M | 735M | 802M | 965M | 1.1B | 1.2B | 1.4B | 1.5B | 1.5B |
| Gross Margin | 81.0% | 80.6% | 79.1% | 77.6% | 78.4% | 78.3% | 60.3% | 59.8% | 59.8% |
| R&D | 175M | 184M | 186M | 221M | 258M | 275M | 281M | 308M | 308M |
| SG&A | 89M | 97M | 113M | 150M | 175M | 181M | 210M | 217M | 217M |
| EBIT | 121M | 142M | 150M | 95M | 209M | 231M | 302M | 363M | 363M |
| Op. Margin | 17.5% | 19.3% | 18.7% | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% | 24.1% |
| Net Income | 142M | 103M | 126M | 93M | 175M | 327M | 235M | 278M | 278M |
| Net Margin | 20.5% | 14.0% | 15.8% | 9.7% | 15.9% | 26.6% | 17.3% | 18.5% | 18.5% |
| Non-Recurring | 6.8M | 584K | 10M | 10M | 0 | 2.4M | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | 34.0% | 18.7% | 9.3% | 8.5% | 9.9% | 7.6% | 9.2% | 12.2% |
| ROE | N/A | 42.8% | 37.4% | 24.8% | 35.6% | 44.9% | 24.4% | 24.9% | 23.4% |
| ROA | N/A | 20.4% | 11.9% | 4.9% | 6.0% | 10.1% | 7.0% | 8.0% | 7.8% |
| Cash Flow | |||||||||
| Op. Cash Flow | 161M | 171M | 258M | 288M | 274M | 417M | 435M | 538M | 538M |
| Free Cash Flow | 143M | 154M | 242M | 270M | 256M | 392M | 421M | 520M | 520M |
| Owner Earnings | 124M | 131M | 190M | 186M | 128M | 292M | 299M | 389M | 389M |
| CapEx | 19M | 17M | 16M | 18M | 19M | 25M | 14M | 18M | 18M |
| Maint. CapEx | 29M | 32M | 36M | 53M | 72M | 52M | 62M | 77M | 77M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 29M | 32M | 36M | 53M | 72M | 52M | 62M | 77M | 77M |
| CapEx/OCF | N/A | N/A | 6.4% | 6.1% | 6.8% | 6.0% | 3.2% | 3.4% | 3.4% |
| Capital Allocation | |||||||||
| Dividends Paid | 20M | 25M | 423M | 33M | 34M | 59M | 72M | 85M | 85M |
| Dividend Yield | N/A | N/A | 4.1% | 0.2% | 0.3% | 0.4% | 0.4% | 0.5% | 0.8% |
| Share Buybacks | 46M | 24M | 84M | 121M | 28M | 0 | 64M | 125M | 125M |
| Buyback Yield | 0.0% | N/A | 0.7% | N/A | 0.3% | N/A | 0.4% | 1.0% | 1.2% |
| Stock-Based Comp | 7.9M | 8.1M | 32M | 49M | 75M | 73M | 74M | 73M | 73M |
| Debt Repayment | 0 | 0 | 539M | 991M | 2.0M | 0 | 6.2M | 9.8M | 9.8M |
| Balance Sheet | |||||||||
| Net Debt | N/A | 113M | 173M | 1.2B | 1.8B | 1.5B | 1.4B | 1.2B | 1.2B |
| Cash & Equiv. | 81M | 121M | 122M | 329M | 72M | 68M | 64M | 123M | 123M |
| Long-Term Debt | N/A | 234M | 246M | 1.4B | 1.8B | 1.5B | 1.4B | 1.2B | 1.2B |
| Debt/Equity | N/A | 0.70 | 0.86 | 3.64 | 3.18 | 1.78 | 1.37 | 1.08 | 1.08 |
| Interest Coverage | 12.6 | 14.6 | 20.8 | 8.2 | 6.0 | 6.6 | 17.8 | 47.8 | 47.8 |
| Equity | N/A | 335M | 342M | 409M | 573M | 883M | 1.0B | 1.2B | 1.2B |
| Total Assets | N/A | 995M | 1.1B | 2.7B | 3.2B | 3.3B | 3.4B | 3.6B | 3.6B |
| Total Liabilities | N/A | 660M | 784M | 2.3B | 2.6B | 2.4B | 2.4B | 2.4B | 2.4B |
| Intangibles | N/A | 46M | 46M | 246M | 292M | 249M | 214M | 193M | 193M |
| Retained Earnings | N/A | -53M | -376M | -440M | -371M | -162M | -76M | -40M | -40M |
| Working Capital | N/A | -39M | -125M | 22M | -212M | -341M | -372M | -421M | -421M |
| Current Assets | N/A | 354M | 340M | 616M | 416M | 420M | 442M | 539M | 539M |
| Current Liabilities | N/A | 392M | 466M | 594M | 628M | 760M | 814M | 960M | 960M |
| Per Share Data | |||||||||
| EPS | 0.49 | 0.35 | 0.42 | 0.30 | 0.55 | 1.00 | 0.72 | 0.85 | 0.85 |
| Owner EPS | 0.43 | 0.44 | 0.63 | 0.60 | 0.40 | 0.89 | 0.92 | 1.19 | 1.19 |
| Book Value | N/A | 1.14 | 1.14 | 1.32 | 1.80 | 2.70 | 3.19 | 3.64 | 3.64 |
| Cash Flow/Share | 0.56 | 0.58 | 0.86 | 0.93 | 0.86 | 1.28 | 1.34 | 1.65 | 1.08 |
| Dividends/Share | 0.08 | 0.10 | 1.62 | 0.12 | 0.12 | 0.20 | 0.24 | 0.28 | 0.26 |
| Shares Out. | 290.0M | 294.5M | 300.7M | 310.6M | 317.7M | 326.7M | 326.0M | 326.8M | 326.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 88.9 | 159.5 | 64.3 | 52.2 | 65.7 | 45.9 | 38.6 |
| P/FCF | N/A | N/A | 46.4 | 54.9 | 43.9 | 43.5 | 36.6 | 24.5 | 20.6 |
| EV/EBIT | N/A | N/A | 74.7 | 165.4 | 61.7 | 80.0 | 55.2 | 37.9 | 32.8 |
| Price/Book | N/A | N/A | 32.8 | 36.3 | 19.6 | 19.3 | 14.8 | 10.7 | 9.0 |
| Price/Sales | N/A | N/A | 12.8 | 17.2 | 10.7 | 12.3 | 12.0 | 10.4 | 7.1 |
| FCF Yield | N/A | N/A | 2.2% | 1.8% | 2.3% | 2.3% | 2.7% | 4.1% | 4.8% |
| Market Cap | 0 | N/A | 11.2B | 14.9B | 11.2B | 17.0B | 15.4B | 12.7B | 10.7B |
| Avg. Price | 0.00 | N/A | 34.24 | 53.52 | 36.89 | 46.30 | 49.64 | 47.83 | 32.82 |
| Year-End Price | 0.00 | N/A | 37.32 | 47.85 | 35.35 | 52.16 | 47.29 | 39.00 | 32.82 |
BENTLEY SYSTEMS INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
BENTLEY SYSTEMS INC trades at 38.6x trailing earnings, compared to its 15-year median P/E of 64.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 0.7x vs a median of 43.7x. The company's 5-year average ROIC is 8.9% with a gross margin of 70.9%. Total shareholder yield (dividends + buybacks) is 2.0%. At current prices, the estimated annualized return to fair value is +76.1%.
BENTLEY SYSTEMS INC (BSY) has a current P/E ratio of 38.6, compared to its historical median P/E of 64.3. The stock is currently considered Cheap based on its historical valuation range.
BENTLEY SYSTEMS INC (BSY) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
BENTLEY SYSTEMS INC (BSY) has a market capitalization of $10.7B. It is classified as a large-cap stock.
Yes, BENTLEY SYSTEMS INC (BSY) pays a dividend with a trailing twelve-month yield of 0.79%. The company also returns capital through share buybacks, with a buyback yield of 1.17%.
Based on historical P/E analysis, BENTLEY SYSTEMS INC (BSY) appears cheap. The current P/E of 38.6 is 40% below its historical median of 64.3. The estimated fair value CAGR (P/E method) is 14.1%.
BENTLEY SYSTEMS INC (BSY) operates in the Services-Prepackaged Software industry, within the Technology sector.
BENTLEY SYSTEMS INC (BSY) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
BENTLEY SYSTEMS INC (BSY) has a net profit margin of 18.5%. This is a healthy margin.
BENTLEY SYSTEMS INC (BSY) generated $520 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BENTLEY SYSTEMS INC (BSY) has a debt-to-equity ratio of 1.08. This indicates moderate leverage.
BENTLEY SYSTEMS INC (BSY) reported earnings per share (EPS) of $0.85 in its most recent fiscal year.
BENTLEY SYSTEMS INC (BSY) has a return on equity (ROE) of 24.9%. This indicates the company generates strong returns for shareholders.
BENTLEY SYSTEMS INC (BSY) has a 5-year average gross margin of 70.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for BENTLEY SYSTEMS INC (BSY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BENTLEY SYSTEMS INC (BSY) has a book value per share of $3.64, based on its most recent annual SEC filing.