NASDAQ : BSY
Bentley Systems, Incorporated — Financial statements
Technology · Software - Application · United States
Last price 39.655 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.30B
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Financial statements
Bentley Systems, Incorporated (BSY) reported revenue of 1.60B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.60B | 1.50B | 1.35B | 1.23B | 1.10B | 965.05M |
| Cost of Revenue | 290.86M | 277.53M | 256.62M | 264.00M | 237.01M | 216.54M |
| Gross Profit | 1.31B | 1.22B | 1.10B | 964.41M | 862.07M | 748.51M |
| Selling, General & Admin | 549.68M | 499.65M | 455.51M | 381.71M | 344.87M | 291.88M |
| Research & Development | 324.84M | 307.58M | 281.37M | 269.62M | 257.86M | 220.91M |
| Amortization of Goodwill & Intangibles | 33.09M | 32.77M | 34.00M | 38.52M | 41.11M | 25.60M |
| Operating Expenses | 907.60M | 839.99M | 770.87M | 689.85M | 643.84M | 538.40M |
| Operating Income | 403.58M | 384.26M | 325.60M | 274.57M | 218.23M | 210.11M |
| Interest Expense | -19.61M | -18.17M | -15.46M | -38.50M | -6.03M | -3.03M |
| Interest & Investment Income | 2.90M | 2.89M | 2.73M | 2.47M | 421.00K | 306.00K |
| Earnings From Equity Investments | -22.00K | 38.00K | 104.00K | 19.00K | -2.21M | -3.58M |
| Currency Exchange Gain (Loss) | -2.09M | 2.58M | 939.00K | 2.50M | -9.90M | 827.00K |
| Other Non Operating Income (Expenses) | -18.47M | -13.59M | -9.69M | -29.42M | 17.50M | -93.86M |
| EBT Excluding Unusual Items | 366.29M | 358.00M | 304.23M | 211.63M | 218.00M | 110.77M |
| Merger & Restructuring Charges | -7.05M | -7.23M | -11.07M | -30.45M | -25.40M | -20.47M |
| Gain (Loss) on Sale of Investments | 13.96M | 2.36M | ||||
| Gain (Loss) on Sale of Assets | 2.03M | |||||
| Other Unusual Items | 1.43M | -550.00K | ||||
| Pretax Income | 373.20M | 350.77M | 293.16M | 183.55M | 196.06M | 89.74M |
| Income Tax Expense | 83.38M | 72.98M | 58.73M | -143.24M | 21.28M | -3.45M |
| Earnings From Continuing Operations | 289.82M | 277.79M | 234.43M | 326.79M | 174.78M | 93.19M |
| Minority Interest in Earnings | 150.00K | 67.00K | 354.00K | |||
| Net Income | 289.97M | 277.86M | 234.79M | 326.79M | 174.78M | 93.19M |
| Preferred Dividends & Other Adjustments | -29.00K | |||||
| Net Income to Common | 290.00M | 277.86M | 234.79M | 326.79M | 174.78M | 93.19M |
| Shares Outstanding (Basic) | 313.36M | 314.69M | 314.89M | 312.36M | 309.23M | 305.71M |
| Shares Outstanding (Diluted) | 326.73M | 333.09M | 333.77M | 332.50M | 331.77M | 314.61M |
| EPS (Basic) | 0.93 | 0.88 | 0.75 | 1.05 | 0.57 | 0.30 |
| EPS (Diluted) | 0.90 | 0.85 | 0.72 | 1.00 | 0.55 | 0.30 |
| Free Cash Flow | 498.50M | 520.21M | 421.25M | 391.69M | 255.78M | 270.49M |
| Free Cash Flow Per Share | 1.53 | 1.56 | 1.26 | 1.18 | 0.77 | 0.86 |
| Dividend Per Share | 0.28 | 0.28 | 0.24 | 0.20 | 0.12 | 0.12 |
| Gross Margin | 81.84% | 81.52% | 81.03% | 78.51% | 78.44% | 77.56% |
| Operating Margin | 25.19% | 25.59% | 24.06% | 22.35% | 19.86% | 21.77% |
| Profit Margin | 18.10% | 18.50% | 17.35% | 26.60% | 15.90% | 9.66% |
| Free Cash Flow Margin | 31.12% | 34.64% | 31.13% | 31.89% | 23.27% | 28.03% |
| EBITDA | 467.71M | 446.47M | 388.50M | 345.56M | 283.14M | 255.88M |
| EBITDA Margin | 29.20% | 29.73% | 28.71% | 28.13% | 25.76% | 26.52% |
| D&A For EBITDA | 64.14M | 62.21M | 62.90M | 71.00M | 64.91M | 45.77M |
| EBIT | 403.58M | 384.26M | 325.60M | 274.57M | 218.23M | 210.11M |
| EBIT Margin | 25.19% | 25.59% | 24.06% | 22.35% | 19.86% | 21.77% |
| Effective Tax Rate | 22.34% | 20.80% | 20.03% | 10.85% | ||
| Revenue as Reported | 1.60B | 1.50B | 1.35B | 1.23B | 1.10B | 965.05M |
| Advertising Expenses | 6.39M | 6.38M | 5.37M | 6.89M | 2.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 146.98M | 123.28M | 64.01M | 68.41M | 71.68M | 329.34M |
| Cash & Short-Term Investments | 146.98M | 123.28M | 64.01M | 68.41M | 71.68M | 329.34M |
| Accounts Receivable | 359.18M | 342.69M | 314.47M | 293.54M | 287.07M | 235.60M |
| Receivables | 359.18M | 342.69M | 314.47M | 293.54M | 287.07M | 235.60M |
| Prepaid Expenses | 50.70M | 53.26M | 50.53M | 44.80M | 38.73M | 34.01M |
| Other Current Assets | 31.03M | 19.80M | 13.07M | 12.81M | 18.41M | 16.88M |
| Total Current Assets | 587.89M | 539.03M | 442.07M | 419.56M | 415.89M | 615.83M |
| Property, Plant & Equipment | 84.88M | 67.17M | 66.10M | 78.58M | 72.50M | 82.64M |
| Long-Term Investments | 64.68M | 49.85M | 57.94M | 55.64M | 59.47M | 16.55M |
| Goodwill | 2.47B | 2.48B | 2.37B | 2.27B | 2.24B | 1.59B |
| Other Intangible Assets | 200.61M | 193.02M | 213.96M | 248.79M | 292.27M | 245.83M |
| Long-Term Deferred Tax Assets | 153.71M | 170.37M | 198.29M | 212.83M | 52.64M | 71.38M |
| Other Long-Term Assets | 22.14M | 53.57M | 54.27M | 35.12M | 35.05M | 38.53M |
| Total Assets | 3.58B | 3.56B | 3.40B | 3.32B | 3.17B | 2.66B |
| Accounts Payable | 22.79M | 26.95M | 16.48M | 18.09M | 15.18M | 16.48M |
| Accrued Expenses | 182.03M | 173.25M | 169.52M | 126.42M | 125.03M | 118.48M |
| Current Portion of Long-Term Debt | 6.88M | 10.00M | 5.00M | 5.00M | ||
| Current Portion of Leases | 12.57M | 13.67M | 11.66M | 11.64M | 14.67M | 17.48M |
| Current Income Taxes Payable | 4.39M | 4.78M | 4.05M | 9.49M | 4.51M | 6.70M |
| Current Unearned Revenue | 263.15M | 278.24M | 245.73M | 253.78M | 226.96M | 224.61M |
| Other Current Liabilities | 496.32M | 463.31M | 366.89M | 330.93M | 237.02M | 205.12M |
| Total Current Liabilities | 988.14M | 960.21M | 814.33M | 760.36M | 628.36M | 593.87M |
| Long-Term Debt | 1.21B | 1.25B | 1.39B | 1.52B | 1.78B | 1.43B |
| Long-Term Leases | 37.70M | 22.15M | 26.89M | 30.63M | 27.67M | 35.27M |
| Long-Term Unearned Revenue | 17.49M | 18.41M | 16.64M | 15.86M | 16.12M | 7.98M |
| Long-Term Deferred Tax Liabilities | 4.94M | 4.37M | 8.61M | 9.72M | 51.23M | 65.01M |
| Other Long-Term Liabilities | 122.31M | 111.62M | 104.12M | 100.90M | 92.47M | 116.88M |
| Total Liabilities | 2.38B | 2.37B | 2.36B | 2.44B | 2.59B | 2.25B |
| Common Stock | 3.02M | 3.02M | 3.02M | 2.96M | 2.89M | 2.83M |
| Additional Paid-In Capital | 1.35B | 1.30B | 1.22B | 1.13B | 1.03B | 937.80M |
| Retained Earnings | -63.45M | -40.26M | -75.94M | -161.93M | -370.87M | -439.63M |
| Comprehensive Income & Other | -86.39M | -74.56M | -104.08M | -84.99M | -89.74M | -91.77M |
| Total Common Equity | 1.20B | 1.19B | 1.04B | 883.28M | 572.75M | 409.22M |
| Minority Interest | -16.00K | 79.00K | 133.00K | 704.00K | 704.00K | |
| Shareholders' Equity | 1.20B | 1.19B | 1.04B | 883.98M | 573.45M | 409.22M |
| Total Liabilities & Equity | 3.58B | 3.56B | 3.40B | 3.32B | 3.17B | 2.66B |
| Total Debt | 1.27B | 1.28B | 1.43B | 1.57B | 1.82B | 1.49B |
| Net Cash (Debt) | -1.12B | -1.16B | -1.36B | -1.50B | -1.75B | -1.16B |
| Net Cash Per Share | -3.43 | -3.49 | -4.08 | -4.52 | -5.28 | -3.69 |
| Filing Date Shares Outstanding | 310.24M | 313.70M | 315.83M | 314.69M | 312.02M | 309.28M |
| Total Common Shares Outstanding | 309.93M | 313.16M | 314.71M | 313.63M | 310.60M | 307.91M |
| Working Capital | -400.25M | -421.18M | -372.26M | -340.81M | -212.46M | 21.96M |
| Book Value Per Share | 3.88 | 3.80 | 3.31 | 2.82 | 1.84 | 1.33 |
| Tangible Book Value | -1.47B | -1.49B | -1.54B | -1.63B | -1.96B | -1.43B |
| Tangible Book Value Per Share | -4.74 | -4.74 | -4.89 | -5.21 | -6.30 | -4.63 |
| Land | 1.34M | 1.34M | 1.34M | 2.81M | 2.81M | 2.81M |
| Buildings | 42.50M | 34.43M | 32.12M | 31.02M | 35.72M | 35.19M |
| Machinery | 80.64M | 76.97M | 61.92M | 58.04M | 71.27M | 66.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 289.97M | 277.86M | 234.79M | 326.79M | 174.78M | 93.19M |
| Depreciation & Amortization | 64.14M | 62.21M | 62.90M | 71.00M | 64.91M | 45.77M |
| Other Amortization | 8.52M | 11.25M | 9.05M | 8.16M | 13.92M | 12.97M |
| Stock-Based Compensation | 97.18M | 86.98M | 86.80M | 86.55M | 59.42M | 144.09M |
| Other Operating Activities | 47.44M | 40.84M | 19.22M | -173.25M | -23.62M | -24.11M |
| Change in Accounts Receivable | -73.74M | -18.58M | -32.06M | -5.18M | -60.94M | -35.52M |
| Change in Accounts Payable | 5.71M | -18.44M | -16.64M | -9.17M | 29.18M | 47.96M |
| Change in Unearned Revenue | 19.39M | 19.01M | -1.79M | 19.93M | 2.29M | 5.34M |
| Change in Income Taxes | -20.21M | -10.39M | -12.55M | 9.85M | 320.00K | -15.93M |
| Change in Other Net Operating Assets | 93.03M | 87.73M | 85.59M | 82.01M | 14.05M | 14.26M |
| Operating Cash Flow | 522.88M | 538.46M | 435.29M | 416.70M | 274.32M | 288.02M |
| Capital Expenditures | -24.39M | -18.25M | -14.05M | -25.00M | -18.55M | -17.54M |
| Sale of Property, Plant & Equipment | 2.38M | |||||
| Cash Acquisitions | -93.25M | -93.25M | -130.41M | -26.02M | -743.01M | -1.03B |
| Investment in Securities | -981.00K | -981.00K | -1.44M | -9.48M | -10.95M | -4.08M |
| Other Investing Activities | 179.00K | 179.00K | 2.62M | |||
| Investing Cash Flow | -118.44M | -112.31M | -143.27M | -60.50M | -770.13M | -1.06B |
| Long-Term Debt Issued | 289.57M | 517.64M | 588.15M | 833.29M | 2.18B | |
| Total Debt Issued | 1.67B | 289.57M | 517.64M | 588.15M | 833.29M | 2.18B |
| Long-Term Debt Repaid | -434.68M | -664.36M | -846.72M | -492.69M | -991.31M | |
| Total Debt Repaid | -1.70B | -434.68M | -664.36M | -846.72M | -492.69M | -991.31M |
| Net Debt Issued (Repaid) | -31.92M | -145.11M | -146.71M | -258.57M | 340.60M | 1.19B |
| Issuance of Common Stock | 11.72M | 11.53M | 15.23M | 21.70M | 18.67M | 9.45M |
| Repurchase of Common Stock | -237.18M | -157.24M | -76.86M | -58.94M | -71.81M | -120.54M |
| Common Dividends Paid | -84.91M | -84.96M | -72.11M | -58.76M | -34.49M | -33.40M |
| Other Financing Activities | -1.43M | -513.00K | -9.39M | -4.51M | -9.93M | -59.82M |
| Financing Cash Flow | -343.73M | -376.30M | -289.85M | -359.07M | 243.03M | 982.58M |
| Foreign Exchange Rate Adjustments | -3.38M | 9.41M | -6.58M | -390.00K | -4.88M | -6.67M |
| Net Cash Flow | 57.34M | 59.27M | -4.40M | -3.27M | -257.65M | 207.33M |
| Free Cash Flow | 498.50M | 520.21M | 421.25M | 391.69M | 255.78M | 270.49M |
| Free Cash Flow Margin | 31.12% | 34.64% | 31.13% | 31.89% | 23.27% | 28.03% |
| Free Cash Flow Per Share | 1.53 | 1.56 | 1.26 | 1.18 | 0.77 | 0.86 |
| Levered Free Cash Flow | 397.98M | 462.75M | 363.20M | 397.76M | 247.69M | 274.08M |
| Unlevered Free Cash Flow | 404.26M | 466.53M | 365.52M | 414.53M | 244.17M | 270.02M |
| Cash Interest Paid | 19.84M | 7.85M | 17.20M | 37.39M | 26.58M | 4.63M |
| Cash Income Tax Paid | 57.58M | 59.09M | 57.53M | 42.43M | 25.89M | 30.83M |
| Change in Working Capital | 24.18M | 59.32M | 22.54M | 97.45M | -15.09M | 16.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.30B | 12.00B | 14.71B | 16.38B | 11.45B | 14.88B |
| Enterprise Value | 14.42B | 13.12B | 16.10B | 17.94B | 13.21B | 16.08B |
| Last Close Price | 40.90 | 37.94 | 46.14 | 51.31 | 36.19 | 47.17 |
| PE Ratio | 47.45 | 43.18 | 62.66 | 50.11 | 65.54 | 159.65 |
| Forward PE | 29.49 | 29.92 | 41.78 | 57.53 | 44.43 | 65.06 |
| PS Ratio | 8.37 | 7.99 | 10.87 | 13.33 | 10.42 | 15.42 |
| PB Ratio | 10.55 | 10.09 | 14.13 | 18.52 | 19.98 | 36.36 |
| P/FCF Ratio | 26.90 | 23.07 | 34.92 | 41.81 | 44.78 | 55.01 |
| P/OCF Ratio | 25.65 | 22.28 | 33.80 | 39.30 | 41.76 | 51.66 |
| PEG Ratio | 2.12 | 2.38 | 3.11 | 9.00 | 5.04 | 6.29 |
| EV/Sales Ratio | 9.07 | 8.73 | 11.90 | 14.61 | 12.02 | 16.66 |
| EV/EBITDA Ratio | 31.07 | 29.38 | 41.44 | 51.92 | 46.65 | 62.83 |
| EV/EBIT Ratio | 36.01 | 34.13 | 49.44 | 65.35 | 60.52 | 76.52 |
| EV/FCF Ratio | 29.15 | 25.21 | 38.22 | 45.81 | 51.64 | 59.44 |
| Debt / Equity Ratio | 1.05 | 1.08 | 1.37 | 1.78 | 3.18 | 3.64 |
| Debt / EBITDA Ratio | 2.60 | 2.76 | 3.47 | 4.24 | 5.91 | 5.33 |
| Debt / FCF Ratio | 2.54 | 2.47 | 3.39 | 4.01 | 7.13 | 5.50 |
| Net Debt / Equity Ratio | 0.93 | 0.98 | 1.31 | 1.70 | 3.05 | 2.83 |
| Net Debt / EBITDA Ratio | 2.40 | 2.60 | 3.51 | 4.35 | 6.18 | 4.53 |
| Net Debt / FCF Ratio | 2.25 | 2.23 | 3.23 | 3.83 | 6.85 | 4.29 |
| Asset Turnover | 0.46 | 0.43 | 0.40 | 0.38 | 0.38 | 0.51 |
| Quick Ratio | 0.51 | 0.48 | 0.47 | 0.48 | 0.57 | 0.95 |
| Current Ratio | 0.59 | 0.56 | 0.54 | 0.55 | 0.66 | 1.04 |
| Return on Equity (ROE) | 24.52% | 24.91% | 24.36% | 44.84% | 35.57% | 24.82% |
| Return on Assets (ROA) | 7.20% | 6.91% | 6.06% | 5.29% | 4.68% | 6.94% |
| Return on Invested Capital (ROIC) | 13.60% | 12.80% | 10.87% | 11.66% | 9.99% | 20.17% |
| Return on Capital Employed (ROCE) | 15.60% | 14.80% | 12.60% | 10.70% | 8.60% | 10.20% |
| Earnings Yield | 2.11% | 2.32% | 1.60% | 2.00% | 1.53% | 0.63% |
| FCF Yield | 3.72% | 4.34% | 2.86% | 2.39% | 2.23% | 1.82% |
| Dividend Yield | 0.65% | 0.73% | 0.51% | 0.38% | 0.33% | 0.25% |
| Payout Ratio | 30.98% | 30.58% | 30.71% | 17.98% | 19.73% | 35.84% |
| Buyback Yield / Dilution | 2.02% | 0.21% | -0.38% | -0.22% | -5.45% | -5.09% |
| Total Shareholder Return | 2.67% | 0.94% | 0.13% | 0.16% | -5.13% | -4.84% |