Detailed financial statements for Bentley Systems, Incorporated (BSY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bentley Systems, Inc., along with its affiliated companies, delivers specialized software solutions for infrastructure engineering across a global footprint, encompassing the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions.
Analysis Summary
Bentley Systems, Incorporated reported revenue of $1.50B in the most recent fiscal year, growing at a 5-year CAGR of 13.4%. Net income reached $277.9M, with a 17.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 81.8%, operating margin 23.6%, net margin 18.1%. Free cash flow grew at 16.5% CAGR over 5 years.
At $42.40 (closing price, November 2, 2026), BSY trades at a P/E of 47.11 and an ROE of 24.10%. Market capitalisation stands at $12.3B, placing it among large-cap names.
Balance sheet quality for BSY: debt-to-equity ratio of 1.05, current ratio of 0.59 over the last 12 months, net debt of $1.16B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $520.2M represents 187% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $691.7M | $736.7M | $801.5M | $965.0M | $1.10B | $1.23B | $1.35B | $1.50B |
| Cost of Revenue | $131.3M | $144.2M | $167.2M | $216.5M | $237.0M | $318.2M | $257.8M | $277.5M |
| Gross Profit | $560.4M | $592.5M | $634.4M | $748.5M | $862.1M | $910.2M | $1.10B | $1.22B |
| Research & Development | $175.0M | $183.6M | $185.5M | $220.9M | $257.9M | $274.6M | $281.2M | $307.6M |
| Selling, General & Admin | $250.0M | $252.9M | $257.2M | $407.4M | $354.5M | $418.7M | $477.9M | $506.9M |
| Operating Expenses | $439.0M | $450.6M | $484.2M | $653.9M | $653.5M | $679.7M | $793.2M | $861.6M |
| Operating Income | $121.4M | $141.9M | $150.2M | $94.6M | $208.6M | $230.5M | $302.1M | $362.6M |
| EBITDA | $151.7M | $170.0M | $211.0M | $160.2M | $304.9M | $296.7M | $382.4M | $429.0M |
| Interest Expense | $9.6M | $9.7M | $7.9M | $11.5M | $35.1M | $41.3M | $24.8M | $15.3M |
| Pre-tax Income | $112.9M | $126.8M | $165.1M | $93.3M | $196.1M | $183.5M | $293.2M | $350.7M |
| Income Tax | -$29.2M | $23.7M | $38.6M | -$3.4M | $21.3M | -$143.2M | $58.7M | $73.0M |
| Net Income | $142.1M | $103.1M | $126.5M | $93.2M | $174.8M | $326.8M | $234.8M | $277.9M |
| EPS | $0.54 | $0.39 | $0.44 | $0.30 | $0.57 | $1.07 | $0.75 | $0.88 |
| EPS (Diluted) | $0.54 | $0.39 | $0.42 | $0.30 | $0.53 | $1.00 | $0.72 | $0.85 |
| Shares Outstanding (Diluted) | 261.2 M | 261.2 M | 299.4 M | 314.6 M | 331.8 M | 332.5 M | 333.8 M | 333.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $375.5M | $391.6M | $424.2M | $410.7M |
| Gross Profit | $303.4M | $320.7M | $350.4M | $336.7M |
| Operating Income | $84.5M | $78.5M | $126.3M | $88.6M |
| EBITDA | $104.0M | $113.2M | $142.3M | $120.2M |
| Net Income | $57.4M | $58.6M | $95.4M | $78.6M |
| EPS | $0.18 | $0.18 | $0.31 | $0.25 |
| EPS (Diluted) | $0.17 | $0.18 | $0.30 | $0.25 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $81.2M | $121.1M | $122.0M | $329.3M | $71.7M | $68.4M | $64.0M | $123.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $184.6M | $204.5M | $190.0M | $235.3M | $287.1M | $293.5M | $314.5M | $342.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $283.2M | $353.6M | $340.3M | $615.8M | $415.9M | $419.6M | $442.1M | $539.0M |
| Property, Plant & Equipment | $29.4M | $29.6M | $74.5M | $82.6M | $72.5M | $78.6M | $66.1M | $67.2M |
| Goodwill | $446.3M | $480.1M | $581.2M | $1.59B | $2.24B | $2.27B | $2.37B | $2.48B |
| Intangible Assets | $54.0M | $46.3M | $45.6M | $245.8M | $292.3M | $248.8M | $214.0M | $193.0M |
| Total Assets | $923.6M | $994.6M | $1.13B | $2.66B | $3.17B | $3.32B | $3.40B | $3.56B |
| Accounts Payable | $8.6M | $17.7M | $16.5M | $16.5M | $15.2M | $18.1M | $16.5M | $27.0M |
| Short-term Debt | 0 | 0 | 0 | $5.0M | $5.0M | $10.0M | 0 | 0 |
| Total Current Liabilities | $435.7M | $392.4M | $465.6M | $593.9M | $628.4M | $760.4M | $814.3M | $960.2M |
| Long-term Debt | $258.8M | $233.8M | $246.0M | $1.43B | $1.78B | $1.52B | $1.39B | $1.25B |
| Total Liabilities | $776.2M | $660.0M | $784.4M | $2.25B | $2.59B | $2.44B | $2.36B | $2.37B |
| Retained Earnings | -$218.6M | -$52.7M | -$376.0M | -$439.6M | -$370.9M | -$161.9M | -$75.9M | -$40.3M |
| Total Equity | $147.4M | $334.6M | $341.6M | $409.2M | $572.8M | $883.3M | $1.04B | $1.19B |
| Total Debt | $258.8M | $233.8M | $294.4M | $1.49B | $1.82B | $1.57B | $1.43B | $1.28B |
| Net Debt | $177.6M | $112.6M | $172.4M | $1.16B | $1.75B | $1.50B | $1.36B | $1.16B |
| Working Capital | -$152.5M | -$38.9M | -$125.3M | $22.0M | -$212.5M | -$340.8M | -$372.3M | -$421.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $165.4M | $123.3M | $105.2M | $147.0M |
| Total Assets | $3.46B | $3.56B | $3.52B | $3.58B |
| Total Liabilities | $2.27B | $2.37B | $2.30B | $2.38B |
| Total Equity | $1.20B | $1.19B | $1.23B | $1.20B |
| Total Debt | $1.28B | $1.28B | $1.17B | $1.27B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $142.1M | $103.1M | $126.5M | $93.2M | $174.8M | $326.8M | $234.4M | $277.8M |
| Depreciation & Amortization | $29.2M | $32.2M | $36.1M | $52.8M | $71.5M | $71.9M | $64.6M | $65.9M |
| Stock-based Compensation | $7.9M | $8.1M | $32.1M | $49.0M | $75.2M | $73.0M | $74.4M | $72.6M |
| Change in Working Capital | $35.9M | $14.5M | $70.9M | $111.2M | -$15.1M | $97.5M | $22.5M | $59.3M |
| Operating Cash Flow | $161.5M | $170.8M | $258.3M | $288.0M | $274.3M | $416.7M | $435.3M | $538.5M |
| Capital Expenditure | -$19.5M | -$16.6M | -$16.4M | -$17.5M | -$18.5M | -$25.0M | -$14.0M | -$18.3M |
| Acquisitions | -$135.3M | -$37.1M | -$93.0M | -$1.03B | -$743.0M | -$26.0M | -$130.4M | -$93.3M |
| Stock Repurchased | -$46.5M | -$24.2M | -$84.0M | -$120.5M | -$71.8M | -$58.9M | -$76.9M | -$157.2M |
| Dividends Paid | -$20.1M | -$25.0M | -$422.6M | -$33.4M | -$34.5M | -$58.8M | -$72.1M | -$85.0M |
| Free Cash Flow | $142.0M | $154.1M | $241.9M | $270.5M | $255.8M | $391.7M | $421.2M | $520.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $116.4M | $141.6M | $193.4M | $71.5M |
| Capital Expenditure | -$5.7M | -$5.4M | -$5.6M | -$7.7M |
| Free Cash Flow | $110.7M | $136.2M | $187.9M | $63.8M |
| Dividends Paid | -$21.3M | -$21.2M | -$21.2M | -$21.2M |
| Stock-based Compensation | $18.0M | $17.5M | 0 | $42.9M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.5% | +8.8% | +20.4% | +13.9% | +11.8% | +10.1% | +11.0% | |
| Net Income Growth (YoY) | -27.5% | +22.7% | -26.3% | +87.5% | +87.0% | -28.2% | +18.3% | |
| EPS Growth (YoY) | -27.8% | +12.8% | -31.8% | +90.0% | +87.7% | -29.9% | +17.3% | |
| Shares Change (YoY) | +0.0% | +14.6% | +5.1% | +5.5% | +0.2% | +0.4% | -0.2% | |
| FCF Growth (YoY) | +8.6% | +56.9% | +11.8% | -5.4% | +53.1% | +7.5% | +23.5% | |
| Gross Margin | 81.0% | 80.4% | 79.1% | 77.6% | 78.4% | 74.1% | 80.9% | 81.5% |
| Operating Margin | 17.5% | 19.3% | 18.7% | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% |
| EBITDA Margin | 21.9% | 23.1% | 26.3% | 16.6% | 27.7% | 24.2% | 28.3% | 28.6% |
| Net Margin | 20.5% | 14.0% | 15.8% | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% |
| FCF Margin | 20.5% | 20.9% | 30.2% | 28.0% | 23.3% | 31.9% | 31.1% | 34.6% |
| Effective Tax Rate | -25.9% | 18.7% | 23.4% | -3.7% | 10.9% | -78.0% | 20.0% | 20.8% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.54 | $0.59 | $0.81 | $0.86 | $0.77 | $1.18 | $1.26 | $1.56 |
| Dividends Per Share | $0.08 | $0.10 | $1.41 | $0.11 | $0.10 | $0.18 | $0.22 | $0.26 |
| Shares Outstanding (Basic) | 261.2 M | 261.2 M | 289.9 M | 305.7 M | 309.2 M | 312.4 M | 314.9 M | 314.7 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 24.10% |
| Return on Invested Capital | 11.23% |
| Return on Assets | 8.09% |
| Gross Margin | 81.84% |
| Operating Margin | 23.59% |
| Net Margin | 18.10% |
Financial Health
| Debt / Equity | 1.05 |
| Current Ratio | 0.59 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 3.65 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 62.02 | 85.87 | 92.07 | 161.10 | 64.84 | 48.77 | 62.27 | 43.38 |
| P/B | 59.34 | 26.15 | 34.37 | 36.11 | 19.95 | 18.45 | 14.13 | 10.10 |
| P/S | 12.65 | 11.88 | 14.65 | 15.31 | 10.40 | 13.27 | 10.87 | 8.00 |
| Gross Margin | 81.0% | 80.4% | 79.1% | 77.6% | 78.4% | 74.1% | 80.9% | 81.5% |
| Operating Margin | 17.5% | 19.3% | 18.7% | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% |
| Net Margin | 20.5% | 14.0% | 15.8% | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% |
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Explore sector: Technology · Software - Application
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