Stocks BSY Financial statements
Financial statementsBENTLEY SYSTEMS INC financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data BENTLEY SYSTEMS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 692 | 737 | 802 | 965 | 1,099 | 1,228 | 1,353 | 1,502 |
| Cost of revenue | 131 | 144 | 167 | 217 | 237 | 266 | 258 | 278 |
| Gross profit | 560 | 593 | 634 | 749 | 862 | 962 | 1,095 | 1,224 |
| Research and development | 175 | 184 | 186 | 221 | 258 | 275 | 281 | 308 |
| Selling and marketing | 161 | 155 | 144 | 162 | 196 | 224 | 255 | 290 |
| General and administrative | 89.3 | 97.2 | 113 | 150 | 175 | 181 | 210 | 217 |
| Operating expenses | 439 | 451 | 484 | 654 | 653 | 732 | 793 | 862 |
| Operating income | 121 | 142 | 150 | 94.6 | 209 | 231 | 302 | 363 |
| Interest expense | 9.61 | 9.73 | 7.22 | 11.5 | 35.1 | 35 | 17 | 7.58 |
| Interest income | 0.84 | 1.53 | 0.44 | 0.31 | 0.42 | 1.54 | 2.73 | 2.89 |
| Other non-operating income | 0.24 | -5.56 | 24.3 | 9.96 | 24.3 | -7.22 | 12.9 | 0.55 |
| Pre-tax income | 113 | 128 | 168 | 93.3 | 198 | 184 | 293 | 351 |
| Income tax | -29.3 | 23.7 | 38.6 | -3.45 | 21.3 | -143 | 58.7 | 73 |
| Net income to minority interests | 0 | 0 | -0.35 | -0.07 | ||||
| Net income | 142 | 103 | 127 | 93.2 | 175 | 327 | 235 | 278 |
| EBITDA | 151 | 174 | 186 | 147 | 280 | |||
| EPS, basic | 0.50 | 0.36 | 0.44 | 0.30 | 0.57 | 1.05 | 0.75 | 0.88 |
| EPS, diluted | 0.49 | 0.35 | 0.42 | 0.30 | 0.55 | 1.00 | 0.72 | 0.85 |
| Shares, basic (weighted) | 286 | 285 | 290 | 306 | 309 | 312 | 315 | 315 |
| Shares, diluted (weighted) | 293 | 294 | 299 | 315 | 332 | 333 | 334 | 333 |
| Dividend per share | 0.08 | 0.10 | 1.62 | 0.12 | 0.12 | 0.20 | 0.24 | 0.28 |
Balance sheet
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 81.2 | 121 | 122 | 329 | 71.7 | 68.4 | 64 | 123 |
| Other current assets | 50.5 | 53.3 | ||||||
| Total current assets | 354 | 340 | 616 | 416 | 420 | 442 | 539 | |
| Property, plant and equipment | 29.6 | 28.4 | 31.8 | 32.3 | 40.1 | 33.8 | 36 | |
| Lease right-of-use assets | 0 | 46.1 | 50.8 | 40.2 | 38.5 | 32.3 | 31.1 | |
| Goodwill | 446 | 480 | 581 | 1,588 | 2,237 | 2,269 | 2,367 | 2,482 |
| Intangible assets | 46.3 | 45.6 | 246 | 292 | 249 | 214 | 193 | |
| Other non-current assets | 32.2 | 39.5 | 48.6 | 72.2 | 67.3 | 86.4 | 75.5 | |
| Total assets | 995 | 1,126 | 2,659 | 3,165 | 3,320 | 3,400 | 3,555 | |
| Accounts payable | 17.7 | 16.5 | 16.5 | 15.2 | 18.1 | 16.5 | 27 | |
| Accrued liabilities | 168 | 227 | 324 | 362 | 457 | 170 | 173 | |
| Deferred revenue | 205 | 202 | 225 | 227 | 254 | 246 | 278 | |
| Short-term debt | 0 | 5 | 5 | 10 | 0 | 0 | ||
| Total current liabilities | 392 | 466 | 594 | 628 | 760 | 814 | 960 | |
| Long-term debt | 234 | 246 | 1,431 | 1,776 | 1,518 | 1,388 | 1,249 | |
| Lease liabilities | 0 | 31.8 | 35.3 | 27.7 | 30.6 | 26.9 | 22.2 | |
| Other non-current liabilities | 9.26 | 12.9 | 14.3 | 7.36 | 5.38 | 3.82 | 4.79 | |
| Total liabilities | 660 | 784 | 2,250 | 2,592 | 2,436 | 2,359 | 2,366 | |
| Total debt | 234 | 246 | 1,436 | 1,781 | 1,528 | 1,388 | 1,249 | |
| Paid-in capital | 409 | 741 | 938 | 1,030 | 1,127 | 1,218 | 1,301 | |
| Retained earnings | -52.7 | -376 | -440 | -371 | -162 | -75.9 | -40.3 | |
| Other comprehensive income | -23.9 | -26.2 | -91.8 | -89.7 | -85 | -104 | -74.6 | |
| Shareholders' equity | 147 | 335 | 342 | 409 | 883 | 1,041 | 1,189 | |
| Minority interests | 0 | 0.7 | 0.7 | 0.13 | 0.08 | |||
| Total equity | 147 | 335 | 342 | 409 | 573 | 884 | 1,041 | 1,189 |
| Total liabilities and equity | 995 | 1,126 | 2,659 | 3,165 | 3,320 | 3,400 | 3,555 |
Cash flow statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 142 | 103 | 127 | 93.2 | 175 | 327 | 234 | 278 |
| Depreciation and amortization | 29.2 | 32.2 | 36.1 | 52.8 | 71.5 | |||
| Stock-based compensation | 7.88 | 8.09 | 32.1 | 49 | 75.2 | 73 | 74.4 | 72.6 |
| Deferred income tax | -60.1 | 0.73 | 16.2 | -19.7 | -5.13 | -199 | 12.6 | 24.3 |
| Change in receivables | -41.8 | -21.2 | 12.4 | -35.5 | -60.9 | -5.18 | -32.1 | -18.6 |
| Change in payables | 37.2 | 41.9 | 51.2 | 48 | 29.2 | -9.17 | -16.6 | -18.4 |
| Cash from operations | 161 | 171 | 258 | 288 | 274 | 417 | 435 | 538 |
| Capital expenditures | -18.6 | -16.6 | -16.4 | -17.5 | -18.5 | -25 | -14 | -18.3 |
| Acquisitions | -135 | -34.1 | -93 | -1,035 | -743 | -26 | -130 | -93.3 |
| Purchases of investments | -4.08 | -11 | -11.6 | -1.44 | -0.98 | |||
| Sales and maturities of investments | 0 | 0 | 2.12 | 0 | 0 | |||
| Cash from investing | -155 | -53.7 | -117 | -1,057 | -770 | -60.5 | -143 | -112 |
| Stock issued | 4.51 | 58.3 | 0 | 0 | ||||
| Share buybacks | -46.5 | -24.2 | 0 | 0 | -28.3 | 0 | -64.4 | -125 |
| Dividends paid | -20.1 | -25 | -423 | -33.4 | -34.5 | -58.8 | -72.1 | -85 |
| Cash from financing | -58.8 | -77 | -137 | 983 | 243 | -359 | -290 | -376 |
| Exchange rate effect | -1.19 | -0.11 | -3.59 | -6.67 | -4.88 | -0.39 | -6.58 | 9.41 |
| Net change in cash | -53.3 | 39.9 | 0.91 | 207 | -258 | -3.27 | -4.4 | 59.3 |
| Free cash flow | 143 | 154 | 242 | 270 | 256 | 392 | 421 | 520 |
| Interest paid | 8.86 | 9.22 | 8.01 | 4.63 | 26.6 | 37.4 | 17.2 | 7.85 |
| Income taxes paid | 25.8 | 27.9 | 29 | 40.2 | 29.5 | 43.6 | 59.7 | 51.6 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 81.8% | Gross profit / revenue. |
| Operating margin | 23.6% | Operating income / revenue. |
| Pre-tax margin | 23.3% | Pre-tax income / revenue. |
| Net margin | 18.1% | Net income / revenue. |
| FCF margin | 31.1% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 32.6% | Cash from operations / revenue. |
| Effective tax rate | 22.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 24.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 8.1% | Net income / average total assets. |
| Return on invested capital (ROIC) | 12.9% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 20.3% | Research and development expense / revenue. |
| Stock-based pay / revenue | 4.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.5% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 11.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 11.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 13.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 11.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 12.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 14.1% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 20.0% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 20.2% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 19.3% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 18.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 16.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 17.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 18.1% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 15.6% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 15.1% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 23.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 25.2% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 15.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 23.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 26.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 16.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 16.7% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 32.6% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | -29.6% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 14.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 5y | 28.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 4.6% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 4.0% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 25.9% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.2% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 0.1% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 2.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.59x | Current assets / current liabilities. |
| Quick ratio | 0.15x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.15x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.01x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 34.0% | Total debt / total assets. |
| Liabilities / assets | 66.5% | Total liabilities / total assets. |
| Net debt | $1.07B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Interest coverage | 19.7x | Operating income / interest expense. |
| Working capital | -$400.2M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 73.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.44B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.45x | Revenue / average total assets. |
| Fixed asset turnover | 37.8x | Revenue / average property, plant and equipment. |
| Days payables | 29 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 171.9% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.7% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.91 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $5.02 | Revenue / diluted weighted shares. |
| FCF per share | $1.56 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.64 | Cash from operations / diluted weighted shares. |
| Book value per share | $3.77 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$4.50 | Tangible book value / shares outstanding. |
| Cash per share | $0.46 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 29.3% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 17.0% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 40.1% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $9.50B | Share price x shares outstanding. |
| Enterprise value | $10.57B | Market cap + total debt - cash - short-term investments. |
| P/E | 32.8x | Market cap / net income. Only when net income is positive. |
| P/S | 5.93x | Market cap / revenue. |
| P/B | 7.90x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 19.1x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 18.2x | Market cap / cash from operations, when positive. |
| EV/Sales | 6.60x | Enterprise value / revenue. |
| EV/EBIT | 28.0x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 21.2x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.2% | Free cash flow / market cap. |
| Earnings yield | 3.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 3.0% | (Dividends paid + share buybacks) / market cap. |
| PEG | 2.10x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was BENTLEY SYSTEMS INC's revenue in fiscal 2025?
BENTLEY SYSTEMS INC reported revenue of $1.50B for fiscal 2025, 11% higher than the year before.
Was BENTLEY SYSTEMS INC profitable in fiscal 2025?
Yes. Net income was $277.9M, a net margin of 18.5%.
How much free cash flow did BENTLEY SYSTEMS INC generate in fiscal 2025?
Cash from operations of $538.5M minus capital expenditures of $18.3M left free cash flow of $520.2M.