Saturday 31 October 2026 Export BSY’s income statement to Excel — free account

Bentley Systems, Incorporated

Bentley Systems, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 11.0% from fiscal 2024. In the quarter to June 2026, revenue grew 12.8%, EPS grew 13.6%, free cash flow grew 11.9% and total debt fell 2.30%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for three.

40.84 1.18 +2.98%

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Market cap: $12.0B
P/E: 43.9×
Fwd P/E: 39.1×
Dividend yield: 0.69%
F-score: 9/9
Altman Z: 3.65
Beneish M: −2.74
Dividend safety: 68/100

Overview Business Profile Financial Analysis

Insider Decisions trades per month

Total sells 6.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	1	—	—	—	—	—	—	1

Insider Ownership 50.46%

Capital & Financial Ratios $m

Market Cap 11,980.00

Revenue 1,602.04

Net Income 289.82

Free Cash Flow 498.50

Net Debt 1,070.20

Current Ratio 0.59

Debt/Equity 1.01

P/E ratio 43.91

Fwd P/E 39.10

P/S ratio 7.95

P/B ratio 10.59

Past 5Y EPS Growth 14.71%

This Y EPS Growth 15.82%

Next Y EPS Growth 12.37%

Next Y revenue growth 12.87%

Next 5Y EPS Growth 14.81%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 20.80%

10-year low 10-year high

P/S against its own 10 years 11.80%

10-year low 10-year high

P/B against its own 10 years 14.15%

10-year low 10-year high

EV/Sales against its own 10 years 11.60%

10-year low 10-year high

EV/FCF against its own 10 years 13.69%

10-year low 10-year high

Dividends

Payout Ratio 0.31

Annual Dividend Rate 0.28

Annual Dividend Yield 0.69%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.28	0.07 0.07 0.07
2025	0.28	0.07 0.07 0.07 0.07
2024	0.24	0.06 0.06 0.06 0.06
2023	0.20	0.05 0.05 0.05 0.05
2022	0.12	0.03 0.03 0.03 0.03
2021	0.12	0.03 0.03 0.03 0.03
2020	0.03	0.03

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	68	64	123	147
Receivables	294	314	343	359
Inventory	—	—	—	—
Other	—	—	—	—
	420	442	539	588

	2023	2024	2025	Q'26
Payables	18	16	27	23
ST’ Debt	10	—	—	7
Other	—	367	463	496
	760	814	960	988

Compound Annual Growth %

	10y	5y	3y
Sales	—	13.38%	10.97%
Cash Flow	—	15.82%	25.21%
Earnings	—	17.08%	16.72%
Book Value	—	28.34%	27.53%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.32 Actual 0.35

0.25 0.29 0.33 0.36 0.40

Q3 FY25 Met 0.00

Q4 FY25 Met 0.00

Q1 FY26 Met 0.00

Q2 FY26 Beat +0.03

Q3 FY26 — Nov 5

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.27	0.27	Met by 0.00
Q4 FY25	0.27	0.27	Met by 0.00
Q1 FY26	0.38	0.38	Met by 0.00
Q2 FY26	0.32	0.35	Beat by 0.03
Q3 FY26	0.34	—	Reports 5 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.30	0.25	—	—	—
’25	0.28	0.22	0.18	0.18	0.83
’24	0.22	0.22	0.13	0.16	0.72
’23	0.14	0.15	0.16	0.54	1.00
’22	0.18	0.17	0.12	0.08	0.55
’21	0.18	0.14	(0.16)	0.12	0.30
’20	0.10	0.13	0.02	0.17	0.42

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	424	411	—	—	—
’25	371	364	376	392	1,502
’24	338	330	335	350	1,353
’23	314	297	307	311	1,228
’22	276	268	268	287	1,099
’21	222	224	251	268	965
’20	195	184	203	220	802

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	193	72	—	—	—
’25	219	61	116	142	538
’24	205	63	86	82	435
’23	176	81	73	87	417
’22	102	67	69	36	274
’21	133	16	58	81	288
’20	73	64	40	82	258

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	188	64	—	—	—
’25	216	57	111	136	520
’24	201	59	84	76	421
’23	172	74	65	81	392
’22	100	65	63	31	258
’21	130	14	52	74	270
’20	68	58	36	79	242

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	—	—	—	—	27.00	38.63	26.32	33.75	43.82	36.51		+6.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	—	—	—	—	41.17	71.92	48.91	55.37	57.19	59.25		+7.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	—	—	—	4,010	4,104	4,626	5,000	5,200	5,500	7,900		+12.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	—	—	0.00	0.18	0.20	0.21	0.22	0.24	0.25	0.19		n/m	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	—	—	692	737	802	965	1,099	1,228	1,353	1,502		+11.7%	1,695	1,874	2,067	+11.2%
	Gross margin, %	—	—	81.01	80.43	79.15	77.56	78.44	78.34	80.95	81.52		+0.5 pt	Powerpack Bentley Systems, Incorporated’s next three years, line by line Analysts expect revenue to grow 11.2% a year to 2028 — in line with the 11.7% of the last 7 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	—	—	113	128	168	93	198	184	293	351		+17.6%
	EBT margin, %	—	—	16.32	17.39	20.91	9.67	18.04	14.94	21.66	23.35		+7.0 pt
	Net income	—	0	142	103	127	93	175	327	234	278		n/m
	Depreciation	—	—	30	33	37	59	79	79	72	73		+13.8%
Per share, $
Per share, $	Revenue	—	—	2.42	2.59	2.77	3.16	3.55	3.93	4.30	4.77		+10.2%
	Earnings	—	—	0.50	0.36	0.44	0.30	0.57	1.05	0.75	0.88		+8.5%
	Cash flow	—	—	0.56	0.60	0.89	0.94	0.89	1.33	1.38	1.71		+17.2%
	Capex	—	—	(0.07)	(0.06)	(0.06)	(0.06)	(0.05)	(0.08)	(0.04)	(0.06)		(2.3%)
	Free cash flow	—	—	0.50	0.54	0.83	0.88	0.83	1.25	1.34	1.65		+18.7%
	Book value	—	—	0.52	1.18	1.18	1.34	1.85	2.83	3.31	3.78		+32.9%
	Shares, m	—	—	286	285	290	306	309	312	315	315		+1.4%
Valuation, ×
Valuation, ×	P/E	—	—	74.18	74.18	94.19	155.90	65.59	47.01	63.11	43.38		77.2
	P/S	—	—	12.50	12.50	14.65	15.31	10.33	12.55	10.87	8.00		12.1
	P/B	—	—	25.29	25.29	34.37	36.11	19.81	17.44	14.12	10.10		22.8
	EV/Sales	—	—	12.68	12.68	14.83	16.46	11.89	13.74	11.85	8.75		12.9
	EV/FCF	—	—	34.75	34.75	49.13	58.72	50.62	43.09	38.08	25.27		41.8
Cash, $m
Cash, $m	Operating cash flow	—	—	161	171	258	288	274	417	435	538		+18.8%
	Capex	—	—	(19)	(17)	(16)	(18)	(16)	(25)	(14)	(18)		(0.9%)
	Free cash flow	—	—	142	154	242	270	258	392	421	520		+20.4%
Balance, $m
Balance, $m	Working capital	—	—	(153)	(39)	(125)	22	(212)	(341)	(372)	(421)		+15.6%
	Total debt	—	—	259	234	263	1,436	1,781	1,528	1,388	1,249		+25.2%
	Net debt	—	—	178	113	141	1,107	1,709	1,460	1,324	1,126		+30.2%
	Shareholders’ equity	—	—	147	335	342	409	573	884	1,041	1,189		+34.8%
Returns, %
Returns, %	ROA	—	—	30.77	10.75	11.91	4.92	6.00	10.08	6.99	7.99		(22.8) pt
	ROIC	—	—	23.34	19.82	19.45	3.90	5.71	6.15	7.98	9.79		(13.5) pt
	ROE	—	—	58.97	42.77	37.35	24.82	35.56	44.84	24.39	24.91		(34.1) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
GWRE Guidewire Software, Inc.	$13.1B	98.0×	86.0×	+15.29% (above 0%: growing)	−38.71% (below 0%: shrinking)	+16.42% (above 0%: growing)	65.60%	15.16%	Compare
FROG JFrog Ltd.	$12.2B	— (loss-making)	— (loss-making)	+28.73% (above 0%: growing)	n/m	+51.58% (above 0%: growing)	77.93%	(8.09%)	Compare
BSY Bentley Systems, Incorporated	$12.0B	43.9×	37.9×	+12.80% (above 0%: growing)	+13.64% (above 0%: growing)	+11.94% (above 0%: growing)	81.99%	21.57%
HUBS HubSpot, Inc.	$12.0B	83.1×	72.8×	+19.83% (above 0%: growing)	n/m	+44.84% (above 0%: growing)	82.35%	4.75%	Compare
FIG Figma, Inc.	$11.9B	— (loss-making)	— (loss-making)	+48.25% (above 0%: growing)	n/m	−16.79% (below 0%: shrinking)	83.66%	(31.69%)	Compare
PAYC Paycom Software, Inc.	$11.5B	27.8×	25.7×	+9.84% (above 0%: growing)	+47.17% (above 0%: growing)	+212.66% (above 0%: growing)	83.23%	31.72%	Compare
GRAB Grab Holdings Limited	$11.3B	19.4×	19.7×	+21.73% (above 0%: growing)	+500.00% (above 0%: growing)	−40.38% (below 0%: shrinking)	43.63%	1.91%	Compare
ESTC Elastic N.V.	$11.0B	27.0×	396×	+15.13% (above 0%: growing)	n/m	+26.14% (above 0%: growing)	74.50%	(4.93%)	Compare
CHYM Chime Financial, Inc.	$10.9B	— (loss-making)	63.6×	+26.81% (above 0%: growing)	n/m	+749.07% (above 0%: growing)	88.82%	3.18%	Compare
Median of peers	$11.7B	27.8×	68.2×	+20.78%	+47.17%	+35.49%	80.14%	2.55%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 10 April 2026

Ownership

Directors and executive officers, together 55.80% of the votes

Keith A. Bentley 18.10% of the votes

Barry J. Bentley 17.40% of the votes

Gregory S. Bentley 10.10% of the votes

Raymond B. Bentley 9.90% of the votes

Corinne Patricia Bentley 5.60% of the votes

Richard P. Bentley 4.60% of the votes

Marie Therese Verdugo Bentley 4.60% of the votes

BlackRock, Inc. 3.10% of the votes

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement