Sunday 11 October 2026
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Bentley Systems, Incorporated
BSY Technology Software Application
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.
34.97
0.15
+0.43%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | |
|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
9 | 6 | 6 | 6 | 4 | 5 | — | — | — |
P/E ratio |
43.38 | 63.11 | 47.01 | 65.59 | 155.90 | 94.19 | 74.18 | 74.18 | — |
Altman Z-Score |
3.65 | 4.27 | 4.42 | 2.97 | 4.20 | 9.53 | — | — | — |
P/S ratio |
8.00 | 10.87 | 12.55 | 10.33 | 15.31 | 14.65 | 12.50 | 12.50 | — |
P/FCF ratio |
23.09 | 34.91 | 39.36 | 44.00 | 54.62 | 48.54 | 34.28 | 34.28 | — |
Altman Z″-Score (non-manufacturers) |
0.40 | 0.27 | 0.02 | (0.15) | (0.05) | (0.47) | 1.06 | (0.77) | — |
Beneish M-Score |
(2.74) | (2.70) | (2.53) | (2.41) | (2.64) | (3.04) | (2.67) | — | — |
P/Operating CF |
84.84 | 180.14 | 177.11 | 314.40 | 183.30 | 142.65 | 151.17 | 151.17 | — |
Dividend Safety Score |
68 | — | — | — | — | — | — | — | — |
P/B ratio |
10.10 | 14.12 | 17.44 | 19.81 | 36.11 | 34.37 | 25.29 | 25.29 | — |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.29 | 25.29 | — |
EV/Sales |
8.75 | 11.85 | 13.74 | 11.89 | 16.46 | 14.83 | 12.68 | 12.68 | — |
EV/EBITDA |
30.15 | 42.87 | 54.50 | 45.46 | 103.57 | 63.46 | 48.84 | 48.84 | — |
EV/Operating CF |
24.42 | 36.85 | 40.50 | 47.63 | 55.14 | 46.00 | 31.73 | 31.73 | — |
EV/FCF |
25.27 | 38.08 | 43.09 | 50.62 | 58.72 | 49.13 | 34.75 | 34.75 | — |
Quick Ratio |
0.49 | 0.46 | 0.48 | 0.57 | 0.95 | 0.67 | 0.83 | 0.61 | — |
Current Ratio |
0.56 | 0.54 | 0.55 | 0.66 | 1.04 | 0.73 | 0.90 | 0.65 | — |
Net Debt/EBITDA |
2.58 | 3.54 | 4.71 | 5.95 | 7.22 | 0.75 | 0.65 | 1.17 | — |
Debt/Assets |
35.13% | 40.83% | 46.04% | 56.26% | 54.00% | 23.36% | 23.50% | 28.02% | 0.00% |
Debt/Equity |
1.05 | 1.33 | 1.73 | 3.11 | 3.51 | 0.77 | 0.70 | 1.76 | — |
Asset Turnover |
0.43 | 0.40 | 0.38 | 0.38 | 0.51 | 0.76 | 0.77 | 1.50 | — |
Operating CF/Net income |
1.94 | 1.85 | 1.28 | 1.57 | 3.09 | 2.05 | 1.66 | 1.14 | — |
Capex/Depreciation |
(0.25) | (0.20) | (0.32) | (0.21) | (0.30) | (0.44) | (0.51) | (0.66) | — |
Interest Coverage |
29.16 | 13.71 | 5.79 | 6.02 | 8.43 | 22.15 | 17.30 | 13.85 | — |
| 24.91% | 24.39% | 44.84% | 35.56% | 24.82% | 37.35% | 42.77% | 58.97% | — | |
| 7.99% | 6.99% | 10.08% | 6.00% | 4.92% | 11.91% | 10.75% | 30.77% | — | |
ROIC |
9.79% | 7.98% | 6.15% | 5.71% | 3.90% | 19.45% | 19.82% | 23.34% | — |
Return on Tangible Assets |
(72.14%) | (69.37%) | (108.67%) | (96.96%) | 173.27% | (130.35%) | (1,117.73%) | (115.42%) | — |
Average Days of Receivables |
83.29 | 84.83 | 87.22 | 95.34 | 88.98 | 86.53 | 101.33 | 97.39 | — |
Research and Development Expense of Revenue |
20.48% | 20.79% | 22.36% | 23.46% | 22.89% | 23.14% | 24.92% | 25.30% | — |
Selling, General and Administrative Expense of Revenue |
33.75% | 34.41% | 32.98% | 33.69% | 32.37% | 32.07% | 34.27% | 36.14% | — |
Intangible Assets out of Total Assets |
0.75 | 0.76 | 0.76 | 0.80 | 0.69 | 0.56 | 0.53 | 0.54 | 0.00 |
Share Based Compensation of Revenue |
5.79% | 6.41% | 7.05% | 5.41% | 14.93% | 4.03% | 1.10% | 1.76% | — |
Graham Net Nets |
(0.15) | (0.13) | (0.13) | (0.19) | (0.11) | (0.04) | 0.03 | 0.03 | — |
Graham Number |
8.65 | 7.42 | 8.18 | 4.83 | 3.06 | 3.38 | 0.00 | 0.00 | — |
Earnings Yield |
2.31% | 1.58% | 2.13% | 1.52% | 0.64% | 1.06% | 1.35% | 1.35% | — |
Free Cash Flow Yield |
4.33% | 2.86% | 2.54% | 2.27% | 1.83% | 2.06% | 2.92% | 2.92% | — |
Revenue per Share |
4.77 | 4.30 | 3.93 | 3.55 | 3.16 | 2.77 | 2.59 | 2.42 | — |
Operating CF per Share |
1.71 | 1.38 | 1.33 | 0.89 | 0.94 | 0.89 | 0.60 | 0.56 | — |
Capex per Share |
(0.06) | (0.04) | (0.08) | (0.05) | (0.06) | (0.06) | (0.06) | (0.07) | — |
Free Cash Flow per Share |
1.65 | 1.34 | 1.25 | 0.83 | 0.88 | 0.83 | 0.54 | 0.50 | — |
Cash per Share |
0.39 | 0.20 | 0.22 | 0.23 | 1.08 | 0.42 | 0.43 | 0.28 | — |
Shareholders Equity per Share |
3.78 | 3.31 | 2.83 | 1.85 | 1.34 | 1.18 | 1.18 | 0.52 | — |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Book value per Share |
3.78 | 3.31 | 2.83 | 1.85 | 1.34 | 1.18 | 1.18 | 0.52 | — |
Free Cash Flow |
520.21 | 421.25 | 391.69 | 258.16 | 270.49 | 241.89 | 154.13 | 141.97 | — |
Working Capital |
(421.18) | (372.26) | (340.81) | (212.46) | 21.96 | (125.30) | (38.85) | (152.52) | — |
Capital Expenditures |
(18.25) | (14.05) | (25.00) | (16.17) | (17.54) | (16.45) | (16.64) | (19.49) | — |
Net Current Asset Value |
(1,826.64) | (1,916.61) | (2,016.31) | (2,175.66) | (1,634.19) | (444.18) | (306.42) | (492.94) | — |
EV/EBIT |
36.26 | 53.08 | 73.21 | 62.64 | 167.90 | 79.14 | 0.00 | 0.00 | — |
Capex to Sales |
0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | — |
Price to Operating Income |
33.12 | 48.67 | 66.88 | 54.45 | 156.20 | 78.20 | 0.00 | 0.00 | — |
| Other line items | |||||||||
Depreciation/Fixed assets |
2.04 | 2.13 | 1.97 | 2.44 | 1.85 | 1.31 | 1.10 | 1.01 | — |
Cash ROIC |
20.31% | 16.90% | 15.79% | 10.64% | 12.44% | 33.29% | 22.36% | 29.13% | — |
Accounts Receivable Turnover |
4.57 | 4.45 | 4.23 | 4.21 | 4.54 | 4.06 | 3.79 | 3.53 | — |
Accounts Payable Turnover |
12.78 | 14.91 | 16.00 | 14.97 | 13.13 | 9.79 | 10.99 | 9.73 | — |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Average Days of Payables |
35.45 | 23.33 | 24.82 | 23.37 | 27.78 | 36.01 | 44.74 | 23.81 | — |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Average Receivables |
328.58 | 304.00 | 290.30 | 261.17 | 212.64 | 197.26 | 194.53 | 196.00 | — |
Average Payables |
21.72 | 17.29 | 16.64 | 15.83 | 16.49 | 17.08 | 13.12 | 13.50 | — |
Average Assets |
3,477.49 | 3,359.83 | 3,242.43 | 2,912.12 | 1,892.64 | 1,060.32 | 959.10 | 461.80 | — |
Average Common Equity |
1,115.31 | 962.55 | 728.72 | 491.34 | 375.41 | 338.11 | 241.03 | 241.00 | — |
Columns are period end dates