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BENTLEY SYSTEMS INC

BSY Clue Score66
United States Fiscal year ends December CIK 0001031308
$34.97 +0.43% Close, 9 Oct 2026
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Price $34.97 −38.13% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 23 Sep 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue691.7Operating income121.4Net income142.1EPS, diluted0.49Fiscal year 2019Revenue736.7 +6.5%Operating income141.9Net income103.1 −27.5%EPS, diluted0.35 −28.6%Fiscal year 2020Revenue801.5 +8.8%Operating income150.2Net income126.5 +22.7%EPS, diluted0.42 +20.0%Fiscal year 2021Revenue965.0 +20.4%Operating income94.6Net income93.2 −26.3%EPS, diluted0.30 −28.6%Fiscal year 2022Revenue1,099.1 +13.9%Operating income208.6Net income174.8 +87.5%EPS, diluted0.55 +83.3%Fiscal year 2023Revenue1,228.4 +11.8%Operating income230.5Net income326.8 +87.0%EPS, diluted1.00 +81.8%Fiscal year 2024Revenue1,353.1 +10.1%Operating income302.2Net income234.8 −28.2%EPS, diluted0.72 −28.0%Fiscal year 2025Revenue1,501.8 +11.0%Operating income362.6Net income277.9 +18.3%EPS, diluted0.85 +18.1%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 691.7 736.7 801.5 965.0 1,099.1 1,228.4 1,353.1 1,501.8
Growth +6.5% +8.8% +20.4% +13.9% +11.8% +10.1% +11.0%
Operating income 121.4 141.9 150.2 94.6 208.6 230.5 302.2 362.6
Net income 142.1 103.1 126.5 93.2 174.8 326.8 234.8 277.9
Growth −27.5% +22.7% −26.3% +87.5% +87.0% −28.2% +18.3%
EPS, diluted 0.49 0.35 0.42 0.30 0.55 1.00 0.72 0.85
Growth −28.6% +20.0% −28.6% +83.3% +81.8% −28.0% +18.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin81.0%Operating margin17.5%Net margin20.5%Free cash flow margin20.7%Fiscal year 2019Gross margin80.4%Operating margin19.3%Net margin14.0%Free cash flow margin20.9%Fiscal year 2020Gross margin79.1%Operating margin18.7%Net margin15.8%Free cash flow margin30.2%Fiscal year 2021Gross margin77.6%Operating margin9.8%Net margin9.7%Free cash flow margin28.0%Fiscal year 2022Gross margin78.4%Operating margin19.0%Net margin15.9%Free cash flow margin23.3%Fiscal year 2023Gross margin78.3%Operating margin18.8%Net margin26.6%Free cash flow margin31.9%Fiscal year 2024Gross margin80.9%Operating margin22.3%Net margin17.4%Free cash flow margin31.1%Fiscal year 2025Gross margin81.5%Operating margin24.1%Net margin18.5%Free cash flow margin34.6%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 81.0% 80.4% 79.1% 77.6% 78.4% 78.3% 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%
Free cash flow margin 20.7% 20.9% 30.2% 28.0% 23.3% 31.9% 31.1% 34.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow161.5Capital expenditure−18.6Free cash flow142.8Buybacks−46.5Dividends paid−20.1Fiscal year 2019Operating cash flow170.8Capital expenditure−16.6Free cash flow154.1 +7.9%Buybacks−24.2Dividends paid−25.0Fiscal year 2020Operating cash flow258.3Capital expenditure−16.4Free cash flow241.9 +56.9%Buybacks0.0Dividends paid−422.6Fiscal year 2021Operating cash flow288.0Capital expenditure−17.5Free cash flow270.5 +11.8%Buybacks0.0Dividends paid−33.4Fiscal year 2022Operating cash flow274.3Capital expenditure−18.5Free cash flow255.8 −5.4%Buybacks−28.3Dividends paid−34.5Fiscal year 2023Operating cash flow416.7Capital expenditure−25.0Free cash flow391.7 +53.1%Buybacks0.0Dividends paid−58.8Fiscal year 2024Operating cash flow435.3Capital expenditure−14.0Free cash flow421.2 +7.5%Buybacks−64.4Dividends paid−72.1Fiscal year 2025Operating cash flow538.5Capital expenditure−18.3Free cash flow520.2 +23.5%Buybacks−125.1Dividends paid−85.0
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 161.5 170.8 258.3 288.0 274.3 416.7 435.3 538.5
Capital expenditure −18.6 −16.6 −16.4 −17.5 −18.5 −25.0 −14.0 −18.3
Free cash flow 142.8 154.1 241.9 270.5 255.8 391.7 421.2 520.2
Growth +7.9% +56.9% +11.8% −5.4% +53.1% +7.5% +23.5%
Buybacks −46.5 −24.2 0.0 0.0 −28.3 0.0 −64.4 −125.1
Dividends paid −20.1 −25.0 −422.6 −33.4 −34.5 −58.8 −72.1 −85.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash81.2Shareholders’ equity147.4Fiscal year 2019Cash121.1Total debt233.8Net cash (debt)−112.6Shareholders’ equity334.6Debt to equity0.70Fiscal year 2020Cash122.0Total debt246.0Net cash (debt)−124.0Shareholders’ equity341.6Debt to equity0.72Fiscal year 2021Cash329.3Total debt1,436.0Net cash (debt)−1,106.7Shareholders’ equity409.2Debt to equity3.51Fiscal year 2022Cash71.7Total debt1,780.7Net cash (debt)−1,709.0Shareholders’ equity573.5Debt to equity3.11Fiscal year 2023Cash68.4Total debt1,528.4Net cash (debt)−1,460.0Shareholders’ equity883.3Debt to equity1.73Fiscal year 2024Cash64.0Total debt1,388.1Net cash (debt)−1,324.1Shareholders’ equity1,041.0Debt to equity1.33Fiscal year 2025Cash123.3Total debt1,248.9Net cash (debt)−1,125.6Shareholders’ equity1,189.4Debt to equity1.05
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 81.2 121.1 122.0 329.3 71.7 68.4 64.0 123.3
Total debt n/a 233.8 246.0 1,436.0 1,780.7 1,528.4 1,388.1 1,248.9
Net cash (debt) n/a −112.6 −124.0 −1,106.7 −1,709.0 −1,460.0 −1,324.1 −1,125.6
Shareholders’ equity 147.4 334.6 341.6 409.2 573.5 883.3 1,041.0 1,189.4
Debt to equity n/a 0.70 0.72 3.51 3.11 1.73 1.33 1.05

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
81.0% 80.4% 79.1% 77.6% 78.4% 78.3% 80.9% 81.5%
17.5% 19.3% 18.7% 9.8% 19.0% 18.8% 22.3% 24.1%
16.3% 17.4% 20.9% 9.7% 18.0% 14.9% 21.7% 23.4%
20.5% 14.0% 15.8% 9.7% 15.9% 26.6% 17.4% 18.5%
20.7% 20.9% 30.2% 28.0% 23.3% 31.9% 31.1% 34.6%
Spending
25.3% 24.9% 23.1% 22.9% 23.5% 22.4% 20.8% 20.5%
12.9% 13.2% 14.1% 15.6% 15.9% 14.7% 15.5% 14.5%
2.7% 2.3% 2.1% 1.8% 1.7% 2.0% 1.0% 1.2%
−25.9% 18.5% 23.0% −3.7% 10.7% −78.0% 20.0% 20.8%
Returns
96.4% 30.8% 37.0% 22.8% 30.5% 37.0% 22.6% 23.4%
n/a 10.4% 11.2% 3.5% 5.5% 9.8% 6.9% 7.8%
Balance and payout
n/a 0.70 0.72 3.51 3.11 1.73 1.33 1.05
n/a 66.4% 69.7% 84.6% 81.9% 73.4% 69.4% 66.5%
14.1% 24.2% 334.1% 35.8% 19.7% 18.0% 30.7% 30.6%
46.6% 31.9% 174.7% 12.3% 24.5% 15.0% 32.4% 40.4%