Bentley Systems Inc Financials
This page shows Bentley Systems Inc (BSY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High-margin, low-capex operations turned growth into faster cash generation while the balance sheet gradually became less leveraged.
The striking FY2025 combination is a sub-1 current ratio and only$123M of cash alongside$520M of free cash flow, which suggests day-to-day liquidity depends more on fast cash conversion than on a large cash buffer. Across FY2021-FY2025, leverage eased materially as debt-to-equity fell from 3.5x to 1.1x even while dividends and buybacks expanded, so that cash engine is supporting both shareholder payouts and balance-sheet repair.
Margin expansion looks more like fixed-cost absorption and cost discipline than simple top-line lift: gross margin reached
The asset base is still acquisition-heavy: goodwill was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Bentley Systems Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bentley Systems Inc has an operating margin of 24.1%, meaning the company retains $24 of operating profit per $100 of revenue. This strong profitability earns a score of 72/100, reflecting efficient cost management and pricing power. This is up from 22.3% the prior year.
Bentley Systems Inc's revenue grew 11.0% year-over-year to $1.5B, a solid pace of expansion. This earns a growth score of 51/100.
Bentley Systems Inc carries a low D/E ratio of 1.05, meaning only $1.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
Bentley Systems Inc's current ratio of 0.56 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Bentley Systems Inc converts 34.6% of revenue into free cash flow ($520.2M). This strong cash generation earns a score of 100/100.
Bentley Systems Inc earns a strong 23.4% return on equity (ROE), meaning it generates $23 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 69/100. This is up from 22.6% the prior year.
Bentley Systems Inc scores 3.19, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.2B) relative to total liabilities ($2.4B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Bentley Systems Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Bentley Systems Inc generates $1.94 in operating cash flow ($538.5M OCF vs $277.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Bentley Systems Inc earns $47.8 in operating income for every $1 of interest expense ($362.6M vs $7.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Bentley Systems Inc generated $1.5B in revenue in fiscal year 2025. This represents an increase of 11.0% from the prior year.
Bentley Systems Inc reported $277.9M in net income in fiscal year 2025. This represents an increase of 18.4% from the prior year.
Bentley Systems Inc earned $0.85 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.1% from the prior year.
Cash & Balance Sheet
Bentley Systems Inc generated $520.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 23.5% from the prior year.
Bentley Systems Inc held $123.3M in cash against $1.2B in long-term debt as of fiscal year 2025.
Bentley Systems Inc paid $0.28 per share in dividends in fiscal year 2025. This represents an increase of 16.7% from the prior year.
Margins & Returns
Bentley Systems Inc's gross margin was 81.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Bentley Systems Inc's operating margin was 24.1% in fiscal year 2025, reflecting core business profitability. This is up 1.8 percentage points from the prior year.
Bentley Systems Inc's net profit margin was 18.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.
Bentley Systems Inc's ROE was 23.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.
Capital Allocation
Bentley Systems Inc invested $307.6M in research and development in fiscal year 2025. This represents an increase of 9.4% from the prior year.
Bentley Systems Inc spent $125.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 94.3% from the prior year.
Bentley Systems Inc invested $18.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 30.0% from the prior year.
BSY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $424.2M+8.3% | $391.6M+4.3% | $375.5M+3.1% | $364.1M-1.7% | $370.5M+5.9% | $349.8M+4.4% | $335.2M+1.5% | $330.3M |
| Cost of Revenue | $73.8M+4.1% | $70.9M-1.8% | $72.2M+5.0% | $68.8M+4.7% | $65.7M-3.3% | $67.9M+4.8% | $64.8M+2.6% | $63.2M |
| Gross Profit | $350.4M+9.3% | $320.7M+5.7% | $303.4M+2.7% | $295.3M-3.1% | $304.9M+8.1% | $281.9M+4.3% | $270.3M+1.2% | $267.1M |
| R&D Expenses | $83.0M+2.5% | $81.0M+2.8% | $78.8M+4.5% | $75.4M+4.1% | $72.5M-6.0% | $77.1M+10.0% | $70.1M+6.6% | $65.7M |
| SG&A Expenses | $58.5M-11.9% | $66.4M+23.4% | $53.8M+7.9% | $49.9M+5.6% | $47.2M-18.1% | $57.7M+12.3% | $51.4M-6.4% | $54.9M |
| Operating Income | $126.3M+60.8% | $78.5M-7.1% | $84.5M+0.1% | $84.4M-26.7% | $115.2M+87.6% | $61.4M-10.5% | $68.6M-14.4% | $80.2M |
| Interest Expense | $7.5M+377.1% | $1.6M-3.2% | $1.6M-15.7% | $1.9M-20.9% | $2.4M-42.6% | $4.3M+31.8% | $3.2M-20.8% | $4.1M |
| Income Tax | $23.2M+33.4% | $17.4M-33.9% | $26.3M+195.8% | $8.9M-56.7% | $20.5M+40.1% | $14.6M-11.5% | $16.5M+210.0% | $5.3M |
| Net Income | $95.4M+62.6% | $58.7M+2.3% | $57.4M-18.6% | $70.5M-22.9% | $91.4M+82.3% | $50.1M+18.3% | $42.3M-41.2% | $72.0M |
| EPS (Diluted) | $0.30 | N/A | $0.18-18.2% | $0.22-21.4% | $0.28 | N/A | $0.13-40.9% | $0.22 |
BSY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.5B-0.9% | $3.6B+2.6% | $3.5B+1.2% | $3.4B+0.6% | $3.4B+0.1% | $3.4B+0.1% | $3.4B+4.3% | $3.3B |
| Current Assets | $518.2M-3.9% | $539.0M+2.3% | $526.8M+19.9% | $439.5M-1.5% | $446.1M+0.9% | $442.1M+9.5% | $403.8M+4.4% | $386.7M |
| Cash & Equivalents | $105.2M-14.7% | $123.3M-25.5% | $165.4M+84.5% | $89.6M+7.2% | $83.6M+30.7% | $64.0M-11.3% | $72.2M+40.8% | $51.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.5B-0.3% | $2.5B+3.0% | $2.4B-0.3% | $2.4B+1.5% | $2.4B+0.6% | $2.4B-1.0% | $2.4B+5.5% | $2.3B |
| Total Liabilities | $2.3B-2.9% | $2.4B+4.3% | $2.3B+0.4% | $2.3B-1.9% | $2.3B-2.3% | $2.4B-0.2% | $2.4B+4.0% | $2.3B |
| Current Liabilities | $1.0B+4.9% | $960.2M+11.6% | $860.5M+0.2% | $858.4M-5.3% | $906.0M+11.3% | $814.3M+4.1% | $782.2M-0.5% | $785.8M |
| Long-Term Debt | $1.1B-10.7% | $1.2B+0.1% | $1.2B+0.1% | $1.2B+0.1% | $1.2B-10.4% | $1.4B-2.2% | $1.4B+6.3% | $1.3B |
| Total Equity | $1.2B+3.1% | $1.2B-0.5% | $1.2B+2.9% | $1.2B+5.9% | $1.1B+5.4% | $1.0B+0.7% | $1.0B+5.0% | $984.5M |
| Retained Earnings | -$22.4M+44.3% | -$40.3M-190.3% | -$13.9M+55.8% | -$31.4M+34.2% | -$47.7M+37.2% | -$75.9M+13.9% | -$88.2M+14.0% | -$102.6M |
BSY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $193.4M+36.6% | $141.6M+21.7% | $116.4M+90.5% | $61.1M-72.2% | $219.4M+168.8% | $81.6M-5.2% | $86.1M+37.6% | $62.6M |
| Capital Expenditures | $5.6M+2.4% | $5.4M-4.9% | $5.7M+39.4% | $4.1M+34.4% | $3.0M-45.1% | $5.5M+206.5% | $1.8M-41.4% | $3.1M |
| Free Cash Flow | $187.9M+38.0% | $136.2M+23.0% | $110.7M+94.2% | $57.0M-73.7% | $216.4M+184.4% | $76.1M-9.7% | $84.3M+41.7% | $59.5M |
| Investing Cash Flow | -$5.6M+94.4% | -$98.5M-1384.2% | -$6.6M-62.3% | -$4.1M-34.4% | -$3.0M+59.9% | -$7.6M+93.9% | -$124.7M-1657.6% | -$7.1M |
| Financing Cash Flow | -$204.4M-140.3% | -$85.1M-152.5% | -$33.7M+40.6% | -$56.7M+71.8% | -$200.8M-162.0% | -$76.6M-232.6% | $57.8M+140.0% | -$144.6M |
| Dividends Paid | $21.2M+0.1% | $21.2M-0.3% | $21.3M-0.2% | $21.3M+0.5% | $21.2M+16.9% | $18.1M0.0% | $18.1M+0.9% | $18.0M |
| Share Buybacks | $40.0M-33.3% | $60.0M+300.0% | $15.0M-25.0% | $20.0M-33.3% | $30.0M+61.5% | $18.6M+125.2% | $8.3M-63.3% | $22.5M |
BSY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6%+0.7pp | 81.9%+1.1pp | 80.8%-0.3pp | 81.1%-1.2pp | 82.3%+1.7pp | 80.6%-0.1pp | 80.7%-0.2pp | 80.9% |
| Operating Margin | 29.8%+9.7pp | 20.1%-2.4pp | 22.5%-0.7pp | 23.2%-7.9pp | 31.1%+13.5pp | 17.6%-2.9pp | 20.5%-3.8pp | 24.3% |
| Net Margin | 22.5%+7.5pp | 15.0%-0.3pp | 15.3%-4.1pp | 19.4%-5.3pp | 24.7%+10.3pp | 14.3%+1.7pp | 12.6%-9.2pp | 21.8% |
| Return on Equity | 7.8%+2.8pp | 4.9%+0.1pp | 4.8%-1.3pp | 6.1%-2.3pp | 8.3%+3.5pp | 4.8%+0.7pp | 4.1%-3.2pp | 7.3% |
| Return on Assets | 2.7%+1.1pp | 1.7%0.0pp | 1.7%-0.4pp | 2.1%-0.6pp | 2.7%+1.2pp | 1.5%+0.2pp | 1.3%-1.0pp | 2.2% |
| Current Ratio | 0.51-0.0 | 0.56-0.1 | 0.61+0.1 | 0.51+0.0 | 0.49-0.1 | 0.54+0.0 | 0.52+0.0 | 0.49 |
| Debt-to-Equity | 0.91-0.1 | 1.050.0 | 1.04-0.0 | 1.07-0.1 | 1.13-0.2 | 1.33-0.0 | 1.37+0.0 | 1.36 |
| FCF Margin | 44.3%+9.5pp | 34.8%+5.3pp | 29.5%+13.8pp | 15.7%-42.7pp | 58.4%+36.6pp | 21.8%-3.4pp | 25.1%+7.1pp | 18.0% |
Note: The current ratio is below 1.0 (0.56), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Bentley Systems Inc's annual revenue?
Bentley Systems Inc (BSY) reported $1.5B in total revenue for fiscal year 2025. This represents a 11.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bentley Systems Inc's revenue growing?
Bentley Systems Inc (BSY) revenue grew by 11% year-over-year, from $1.4B to $1.5B in fiscal year 2025.
Is Bentley Systems Inc profitable?
Yes, Bentley Systems Inc (BSY) reported a net income of $277.9M in fiscal year 2025, with a net profit margin of 18.5%.
How much debt does Bentley Systems Inc have?
As of fiscal year 2025, Bentley Systems Inc (BSY) had $123.3M in cash and equivalents against $1.2B in long-term debt.
What is Bentley Systems Inc's gross margin?
Bentley Systems Inc (BSY) had a gross margin of 81.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bentley Systems Inc's operating margin?
Bentley Systems Inc (BSY) had an operating margin of 24.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bentley Systems Inc's net profit margin?
Bentley Systems Inc (BSY) had a net profit margin of 18.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Bentley Systems Inc pay dividends?
Yes, Bentley Systems Inc (BSY) paid $0.28 per share in dividends during fiscal year 2025.
What is Bentley Systems Inc's return on equity (ROE)?
Bentley Systems Inc (BSY) has a return on equity of 23.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bentley Systems Inc's free cash flow?
Bentley Systems Inc (BSY) generated $520.2M in free cash flow during fiscal year 2025. This represents a 23.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bentley Systems Inc's operating cash flow?
Bentley Systems Inc (BSY) generated $538.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bentley Systems Inc's total assets?
Bentley Systems Inc (BSY) had $3.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bentley Systems Inc's capital expenditures?
Bentley Systems Inc (BSY) invested $18.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Bentley Systems Inc spend on research and development?
Bentley Systems Inc (BSY) invested $307.6M in research and development during fiscal year 2025.
What is Bentley Systems Inc's current ratio?
Bentley Systems Inc (BSY) had a current ratio of 0.56 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Bentley Systems Inc's debt-to-equity ratio?
Bentley Systems Inc (BSY) had a debt-to-equity ratio of 1.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bentley Systems Inc's return on assets (ROA)?
Bentley Systems Inc (BSY) had a return on assets of 7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bentley Systems Inc's Altman Z-Score?
Bentley Systems Inc (BSY) has an Altman Z-Score of 3.19, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Bentley Systems Inc's Piotroski F-Score?
Bentley Systems Inc (BSY) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bentley Systems Inc's earnings high quality?
Bentley Systems Inc (BSY) has an earnings quality ratio of 1.94x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bentley Systems Inc cover its interest payments?
Bentley Systems Inc (BSY) has an interest coverage ratio of 47.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bentley Systems Inc?
Bentley Systems Inc (BSY) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.