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Bentley Systems Inc (BSY) stock

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NASDAQ: BSY Nasdaq Application Software Next results ~November 5, 2026

B Fundamentals grade

Bentley Systems Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$36

Cash-flow model

Base case. Range ~$26–$48 across our lower- and higher-growth cases (7%–17% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 19% above our base value.

Price used: $42.40, November 2, 2026

Bentley Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds182 adding, 263 cuttingOf 56 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bentley Systems files

Where Bentley Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.60bn, up 12.8% on a year earlier, faster than 12.2% a quarter earlier. That puts it 12 of 14 for growth among the prepackaged software companies we cover. Free-cash-flow margin held at 31.1%. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $34.68 a share, against a share price of $37.97. At that price, our model says the market is pricing in about 13.6% a year of cash-flow growth for five years, faster than the 10.7% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Bentley Systems Inc's trailing-twelve-month revenue grew 12.8% year on year, with a free-cash-flow margin of 31.1%. Where it stands out: operating margin of 23.6% ranks 25 of 181 application software companies we cover.

Our discounted-cash-flow model values the business at ~$36 per share in the base case (~$26–$48 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 10% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 31.1% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • High earnings multiple. The shares trade at 48 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 33.8% ranks 76 of 98 application software companies we cover (median 16.9%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.35 against an average estimate of $0.32: beat by 9.8%
Revenue
$411m, up 12.8% on a year earlier
Share reaction
-2.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.33

Bentley Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.7%
  • 1 week+6.4%
  • 1 month+31.6%
  • This year+11.8%
  • 1 year-16.0%
  • 5 years-26.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
23.6%
Net margin
18.1%
EPS (TTM, diluted)
$0.89

Growth

Revenue growth
+12.8%
Change in growth rate
+0.6 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$498M
FCF margin
31.1%
Stock pay % of revenue
4.9%

Earnings

Last results
August 6, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bentley Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 14.3% a year of cash-flow growth for five years.That is close to the 10.7% a year revenue growth Bentley Systems has delivered.

  • Priced in14.3%
  • Last 12 months12.8%
  • 3 years a year11.2%
  • 5 years a year10.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($41.49, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$36
Price used
$41.49close November 3, 2026
Implied change
▼ 14%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Bentley Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($431M, FY2026 Q2 TTM), growing 11.6% and 11.5% in the next two years (forecasts, guidance and its record), then back to 12% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$26–~$48 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Bentley Systems Inc's free cash flow after stock-based pay ( $431M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Bentley Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$36 ~$26–$48 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$18–$36 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$22 ~$16–$30 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$16 ~$13–$18 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$16–$36 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bentley Systems Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $16$23$32$45$60$81
8.5% $12$17$23$32$43$58
10% $9$13$18$25$33$44

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$39.44$47.17$36.19$51.31$46.14$37.94$42.40
Market value$11.8bn$14.8bn$12.0bn$17.1bn$15.4bn$12.6bn$13.9bn
+ Net debt (− = net cash)$124m$1.1bn$1.7bn$1.5bn$1.3bn$1.1bn$1.1bn
Enterprise value$11.9bn$16.0bn$13.7bn$18.5bn$16.7bn$13.8bn$14.9bn
Multiples
Price / sales 14.7x15.4x10.9x13.9x11.4x8.4x8.6x
Price / earnings 93.3x159.2x68.7x52.2x65.6x45.5x47.8x
Price / free cash flow 48.8x54.9x46.9x43.6x36.6x24.3x27.8x
EV / EBITDA 64.1x108.4x49.0x————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Bentley Systems's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 7.0% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 80.0%, moving by 1.6 percentage points (standard deviation) across 7 years.

  • Durability 14 / 20

    Operating margin has been a median 22.1%; its worst year was 11.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 30.2% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 4.0% over five years; stock-based pay has been a median 5.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $421m and EPS of $0.33 (range $0.30 to $0.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.39 +15% $1.7bn +13%
Next $1.58 +13% $1.9bn +11%

Next year's EPS estimate has moved −0.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 1 analyst raised Bentley Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Bentley Systems Inc, last 90 days
$1.35 $1.40 $1.45 $1.50 $1.55 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.38 Current fiscal year, 60 days ago: $1.39 Current fiscal year, 30 days ago: $1.39 Current fiscal year, 7 days ago: $1.39 Current fiscal year, Now: $1.39 $1.39 Next fiscal year, 90 days ago: $1.58 Next fiscal year, 60 days ago: $1.57 Next fiscal year, 30 days ago: $1.58 Next fiscal year, 7 days ago: $1.58 Next fiscal year, Now: $1.58 $1.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.38$1.58
60 days ago $1.39$1.57
30 days ago $1.39$1.58
7 days ago $1.39$1.58
Now $1.39$1.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.32 $0.35 +9.8%
Mar 2026 $0.36 $0.38 +6.9%
Dec 2025 $0.26 $0.27 +3.6%
Sept 2025 $0.27 $0.27 −1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Bentley Systems Inc's latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Bentley Systems Inc's revenue by +11.6% next year and +11.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.4%, weight 69%) and the company's own record (+12.0%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1376%
Hold424%
Sell00%

Monthly trend

  1. Oct 2026310417
  2. Sep 2026310417
  3. Aug 202649417
  4. Jul 202649417

Counts of recommendations published by analysts covering Bentley Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.8%
of tradable shares
Days to cover
5.85
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
55%
of shares
Held by insiders
45.4%
of shares
Employees
5,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −16.0%

$50.45 on October 31, 2025 to $42.40

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.6bn +12.8%
Net margin 17.9% 18.1% +1.1%
P/E multiple 66.2x 47.8x −27.8%
Share count 333m 327m +2.1%

Biggest factor: p/e multiple.

Last 3 years −12.5%

$48.48 on November 3, 2023 to $42.40

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.6bn +37.3%
Net margin 13.5% 18.1% +34.6%
P/E multiple 102.5x 47.8x −53.4%
Share count 332m 327m +1.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BSY+20%−23%+42%−10%−18%+12%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BSY58%33%67%42%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BSY−35%−43%−17%−21%−35%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 23, 2020: 61% from September 15, 2021 to May 11, 2022. Getting back needed a 156% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$28.36 – $49.91
From 52-week high
−15.0%
vs 50-day average
+20.9%
vs 200-day average
+23.8%
Volatility (1 year)
41%
Beta vs S&P 500
0.36

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.9%
After a week
6 up, 6 down
typical move ±7.9%
After a month
5 up, 7 down
typical move ±7.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −2.3% +0.5% +1.4% −6.5%
May 7, 2026 +2.2% +0.5% −1.0% +3.2%
February 26, 2026 +12.5% −1.0% +21.6% +7.2%
November 5, 2025 −5.1% −0.7% −9.3% −11.6%
August 6, 2025 −6.2% +0.7% −8.7% −5.7%
May 7, 2025 +7.5% +1.1% +9.5% +13.8%
February 26, 2025 −3.6% −1.5% −5.0% −11.5%
November 7, 2024 −2.7% +1.2% −3.7% −2.5%
August 6, 2024 +4.6% +0.2% +11.2% +8.6%
May 7, 2024 +1.5% +0.1% +3.6% −5.8%
February 27, 2024 −3.2% +0.1% −8.4% −1.6%
November 7, 2023 +7.0% +0.4% +11.0% +5.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Bentley Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Bentley Systems Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bentley Systems Inc
$1.2B $1.3B $1.4B $1.5B $1.6B $1.7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.2B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.3B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.4B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.6B Revenue (TTM), FY26 Q2: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.2B
FY23 Q4 $1.2B
FY24 Q1 $1.3B
FY24 Q2 $1.3B
FY24 Q3 $1.3B
FY24 Q4 $1.4B
FY25 Q1 $1.4B
FY25 Q2 $1.4B
FY25 Q3 $1.5B
FY25 Q4 $1.5B
FY26 Q1 $1.6B
FY26 Q2 $1.6B
Revenue growth, TTM YoY Bentley Systems Inc
9% 10% 11% 12% 13% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 11.6% Revenue growth, TTM YoY, FY23 Q4: 11.8% Revenue growth, TTM YoY, FY24 Q1: 10.0% Revenue growth, TTM YoY, FY24 Q2: 10.2% Revenue growth, TTM YoY, FY24 Q3: 9.1% Revenue growth, TTM YoY, FY24 Q4: 10.1% Revenue growth, TTM YoY, FY25 Q1: 10.7% Revenue growth, TTM YoY, FY25 Q2: 10.4% Revenue growth, TTM YoY, FY25 Q3: 11.1% Revenue growth, TTM YoY, FY25 Q4: 11.0% Revenue growth, TTM YoY, FY26 Q1: 12.2% Revenue growth, TTM YoY, FY26 Q2: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 11.6%
FY23 Q4 11.8%
FY24 Q1 10.0%
FY24 Q2 10.2%
FY24 Q3 9.1%
FY24 Q4 10.1%
FY25 Q1 10.7%
FY25 Q2 10.4%
FY25 Q3 11.1%
FY25 Q4 11.0%
FY26 Q1 12.2%
FY26 Q2 12.8%
Operating margin (TTM) Bentley Systems Inc
18% 20% 22% 24% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 19.4% Operating margin (TTM), FY23 Q4: 18.8% Operating margin (TTM), FY24 Q1: 20.5% Operating margin (TTM), FY24 Q2: 22.1% Operating margin (TTM), FY24 Q3: 21.2% Operating margin (TTM), FY24 Q4: 22.3% Operating margin (TTM), FY25 Q1: 23.5% Operating margin (TTM), FY25 Q2: 23.2% Operating margin (TTM), FY25 Q3: 23.7% Operating margin (TTM), FY25 Q4: 24.1% Operating margin (TTM), FY26 Q1: 24.0% Operating margin (TTM), FY26 Q2: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 19.4%
FY23 Q4 18.8%
FY24 Q1 20.5%
FY24 Q2 22.1%
FY24 Q3 21.2%
FY24 Q4 22.3%
FY25 Q1 23.5%
FY25 Q2 23.2%
FY25 Q3 23.7%
FY25 Q4 24.1%
FY26 Q1 24.0%
FY26 Q2 23.6%
FCF margin (TTM) Bentley Systems Inc
28% 30% 32% 34% 36% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 28.3% FCF margin (TTM), FY23 Q4: 31.9% FCF margin (TTM), FY24 Q1: 33.6% FCF margin (TTM), FY24 Q2: 31.7% FCF margin (TTM), FY24 Q3: 32.4% FCF margin (TTM), FY24 Q4: 31.1% FCF margin (TTM), FY25 Q1: 31.5% FCF margin (TTM), FY25 Q2: 30.6% FCF margin (TTM), FY25 Q3: 31.5% FCF margin (TTM), FY25 Q4: 34.6% FCF margin (TTM), FY26 Q1: 31.6% FCF margin (TTM), FY26 Q2: 31.1% 31.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 28.3%
FY23 Q4 31.9%
FY24 Q1 33.6%
FY24 Q2 31.7%
FY24 Q3 32.4%
FY24 Q4 31.1%
FY25 Q1 31.5%
FY25 Q2 30.6%
FY25 Q3 31.5%
FY25 Q4 34.6%
FY26 Q1 31.6%
FY26 Q2 31.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Bentley Systems took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.5B
  2. Cost of revenue $278M · 18.5%
  3. Gross profit $1.2B · 81.5%
  4. Research and development $308M · 20.5%
  5. Selling, general and admin $507M · 33.8%
  6. Other operating costs $47.2M · 3.1%
  7. Operating income $363M · 24.1%
  8. Income tax $73M · 4.9%
  9. Interest and other $11.8M · 0.8%
  10. Net income $278M · 18.5%

Shares of revenue. Source: Bentley Systems's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 692 735 802 965 1,099 1,228 1,353 1,502 1,602
Gross profit 560 593 634 749 862 962 1,095 1,224 1,311
EBITDA 151 174 186 147 280 — — — —
Operating income 121 142 150 95 209 231 302 363 378
Net income 142 103 127 93 175 327 235 278 290
Diluted EPS $0.49 $0.35 $0.42 $0.30 $0.55 $1.00 $0.72 $0.85 $0.89
Growth (year on year)
Revenue — +6.2% +9.1% +20.4% +13.9% +11.8% +10.1% +11.0% +12.8%
EBITDA — +15.6% +7.0% −20.9% +90.1% — — — —
Operating income — +16.9% +5.8% −37.0% +120.5% +10.5% +31.1% +20.0% +14.6%
Net income — −27.5% +22.7% −26.3% +87.5% +87.0% −28.2% +18.3% +14.0%
Diluted EPS — −28.6% +20.0% −28.6% +83.3% +81.8% −28.0% +18.1% +16.4%
Margins
Gross margin 81.0% 80.6% 79.1% 77.6% 78.4% 78.3% 80.9% 81.5% 81.8%
EBITDA margin 21.8% 23.7% 23.2% 15.3% 25.5% — — — —
Operating margin 17.5% 19.3% 18.7% 9.8% 19.0% 18.8% 22.3% 24.1% 23.6%
Net margin 20.5% 14.0% 15.8% 9.7% 15.9% 26.6% 17.4% 18.5% 18.1%
Free-cash-flow margin 20.7% 21.0% 30.2% 28.0% 23.3% 31.9% 31.1% 34.6% 31.1%
Cash flow
Cash from operations 161 171 258 288 274 417 435 538 523
Capital spending 19 17 16 18 19 25 14 18 24
Free cash flow 143 154 242 270 256 392 421 520 498
Stock-based pay 8 8 32 49 75 73 74 73 79
Free cash flow after stock pay 135 146 210 221 181 319 347 448 420
Balance sheet
Cash 81 121 122 329 72 68 64 123 147
Total debt 0 234 246 1,465 1,803 1,545 1,398 1,253 1,217
Net debt (negative = net cash) −81 113 124 1,136 1,732 1,476 1,334 1,130 1,070
Diluted shares 293m 294m 299m 315m 332m 333m 334m 333m 327m
Returned to shareholders
Dividends 20 25 423 33 34 59 72 85 85
Buybacks 46 24 0 0 28 0 64 125 200
Total returned 67 49 423 33 63 59 136 210 285

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $3.6bn
Short-term assets $588mLonger-term assets $3.0bn
What it owes, and who funded it · $3.6bn
Short-term liabilities $988mLonger-term liabilities $1.4bnShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $588m of assets due within a year against $988m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $588m short-term assets against $1.4bn of longer-dated liabilities.
  • More cash than debt $147m of cash against $1.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 101% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 350% to 101% over five years.
  • A year's operating cash flow covers at least 20% of debt $523m of operating cash flow against $1.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $378m against $19m of interest.

From Bentley Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$200M
Dividends (TTM)
$84.9M
Returned to shareholders
57%
of free cash flow
Buybacks, last 3 fiscal years
$189M
Diluted share count
−2.0%
year over year
Total shareholder yield
2.1%
dividends 0.6% + buybacks 1.5% of market value
Dividend payout ratio
29%
of net income paid out
R&D spending
20.3%
of revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BSY ZETA BILL PATH YMM GWRE Median
Revenue, last 12 months $1.6bn $1.6bn $1.7bn $1.7bn $1.7bn $1.5bn $482m
Revenue growth, last 12 months 12.8% 35.9% 13.0% 15.0% 11.3% 22.7% 12.0%
Revenue growth, 3-year average 11.2% 33.7% 16.0% 14.4% — 17.7% 11.1%
Revenue growth, latest quarter 12.8% 43.5% 13.8% 13.4% — 15.3% 11.9%
Gross margin 81.8% 59.5% 80.9% 82.6% 63.0% 64.2% 69.2%
Operating margin 23.6% 1.6% −4.4% 8.9% 33.2% 10.2% 1.1%
Operating margin, 3-year average 23.0% −5.6% −7.8% −2.7% — 2.7% −0.8%
Net margin 18.1% −0.1% −0.7% 21.0% 35.7% 9.4% 2.1%
Cash from operations / revenue 32.6% 15.3% 25.2% 21.7% 37.0% 26.4% 18.2%
Free-cash-flow margin 31.1% 14.3% 25.0% 21.1% 36.0% 25.6% 15.0%
Free-cash-flow margin, 3-year average 31.1% 12.0% 23.4% 21.8% — 23.2% 16.2%
Stock pay / revenue 4.9% 12.4% 13.9% 13.6% 2.3% 12.3% 9.3%
Change in share count −2.0% 15.0% −3.8% −2.5% 0.1% −0.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 12.8% 12.0% 89 of 184
Change in growth rate Growth +0.6pp +0.2pp 78 of 184
Gross margin Profitability 81.8% 69.8% 27 of 160
Operating margin Profitability 23.6% 1.1% 25 of 181
Net margin Profitability 18.1% 2.1% 34 of 185
Free-cash-flow margin Cash generation 31.1% 15.2% 26 of 180
Stock pay as % of revenue Cash generation 4.9% 9.3% 44 of 177
Long-term debt as % of assets Balance sheet 33.8% 16.9% 76 of 98
Change in share count Balance sheet -2.0% 1.7% 43 of 163

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Subscriptions and Licenses $1.4B ▲ 12.1%
Subscriptions $1.4B ▲ 12.5%
Licenses $777M ▲ 14.4%
Term Licenses $731M ▲ 15.4%
Enterprise License Subscriptions $623M ▲ 17.5%
Enterprise License Subscriptions E365 Subscriptions $614M ▲ 18.6%
Term License Subscriptions $486M ▲ 11.9%
SELECT Subscriptions $267M ▲ 3.4%
Services $78.9M ▼ 5.8%
Professional Services Other $64.2M ▼ 7.1%
Perpetual Licenses $46.2M ▲ 0.5%
Professional Services Recurring $14.7M ▲ 0.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
United States Canada and Latin America $790M ▲ 10.3%
United States $620M ▲ 10.5%
EMEA $437M ▲ 12.5%
Asia Pacific $274M ▲ 10.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Bentley Systems Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.7B
Institutions reporting
394
Shares held vs prior quarter
▲ 3.5%
Positions opened / closed
48 / 102

Top buyers and sellers, Q2 2026: 182 institutions bought and 263 sold ; the biggest buyer was William Blair Investment Management, LLC (+2.6M shares) and the biggest seller Kayne Anderson Rudnick Investment Management LLC (−5.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $480M 16.1M 10.2% ▼ 4.4%
Vanguard Portfolio Management LLC $284M 9.5M 6.1% ▲ 5.7%
Norges Bank $283M 9.5M 6.0% —
Swedbank AB $269M 9.0M 5.7% 0.0%
T. Rowe Price Investment Management, Inc. $224M 7.5M 4.8% ▼ 6.2%
Vanguard Capital Management LLC $213M 7.1M 4.5% ▲ 8.0%
Morgan Stanley $180M 6.0M 3.8% ▼ 1.0%
William Blair Investment Management, LLC $178M 5.9M 3.8% ▲ 78.8%
State Street Corp $151M 5.0M 3.2% ▲ 2.4%
Arrowstreet Capital, Limited Partnership $148M 4.9M 3.1% ▲ 3.3%
Pictet Asset Management Holding SA $131M 4.4M 2.8% ▼ 6.3%
Millennium Management LLC $105M 3.5M 2.2% ▲ 176.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bentley Systems Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.3M 4 trades by 3 insiders · 100% under pre-set plans
Net ▼ $6.3M net selling
Insider Date Trade Shares Price Value
Bentley Raymond B. Director October 26, 2026 Sell pre-set plan 139,135 $40.05 $5.6M
Bentley Raymond B. Director October 23, 2026 Sell pre-set plan 16,662 $40.00 $666,495
Bentley Gregory S Executive Chair & President March 10, 2026 Sell pre-set plan 100 $40.01 $4,001
Trimback Thomas F Chief Accounting Officer November 17, 2025 Sell 560 $43.02 $24,091

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Bentley Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bentley Systems Inc in brief

What does Bentley Systems Inc do?
Bentley Systems Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Bentley Systems Inc's stock ticker?
Bentley Systems Inc trades under the ticker BSY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bentley Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bentley Systems Inc reported revenue of $1.6B, 12.8% higher than a year earlier, according to its SEC filings.
What is Bentley Systems Inc's free cash flow?
Bentley Systems Inc's free-cash-flow margin is 31.1% of revenue over the trailing twelve months, ranking 26 of the 180 application software companies we cover.
What is Bentley Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Bentley Systems Inc's free cash flow after stock-based pay gives ~$36 per share in the base case, and ~$26–$48 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Bentley Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Norges Bank. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Bentley Systems Inc buying back stock, and does it pay a dividend?
Bentley Systems Inc spent $200M on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is Bentley Systems Inc's market cap?
On November 2, 2026, Bentley Systems Inc's market capitalisation was about $13.9B, with a price-to-earnings ratio of 47.8 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Bentley Systems Inc pay a dividend?
Yes: Bentley Systems Inc paid $84.9M in dividends over the trailing twelve months, a dividend yield of 0.63% and a payout ratio of 29.3%.
How much debt does Bentley Systems Inc have?
Bentley Systems Inc's debt-to-equity ratio is 101.3%, from its latest balance sheet (349.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Bentley Systems Inc's competitors?
In our Application Software peer group, the companies closest to Bentley Systems Inc are Zeta Global Holdings Corp., BILL Holdings, Inc., Uipath, Inc., Full Truck Alliance Co. Ltd. and Guidewire Software, Inc. The side-by-side comparison below sets their revenue, margins and growth against Bentley Systems Inc's.
Are insiders buying or selling Bentley Systems Inc stock?
Over the last 12 months, Bentley Systems Inc's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Bentley Systems Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bentley Systems Inc announces its own schedule.