Bentley Systems Inc key statistics and ratios

In fiscal 2025, Bentley Systems Inc had return on equity of 24.9%, an operating margin of 24.1%, debt equal to 105.3% of equity and a current ratio of 0.56. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Bentley Systems Inc: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	81.0%	80.6%	79.1%	77.6%	78.4%	78.3%	80.9%	81.5%	81.8%
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%
Return on equity	96.4%	42.8%	37.4%	24.8%	35.6%	44.9%	24.4%	24.9%	24.3%
Return on assets	—	10.4%	11.9%	4.9%	6.0%	10.1%	7.0%	8.0%	8.1%
Asset turnover	—	0.74	0.76	0.51	0.38	0.38	0.40	0.43	0.45
Current ratio	—	0.90	0.73	1.04	0.66	0.55	0.54	0.56	0.59
Debt to equity	0.0%	69.9%	72.0%	358.0%	314.5%	174.9%	134.3%	105.3%	101.3%
Interest cover (operating income ÷ interest)	12.6x	14.6x	20.8x	8.2x	6.0x	6.6x	17.8x	47.8x	19.7x
Effective tax rate	−25.9%	18.5%	23.0%	−3.7%	10.7%	—	20.0%	20.8%	22.3%
R&D as % of revenue	25.3%	25.0%	23.1%	22.9%	23.5%	22.4%	20.8%	20.5%	20.3%
Capital spending as % of revenue	2.7%	2.3%	2.1%	1.8%	1.7%	2.0%	1.0%	1.2%	1.5%
Free cash flow ÷ net income	100.5%	149.5%	191.2%	290.2%	146.3%	119.9%	179.4%	187.2%	171.9%
Dividends ÷ net income	14.1%	24.2%	334.1%	35.8%	19.7%	18.0%	30.7%	30.6%	29.3%
Dividends and buybacks ÷ free cash flow	46.6%	31.9%	174.7%	12.3%	24.5%	15.0%	32.4%	40.4%	57.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Bentley Systems Inc: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	80.7%	80.6%	82.3%	81.1%	80.8%	81.9%	82.6%	82.0%
Operating margin	20.5%	17.6%	31.1%	23.2%	22.5%	20.0%	29.8%	21.6%
Net margin	12.6%	14.3%	24.7%	19.4%	15.3%	15.0%	22.5%	19.1%
Free-cash-flow margin	25.1%	21.7%	58.4%	15.7%	29.5%	34.8%	44.3%	15.5%
Current ratio	0.52	0.54	0.49	0.51	0.61	0.56	0.51	0.59
Debt to equity	137.2%	133.3%	113.4%	107.2%	104.4%	105.0%	91.0%	101.3%
R&D as % of revenue	20.9%	22.0%	19.6%	20.7%	21.0%	20.7%	19.6%	20.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Bentley Systems Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bentley Systems Inc.