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BSY

Bentley Systems, Incorporated

BSY

Bentley Systems, Incorporated • NASDAQ
$41.96 ▲ 2.04% (+0.84)
Market Cap $12.25 B
52w High $59.25
52w Low $36.51
Dividend Yield 0.27%
P/E 51.17
Volume 1.05M
Outstanding Shares 292.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $375.549M ▲ $218.857M ▲ $57.373M ▼ 15.277% ▼ $0.18 ▼ $103.959M ▲
Q2-2025 $364.106M ▼ $210.9M ▲ $70.482M ▼ 19.358% ▼ $0.22 ▼ $97.026M ▼
Q1-2025 $370.542M ▲ $189.699M ▼ $91.368M ▲ 24.658% ▲ $0.29 ▲ $131.873M ▲
Q4-2024 $349.822M ▲ $220.498M ▲ $50.093M ▲ 14.32% ▲ $0.16 ▲ $92.406M ▲
Q3-2024 $335.173M $201.711M $42.338M 12.632% $0.14 $78.205M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $165.411M ▲ $3.464B ▲ $2.269B ▲ $1.195B ▲
Q2-2025 $89.646M ▲ $3.423B ▲ $2.261B ▼ $1.162B ▲
Q1-2025 $83.637M ▲ $3.403B ▲ $2.305B ▼ $1.098B ▲
Q4-2024 $64.009M ▼ $3.4B ▲ $2.359B ▼ $1.041B ▲
Q3-2024 $72.175M $3.396B $2.362B $1.033B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $57.289M ▼ $116.376M ▲ $-6.639M ▼ $-33.698M ▲ $75.765M ▲ $110.675M ▲
Q2-2025 $70.471M ▼ $61.085M ▼ $-4.091M ▼ $-56.701M ▲ $6.009M ▼ $56.994M ▼
Q1-2025 $91.338M ▲ $219.415M ▲ $-3.044M ▲ $-200.808M ▼ $19.628M ▲ $216.371M ▲
Q4-2024 $49.739M ▲ $81.632M ▼ $-7.587M ▲ $-76.632M ▼ $-8.166M ▼ $76.085M ▼
Q3-2024 $42.317M $86.105M $-124.734M $57.781M $20.897M $84.295M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Enterprise License Subscriptions
Enterprise License Subscriptions
 $270.00M ▲$150.00M ▼$150.00M ▲$160.00M ▲
Enterprise License Subscriptions E365 Subscriptions
Enterprise License Subscriptions E365 Subscriptions
 $260.00M ▲$150.00M ▼$150.00M ▲$160.00M ▲
Perpetual Licenses
Perpetual Licenses
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Professional Services Other
Professional Services Other
 $30.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Professional Services Recurring
Professional Services Recurring
 $10.00M ▲$0 ▼$0 ▲$0 ▲
SELECT Subscriptions
SELECT Subscriptions
 $130.00M ▲$60.00M ▼$70.00M ▲$70.00M ▲
Service
Service
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Subscription and Circulation
Subscription and Circulation
 $610.00M ▲$340.00M ▼$330.00M ▼$340.00M ▲
Subscriptions And Licenses
Subscriptions And Licenses
 $640.00M ▲$350.00M ▼$340.00M ▼$360.00M ▲
Term License Subscriptions
Term License Subscriptions
 $220.00M ▲$130.00M ▼$110.00M ▼$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Bentley’s income statement shows a steadily expanding business with improving underlying profitability. Revenue has grown each year since the IPO, and gross profit has risen even faster, which means the core software business is scaling well and remains high‑margin. Operating profit and EBITDA have also trended upward, suggesting good cost control and operating leverage as the company grows. The one wrinkle is net income, which was unusually high in the prior year and then fell back more recently, even as sales and operating profit continued to rise. That pattern often points to one‑time gains or tax effects rather than a deterioration in the business. Overall, the picture is of a healthy, growing software company with strong economics, but with some year‑to‑year noise at the bottom line that investors would want to understand in more detail.

Balance Sheet

Balance Sheet The balance sheet reflects a business that has grown significantly since listing, with total assets and shareholders’ equity both rising over time. Equity has built up steadily, which usually indicates that retained earnings are accumulating and that the company has not been overly reliant on issuing new shares to grow. On the other hand, Bentley carries a meaningful amount of debt relative to its cash on hand. The debt load has begun to trend down from earlier peaks, which is a positive sign, but cash balances are quite modest for a software company of this size. That combination means the company is somewhat financially leveraged and depends on ongoing cash generation and access to financing, rather than on a large cash cushion, to manage risk and pursue opportunities.

Cash Flow

Cash Flow Cash flow is a notable strength. Operating cash flow has been consistently positive and has grown alongside revenue, showing that reported earnings are backed by real cash generation. Free cash flow has closely tracked operating cash flow, because the business requires relatively light capital spending to support its growth. This pattern is typical of mature, high‑margin software businesses and gives Bentley flexibility to service debt, fund acquisitions, invest in new products, and return capital to shareholders if it chooses. The main risk is that the company’s low cash balance makes it more important that this strong cash generation continues without major disruption.

Competitive Edge

Competitive Edge Bentley occupies a specialized but important niche in infrastructure engineering software, rather than general‑purpose design tools. Its products are deeply embedded in public works, utilities, transportation, and large‑scale industrial projects where reliability, regulatory compliance, and long project lifecycles matter. Several features underpin its moat: its software is mission‑critical for customers, switching to alternatives is costly and risky, and it offers a broad, integrated suite that covers design, construction coordination, and ongoing asset management. This lifecycle coverage makes it harder for point-solution competitors to displace them. Recurring subscription revenue from long‑term users adds resilience. The flip side is that Bentley is closely tied to infrastructure and capital‑spending cycles, and it faces ongoing competition from larger design and engineering software firms that are also investing heavily in cloud and AI.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus. Bentley has positioned itself as a leader in infrastructure digital twins through its iTwin platform, which connects engineering models, real‑world sensor data, and 3D reality capture into living, continuously updated representations of assets. This approach aims to make design, construction, and operations more data‑driven and collaborative. The company reinforces its technology edge through a mix of internal development and targeted acquisitions in areas like AI analytics, construction modeling, and geospatial visualization. Its open‑standards stance and partnerships with major technology players for visualization, geospatial data, and simulation broaden its ecosystem and reduce customer fears of vendor lock‑in. Recent moves to embed AI assistants and workflow automation throughout the product suite could deepen user engagement, though adoption rates and competitive responses from other engineering software vendors remain key uncertainties.

Summary

Putting it all together, Bentley looks like a scaled, profitable infrastructure software specialist with steady top‑line growth and strong cash generation. Its economics resemble those of an established subscription‑based software firm, with high gross margins and growing operating profits, though bottom‑line earnings can be affected by non‑operating items. The balance sheet shows meaningful but gradually declining leverage, supported by robust free cash flow rather than by large cash reserves. Strategically, the company benefits from being embedded in long‑duration infrastructure projects, with a broad, integrated platform and a digital‑twin and AI roadmap that aligns with industry trends. Key things to watch include: how quickly customers adopt its newer cloud and AI offerings, how effectively it manages and refinances its debt, the resilience of infrastructure spending in different economic environments, and the intensity of competition from other major engineering and design software providers. These factors will shape how durable Bentley’s growth and margins remain over time.

NEWS

November 21, 2025 · 4:01 PM UTC

Bentley Systems, Incorporated Declares Fourth Quarter 2025 Dividend, Announces Extension of Stock Repurchase Program

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November 5, 2025 · 7:00 AM UTC

Bentley Systems Announces Third Quarter 2025 Results

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November 3, 2025 · 7:00 PM UTC

Bentley Systems and EARTHBRAIN Form Strategic Partnership to Advance Smart Construction

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October 30, 2025 · 9:00 PM UTC

Bentley Systems Announces Winners of Its 2025 Partner Excellence Awards

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October 16, 2025 · 7:00 PM UTC

Bentley Systems Announces Winners of the 2025 Going Digital Awards

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