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Bentley Systems, Incorporated

Bentley Systems, Incorporated

NASDAQ•BSY
CEO: Mr. Gregory S. Bentley
Sector: Technology
Industry: Software - Application
Listing Date: 2020-09-23
Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS. It also provides infrastructure cloud applications, such as ProjectWise, SYNCHRO, and AssetWise, as well as iTwin platform that enables users to create and curate cloud native 4D/5D digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Experience, and iTwin IoT platforms. The company serves civil, structural, geotechnical, subsurface, process engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.
Contact Information
685 Stockton Drive, Exton, PA, 19341, United States
610-458-5000
www.bentley.com
Market Cap
$11.43B
P/E (TTM)
45.8
70.7
Dividend Yield
0.7%
52W High
$59.25
52W Low
$36.51
52W Range
12%
Rank32Top 23.6%
4.9
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Average • 4.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2025

Financial Dashboard

Q3 2025 Data

Revenue

$375.55M+12.05%
4-Quarter Trend

EPS

$0.18+28.57%
4-Quarter Trend

FCF

$110.68M+31.30%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Total Revenue Growth Total revenues reached $1.110B USD for nine months, up 10.7% actual growth compared to prior year.
Subscription Revenue Strength Subscriptions revenue hit $1.020B USD, showing 12.4% growth for the nine months ended September 30, 2025.
Operating Income Improvement Operating income grew to $284.1M USD for nine months, up from $240.7M USD in the prior period.
Strong Cash Generation Operating cash flow provided $396.9M USD over nine months, an increase from $353.7M USD last year.

Risk Factors

China Market Uncertainty Future results in China remain uncertain due to geopolitical challenges and preference for license sales over subscriptions.
Debt Maturity Pressure $677.8M USD principal on 2026 Notes matures in January 2026, requiring refinancing via Credit Facility capacity.
Services Revenue Decline Services revenues decreased 8.8% USD for nine months, partially offsetting strong subscription revenue gains.
Climate Disclosure Status SEC climate disclosure rule implementation is currently stayed pending judicial review outcome status monitoring.

Outlook

ARR Growth Metric Focus Management focuses on 10.5% constant currency ARR growth rate to evaluate business scale and trends.
Repurchase Program Status $98.4M USD remains authorized for Class B stock/note repurchases through the program ending June 2026.
Future Liquidity Review Regularly reviewing capital structure for funding growth investments and acquisitions globally and domestically.
Executive Trading Plans New Rule 10b5-1 trading plans adopted by a director and the Chief Technology Officer for stock sales.

Peer Comparison

Revenue (TTM)

Joint Stock Company Kaspi.kzKSPI
$7.02B
+53.1%
Zebra Technologies CorporationZBRA
$5.26B
+13.0%
QXO, Inc.QXO
$4.66B
+8103.8%

Gross Margin (Latest Quarter)

Dynatrace, Inc.DT
81.8%
+0.4pp
Bentley Systems, IncorporatedBSY
80.8%
+0.1pp
DocuSign, Inc.DOCU
79.2%
-0.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
U$17.52B-39.9-13.6%32.9%
QXO$16.06B-1.0-2.4%23.8%
OKTA$15.18B80.52.9%4.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.4%
Moderate Growth
4Q Net Income CAGR
4.6%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:$0.27
|
Revenue:$381.97M
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 5, 2025|
    Revenue: $375.55M+12.0%
    |
    EPS: $0.18+28.6%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 6, 2025|
    Revenue: $364.11M+10.2%
    |
    EPS: $0.22-4.3%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $370.54M+9.7%
    |
    EPS: $0.29+31.8%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 26, 2025|
    Revenue: $1.35B+10.2%
    |
    EPS: $0.75-29.9%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $335.17M+9.3%
    |
    EPS: $0.14-17.6%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $330.34M+11.3%
    |
    EPS: $0.23+43.8%
    Meet
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $337.76M+7.4%
    |
    EPS: $0.22+46.7%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 27, 2024|
    Revenue: $1.23B+11.8%
    |
    EPS: $1.07+87.7%
    Beat