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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
$11.35B
P/E (TTM)
44.1
67
Dividend Yield
0.7%
52W High
$59.25
52W Low
$30.97
52W Range
28%
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

Q4 2025 Data

Revenue

$391.58M+0.00%
4-Quarter Trend

EPS

$0.18+0.00%
4-Quarter Trend

FCF

$136.17M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Growth Strong Total revenues reached $1.50B USD in 2025, marking 11.0% growth over prior year results.
Subscription Revenue Accelerates Subscription revenues grew 12.5% to $1.377B USD in 2025, showing strong recurring revenue momentum.
ARR Growth Solid Ending ARR reached $1.462B USD as of December 31, 2025, supported by 11.5% constant currency growth rate.
Operating Cash Flow Increases Cash flow from operating activities was $538.46M USD in 2025, up significantly from $435.29M USD last year.

Risk Factors

Infrastructure Project Demand Volatility Software demand relies on infrastructure projects; spending cuts or delays in key sectors could decrease renewal rates.
Foreign Revenue Exposure High 59% of 2025 revenues derived internationally, exposing results to adverse legal, political, and regulatory risks abroad.
Currency Fluctuations Impact Results 33% of 2025 revenues denominated in non-USD currencies; strengthening USD could negatively affect operating income.
Subscription Renewal Uncertainty Accounts are not obligated to renew subscriptions, creating potential negative impact on future revenues and results.

Outlook

Focus on Enterprise Account Accretion Primary growth initiative targets expanding E365 subscription reach within virtually all existing enterprise accounts.
Expanding Asset Analytics Monetization Third growth initiative involves expanding Asset Analytics through cloud subscriptions charged incrementally per asset.
AI and Digital Twin Integration Developing new generation of AI-powered, digital-twin native applications leveraging Cesium and iTwin Platform capabilities.
Debt Repayment Strategy Used $180M in repatriated cash during 2025 to pay down credit facility borrowings to manage debt structure.

Peer Comparison

Revenue (TTM)

KSPI stock ticker logoKSPI
$7.70B
+59.1%
QXO stock ticker logoQXO
$6.84B
+11938.9%
ZBRA stock ticker logoZBRA
$5.40B
+8.3%

Gross Margin (Latest Quarter)

BSY stock ticker logoBSY
81.9%
+0.1pp
FFIV stock ticker logoFFIV
81.5%
-0.1pp
DT stock ticker logoDT
81.4%
+0.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FFIV$16.26B23.420.3%8.0%
QXO$15.28B-0.5-3.2%28.2%
KSPI$14.13B6.550.1%3.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.9%
Moderate Growth
4Q Net Income CAGR
-13.7%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Deep Research

Next earnings:May 5, 2026
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LTM
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