Bentley Systems, Incorporated (BSY)

Industry: Software - Application Sector: Technology Currency Used: US Live Price: $39.14

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019
Stock Price	51.48	53.97	48.26	49.23	49.89	36.26	55.17	34.72	33.49
Market Capitalization	16,207.28M	16,980.18M	15,194.89M	15,500.60M	15,584.50M	11,355.69M	16,739.52M	9,655.34M	9,231.08M
(-) Cash & Equivalents	165.41M	89.65M	112.90M	82.27M	77.91M	91.89M	296.45M	96.28M	41.48M
(+) Total Debt	1,283.25M	1,282.74M	1,282.71M	1,433.49M	1,650.14M	1,863.76M	1,220.76M	394.72M	120.44M
Enterprise Value	17,325.12M	18,173.27M	16,364.70M	16,851.83M	17,156.73M	13,127.55M	17,663.83M	9,953.78M	9,310.04M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Revenue	1,460M	1,314M	1,353M	1,228M	1,099M	965M	802M	737M	692M
Cost of Revenue	275M	258M	258M	318M	237M	217M	167M	144M	131M
Gross Profit	1,185M	1,056M	1,095M	910M	862M	749M	634M	593M	560M
Gross Profit Margin	81.2%	80.4%	80.9%	74.1%	78.4%	77.6%	79.1%	80.4%	81.0%
R&D Expenses	304M	275M	281M	275M	258M	221M	186M	184M	175M
SG&A Expenses	503M	468M	478M	419M	354M	407M	257M	253M	250M
Operating Expenses	840M	778M	793M	680M	653M	654M	484M	451M	439M
Operating Income (EBIT)	346M	279M	302M	231M	209M	95M	150M	142M	121M
Operating Income Margin	23.7%	21.2%	22.3%	18.8%	19.0%	9.8%	18.7%	19.3%	17.5%
Interest Income	2M	2M	3M	2M	0M	0M	0M	2M	1M
Interest Expense	16M	28M	25M	41M	35M	12M	8M	10M	10M
Net Interest Income	-14M	-25M	-22M	-40M	-35M	-11M	-7M	-8M	-9M
Unusual Items	8M	-10M	13M	-7M	22M	10M	22M	-7M	0M
EBT Excluding Unusual Items	332M	253M	280M	191M	174M	83M	143M	134M	113M
Pre-Tax Income	339M	243M	293M	184M	196M	93M	165M	127M	113M
Pre-Tax Margin	23.2%	18.5%	21.7%	14.9%	17.8%	9.7%	20.6%	17.2%	16.3%
Income Tax Expense	70M	-121M	59M	-143M	21M	-3M	39M	24M	-29M
Net Income	269M	364M	235M	327M	175M	93M	127M	103M	142M
Net Income Margin	18.4%	27.7%	17.4%	26.6%	15.9%	9.7%	15.8%	14.0%	20.5%
Depreciation & Amortization	66M	67M	65M	64M	72M	45M	36M	32M	26M
EBITDA	412M	346M	367M	294M	280M	140M	186M	174M	148M
EBITDA Margin	28.2%	26.3%	27.1%	23.9%	25.5%	14.5%	23.2%	23.6%	21.3%
NOPAT	274M	418M	242M	410M	186M	98M	115M	115M	153M
NOPAT Margin	18.8%	31.8%	17.9%	33.4%	16.9%	10.2%	14.4%	15.7%	22.1%
Owner's Earnings	317M	417M	285M	365M	228M	121M	146M	119M	149M
Owner's Earnings Margin	21.7%	31.7%	21.1%	29.7%	20.7%	12.5%	18.2%	16.1%	21.5%
EPS (Basic)	0.85	1.16	0.75	1.07	0.57	0.30	0.44	0.39	0.54
EPS (Diluted)	0.81	1.09	0.70	0.98	0.53	0.30	0.42	0.39	0.54
Shares (Basic)	315M	315M	315M	312M	309M	306M	290M	261M	261M
Shares (Diluted)	333M	334M	334M	333M	332M	315M	299M	261M	261M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Enterprise License Subscriptions	726.85M	505.46M	530.37M	433.32M	345.68M	290.10M	221.52M
Enterprise License Subscriptions, E365 Subscriptions	715.44M	491.78M	518.00M	411.03M	306.90M	223.29M	—
Perpetual Licenses	57.07M	44.54M	45.96M	46.04M	43.38M	53.08M	57.38M
Professional Services, Other	81.58M	74.26M	69.13M	85.70M	77.68M	77.82M	47.50M
Professional Services, Recurring	18.61M	14.88M	14.64M	16.37M	17.80M	21.34M	17.39M
SELECT Subscriptions	327.05M	259.25M	258.50M	258.29M	264.31M	269.28M	270.75M
Service	102.68M	89.59M	84.43M	102.07M	95.49M	99.16M	64.89M
Subscription and Circulation	1,633.10M	1,180.24M	1,223.36M	1,080.31M	960.22M	812.81M	679.27M
Subscriptions And Licenses	1,690.17M	1,224.78M	1,269.32M	1,126.35M	1,003.60M	865.89M	736.66M
Term License Subscriptions	579.20M	415.53M	434.49M	388.70M	350.23M	253.43M	187.00M

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Asia Pacific	266.98M	240.18M	247.71M	223.94M	201.48M	181.84M	151.76M
EMEA	422.77M	376.24M	388.38M	353.55M	312.80M	300.12M	254.04M
United States, Canada, And Latin America	770.27M	697.49M	717.00M	650.93M	584.79M	483.09M	395.75M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Cash & Cash Equivalents	165.41M	89.65M	64.01M	68.41M	71.68M	329.34M	122.01M	121.10M	81.18M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	165.41M	89.65M	64.01M	68.41M	71.68M	329.34M	122.01M	121.10M	81.18M
Net Receivables	286.17M	291.07M	314.47M	293.54M	287.07M	235.27M	190.02M	204.50M	184.57M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	75.25M	58.81M	63.60M	57.61M	57.14M	51.23M	28.23M	27.96M	17.48M
Total Current Assets	526.83M	439.52M	442.07M	419.56M	415.90M	615.83M	340.26M	353.56M	283.22M
Property, Plant & Equipment	66.28M	65.85M	66.10M	78.58M	72.50M	82.64M	74.54M	29.63M	29.39M
Goodwill	2,410.31M	2,416.82M	2,367.18M	2,269.34M	2,237.18M	1,588.48M	581.17M	480.07M	446.32M
Intangible Assets	181.02M	192.75M	213.96M	248.79M	292.27M	245.83M	45.63M	46.31M	54.00M
Long-Term Investments	50.57M	25.84M	25.76M	23.48M	22.27M	6.44M	5.69M	1.73M	0.00M
Tax Assets	176.38M	201.70M	198.29M	212.83M	52.64M	71.38M	39.22M	51.07M	81.07M
Other Non-Current Assets	53.07M	80.80M	86.45M	67.28M	72.25M	48.65M	39.52M	32.24M	29.60M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,937.62M	2,983.76M	2,957.73M	2,900.29M	2,749.11M	2,043.41M	785.78M	641.04M	640.37M
Total Assets	3,464.45M	3,423.28M	3,399.81M	3,319.85M	3,165.01M	2,659.24M	1,126.04M	994.60M	923.60M
Accounts Payable	17.84M	24.48M	16.48M	18.09M	15.18M	16.48M	16.49M	17.67M	8.57M
Short-Term Debt	11.80M	11.91M	11.66M	21.65M	19.67M	22.48M	16.61M	0.00M	0.00M
Tax Payables	0.00M	6.72M	13.82M	20.21M	14.27M	14.22M	9.73M	7.52M	6.26M
Deferred Revenue	662.57M	661.44M	262.72M	270.71M	240.68M	237.41M	212.16M	213.94M	296.15M
Other Current Liabilities	168.24M	153.82M	509.65M	429.70M	338.56M	303.29M	210.56M	153.29M	124.77M
Total Current Liabilities	860.46M	858.36M	814.33M	760.36M	628.36M	593.87M	465.56M	392.41M	435.74M
Long-Term Debt	1,271.45M	1,270.83M	1,414.98M	1,549.03M	1,803.37M	1,466.27M	277.77M	233.75M	258.75M
Capital Lease Obligations	24.07M	36.89M	38.55M	42.27M	42.34M	52.76M	48.38M	0.00M	0.00M
Deferred Tax Liabilities	9.35M	8.77M	8.61M	9.72M	51.24M	65.01M	10.85M	8.26M	10.47M
Other Non-Current Liabilities	109.94M	104.98M	104.12M	100.90M	92.47M	116.88M	23.25M	17.40M	21.43M
Total Non-Current Liabilities	1,414.81M	1,421.47M	1,566.26M	1,701.91M	1,989.42M	1,700.92M	360.24M	259.41M	290.65M
Total Liabilities	2,275.27M	2,279.84M	2,380.60M	2,462.28M	2,617.78M	2,294.79M	825.79M	651.83M	726.40M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	3.03M	3.03M	3.02M	2.96M	2.89M	2.83M	2.72M	2.55M	2.50M
Retained Earnings	-13.87M	-31.37M	-75.94M	-161.93M	-370.87M	-439.63M	-376.00M	-52.67M	-218.55M
Accumulated OCI	-77.45M	-69.10M	-104.08M	-84.99M	-89.74M	-91.77M	-26.23M	-23.93M	-29.41M
Minority Interest	0.05M	0.13M	0.13M	0.70M	0.70M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	-88.28M	-97.44M	-177.00M	-243.96M	-457.72M	-528.58M	-399.51M	-74.05M	-245.47M
Total Equity	-88.23M	-97.31M	-176.87M	-243.25M	-457.01M	-528.58M	-399.51M	-74.05M	-245.47M
Total Liabilities & Equity	2,187.03M	2,182.53M	2,203.73M	2,219.03M	2,160.76M	1,766.21M	426.28M	577.78M	480.93M
Tangible Assets	873.12M	813.72M	818.67M	801.73M	635.55M	824.93M	499.23M	468.22M	423.28M
Tangible Equity	-2,679.56M	-2,706.87M	-2,758.00M	-2,761.38M	-2,986.47M	-2,362.89M	-1,026.32M	-600.43M	-745.78M
Tangible Book Value	-2,679.56M	-2,706.87M	-2,758.00M	-2,761.38M	-2,986.47M	-2,362.89M	-1,026.32M	-600.43M	-745.78M
Total Investments	50.57M	25.84M	25.76M	23.48M	22.27M	6.44M	5.69M	1.73M	0.00M
Net Debt	1,117.84M	1,193.09M	1,362.63M	1,502.26M	1,751.35M	1,159.41M	172.37M	112.65M	177.57M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Working Capital	-333.6M	-418.8M	-372.3M	-340.8M	-212.5M	22.0M	-125.3M	-38.9M	-152.5M
Total Capital	2,478.6M	2,444.8M	2,467.6M	2,454.0M	2,395.8M	1,898.0M	636.0M	568.4M	406.2M
Capital Employed	2,604.0M	2,564.9M	2,585.5M	2,559.5M	2,536.6M	2,065.4M	660.5M	602.2M	487.9M
Invested Capital	2,313.1M	2,355.1M	2,403.6M	2,385.5M	2,324.1M	1,568.6M	514.0M	447.3M	325.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Net Income	268.84M	364.24M	234.43M	326.79M	174.78M	93.19M	126.52M	103.10M	142.11M
Depreciation & Amortization	68.23M	68.30M	64.61M	71.86M	71.54M	52.79M	36.12M	32.16M	29.20M
Deferred Income Tax	28.85M	-177.19M	12.57M	-198.88M	-5.13M	-19.75M	16.25M	0.73M	-60.06M
Stock-Based Compensation	79.18M	74.74M	74.42M	72.97M	75.21M	49.05M	32.11M	8.09M	7.88M
Change in Working Capital	11.68M	21.05M	22.54M	97.45M	-15.09M	111.15M	70.90M	14.48M	35.95M
Accounts Receivable	-25.84M	-26.66M	-32.06M	-5.18M	-60.94M	-35.52M	12.39M	-21.15M	-41.79M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	14.26M	0.00M	-5.98M	19.24M
Accounts Payable	1.61M	-14.29M	74.95M	68.73M	29.18M	50.08M	51.19M	41.88M	37.25M
Other Working Capital	35.91M	62.00M	-20.35M	33.90M	16.67M	82.33M	7.32M	-0.27M	21.25M
Other Non-Cash Items	21.39M	89.58M	26.72M	46.50M	-26.98M	1.59M	-23.55M	12.22M	6.38M
Net Cash from Operating Activities	478.51M	440.71M	435.29M	416.70M	274.32M	288.02M	258.34M	170.77M	161.47M
Capital Expenditures (PPE)	-18.38M	-14.60M	-14.05M	-25.00M	-18.55M	-17.54M	-16.45M	-16.64M	-19.49M
Acquisitions (Net)	-1.63M	-131.69M	-130.41M	-26.02M	-743.01M	-1,034.98M	-93.03M	-37.05M	-135.26M
Purchases of Investments	-1.57M	-1.06M	-1.44M	-11.60M	-10.95M	-4.08M	0.00M	-3.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	2.12M	10.95M	4.08M	0.00M	40.05M	0.00M
Other Investing Activities	0.22M	2.40M	2.62M	0.00M	-8.57M	-4.08M	-7.85M	-37.05M	-0.88M
Net Cash from Investing Activities	-21.36M	-144.94M	-143.27M	-60.50M	-770.13M	-1,056.60M	-117.33M	-53.69M	-154.76M
Net Debt Issuance	-177.50M	-176.99M	-146.71M	-258.57M	338.60M	1,181.24M	11.82M	-25.00M	-11.25M
Long-Term Debt Issuance	-177.50M	-176.99M	-146.71M	-253.57M	338.60M	-251.64M	11.82M	-25.00M	-11.25M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-5.00M	0.00M	1,432.88M	0.00M	0.00M	0.00M
Net Stock Issuance	-113.31M	-58.38M	-76.86M	-58.94M	-71.81M	-111.09M	-16.50M	-19.66M	-30.23M
Common Stock Issuance	-15.34M	0.00M	0.00M	0.00M	0.00M	9.45M	67.48M	4.51M	16.22M
Common Stock Repurchased	-97.96M	-58.38M	-76.86M	-58.94M	-71.81M	-120.54M	-83.98M	-24.17M	-46.45M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-81.89M	-68.75M	-72.12M	-58.76M	-34.49M	-33.40M	-422.65M	-24.99M	-20.06M
Common Dividends Paid	-81.89M	-68.75M	-72.12M	-58.76M	-34.49M	-33.40M	-422.65M	-24.99M	-20.06M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	4.85M	11.85M	5.84M	17.19M	10.74M	-54.17M	290.82M	-7.40M	2.74M
Net Cash from Financing Activities	-367.84M	-292.27M	-289.85M	-359.07M	243.03M	982.58M	-136.51M	-77.05M	-58.80M
Effect of FX on Cash	3.93M	1.71M	-6.58M	-0.39M	-4.88M	-6.67M	-3.59M	-0.11M	-1.19M
Net Change in Cash	93.24M	5.21M	-4.40M	-3.27M	-257.65M	207.33M	0.91M	39.92M	-53.28M
Cash at Beginning of Period	309.47M	328.25M	68.41M	71.68M	329.34M	122.01M	121.10M	81.18M	134.47M
Cash at End of Period	402.70M	333.47M	64.01M	68.41M	71.68M	329.34M	122.01M	121.10M	81.18M
Operating Cash Flow	478.51M	440.71M	435.29M	416.70M	274.32M	288.02M	258.34M	170.77M	161.47M
Capital Expenditure	-18.38M	-14.60M	-14.05M	-25.00M	-18.55M	-17.54M	-16.45M	-16.64M	-19.49M
Free Cash Flow	460.13M	426.12M	421.25M	391.69M	255.78M	270.49M	241.89M	154.13M	141.97M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
EBITDA	444.70M	380.65M	400.76M	280.55M	321.26M	165.13M	227.75M	188.24M	161.53M
(-) Tax Adjustment	92.12M	0.00M	80.28M	0.00M	34.87M	0.00M	53.27M	35.23M	0.00M
(-) Change In Working Capital	11.68M	21.05M	22.54M	97.45M	-15.09M	111.15M	70.90M	14.48M	35.95M
(-) Capital Expenditure	-18.38M	-14.60M	-14.05M	-25.00M	-18.55M	-17.54M	-16.45M	-16.64M	-19.49M
Unlevered Free Cash Flow	322.52M	345.00M	283.89M	158.10M	282.94M	36.44M	87.14M	121.89M	106.09M
(-) Net Interest Income After Taxes	-11.03M	-25.46M	-17.63M	-39.79M	-30.88M	-11.22M	-5.73M	-6.66M	-8.77M
Net Debt Issuance	-177.50M	-176.99M	-146.71M	-258.57M	338.60M	1,181.24M	11.82M	-25.00M	-11.25M
Levered Free Cash Flow	156.05M	193.47M	154.80M	-60.68M	652.41M	1,228.90M	104.69M	103.56M	103.60M