BSY - Bentley Systems, Incorporated
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$47.57
DETAILS
HIGH:
$55.00
LOW:
$40.00
MEDIAN:
$48.00
CONSENSUS:
$47.57
UPSIDE:
45.30%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 1,501.8 | 1,353.1 | 1,228.4 | 1,099.1 | 965.0 | 801.5 | 736.7 | 691.7 |
| Cost of Revenue | 277.5 | 257.8 | 318.2 | 237.0 | 216.5 | 167.2 | 144.2 | 131.3 |
| Gross Profit | 1,224.2 | 1,095.3 | 910.2 | 862.1 | 748.5 | 634.4 | 592.5 | 560.4 |
| Operating Expenses | ||||||||
| R&D Expenses | 307.6 | 281.2 | 274.6 | 257.9 | 220.9 | 185.5 | 183.6 | 175.0 |
| SG&A Expenses | 506.9 | 477.9 | 418.7 | 354.5 | 407.4 | 257.2 | 252.9 | 250.0 |
| Other Expenses | 47.2 | 34.0 | (13.6) | 41.1 | 25.6 | 41.5 | 14.2 | 0.7 |
| Operating Expenses | 861.6 | 793.2 | 679.7 | 653.5 | 653.9 | 484.2 | 450.6 | 439.0 |
| Operating Income | ||||||||
| Operating Income | 362.6 | 302.1 | 230.5 | 208.6 | 94.6 | 150.2 | 141.9 | 121.4 |
| Interest Expense | 12.4 | 24.8 | 41.3 | 35.1 | 11.5 | 7.9 | 9.7 | 9.6 |
| Interest Income | 0 | 2.7 | 1.5 | 0.4 | 0.3 | 0.4 | 1.5 | 0.8 |
| Profitability | ||||||||
| EBITDA | 429.0 | 382.4 | 288.4 | 304.9 | 152.3 | 211.0 | 170 | 148.6 |
| EBIT | 363.2 | 317.8 | 224.9 | 233.3 | 107.4 | 174.8 | 137.8 | 122.5 |
| Income Before Tax | 350.7 | 293.2 | 183.5 | 196.1 | 93.3 | 165.1 | 126.8 | 112.9 |
| Income Tax Expense | 73.0 | 58.7 | (143.2) | 21.3 | (3.4) | 38.6 | 23.7 | (29.2) |
| Net Income | 277.9 | 234.8 | 326.8 | 174.8 | 93.2 | 126.5 | 103.1 | 142.1 |
| Per Share Data | ||||||||
| EPS (Basic) | 0.88 | 0.75 | 1.07 | 0.57 | 0.30 | 0.44 | 0.39 | 0.54 |
| EPS (Diluted) | 0.85 | 0.72 | 1.00 | 0.53 | 0.30 | 0.42 | 0.39 | 0.54 |
| Shares Outstanding | 314.7 | 314.9 | 312.4 | 309.2 | 305.7 | 289.9 | 261.2 | 261.2 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 123.3 | 64.0 | 68.4 | 71.7 | 329.3 | 122.0 | 121.1 | 81.2 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 350.3 | 314.5 | 293.5 | 287.1 | 235.3 | 190.0 | 204.5 | 184.6 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 65.5 | 50.5 | 44.8 | 38.7 | 34.3 | 24.7 | 23.4 | 12.4 |
| Total Current Assets | 539.0 | 442.1 | 419.6 | 415.9 | 615.8 | 340.3 | 353.6 | 283.2 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 67.2 | 66.1 | 78.6 | 72.5 | 82.6 | 74.5 | 29.6 | 29.4 |
| Goodwill | 2,482.2 | 2,367.2 | 2,269.3 | 2,237.2 | 1,588.5 | 581.2 | 480.1 | 446.3 |
| Intangible Assets | 193.0 | 214.0 | 248.8 | 292.3 | 245.8 | 45.6 | 46.3 | 54.0 |
| Long-Term Investments | 27.9 | 25.8 | 23.5 | 22.3 | 6.4 | 5.7 | 1.7 | 0 |
| Other Non-Current Assets | 75.5 | 86.4 | 67.3 | 72.2 | 48.6 | 39.5 | 32.2 | 29.6 |
| Total Non-Current Assets | 3,016.1 | 2,957.7 | 2,900.3 | 2,749.1 | 2,043.4 | 785.8 | 641.0 | 640.4 |
| Total Assets | 3,555.2 | 3,399.8 | 3,319.8 | 3,165.0 | 2,659.2 | 1,126.0 | 994.6 | 923.6 |
| Current Liabilities | ||||||||
| Account Payables | 27.0 | 16.5 | 18.1 | 15.2 | 16.5 | 16.5 | 17.7 | 8.6 |
| Short-Term Debt | 13.7 | 0 | 10 | 5 | 5 | 0 | 0 | 0 |
| Deferred Revenue | 278.2 | 262.7 | 270.7 | 240.7 | 237.4 | 212.2 | 213.9 | 296.1 |
| Other Current Liabilities | 641.3 | 471.7 | 383.6 | 296.9 | 268.1 | 185.6 | 131.2 | 101.1 |
| Total Current Liabilities | 960.2 | 814.3 | 760.4 | 628.4 | 593.9 | 465.6 | 392.4 | 435.7 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 1,248.9 | 1,388.1 | 1,518.4 | 1,775.7 | 1,431.0 | 246 | 233.8 | 258.8 |
| Deferred Tax Liabilities | 4.4 | 8.6 | 9.7 | 51.2 | 65.0 | 10.8 | 8.3 | 10.5 |
| Other Non-Current Liabilities | 111.6 | 104.1 | 100.9 | 92.5 | 116.9 | 23.2 | 17.4 | 21.4 |
| Total Non-Current Liabilities | 1,405.5 | 1,544.4 | 1,675.5 | 1,963.2 | 1,656.1 | 318.9 | 267.6 | 340.4 |
| Total Liabilities | 2,365.7 | 2,358.7 | 2,435.9 | 2,591.6 | 2,250.0 | 784.4 | 660.0 | 776.2 |
| Stockholders' Equity | ||||||||
| Common Stock | 3.0 | 3.0 | 3.0 | 2.9 | 2.8 | 2.7 | 2.5 | 2.5 |
| Retained Earnings | (40.3) | (75.9) | (161.9) | (370.9) | (439.6) | (376.0) | (52.7) | (218.6) |
| Accumulated Other Comprehensive Income | (74.6) | (104.1) | (85.0) | (89.7) | (91.8) | (26.2) | (23.9) | (29.4) |
| Total Stockholders' Equity | 1,189.4 | 1,041.0 | 883.3 | 572.8 | 409.2 | 341.6 | 334.6 | 147.4 |
| Total Liabilities & Equity | 3,555.2 | 3,399.8 | 3,319.8 | 3,165.0 | 2,659.2 | 1,126.0 | 994.6 | 923.6 |
| Debt Metrics | ||||||||
| Total Debt | 1,284.7 | 1,426.6 | 1,570.7 | 1,823.0 | 1,488.7 | 294.4 | 233.8 | 258.8 |
| Net Debt | 1,161.5 | 1,362.6 | 1,502.3 | 1,751.4 | 1,159.4 | 172.4 | 112.6 | 177.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 277.8 | 234.4 | 326.8 | 174.8 | 93.2 | 126.5 | 103.1 | 142.1 |
| Depreciation & Amortization | 65.9 | 64.6 | 71.9 | 71.5 | 52.8 | 36.1 | 32.2 | 29.2 |
| Stock-Based Compensation | 72.6 | 74.4 | 73.0 | 75.2 | 49.0 | 32.1 | 8.1 | 7.9 |
| Change in Working Capital | 59.3 | 22.5 | 97.5 | (15.1) | 111.2 | 70.9 | 14.5 | 35.9 |
| Other Non-Cash Items | 38.6 | 26.7 | 46.5 | (27.0) | 1.6 | (23.6) | 12.2 | 6.4 |
| Operating Cash Flow | 538.5 | 435.3 | 416.7 | 274.3 | 288.0 | 258.3 | 170.8 | 161.5 |
| Investing Activities | ||||||||
| Capital Expenditure | (18.3) | (14.0) | (25.0) | (18.5) | (17.5) | (16.4) | (16.6) | (19.5) |
| Acquisitions | (93.3) | (130.4) | (26.0) | (743.0) | (1,035.0) | (93.0) | (37.1) | (135.3) |
| Purchases of Investments | (1.0) | (1.4) | (11.6) | (11.0) | (4.1) | 0 | (3) | 0 |
| Sales/Maturities of Investments | 0 | 0 | 2.1 | 11.0 | 4.1 | 0 | 40.1 | 0 |
| Other Investing Activities | 0.2 | 2.6 | 0 | (8.6) | (4.1) | (7.9) | (37.1) | (0.9) |
| Investing Cash Flow | (112.3) | (143.3) | (60.5) | (770.1) | (1,056.6) | (117.3) | (53.7) | (154.8) |
| Financing Activities | ||||||||
| Net Debt Issuance | (145.1) | (146.7) | (258.6) | 338.6 | 1,181.2 | 11.8 | (25) | (11.2) |
| Stock Repurchased | (157.2) | (76.9) | (58.9) | (71.8) | (120.5) | (84.0) | (24.2) | (46.5) |
| Dividends Paid | (85.0) | (72.1) | (58.8) | (34.5) | (33.4) | (422.6) | (25.0) | (20.1) |
| Other Financing Activities | (0.5) | 5.8 | 17.2 | 10.7 | (54.2) | 290.8 | (7.4) | 2.7 |
| Financing Cash Flow | (376.3) | (289.9) | (359.1) | 243.0 | 982.6 | (136.5) | (77.0) | (58.8) |
| Cash Position | ||||||||
| Net Change in Cash | 59.3 | (4.4) | (3.3) | (257.7) | 207.3 | 0.9 | 39.9 | (53.3) |
| Cash at Beginning | 64.0 | 68.4 | 71.7 | 329.3 | 122.0 | 121.1 | 81.2 | 134.5 |
| Cash at End | 123.3 | 64.0 | 68.4 | 71.7 | 329.3 | 122.0 | 121.1 | 81.2 |
| Free Cash Flow | 520.2 | 421.2 | 391.7 | 255.8 | 270.5 | 241.9 | 154.1 | 142.0 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 1,501.8 | 1,353.1 | 1,228.4 | 1,099.1 | 965.0 | 801.5 | 736.7 | 691.7 |
| Gross Profit | 1,224.2 | 1,095.3 | 910.2 | 862.1 | 748.5 | 634.4 | 592.5 | 560.4 |
| Operating Income | 362.6 | 302.1 | 230.5 | 208.6 | 94.6 | 150.2 | 141.9 | 121.4 |
| Net Income | 277.9 | 234.8 | 326.8 | 174.8 | 93.2 | 126.5 | 103.1 | 142.1 |
| EPS (Diluted) | 0.85 | 0.72 | 1.00 | 0.53 | 0.30 | 0.42 | 0.39 | 0.54 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 123.3 | 64.0 | 68.4 | 71.7 | 329.3 | 122.0 | 121.1 | 81.2 |
| Total Assets | 3,555.2 | 3,399.8 | 3,319.8 | 3,165.0 | 2,659.2 | 1,126.0 | 994.6 | 923.6 |
| Total Debt | 1,284.7 | 1,426.6 | 1,570.7 | 1,823.0 | 1,488.7 | 294.4 | 233.8 | 258.8 |
| Stockholders' Equity | 1,189.4 | 1,041.0 | 883.3 | 572.8 | 409.2 | 341.6 | 334.6 | 147.4 |
| Cash Flow | ||||||||
| Operating Cash Flow | 538.5 | 435.3 | 416.7 | 274.3 | 288.0 | 258.3 | 170.8 | 161.5 |
| Capital Expenditure | (18.3) | (14.0) | (25.0) | (18.5) | (17.5) | (16.4) | (16.6) | (19.5) |
| Free Cash Flow | 520.2 | 421.2 | 391.7 | 255.8 | 270.5 | 241.9 | 154.1 | 142.0 |