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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001031308
$39.67
+0.66% · live
Updated
$12.48B market value
From BENTLEY SYSTEMS INC's FY2025 10-K, filed Feb 26, 2026 · read the filing
BENTLEY SYSTEMS makes and sells software and computing services. It took in $1.50B last year, which makes it a mid-sized company. Of every dollar it sells, about 19 cents is left as profit.
The financial picture is led by profitability, with growth worth watching, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.40
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From BENTLEY SYSTEMS INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Cash
$64.0M → $123.3M
Operating income
$302.1M → $362.6M
Profit
$234.8M → $277.9M
Free cash flow
$421.2M → $520.2M
Measured against FY2024, from the 10-K filed Feb 26, 2026
Improved: +92.6%
$64.0M to $123.3MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +20.0%
$302.1M to $362.6MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
+18.3%
How the latest move compares (quote live), and what was published around it
BSY rose 0.66% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −0.05%. That is 1.9 points above its sector and 0.7 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 9% a year for the next 10 years. Over the last 7 years it grew by about 20% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 19 cents of every dollar of sales as profit, earning $277.9M last year.
Slowly. Sales grew 11.0% last year.
No. At its current cash flow it could clear its debt in about 2.1 years. For every $1 it owes, it owns $1.50 in assets. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 31 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 16% of the cash its operations generated. It has paid in each of the last 8 years.
GoodFigures from the FY2025 annual filing
Last year it earned $277.9M and generated $538.5M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 26, 2026Filing for FY2025 | FY202410-K · Feb 26, 2025Filing for FY2024 | FY202310-K · Feb 26, 2025Filing for FY2023 | FY202210-K · Feb 28, 2023Filing for FY2022 | FY202110-K · Feb 28, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $1.50B | $1.35B | $1.23B | $1.10B | $965.0M | +11.0% |
| Cost of revenue | $277.5M | $257.8M | $266.1M | $237.0M | $216.5M | +7.7% |
| Gross profit | $1.22B | $1.10B | $962.3M | $862.1M | $748.5M | +11.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 81.5% | 80.9% | 78.3% | 78.4% | 77.6% | +0.6 pts |
| Selling, general and administrative | $217.3M | $210.4M | $180.7M | $174.6M | $150.1M | +3.3% |
| Operating income | $362.6M | $302.1M | $230.5M | $208.6M | $94.6M | +20.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 24.1% | 22.3% | 18.8% | 19.0% | 9.8% | +1.8 pts |
| Interest expense | $7.6M | $17.0M | $35.0M | $35.1M | $11.5M | −55.3% |
| Income before tax | $350.7M | $293.1M | $183.5M | $198.3M | $93.3M | +19.7% |
| Net income | $277.9M | $234.8M | $326.8M | $174.8M | $93.2M | +18.3% |
| Net marginNet income ÷ revenueWhat is this? | 18.5% | 17.4% | 26.6% | 15.9% | 9.7% | +1.2 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.883 | $0.7456 | $1.05 | $0.5652 | $0.3048 | +18.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| BSYBENTLEY SYSTEMS INC · this page | 6.0/10 | 9/9 | 11.0% | 18.5% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Was granted or awarded shares — 85 shares
Holds 468,202 shares after this filing.
Was granted or awarded shares — 402 shares
Holds 221,712 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Reported another event
Read the filingQuarterly report for Q2 FY2026
Revenue +12.8% · Operating margin −1.6 pts · Cash +64.0% — against Q2 FY2025
Read the filingWrite down why you are following BENTLEY SYSTEMS INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 100 subsidiaries named in its 10-K, incorporated across 47 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from BSY's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 26, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 6.0 | 9/9 | 10-K, filed Feb 26, 2026 |
| FY2024 | 6.0 | 7/9 | 10-K, filed Feb 26, 2025 |
| FY2023 | 6.0 | 7/9 | 10-K, filed Feb 27, 2024 |
| FY2022 | 7.0 | 6/9 | 10-K, filed Feb 28, 2023 |
| FY2021 | 7.0 | 4/9 | 10-K, filed Mar 1, 2022 |
| FY2020 | 7.0 | 6/9 | 10-K, filed Mar 2, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
9 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
0.40
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
$234.8M to $277.9MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +23.5%
$421.2M to $520.2MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +18.4%
$0.75 to $0.88Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Changed: +17.8%
$72.1M to $85.0MSignificant
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Changed: +30.0%
$14.0M to $18.3MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +11.0%
$1.35B to $1.50BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +11.8%
$1.10B to $1.22BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +1.8 pts
22.3% to 24.1%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +1.1 pts
17.4% to 18.5%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -10.0%
$1.39B to $1.25BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 6, 2026 — read it.
Improved: +64.0%
$89.6M to $147.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +12.8%
$364.1M to $410.7MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +14.0%
$295.3M to $336.7MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +11.5%
$70.5M to $78.6MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −1.6 pts
23.2% to 21.6%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +12.5%
$0.22 to $0.25Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 6, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: −8.2 pts
29.8% to 21.6%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -29.8%
$126.3M to $88.6MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -17.6%
$95.4M to $78.6MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −3.4 pts
22.5% to 19.1%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -17.4%
$0.31 to $0.25Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +39.8%
$105.2M to $147.0MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +8.5%
$1.12B to $1.21BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 7% and 11%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 21 analysts covering this company, as of . Their views, not this site's.
Of 21 analysts publishing on this company, 6 say strong buy, 10 say buy and 5 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 5.2% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 41.4x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 44.93x |
| 1.99x |
| HUBSHUBSPOT INC | 8.7/10 | 6/8 | 19.2% | 1.5% | 305.86x | 0.87x |
|---|
| Median of peers | 8.7/10 | — | 19.2% | 1.5% | 305.86x | 0.87x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Was granted or awarded shares — 106 shares
Holds 90,862 shares after this filing.
Was granted or awarded shares — 737 shares
Holds 533,221 shares after this filing.
Was granted or awarded shares — 174 shares
Holds 88,319 shares after this filing.
Was granted or awarded shares — 2,044 shares
Holds 14,816,404 shares after this filing.
Was granted or awarded shares — 23 shares
Holds 19,366 shares after this filing.
Was granted or awarded shares — 199 shares
Holds 377,843 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 300,000 shares ($11.1M) on or after .
Shares originally obtained via gift.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Held a shareholder vote · Reported another event
Read the filingQuarterly report for Q1 FY2026
Revenue +14.5% · Operating margin −1.3 pts · Capital spending +82.4% — against Q1 FY2025
Read the filingPublished results
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +11.0% · Operating margin +1.8 pts · Cash +92.6% — against FY2024
Read the filingPublished results · Reported another event
Read the filingReported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +12.0% · Operating margin +2.0 pts · Cash +129.2% — against Q3 FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +10.2% · Operating margin −1.1 pts · Cash +74.8% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote · Reported another event
Read the filingQuarterly report for Q1 FY2025
Revenue +9.7% · Operating margin +3.9 pts · Cash -40.9% — against Q1 FY2024
Read the filingPublished results
Read the filingThe first 40 of 100. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-26. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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