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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 applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, and OpenUtilities; and open simulation applications, including ADINA, AutoPIPE, LEGION, OpenPaths, 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 Cesium and iTwin platform that enables users to create and curate cloud native digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Engage, 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. The company was incorporated in 1984 and is headquartered in Exton, Pennsylvania.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Bentley Systems provides software for planning, designing, building and operating infrastructure, including BIM, engineering design and digital-twin solutions for owners, engineers and contractors. Long-term growth may be supported by rising digital-twin and cloud/subscription adoption and sustained infrastructure spending, while recurring revenues and a large installed base could support revenue visibility.
Key risks include cyclicality in infrastructure spending, competition from larger engineering-software firms, reliance on renewal rates and acquisition integration, plus foreign-exchange and regulatory exposure.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 350.73M | 293.16M | 183.53M | 198.28M | 93.33M |
| Minority interest | 0.07M | 0.35M | 0.00M | - | - |
| Net income | 277.86M | 234.79M | 326.79M | 174.78M | 93.19M |
| Selling general administrative | 217.33M | 222.76M | 194.32M | 158.87M | 245.16M |
| Selling and marketing expenses | 289.54M | 255.18M | 224.34M | 195.62M | 162.24M |
| Gross profit | 1224.25M | 1095.33M | 910.24M | 862.07M | 748.51M |
| Reconciled depreciation | 65.88M | 64.61M | 70.68M | 71.54M | 52.79M |
| Ebit | 363.17M | 317.83M | 224.86M | 208.61M | 94.59M |
| Ebitda | 429.05M | 382.44M | 288.44M | 304.45M | 158.61M |
| Depreciation and amortization | 65.88M | 64.61M | 63.59M | 95.83M | 64.02M |
| Non operating income net other | - | - | - | - | 7.65M |
| Operating income | 362.62M | 302.15M | 230.54M | 208.61M | 94.59M |
| Other operating expenses | 1139.16M | 1050.94M | 997.87M | 890.47M | 870.46M |
| Interest expense | 12.44M | 24.77M | 41.33M | 34.63M | 12.49M |
| Tax provision | 72.98M | 58.73M | 35.17M | 21.28M | -3.45M |
| Interest income | 2.89M | 2.73M | 2.35M | 0.42M | 0.31M |
| Net interest income | -12.44M | -22.04M | -41.74M | -34.63M | -12.49M |
| Income tax expense | 72.98M | 58.73M | -143.24M | 21.28M | -3.45M |
| Total revenue | 1501.78M | 1353.10M | 1228.41M | 1099.08M | 965.05M |
| Total operating expenses | 861.63M | 793.18M | 679.69M | 653.46M | 653.92M |
| Cost of revenue | 277.53M | 257.77M | 318.18M | 237.01M | 216.54M |
| Total other income expense net | -11.89M | -8.99M | -47.02M | -10.34M | -1.26M |
| Net income from continuing ops | 277.79M | 234.43M | 172.92M | 174.78M | 93.19M |
| Net income applicable to common shares | - | - | - | 174.74M | 93.18M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 3555.17M | 3399.81M | 3319.85M | 3165.01M | 2659.24M |
| Intangible assets | 193.02M | 213.96M | 248.79M | 292.27M | 245.83M |
| Other current assets | 65.46M | 63.60M | 57.61M | 38.73M | 34.35M |
| Total liab | 2365.68M | 2358.69M | 2435.87M | 2591.55M | 2250.02M |
| Total stockholder equity | 1189.41M | 1040.99M | 883.98M | 572.75M | 409.22M |
| Deferred long term liab | - | - | - | - | 159.90M |
| Other current liab | 621.54M | 509.65M | 466.84M | 366.56M | 330.30M |
| Common stock | 3.02M | 3.02M | 2.96M | 2.89M | 2.83M |
| Capital stock | 3.02M | 3.02M | 2.96M | 2.89M | 2.83M |
| Retained earnings | -40.26M | -75.94M | -161.93M | -370.87M | -439.63M |
| Other liab | - | - | - | 159.83M | 189.88M |
| Good will | 2482.15M | 2367.18M | 2269.34M | 2237.18M | 1588.48M |
| Other assets | - | - | 0.00M | 87.69M | 120.02M |
| Cash | 123.28M | 64.01M | 68.41M | 71.68M | 329.34M |
| Total current liabilities | 960.21M | 814.33M | 760.36M | 628.36M | 593.87M |
| Current deferred revenue | 278.24M | 262.72M | 253.78M | 226.96M | 224.61M |
| Net debt | 1161.45M | 1362.63M | 1502.26M | 1751.35M | 1159.41M |
| Short term debt | 13.67M | 11.66M | 21.64M | 19.67M | 22.48M |
| Short long term debt | - | - | 10.00M | 5.00M | 5.00M |
| Short long term debt total | 1284.73M | 1426.64M | 1570.67M | 1823.04M | 1488.75M |
| Other stockholder equity | 1301.20M | 1217.99M | 1127.94M | 1030.47M | 937.80M |
| Property plant equipment | - | - | - | 72.50M | 82.64M |
| Total current assets | 539.03M | 442.07M | 419.56M | 415.89M | 615.83M |
| Long term investments | 27.92M | 25.76M | 23.48M | 22.27M | 6.44M |
| Net tangible assets | - | - | - | -1956.70M | -1425.09M |
| Short term investments | - | - | - | - | 6.44M |
| Net receivables | 350.30M | 314.47M | 293.54M | 287.07M | 235.27M |
| Long term debt | 1248.91M | 1388.09M | 1518.40M | 1775.70M | 1430.99M |
| Inventory | - | - | 0.00M | 18.41M | 16.88M |
| Accounts payable | 26.95M | 16.48M | 18.09M | 15.18M | 16.48M |
| Accumulated other comprehensive income | -74.56M | -104.08M | -84.99M | -89.74M | -91.77M |
| Common stock total equity | - | - | - | - | 2.83M |
| Retained earnings total equity | - | - | - | - | -439.63M |
| Non currrent assets other | 75.50M | 86.44M | 67.28M | 72.25M | 48.65M |
| Non current assets total | 3016.13M | 2957.73M | 2900.29M | 2749.11M | 2043.41M |
| Capital lease obligations | 35.82M | 38.55M | 42.27M | 42.34M | 52.76M |
| Long term debt total | - | - | - | - | 1430.99M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -0.98M | -143.27M | -80.93M | -770.13M | -1056.60M |
| Change to liabilities | - | - | - | 31.47M | 55.42M |
| Total cashflows from investing activities | -112.31M | -143.27M | -60.50M | -770.13M | -1056.60M |
| Net borrowings | -145.11M | -146.71M | -258.57M | 332.14M | 1184.31M |
| Total cash from financing activities | -376.30M | -289.85M | -359.07M | 243.03M | 982.58M |
| Change to operating activities | - | - | - | 14.05M | 107.19M |
| Net income | 277.79M | 234.43M | 326.79M | 174.78M | 93.19M |
| Change in cash | 59.27M | -4.40M | -3.27M | -257.65M | 207.33M |
| Begin period cash flow | 64.01M | 68.41M | 71.68M | 329.34M | 122.01M |
| End period cash flow | 123.28M | 64.01M | 68.41M | 71.68M | 329.34M |
| Total cash from operating activities | 538.46M | 435.29M | 416.70M | 274.32M | 288.02M |
| Issuance of capital stock | - | - | - | 0.00M | 0.00M |
| Depreciation | 65.88M | 64.61M | 71.86M | 71.54M | 52.79M |
| Other cashflows from investing activities | 0.18M | 2.62M | - | -10.95M | -4.08M |
| Dividends paid | 84.96M | 72.11M | 58.76M | -34.49M | -33.40M |
| Change to inventory | - | - | - | - | 14.26M |
| Change to account receivables | -18.58M | -32.06M | -5.18M | -60.94M | -35.52M |
| Sale purchase of stock | -157.24M | -76.86M | -58.94M | -71.81M | -120.54M |
| Other cashflows from financing activities | -0.51M | 5.84M | 17.19M | 844.15M | -57.25M |
| Change to netincome | - | - | - | 42.48M | 24.93M |
| Capital expenditures | 18.25M | 14.05M | 25.00M | 18.55M | 17.54M |
| Change receivables | - | - | - | - | -35.52M |
| Cash flows other operating | - | - | - | - | 112.53M |
| Exchange rate changes | - | - | - | - | -6.67M |
| Cash and cash equivalents changes | - | - | - | - | 207.33M |
| Change in working capital | 59.32M | 22.54M | 97.45M | -15.09M | 111.15M |
| Stock based compensation | 72.58M | 74.42M | 72.97M | 75.21M | 49.05M |
| Other non cash items | 38.56M | 26.72M | 46.50M | -26.98M | 1.59M |
| Free cash flow | 520.21M | 421.25M | 391.69M | 255.78M | 270.49M |
Sector: Technology Industry: Software - Application
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BSY Bentley Systems Inc |
-0.27 0.64% |
42.13 | 41.18 | 25.38 | 7.07 | 8.92 | 7.84 | 27.26 |
| SAP SAP SE ADR |
-3.31 1.42% |
230.31 | 28.16 | 22.42 | 6.52 | 4.85 | 5.60 | 16.61 |
| CRM Salesforce.com Inc |
-3.98 1.76% |
222.20 | 23.41 | 15.55 | 4.79 | 5.56 | 5.55 | 14.88 |
| SAPGF SAP SE |
-3.03 1.29% |
232.00 | 76.28 | 22.88 | 5.61 | 3.84 | 5.59 | 26.18 |
| SHOP Shopify Inc |
-13.65 8.74% |
142.57 | 90.18 | 53.19 | 12.70 | 13.17 | 12.23 | 67.86 |
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 applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, and OpenUtilities; and open simulation applications, including ADINA, AutoPIPE, LEGION, OpenPaths, 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 Cesium and iTwin platform that enables users to create and curate cloud native digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Engage, 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. The company was incorporated in 1984 and is headquartered in Exton, Pennsylvania.
| Name | Title | Year Born |
|---|---|---|
| Mr. Gregory S. Bentley | CEO, Pres & Chairman | 1956 |
| Mr. Keith Arthur Bentley | Founder, Exec. VP, CTO & Director | 1959 |
| Mr. Barry Joe Bentley Ph.D. | Co-Founder & Director | 1966 |
| Mr. Nicholas H. Cumins | Chief Operating Officer | 1977 |
| Mr. David J. Hollister | Chief Investment Officer | 1966 |
| Mr. Gus Bergsma | Sr. VP & Chief Revenue Officer | 1963 |
| Mr. Werner Andre | CFO & Chief Accounting Officer | 1970 |
| Carey Mann | Investor Relations Officer | NA |
| Mr. David R. Shaman | Chief Legal Officer & Sec. | 1966 |
| Mr. Chris Bradshaw | Chief Marketing Officer | 1962 |
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