Bentley Systems, Incorporated (BSY) Balance Sheet
BSY balance sheet, 2025
December 31, 2025 · U.S. dollars$3.56B assets = $2.37B liabilities + $1.19B equity
Both columns are drawn to the same scale: what BSY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BSY financial health
Descriptive bands, not a rating. Fiscal 2025.
BSY balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $923.6M2018 | $3.56B2025 | +21.2%/yr | |
| Total liabilities | $776.2M2018 | $2.37B2025 | +17.3%/yr | |
| Shareholders’ equity | $147.4M2018 | $1.19B2025 | +34.8%/yr | |
| Cash & short-term investments | $81.2M2018 | $123.3M2025 | +6.1%/yr | |
| Total debt | $258.8M2018 | $1.28B2025 | +25.7%/yr | |
| Net cash (debt) | −$177.6M2018 | −$1.16B2025 | −$983.9M | |
| Working capital | −$152.5M2018 | −$421.2M2025 | −$268.7M | |
| Book value per share | $0.562018 | $3.572025 | +30.2%/yr | |
| Current ratio | 0.652018 | 0.562025 | −0.09 | |
| Debt / equity | 1.762018 | 1.082025 | −0.67 | |
| Shares outstanding | 261.2M2018 | 333.1M2025 | +3.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSY assets
BSY liabilities and equity
BSY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BSY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $123.3M | $64.0M | $68.4M | $71.7M | $329.3M | $122.0M | $121.1M | $81.2M |
| Cash & equivalents | $123.3M | $64.0M | $68.4M | $71.7M | $329.3M | $122.0M | $121.1M | $81.2M |
| Short-term investments | — | — | — | — | $6.4M | $5.7M | — | — |
| Receivables | $342.7M | $314.5M | $293.5M | $287.1M | $235.3M | $190.0M | $204.5M | $184.6M |
| Inventory | $0 | $0 | $1 | $18.4M | $16.9M | $3.5M | $4.5M | $5.1M |
| Other current assets | $73.1M | $63.6M | $57.6M | $38.7M | $34.3M | $24.7M | $23.4M | $12.4M |
| Total current assets | $539.0M | $442.1M | $419.6M | $415.9M | $615.8M | $340.3M | $353.6M | $283.2M |
| Property, plant & equipment (net) | $67.2M | $66.1M | $78.6M | $72.5M | $82.6M | $74.5M | $29.6M | $29.4M |
| Goodwill & intangible assets | $2.68B | $2.58B | $2.52B | $2.53B | $1.83B | $626.8M | $526.4M | $500.3M |
| Long-term investments | $27.9M | $25.8M | $23.5M | $22.3M | $6.4M | $5.7M | $1.7M | $0 |
| Other non-current assets | $245.9M | $284.7M | $280.1M | $124.9M | $120.0M | $78.7M | $83.3M | $110.7M |
| Total assets | $3.56B | $3.40B | $3.32B | $3.17B | $2.66B | $1.13B | $994.6M | $923.6M |
| Liabilities | ||||||||
| Accounts payable | $27.0M | $16.5M | $18.1M | $15.2M | $16.5M | $16.5M | $17.7M | $8.6M |
| Short-term debt | $13.7M | $11.7M | $21.6M | $19.7M | $22.5M | $16.6M | $109.1M | $6.3M |
| Deferred revenue | $741.6M | $262.7M | $270.7M | $240.7M | $237.4M | $212.2M | $213.9M | $296.1M |
| Total current liabilities | $960.2M | $814.3M | $760.4M | $628.4M | $593.9M | $465.6M | $392.4M | $435.7M |
| Long-term debt | $1.25B | $1.39B | $1.52B | $1.78B | $1.43B | $246.0M | $233.8M | $258.8M |
| Lease obligations | $35.8M | $38.5M | $42.3M | $42.3M | $52.8M | $48.4M | — | — |
| Other long-term liabilities | $156.6M | $156.3M | $157.1M | $187.5M | $225.2M | $72.9M | $33.8M | $81.7M |
| Total liabilities | $2.37B | $2.36B | $2.44B | $2.59B | $2.25B | $784.4M | $660.0M | $776.2M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $3.0M | $3.0M | $3.0M | $2.9M | $2.8M | $2.7M | $2.5M | $2.5M |
| Retained earnings (deficit) | −$40.3M | −$75.9M | −$161.9M | −$370.9M | −$439.6M | −$376.0M | −$52.7M | −$218.6M |
| Accumulated other comprehensive income | −$74.6M | −$104.1M | −$85.0M | −$89.7M | −$91.8M | −$26.2M | −$23.9M | −$29.4M |
| Minority interest | $79,000 | $133,000 | $704,000 | $704,000 | — | — | — | — |
| Total shareholders' equity | $1.19B | $1.04B | $883.3M | $572.8M | $409.2M | $341.6M | $334.6M | $147.4M |
| Key figures | ||||||||
| Total debt | $1.28B | $1.43B | $1.57B | $1.82B | $1.49B | $294.4M | $233.8M | $258.8M |
| Net cash (debt) | −$1.16B | −$1.36B | −$1.50B | −$1.75B | −$1.16B | −$172.4M | −$112.6M | −$177.6M |
| Working capital | −$421.2M | −$372.3M | −$340.8M | −$212.5M | $22.0M | −$125.3M | −$38.9M | −$152.5M |
| Tangible book value | −$1.49B | −$1.54B | −$1.63B | −$1.96B | −$1.43B | −$285.2M | −$191.8M | −$352.9M |
| Book value per share | $3.57 | $3.12 | $2.66 | $1.73 | $1.30 | $1.14 | $1.28 | $0.56 |
| Shares outstanding | 333.1M | 333.8M | 332.5M | 331.8M | 314.6M | 299.4M | 261.2M | 261.2M |
| Current ratio | 0.56 | 0.54 | 0.55 | 0.66 | 1.04 | 0.73 | 0.90 | 0.65 |
| Quick ratio | 0.49 | 0.46 | 0.48 | 0.57 | 0.95 | 0.67 | 0.83 | 0.61 |
| Debt / equity | 1.08 | 1.37 | 1.78 | 3.18 | 3.64 | 0.86 | 0.70 | 1.76 |
| Equity / assets | 33.5% | 30.6% | 26.6% | 18.1% | 15.4% | 30.3% | 33.6% | 16.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $147.0M | $105.2M | $123.3M | $165.4M | $89.6M | $83.6M | $64.0M | $72.2M | $51.3M | $141.6M | $68.4M | $67.0M |
| Cash & equivalents | $147.0M | $105.2M | $123.3M | $165.4M | $89.6M | $83.6M | $64.0M | $72.2M | $51.3M | $141.6M | $68.4M | $67.0M |
| Receivables | $368.1M | $336.0M | $342.7M | $286.2M | $291.1M | $303.6M | $314.5M | $262.8M | $273.8M | $274.5M | $293.5M | $235.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $26.0M |
| Other current assets | $72.8M | $77.1M | $73.1M | $75.3M | $58.8M | $58.9M | $63.6M | $68.8M | $61.6M | $57.6M | $57.6M | $46.1M |
| Total current assets | $587.9M | $518.2M | $539.0M | $526.8M | $439.5M | $446.1M | $442.1M | $403.8M | $386.7M | $473.7M | $419.6M | $374.2M |
| Property, plant & equipment (net) | $84.9M | $82.5M | $67.2M | $66.3M | $65.8M | $65.1M | $66.1M | $71.0M | $71.6M | $75.0M | $78.6M | $79.7M |
| Goodwill & intangible assets | $2.64B | $2.66B | $2.68B | $2.59B | $2.61B | $2.58B | $2.58B | $2.62B | $2.49B | $2.50B | $2.52B | $2.51B |
| Long-term investments | $41.9M | $27.9M | $27.9M | $27.7M | $25.8M | $25.9M | $25.8M | $24.7M | $24.3M | $23.6M | $23.5M | $30.3M |
| Other non-current assets | $230.3M | $239.6M | $245.9M | $252.3M | $282.5M | $282.6M | $284.7M | $280.8M | $283.9M | $283.8M | $280.1M | $139.2M |
| Total assets | $3.58B | $3.52B | $3.56B | $3.46B | $3.42B | $3.40B | $3.40B | $3.40B | $3.26B | $3.35B | $3.32B | $3.13B |
| Liabilities | ||||||||||||
| Accounts payable | $22.8M | $21.3M | $27.0M | $17.8M | $24.5M | $24.5M | $16.5M | $30.5M | $23.9M | $23.6M | $18.1M | $26.4M |
| Short-term debt | $19.4M | $13.3M | $13.7M | $11.8M | $11.9M | $11.7M | $11.7M | $12.1M | $11.4M | $21.2M | $21.6M | $20.2M |
| Deferred revenue | $263.2M | $791.7M | $741.6M | $662.6M | $661.4M | $692.0M | $262.7M | $241.5M | $252.8M | $258.4M | $270.7M | $228.6M |
| Total current liabilities | $988.1M | $1.01B | $960.2M | $860.5M | $858.4M | $906.0M | $814.3M | $782.2M | $785.8M | $837.8M | $760.4M | $680.7M |
| Long-term debt | $1.21B | $1.12B | $1.25B | $1.25B | $1.25B | $1.24B | $1.39B | $1.42B | $1.33B | $1.43B | $1.52B | $1.58B |
| Lease obligations | $50.3M | $50.3M | $35.8M | $35.9M | $36.9M | $37.8M | $38.5M | $40.0M | $38.4M | $40.0M | $42.3M | $42.8M |
| Other long-term liabilities | $182.4M | $175.7M | $156.6M | $161.3M | $156.9M | $154.9M | $156.3M | $161.4M | $152.3M | $157.9M | $157.1M | $181.2M |
| Total liabilities | $2.38B | $2.30B | $2.37B | $2.27B | $2.26B | $2.31B | $2.36B | $2.36B | $2.27B | $2.42B | $2.44B | $2.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M |
| Retained earnings (deficit) | −$63.4M | −$22.4M | −$40.3M | −$13.9M | −$31.4M | −$47.7M | −$75.9M | −$88.2M | −$102.6M | −$132.6M | −$161.9M | −$325.2M |
| Accumulated other comprehensive income | −$86.4M | −$80.7M | −$74.6M | −$77.4M | −$69.1M | −$97.6M | −$104.1M | −$83.0M | −$93.3M | −$92.6M | −$85.0M | −$95.1M |
| Minority interest | −$16,000 | $41,000 | $79,000 | $47,000 | $129,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.20B | $1.23B | $1.19B | $1.20B | $1.16B | $1.10B | $1.04B | $1.03B | $983.8M | $931.9M | $883.3M | $691.5M |
| Key figures | ||||||||||||
| Total debt | $1.27B | $1.17B | $1.28B | $1.28B | $1.28B | $1.28B | $1.43B | $1.46B | $1.37B | $1.48B | $1.57B | $1.63B |
| Net cash (debt) | −$1.12B | −$1.06B | −$1.16B | −$1.12B | −$1.19B | −$1.20B | −$1.36B | −$1.39B | −$1.32B | −$1.33B | −$1.50B | −$1.57B |
| Working capital | −$400.2M | −$488.6M | −$421.2M | −$333.6M | −$418.8M | −$459.9M | −$372.3M | −$378.4M | −$399.1M | −$364.1M | −$340.8M | −$306.5M |
| Tangible book value | −$1.44B | −$1.43B | −$1.49B | −$1.40B | −$1.45B | −$1.49B | −$1.54B | −$1.58B | −$1.51B | −$1.57B | −$1.63B | −$1.82B |
| Book value per share | $3.77 | $3.81 | $3.57 | $3.59 | $3.49 | $3.29 | $3.12 | $3.10 | $2.95 | $2.79 | $2.65 | $2.08 |
| Shares outstanding | 319.0M | 321.8M | 333.1M | 333.2M | 332.8M | 333.4M | 333.9M | 333.8M | 333.8M | 333.6M | 333.4M | 332.8M |
| Current ratio | 0.59 | 0.51 | 0.56 | 0.61 | 0.51 | 0.49 | 0.54 | 0.52 | 0.49 | 0.57 | 0.55 | 0.55 |
| Quick ratio | 0.52 | 0.44 | 0.49 | 0.52 | 0.44 | 0.43 | 0.46 | 0.43 | 0.41 | 0.50 | 0.48 | 0.44 |
| Debt / equity | 1.05 | 0.95 | 1.08 | 1.07 | 1.10 | 1.17 | 1.37 | 1.41 | 1.40 | 1.58 | 1.78 | 2.36 |
| Equity / assets | 33.5% | 34.8% | 33.5% | 34.5% | 33.9% | 32.3% | 30.6% | 30.4% | 30.2% | 27.8% | 26.6% | 22.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
BSY financial position
At the end of fiscal 2025 (December 31, 2025), Bentley Systems had total assets of $3.6 billion (up 4.6% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $1.2 billion. It held $123.3 million in cash and short-term investments against $1.3 billion of debt, net debt of $1.2 billion. Its current ratio was 0.56. In the latest quarter (ended June 30, 2026) total assets were $3.6 billion and equity $1.2 billion.
Related: BSY income statement, BSY cash flow statement, BSY key metrics. See the BSY stock overview for the latest quote and news.
BSY balance sheet FAQ
What are Bentley Systems's total assets?
Bentley Systems reported total assets of $3.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.4 billion a year earlier.
How much debt does Bentley Systems have?
Bentley Systems had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.08.
How much cash does Bentley Systems have?
Bentley Systems held $123.3 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $1.2 billion.
What is Bentley Systems's book value?
Bentley Systems's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $3.57 per share.
What is Bentley Systems's current ratio?
Bentley Systems had current assets of $539.0 million and current liabilities of $960.2 million, a current ratio of 0.56 (current liabilities exceed current assets).
How much goodwill does Bentley Systems have?
Bentley Systems carried $2.7 billion of goodwill and intangible assets, 75.2% of total assets, at the end of fiscal 2025.