Bentley Systems, Incorporated (BSY) Key Metrics
BSY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $10.69B
- Enterprise value
- $11.00B
- P/E (TTM)
- 38.9 10-yr median 68.3
- Forward P/E
- 20.0
- PEG ratio
- 1.26
- Price / sales
- 6.7 10-yr median 12.8
- Price / book
- 8.2 10-yr median 20.5
- EV / EBITDA
- 23.6 10-yr median 52.1
- Dividend yield
- 0.76% $0.28 a year
- Beta
- 1.00
BSY key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBSY valuation Price multiples at each fiscal year-end price.
BSY returns How much profit the business earns on the capital it uses.
BSY per-share figures Results divided by the shares outstanding at year-end.
BSY financial health Debt, liquidity and how easily interest is covered.
BSY efficiency & capital use Working capital cycle and where the cash goes.
BSY valuation history
BSY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BSY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BSY cash returned to shareholders
BSY price vs earnings per share
BSY key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $12.71B | $15.59B | $17.35B | $12.26B | $15.21B | $12.13B | — | — |
| Enterprise value | $13.87B | $16.95B | $18.85B | $14.01B | $16.36B | $12.30B | — | — |
| P/E ratio | 45.8 | 66.4 | 53.1 | 70.2 | 163.2 | 95.9 | — | — |
| Price / sales | 8.5 | 11.5 | 14.1 | 11.2 | 15.8 | 15.1 | — | — |
| Price / book | 10.7 | 15.0 | 19.6 | 21.4 | 37.2 | 35.5 | — | — |
| Price / free cash flow | 24.4 | 37.0 | 44.3 | 47.9 | 56.2 | 50.1 | — | — |
| Price / operating cash flow | 23.6 | 35.8 | 41.6 | 44.7 | 52.8 | 46.9 | — | — |
| EV / sales | 9.2 | 12.5 | 15.3 | 12.8 | 17.0 | 15.3 | — | — |
| EV / EBITDA | 32.3 | 44.3 | 63.5 | 46.0 | 107.4 | 58.3 | — | — |
| EV / free cash flow | 26.7 | 40.2 | 48.1 | 54.8 | 60.5 | 50.8 | — | — |
| Earnings yield | 2.2% | 1.5% | 1.9% | 1.4% | 0.6% | 1.0% | — | — |
| Free cash flow yield | 4.1% | 2.7% | 2.3% | 2.1% | 1.8% | 2.0% | — | — |
| Dividend yield | 0.7% | 0.5% | 0.3% | 0.3% | 0.2% | 3.5% | — | — |
| Shareholder yield (dividends + buybacks) | 1.9% | 1.0% | 0.7% | 0.9% | 1.0% | 4.2% | — | — |
| Share price at fiscal year-end | $38.16 | $46.70 | $52.18 | $36.96 | $48.33 | $40.51 | — | — |
| Per share | ||||||||
| Revenue per share | $4.51 | $4.05 | $3.69 | $3.31 | $3.07 | $2.68 | $2.82 | $2.65 |
| Earnings per share | $0.83 | $0.70 | $0.98 | $0.53 | $0.30 | $0.42 | $0.39 | $0.54 |
| Operating cash flow per share | $1.62 | $1.30 | $1.25 | $0.83 | $0.92 | $0.86 | $0.65 | $0.62 |
| Free cash flow per share | $1.56 | $1.26 | $1.18 | $0.77 | $0.86 | $0.81 | $0.59 | $0.54 |
| Cash per share | $0.37 | $0.19 | $0.21 | $0.22 | $1.05 | $0.41 | $0.46 | $0.31 |
| Book value per share | $3.57 | $3.12 | $2.66 | $1.73 | $1.30 | $1.14 | $1.28 | $0.56 |
| Tangible book value per share | −$4.46 | −$4.61 | −$4.92 | −$5.90 | −$4.53 | −$0.95 | −$0.73 | −$1.35 |
| Dividends per share | $0.26 | $0.22 | $0.18 | $0.10 | $0.11 | $1.41 | $0.10 | $0.08 |
| Capex per share | $0.05 | $0.04 | $0.08 | $0.06 | $0.06 | $0.05 | $0.06 | $0.07 |
| Debt per share | $3.86 | $4.27 | $4.72 | $5.49 | $4.73 | $0.98 | $0.89 | $0.99 |
| Shares outstanding | 333.1M | 333.8M | 332.5M | 331.8M | 314.6M | 299.4M | 261.2M | 261.2M |
| Change in shares outstanding | −0.2% | +0.4% | +0.2% | +5.5% | +5.1% | +14.6% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 24.9% | 24.4% | 44.9% | 35.6% | 24.8% | 37.4% | 42.8% | 96.4% |
| Return on invested capital (ROIC) | 12.1% | 10.1% | 9.8% | 9.6% | 9.1% | 23.9% | 29.9% | 37.4% |
| Return on assets (ROA) | 8.0% | 7.0% | 10.1% | 6.0% | 4.9% | 11.9% | 10.7% | 15.4% |
| Return on tangible assets | 31.6% | 28.7% | 40.8% | 27.5% | 11.3% | 25.3% | 22.0% | 33.6% |
| Free cash flow margin | 34.6% | 31.1% | 31.9% | 23.3% | 28.0% | 30.2% | 20.9% | 20.5% |
| Income quality (OCF / net income) | 1.94 | 1.85 | 1.28 | 1.57 | 3.09 | 2.04 | 1.66 | 1.14 |
| Financial health | ||||||||
| Total debt | $1.28B | $1.43B | $1.57B | $1.82B | $1.49B | $294.4M | $233.8M | $258.8M |
| Cash & short-term investments | $123.3M | $64.0M | $68.4M | $71.7M | $329.3M | $122.0M | $121.1M | $81.2M |
| Net debt | $1.16B | $1.36B | $1.50B | $1.75B | $1.16B | $172.4M | $112.6M | $177.6M |
| Debt / equity | 1.08 | 1.37 | 1.78 | 3.18 | 3.64 | 0.86 | 0.70 | 1.76 |
| Debt / assets | 0.36 | 0.42 | 0.47 | 0.58 | 0.56 | 0.26 | 0.24 | 0.28 |
| Net debt / EBITDA | 2.71 | 3.56 | 5.06 | 5.74 | 7.61 | 0.82 | 0.66 | 1.19 |
| Current ratio | 0.56 | 0.54 | 0.55 | 0.66 | 1.04 | 0.73 | 0.90 | 0.65 |
| Quick ratio | 0.56 | 0.54 | 0.55 | 0.63 | 1.01 | 0.72 | 0.89 | 0.64 |
| Interest coverage | 23.7 | 12.2 | 5.6 | 6.0 | 8.2 | 19.0 | 14.6 | 12.6 |
| Working capital | −$421.2M | −$372.3M | −$340.8M | −$212.5M | $22.0M | −$125.3M | −$38.9M | −$152.5M |
| Invested capital | $2.35B | $2.40B | $2.39B | $2.32B | $1.57B | $514.0M | $447.3M | $325.0M |
| Tangible asset value | −$1.49B | −$1.54B | −$1.63B | −$1.96B | −$1.43B | −$285.2M | −$191.8M | −$352.9M |
| Net current asset value | −$1.83B | −$1.92B | −$2.02B | −$2.18B | −$1.63B | −$444.2M | −$306.4M | −$492.9M |
| Graham number | $8.19 | $7.03 | $7.66 | $4.52 | $2.94 | $3.29 | $3.37 | $2.63 |
| Graham net-net per share | −$5.96 | −$6.17 | −$6.46 | −$6.92 | −$5.52 | −$1.73 | −$1.47 | −$2.12 |
| Capital allocation | ||||||||
| Dividends paid | $85.0M | $72.1M | $58.8M | $34.5M | $33.4M | $422.6M | $25.0M | $20.1M |
| Share buybacks (net) | $157.2M | $76.9M | $58.9M | $71.8M | $120.5M | $84.0M | $24.2M | $46.5M |
| Dividend payout ratio | 30.6% | 30.7% | 18.0% | 19.7% | 35.8% | 334.1% | 24.2% | 14.1% |
| Dividends + buybacks / free cash flow | 46.6% | 35.4% | 30.0% | 41.6% | 56.9% | 209.4% | 31.9% | 46.8% |
| Capex / revenue | 1.2% | 1.0% | 2.0% | 1.7% | 1.8% | 2.1% | 2.3% | 2.8% |
| Capex / operating cash flow | 3.4% | 3.2% | 6.0% | 6.8% | 6.1% | 6.4% | 9.7% | 12.1% |
| Capex / depreciation | 0.28 | 0.22 | 0.35 | 0.26 | 0.33 | 0.46 | 0.52 | 0.67 |
| Stock-based compensation / revenue | 4.8% | 5.5% | 5.9% | 6.8% | 5.1% | 4.0% | 1.1% | 1.1% |
| R&D / revenue | 20.5% | 20.8% | 22.4% | 23.5% | 22.9% | 23.1% | 24.9% | 25.3% |
| SG&A / revenue | 33.8% | 35.3% | 34.1% | 32.3% | 42.2% | 32.1% | 34.3% | 36.1% |
| Efficiency | ||||||||
| Days sales outstanding | 79.9 | 82.0 | 86.3 | 86.7 | 80.4 | 89.8 | 96.4 | 97.4 |
| Days of inventory on hand | — | — | 10.6 | 27.2 | 17.2 | 8.8 | 12.2 | 14.1 |
| Days payables outstanding | 28.6 | 24.5 | 19.1 | 24.4 | 27.8 | 37.3 | 33.2 | 23.8 |
| Cash conversion cycle (days) | 51.3 | 57.5 | 77.7 | 89.5 | 69.8 | 61.3 | 75.4 | 87.7 |
| Receivables turnover | 4.57 | 4.45 | 4.23 | 4.21 | 4.54 | 4.06 | 3.79 | 3.75 |
| Payables turnover | 12.78 | 14.91 | 19.13 | 14.97 | 13.13 | 9.79 | 10.99 | 15.33 |
| Inventory turnover | — | — | 34.57 | 13.43 | 21.21 | 41.39 | 29.94 | 25.83 |
| Asset turnover | 0.43 | 0.40 | 0.38 | 0.38 | 0.51 | 0.76 | 0.77 | 0.75 |
| Average receivables | $328.6M | $304.0M | $290.3M | $261.2M | $212.6M | $197.3M | $194.5M | $184.6M |
| Average payables | $21.7M | $17.3M | $16.6M | $15.8M | $16.5M | $17.1M | $13.1M | $8.6M |
| Average inventory | — | — | $9.2M | $17.6M | $10.2M | $4.0M | $4.8M | $5.1M |
| Intangibles / total assets | 75.2% | 75.9% | 75.9% | 79.9% | 69.0% | 55.7% | 52.9% | 54.2% |
Computed from BSY's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BSY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Bentley Systems traded at 45.8 times earnings, against a 8-year median of 68.3. Based on the latest twelve months, the trailing P/E is 38.9 and the forward P/E is 20.0. Bentley Systems earned a return on equity of 24.9% and a return on invested capital of 12.1% in fiscal 2025. It ended the year with $1.3 billion of debt and $123.3 million in cash and short-term investments, net debt of $1.2 billion. It returned $242.2 million to shareholders: $85.0 million in dividends and $157.2 million in share buybacks, 47% of free cash flow. The share count rose 27.5% from 261.2M to 333.1M over 7 years.
See the BSY income statement, the BSY chart for price history, or the BSY stock overview for the latest quote and news.
BSY key metrics FAQ
What is Bentley Systems's P/E ratio?
Bentley Systems's trailing P/E ratio is 38.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.0. At the end of fiscal 2025 it was 45.8, compared with a 8-year median of 68.3.
What is Bentley Systems's EV/EBITDA?
Bentley Systems's enterprise value was 32.3 times EBITDA at the end of fiscal 2025 (enterprise value $13.9 billion, EBITDA $429.0 million); the current EV/EBITDA is 23.6.
What is Bentley Systems's return on equity?
Bentley Systems's return on equity (ROE) was 24.9% in fiscal 2025: net income of $277.9 million on average shareholders' equity of $1.1 billion.
What is Bentley Systems's ROIC?
Bentley Systems's return on invested capital was 12.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Bentley Systems have?
Bentley Systems had total debt of $1.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.08 and $1.2 billion of net debt (2.71 times EBITDA).
What is Bentley Systems's dividend yield?
Bentley Systems's forward dividend yield is 0.76%. Bentley Systems paid $85.0 million in dividends in fiscal 2025 ($0.26 per share), a payout ratio of 30.6%.
Does Bentley Systems buy back its shares?
Yes. Bentley Systems spent $157.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.2% over the year, to 333.1M..
What is Bentley Systems's free cash flow yield?
Bentley Systems generated $520.2 million of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($12.7 billion).
What is Bentley Systems's current ratio?
Bentley Systems's current ratio was 0.56 at the end of fiscal 2025: current assets were 0.56 times current liabilities.