Bentley Systems, Incorporated Financial Ratios — BSY Stock

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	42.77	37.42	24.82	35.6	44.89	24.4	24.92
Return on Assets (%)	- -	10.75	11.93	4.92	6	10.08	6.99	7.99
Return on Capital (%)	- -	22.78	21.93	- -	9.6	- -	10.36	11.74
Return on Invested Capital (%)	- -	23.75	19.12	- -	8.65	- -	9.8	11.64
Gross Margin (%)	81.01	80.43	79.15	77.56	78.44	78.34	80.95	81.52
EBITDA Margin (%)	21.77	23.62	23.24	15.27	25.49	24.62	27.11	28.53
Operating Margin (%)	17.55	19.26	21.99	9.8	18.98	18.77	22.33	24.15
Incremental Operating Margin (%)	- -	45.55	53.04	- -	85.07	16.96	57.43	40.67
Pretax Margin (%)	16.32	17.39	20.91	9.67	18.04	14.94	21.66	23.35
Profit Margin (%)	20.55	14	15.78	9.66	15.9	26.6	17.35	18.5
Net Income to Common Margin (%)	20.55	14	15.78	9.66	15.9	26.6	17.35	18.5
Effective Tax Rate (%)	- -	18.53	23.04	- -	10.73	- -	20.04	20.81
Dvd Payout Ratio (%)	14.11	24.24	334.05	35.84	19.74	17.98	30.81	30.59
Sustainable Growth Rate (%)	- -	32.41	-87.58	15.93	28.57	36.82	16.88	17.29

Credit (USD)

Credit Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	259	234	294	1,489	1,823	1,571	1,427	1,285
ST Debt	- -	- -	17	22	20	22	12	14
LT Debt	259	234	278	1,466	1,803	1,549	1,415	1,271
Total Debt/EBITDA	1.72	1.34	1.58	10.1	6.51	5.19	3.89	3
Net Debt/EBITDA	1.18	0.65	0.67	7.51	6.1	4.83	3.61	2.63
Total Debt/EBIT	2.13	1.65	1.96	15.74	8.74	6.81	4.72	3.54
Net Debt/EBIT	1.46	0.79	0.83	11.7	8.19	6.33	4.38	3.1
EBITDA to Interest Expense	15.68	17.88	25.81	12.79	7.99	7.32	14.8	27.97
EBITDA-CapEx/Interest Expense	13.74	16.17	23.53	11.26	7.46	6.71	14.24	26.77
EBIT to Interest Expense	12.64	14.58	24.43	8.21	5.95	5.58	12.2	23.67
Interest Expense	10	10	7	12	35	41	25	15
Common Equity/Total Assets	15.96	33.64	30.34	15.39	18.1	26.61	30.62	33.46
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	63.7	41.13	43.68	77.25	75.25	63.11	57.34	51.37
Long-Term Debt/Total Assets (%)	28.02	23.5	24.67	55.14	56.98	46.66	41.62	35.75
Total Debt/Equity (%)	175.51	69.86	86.18	363.8	317.9	177.68	137.03	108.01
Total Debt/Capital (%)	63.7	41.13	46.29	78.44	76.07	63.99	57.81	51.92
Total Debt/Total Assets (%)	28.02	23.5	26.14	55.98	57.6	47.31	41.96	36.14
Net Debt to Equity	120.44	33.66	36.3	270.43	298.02	165.16	127.18	94.63
Net Debt/Capital (%)	54.64	25.19	24.12	70.55	73.51	61.18	55.08	47.88
EBITDA	151	174	186	147	280	302	367	429
EBITDA-CapEx	132	157	170	130	262	277	353	410
Operating Income (Loss)	121	142	176	95	209	231	302	363

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.19	0.31	0.26	0.55	0.11	0.09	0.08	0.13
Current Ratio	0.65	0.9	0.73	1.04	0.66	0.55	0.54	0.56
Quick Ratio	0.61	0.83	0.67	0.95	0.57	0.48	0.46	0.49
CFO/Avg Current Liab	- -	0.41	0.6	0.54	0.45	0.6	0.55	0.61
Common Equity/Total Assets	15.96	33.64	30.34	15.39	18.1	26.61	30.62	33.46
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	63.7	41.13	43.68	77.25	75.25	63.11	57.34	51.37
Long-Term Debt/Total Assets (%)	28.02	23.5	24.67	55.14	56.98	46.66	41.62	35.75
Total Debt/Equity (%)	175.51	69.86	86.18	363.8	317.9	177.68	137.03	108.01
Total Debt/Capital (%)	63.7	41.13	46.29	78.44	76.07	63.99	57.81	51.92
Total Debt/Total Assets (%)	28.02	23.5	26.14	55.98	57.6	47.31	41.96	36.14
CFO/Total Liabilities	20.8	25.88	32.93	12.8	10.59	17.11	18.45	22.76
CFO/CapEx	8.67	10.26	15.71	16.42	14.79	16.67	30.99	29.5
Altman's Z-Score	- -	- -	- -	- -	4.17	5.51	5.87	6.79

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	3.79	4.06	4.54	4.21	4.23	4.45	4.57
Days Sales Outstanding	- -	96.39	89.83	80.43	86.73	86.26	82	79.86
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	11,110	15,510	14,436	17,216
- Cash & Cash Equivalents	81	121	122	329	72	68	64	123
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	1	- -	- -
+ Total Debt	259	234	294	1,489	1,823	1,571	1,427	1,285
Enterprise Value	- -	- -	- -	- -	12,862	17,013	15,799	18,377
Total Capital	406	568	636	1,898	2,396	2,455	2,468	2,474
Total Debt/Capital (%)	63.7	41.13	46.29	78.44	76.07	63.99	57.81	51.92
Total Debt / EV	- -	- -	- -	- -	0.14	0.09	0.09	0.07
EV/Sales	- -	- -	- -	- -	11.7	13.85	11.68	12.24
EV/EBITDA	- -	- -	- -	- -	45.91	56.26	43.08	42.89
EV/EBIT	- -	- -	- -	- -	61.65	73.79	52.29	50.68
EV/Cash Flow to Firm	- -	- -	- -	- -	42.08	- -	34.72	33.38
EV/Free Cash Flow to Firm	- -	- -	- -	- -	44.8	- -	35.82	34.52
Diluted Market Cap	- -	- -	- -	- -	12,753	17,407	15,957	18,966
Diluted Enterprise Value	- -	- -	- -	- -	14,505	18,910	17,319	20,127
EV per Share	- -	- -	- -	- -	44.5	57.42	52.32	60.78
TTM Sales	692	737	802	965	1,099	1,228	1,353	1,502
TTM EBITDA	151	174	186	147	280	302	367	429
TTM Operating Income	121	142	176	95	209	231	302	363
TTM Cash Flow to Firm	- -	179	264	- -	306	- -	455	551
TTM Free Cash Flow to Firm	- -	162	247	- -	287	- -	441	532

Multiples (USD)

Valuation Multiples API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	49.86	44.44	37.88	36.46
EV/EBIT	- -	- -	- -	- -	61.65	73.79	52.29	50.68
Enterprise Value	- -	- -	- -	- -	12,862	17,013	15,799	18,377
Low Price	- -	- -	- -	- -	31.36	37.64	47.81	41.01
EV/Sales	- -	- -	- -	- -	11.7	13.85	11.68	12.24
EV/EBITDA	- -	- -	- -	- -	45.91	56.26	43.08	42.89
Price/Earnings	- -	- -	- -	- -	68.01	50.04	64.12	64.49
Price/Earnings Average	- -	- -	- -	- -	65.04	44.86	67.37	55.78
Price/Earnings High	- -	- -	- -	- -	79.9	50.04	70.12	64.49
Price/Earnings Low	- -	- -	- -	- -	55.48	35.98	64.12	46.45
Price/Book Value	- -	- -	- -	- -	19.4	17.56	13.87	14.47
Price/Book Value Average	- -	- -	- -	- -	18.55	15.74	14.57	12.52
Price/Book Value High	- -	- -	- -	- -	22.79	17.56	15.17	14.47
Price/Book Value Low	- -	- -	- -	- -	15.82	12.62	13.87	10.43
Price/Tangible Book Value	- -	- -	- -	- -	-5.68	-9.49	-9.37	-11.59
Price/Tangible Book Value Average	- -	- -	- -	- -	-5.43	-8.51	-9.85	-10.02
Price/Tangible Book Value High	- -	- -	- -	- -	-6.67	-9.49	-10.25	-11.59
Price/Tangible Book Value Low	- -	- -	- -	- -	-4.63	-6.82	-9.37	-8.35
Price/Sales	- -	- -	- -	- -	10.82	13.31	11.13	11.93
Price/Sales Average	- -	- -	- -	- -	10.34	11.93	11.69	10.32
Price/Sales High	- -	- -	- -	- -	12.71	13.31	12.17	11.93
Price/Sales Low	- -	- -	- -	- -	8.82	9.57	11.13	8.59
Price/Cash Flow	- -	- -	- -	- -	43.33	39.24	34.58	33.28
Price/Cash Flow Average	- -	- -	- -	- -	41.44	35.18	36.34	28.78
Price/Cash Flow High	- -	- -	- -	- -	50.91	39.24	37.82	33.28
Price/Cash Flow Low	- -	- -	- -	- -	35.35	28.21	34.58	23.97
Price/Free Cash Flow Average	- -	- -	- -	- -	47.69	39.84	39.8	31.54
Price/Free Cash Flow High	- -	- -	- -	- -	58.58	44.44	41.42	36.46
Price/Free Cash Flow Low	- -	- -	- -	- -	40.67	31.95	37.88	26.26
EV/Sales Average	- -	- -	- -	- -	11.26	12.54	12.22	10.69
EV/Sales High	- -	- -	- -	- -	13.47	13.85	12.67	12.24
EV/Sales Low	- -	- -	- -	- -	9.84	10.3	11.68	9.03
EV/EBITDA Average	- -	- -	- -	- -	44.18	50.95	45.07	37.46
EV/EBITDA High	- -	- -	- -	- -	52.85	56.26	46.76	42.89
EV/EBITDA Low	- -	- -	- -	- -	38.6	41.85	43.08	31.65
EV/EBIT Average	- -	- -	- -	- -	59.33	66.83	54.71	44.27
EV/EBIT High	- -	- -	- -	- -	70.97	73.79	56.76	50.68
EV/EBIT Low	- -	- -	- -	- -	51.84	54.89	52.29	37.4
Last Price	- -	- -	- -	- -	38.44	52.35	47.81	56.94
High Price	- -	- -	- -	- -	45.16	52.35	52.28	56.94
Enterprise Value Average	- -	- -	- -	- -	12,377	15,408	16,531	16,053
Enterprise Value High	- -	- -	- -	- -	14,805	17,013	17,150	18,377
Enterprise Value Low	- -	- -	- -	- -	10,814	12,654	15,799	13,563

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	261	261	272	283	289	296	302	302
Diluted Weighted Avg Shares	261	261	299	315	332	333	334	333
Basic Weighted Avg Shares	261	261	290	306	309	312	315	315
Revenue per Share	2.65	2.82	2.77	3.16	3.55	3.93	4.3	4.77
EBITDA per Share	0.58	0.67	0.64	0.48	0.91	0.97	1.16	1.36
Operating Income per Share	0.46	0.54	0.61	0.31	0.67	0.74	0.96	1.15
Basic EPS, GAAP	0.54	0.39	0.44	0.3	0.57	1.05	0.75	0.88
Basic EPS from Cont Ops	0.54	0.39	0.44	0.3	0.57	1.05	0.74	0.88
Diluted EPS, GAAP	0.54	0.39	0.42	0.3	0.53	0.98	0.7	0.83
Diluted EPS from Cont Ops	0.54	0.39	0.42	0.3	0.53	0.98	0.7	0.83
Dividend per Share	0.08	0.1	1.46	0.11	0.11	0.19	0.23	0.27
Cash Flow per Share	0.62	0.65	0.89	0.94	0.89	1.33	1.38	1.71
Free Cash Flow per Basic Share	0.55	0.59	0.83	0.88	0.83	1.25	1.34	1.65
Cash & Equivalents per Share	0.31	0.46	0.45	1.17	0.25	0.23	0.21	0.41
Book Value per Share	0.56	1.28	1.26	1.45	1.98	2.98	3.45	3.93
Tangible Book Value per Share	-1.35	-0.73	-1.05	-5.04	-6.77	-5.52	-5.1	-4.91