Bentley Systems, Incorporated

BSY

BSYBentley Systems, Incorporated US flag

NASDAQ Global Select

34.00

USD

-1.24

- -

9.94BMarket Cap

Profitability (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	10.75	11.93	4.92	6	10.08	6.99	7.99
Return on Capital (%)	- -	98.11	252.23	- -	16.44	- -	18.43	22.3
Return on Invested Capital (%)	- -	23.75	22.45	- -	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	26.5	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	-49.96	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	1.39	10.1	6.51	5.19	3.89	3
Net Debt/EBITDA	1.18	0.65	0.58	7.51	6.1	4.83	3.61	2.63
Total Debt/EBIT	2.13	1.65	1.67	15.74	8.74	6.81	4.72	3.54
Net Debt/EBIT	1.46	0.79	0.7	11.7	8.19	6.33	4.38	3.1
EBITDA to Interest Expense	15.68	17.88	29.43	12.79	7.99	7.32	14.8	27.97
EBITDA-CapEx/Interest Expense	13.74	16.17	27.15	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	-23.39	-5.04	-33.15	-16.43	-11.63	-4.79	-2.14	-1.05
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	605.99	127.29	-352.03	139.39	123.88	109.67	104.52	101.88
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 (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
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 (%)	-461.4	180.16	-61.72	153.15	123.48	108.63	102.65	100.12
EBITDA	151	174	212	147	280	302	367	429
EBITDA-CapEx	132	157	196	130	262	277	353	410
Operating Income (Loss)	121	142	176	95	209	231	302	363

Liquidity (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	-23.39	-5.04	-33.15	-16.43	-11.63	-4.79	-2.14	-1.05
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	605.99	127.29	-352.03	139.39	123.88	109.67	104.52	101.88
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 (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
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	1.43	2.32	10.4	4.77	4.24	5.7	5.94	5.47

Working Capital (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	- -	10.99	9.79	13.13	14.97	16	14.91	12.78
Accounts Payable Turnover Days	- -	33.22	37.3	27.79	24.38	22.82	24.48	28.56
Cash Conversion Cycle	- -	63.17	52.53	52.63	62.36	63.44	57.53	51.3
Inventory to Cash Days	- -	96.39	89.83	80.43	86.73	86.26	82	79.86
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	11,742	14,775	11,429	16,299	14,705	12,012
- 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	178	113	11,915	15,934	13,181	17,802	16,068	13,173
Total Capital	43	184	-79	1,052	1,456	1,412	1,354	1,248
Total Debt/Capital (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
Total Debt / EV	1.46	2.08	0.02	0.09	0.14	0.09	0.09	0.1
EV/Sales	0.26	0.15	14.86	16.51	11.99	14.49	11.87	8.77
EV/EBITDA	1.18	0.65	56.1	108.12	47.05	58.87	43.81	30.74
EV/EBIT	1.46	0.79	67.59	168.46	63.18	77.22	53.18	36.33
EV/Cash Flow to Firm	1.02	0.63	45.15	53.12	43.13	36.31	35.31	23.93
EV/Free Cash Flow to Firm	0.92	0.58	42.5	50.18	40.66	34.55	34.25	23.16
Diluted Market Cap	- -	- -	12,128	15,205	12,262	17,350	15,587	12,714
Diluted Enterprise Value	178	113	12,300	16,365	14,014	18,853	16,950	13,876
EV per Share	0.68	0.43	41.1	52.12	42.63	56.99	51.03	41.86
TTM Sales	692	737	802	965	1,099	1,228	1,353	1,502
TTM EBITDA	151	174	212	147	280	302	367	429
TTM Operating Income	121	142	176	95	209	231	302	363
TTM Cash Flow to Firm	174	179	264	300	306	490	455	551
TTM Free Cash Flow to Firm	192	195	280	318	324	515	469	569

Multiples (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	44.13	49.76	41.87	39.28	34.69	22.84
EV/EBIT	1.46	0.79	67.59	168.46	63.18	77.22	53.18	36.33
Enterprise Value	178	113	11,915	15,934	13,181	17,802	16,068	13,173
Low Price	- -	- -	27	38.63	26.32	33.75	43.82	36.51
EV/Sales	0.26	0.15	14.86	16.51	11.99	14.49	11.87	8.77
EV/EBITDA	1.18	0.65	56.1	108.12	47.05	58.87	43.81	30.74
Price/Earnings	- -	- -	92.81	158.54	65.39	49.88	62.63	43.23
Price/Earnings Average	- -	- -	80.6	179.62	66.08	44.98	67.12	54.23
Price/Earnings High	- -	- -	94.32	235.93	86.53	52.93	76.7	67.1
Price/Earnings Low	- -	- -	61.86	126.72	46.57	32.26	58.77	41.35
Price/Book Value	- -	- -	-31.46	-33.82	-31.06	-102.53	-201.66	-322.6
Price/Book Value Average	- -	- -	-27.32	-38.32	-31.38	-92.45	-216.11	-404.71
Price/Book Value High	- -	- -	-31.97	-50.33	-41.1	-108.8	-246.96	-500.76
Price/Book Value Low	- -	- -	-20.97	-27.04	-22.12	-66.32	-189.22	-308.57
Price/Tangible Book Value	- -	- -	-41.17	-10.37	-5.84	-9.97	-9.55	-8.09
Price/Tangible Book Value Average	- -	- -	-35.75	-11.75	-5.9	-8.99	-10.23	-10.14
Price/Tangible Book Value High	- -	- -	-41.84	-15.43	-7.73	-10.58	-11.69	-12.55
Price/Tangible Book Value Low	- -	- -	-27.44	-8.29	-4.16	-6.45	-8.96	-7.73
Price/Sales	- -	- -	14.65	15.31	10.4	13.27	10.87	8
Price/Sales Average	- -	- -	12.72	17.35	10.51	11.96	11.65	10.03
Price/Sales High	- -	- -	14.89	22.78	13.76	14.08	13.31	12.42
Price/Sales Low	- -	- -	9.76	12.24	7.41	8.58	10.2	7.65
Price/Cash Flow	- -	- -	45.45	51.3	41.66	39.11	33.78	22.31
Price/Cash Flow Average	- -	- -	39.47	58.12	42.1	35.27	36.2	27.99
Price/Cash Flow High	- -	- -	46.19	76.34	55.13	41.51	41.37	34.63
Price/Cash Flow Low	- -	- -	30.29	41	29.67	25.3	31.7	21.34
Price/Free Cash Flow Average	- -	- -	38.33	56.38	42.31	35.42	37.18	28.65
Price/Free Cash Flow High	- -	- -	44.85	74.05	55.41	41.68	42.48	35.45
Price/Free Cash Flow Low	- -	- -	29.42	39.77	29.82	25.41	32.55	21.84
EV/Sales Average	0.26	0.15	12.94	18.55	12.1	13.19	12.65	10.81
EV/Sales High	0.26	0.15	15.1	23.98	15.35	15.3	14.32	13.19
EV/Sales Low	0.26	0.15	9.98	13.44	9	9.81	11.2	8.42
EV/EBITDA Average	1.18	0.65	48.82	121.45	47.48	53.57	46.68	37.88
EV/EBITDA High	1.18	0.65	57	157.05	60.24	62.16	52.82	46.22
EV/EBITDA Low	1.18	0.65	37.66	88	35.31	39.83	41.34	29.52
EV/EBIT Average	1.46	0.79	58.82	189.23	63.76	70.27	56.67	44.76
EV/EBIT High	1.46	0.79	68.68	244.7	80.9	81.54	64.11	54.62
EV/EBIT Low	1.46	0.79	45.37	137.11	47.41	52.25	50.18	34.89
Last Price	- -	- -	40.51	48.33	36.96	52.18	46.7	38.17
High Price	- -	- -	41.17	71.92	48.91	55.37	57.19	59.25
Enterprise Value Average	178	113	10,370	17,899	13,301	16,200	17,122	16,231
Enterprise Value High	178	113	12,106	23,146	16,876	18,798	19,371	19,807
Enterprise Value Low	178	113	7,999	12,969	9,891	12,045	15,161	12,651

Profitability (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	10.75	11.93	4.92	6	10.08	6.99	7.99
Return on Capital (%)	- -	98.11	252.23	- -	16.44	- -	18.43	22.3
Return on Invested Capital (%)	- -	23.75	22.45	- -	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	26.5	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	-49.96	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	1.39	10.1	6.51	5.19	3.89	3
Net Debt/EBITDA	1.18	0.65	0.58	7.51	6.1	4.83	3.61	2.63
Total Debt/EBIT	2.13	1.65	1.67	15.74	8.74	6.81	4.72	3.54
Net Debt/EBIT	1.46	0.79	0.7	11.7	8.19	6.33	4.38	3.1
EBITDA to Interest Expense	15.68	17.88	29.43	12.79	7.99	7.32	14.8	27.97
EBITDA-CapEx/Interest Expense	13.74	16.17	27.15	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	-23.39	-5.04	-33.15	-16.43	-11.63	-4.79	-2.14	-1.05
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	605.99	127.29	-352.03	139.39	123.88	109.67	104.52	101.88
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 (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
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 (%)	-461.4	180.16	-61.72	153.15	123.48	108.63	102.65	100.12
EBITDA	151	174	212	147	280	302	367	429
EBITDA-CapEx	132	157	196	130	262	277	353	410
Operating Income (Loss)	121	142	176	95	209	231	302	363

Liquidity (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	-23.39	-5.04	-33.15	-16.43	-11.63	-4.79	-2.14	-1.05
Long-Term Debt/Equity (%)	175.51	69.86	81.31	358.31	314.47	175.23	135.91	106.86
Long-Term Debt/Capital (%)	605.99	127.29	-352.03	139.39	123.88	109.67	104.52	101.88
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 (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
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	1.43	2.32	10.4	4.77	4.24	5.7	5.94	5.47

Working Capital (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	- -	10.99	9.79	13.13	14.97	16	14.91	12.78
Accounts Payable Turnover Days	- -	33.22	37.3	27.79	24.38	22.82	24.48	28.56
Cash Conversion Cycle	- -	63.17	52.53	52.63	62.36	63.44	57.53	51.3
Inventory to Cash Days	- -	96.39	89.83	80.43	86.73	86.26	82	79.86
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	11,742	14,775	11,429	16,299	14,705	12,012
- 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	178	113	11,915	15,934	13,181	17,802	16,068	13,173
Total Capital	43	184	-79	1,052	1,456	1,412	1,354	1,248
Total Debt/Capital (%)	605.99	127.29	-373.08	141.52	125.23	111.21	105.38	102.98
Total Debt / EV	1.46	2.08	0.02	0.09	0.14	0.09	0.09	0.1
EV/Sales	0.26	0.15	14.86	16.51	11.99	14.49	11.87	8.77
EV/EBITDA	1.18	0.65	56.1	108.12	47.05	58.87	43.81	30.74
EV/EBIT	1.46	0.79	67.59	168.46	63.18	77.22	53.18	36.33
EV/Cash Flow to Firm	1.02	0.63	45.15	53.12	43.13	36.31	35.31	23.93
EV/Free Cash Flow to Firm	0.92	0.58	42.5	50.18	40.66	34.55	34.25	23.16
Diluted Market Cap	- -	- -	12,128	15,205	12,262	17,350	15,587	12,714
Diluted Enterprise Value	178	113	12,300	16,365	14,014	18,853	16,950	13,876
EV per Share	0.68	0.43	41.1	52.12	42.63	56.99	51.03	41.86
TTM Sales	692	737	802	965	1,099	1,228	1,353	1,502
TTM EBITDA	151	174	212	147	280	302	367	429
TTM Operating Income	121	142	176	95	209	231	302	363
TTM Cash Flow to Firm	174	179	264	300	306	490	455	551
TTM Free Cash Flow to Firm	192	195	280	318	324	515	469	569

Multiples (USD)

API Chat

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	44.13	49.76	41.87	39.28	34.69	22.84
EV/EBIT	1.46	0.79	67.59	168.46	63.18	77.22	53.18	36.33
Enterprise Value	178	113	11,915	15,934	13,181	17,802	16,068	13,173
Low Price	- -	- -	27	38.63	26.32	33.75	43.82	36.51
EV/Sales	0.26	0.15	14.86	16.51	11.99	14.49	11.87	8.77
EV/EBITDA	1.18	0.65	56.1	108.12	47.05	58.87	43.81	30.74
Price/Earnings	- -	- -	92.81	158.54	65.39	49.88	62.63	43.23
Price/Earnings Average	- -	- -	80.6	179.62	66.08	44.98	67.12	54.23
Price/Earnings High	- -	- -	94.32	235.93	86.53	52.93	76.7	67.1
Price/Earnings Low	- -	- -	61.86	126.72	46.57	32.26	58.77	41.35
Price/Book Value	- -	- -	-31.46	-33.82	-31.06	-102.53	-201.66	-322.6
Price/Book Value Average	- -	- -	-27.32	-38.32	-31.38	-92.45	-216.11	-404.71
Price/Book Value High	- -	- -	-31.97	-50.33	-41.1	-108.8	-246.96	-500.76
Price/Book Value Low	- -	- -	-20.97	-27.04	-22.12	-66.32	-189.22	-308.57
Price/Tangible Book Value	- -	- -	-41.17	-10.37	-5.84	-9.97	-9.55	-8.09
Price/Tangible Book Value Average	- -	- -	-35.75	-11.75	-5.9	-8.99	-10.23	-10.14
Price/Tangible Book Value High	- -	- -	-41.84	-15.43	-7.73	-10.58	-11.69	-12.55
Price/Tangible Book Value Low	- -	- -	-27.44	-8.29	-4.16	-6.45	-8.96	-7.73
Price/Sales	- -	- -	14.65	15.31	10.4	13.27	10.87	8
Price/Sales Average	- -	- -	12.72	17.35	10.51	11.96	11.65	10.03
Price/Sales High	- -	- -	14.89	22.78	13.76	14.08	13.31	12.42
Price/Sales Low	- -	- -	9.76	12.24	7.41	8.58	10.2	7.65
Price/Cash Flow	- -	- -	45.45	51.3	41.66	39.11	33.78	22.31
Price/Cash Flow Average	- -	- -	39.47	58.12	42.1	35.27	36.2	27.99
Price/Cash Flow High	- -	- -	46.19	76.34	55.13	41.51	41.37	34.63
Price/Cash Flow Low	- -	- -	30.29	41	29.67	25.3	31.7	21.34
Price/Free Cash Flow Average	- -	- -	38.33	56.38	42.31	35.42	37.18	28.65
Price/Free Cash Flow High	- -	- -	44.85	74.05	55.41	41.68	42.48	35.45
Price/Free Cash Flow Low	- -	- -	29.42	39.77	29.82	25.41	32.55	21.84
EV/Sales Average	0.26	0.15	12.94	18.55	12.1	13.19	12.65	10.81
EV/Sales High	0.26	0.15	15.1	23.98	15.35	15.3	14.32	13.19
EV/Sales Low	0.26	0.15	9.98	13.44	9	9.81	11.2	8.42
EV/EBITDA Average	1.18	0.65	48.82	121.45	47.48	53.57	46.68	37.88
EV/EBITDA High	1.18	0.65	57	157.05	60.24	62.16	52.82	46.22
EV/EBITDA Low	1.18	0.65	37.66	88	35.31	39.83	41.34	29.52
EV/EBIT Average	1.46	0.79	58.82	189.23	63.76	70.27	56.67	44.76
EV/EBIT High	1.46	0.79	68.68	244.7	80.9	81.54	64.11	54.62
EV/EBIT Low	1.46	0.79	45.37	137.11	47.41	52.25	50.18	34.89
Last Price	- -	- -	40.51	48.33	36.96	52.18	46.7	38.17
High Price	- -	- -	41.17	71.92	48.91	55.37	57.19	59.25
Enterprise Value Average	178	113	10,370	17,899	13,301	16,200	17,122	16,231
Enterprise Value High	178	113	12,106	23,146	16,876	18,798	19,371	19,807
Enterprise Value Low	178	113	7,999	12,969	9,891	12,045	15,161	12,651

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	0.73	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	0.42	1.08	0.23	0.22	0.2	0.39
Book Value per Share	-0.83	-0.19	-1.29	-1.43	-1.19	-0.51	-0.23	-0.12
Tangible Book Value per Share	-1.35	-0.73	-0.98	-4.66	-6.33	-5.23	-4.89	-4.72

Bentley Systems, Incorporated

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)