Bentley Systems, Incorporated Financial Ratios — BS81 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	- -	- -	9.35	4.45	4.05	5.49	5.81	5.38

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	- -	- -	10,380	13,555	10,596	15,436	14,209	11,652
- 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	- -	- -	10,552	14,714	12,348	16,939	15,572	12,814
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	- -	- -	0.03	0.1	0.15	0.09	0.09	0.1
EV/Sales	- -	- -	13.16	15.25	11.24	13.79	11.51	8.53
EV/EBITDA	- -	- -	56.65	99.84	44.08	56.02	42.46	29.9
EV/EBIT	- -	- -	70.28	155.56	59.19	73.48	51.54	35.34
EV/Cash Flow to Firm	- -	- -	39.99	- -	40.4	- -	34.22	23.27
EV/Free Cash Flow to Firm	- -	- -	42.64	- -	43.01	- -	35.31	24.07
Diluted Market Cap	- -	- -	11,418	15,094	12,164	17,324	15,705	12,837
Diluted Enterprise Value	- -	- -	11,590	16,254	13,916	18,827	17,068	13,998
EV per Share	- -	- -	38.77	52.08	42.73	57.18	51.57	42.38
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	- -	- -	47.2	55.8	47.56	44.23	37.28	24.68
EV/EBIT	- -	- -	70.28	155.56	59.19	73.48	51.54	35.34
Enterprise Value	- -	- -	10,552	14,714	12,348	16,939	15,572	12,814
Low Price	- -	- -	29.27	38.6	26.93	34.72	44.7	36.24
EV/Sales	- -	- -	13.16	15.25	11.24	13.79	11.51	8.53
EV/EBITDA	- -	- -	56.65	99.84	44.08	56.02	42.46	29.9
Price/Earnings	- -	- -	87.38	157.39	64.87	49.8	63.11	43.65
Price/Earnings Average	- -	- -	79.35	177.78	65.18	44.46	66.71	54.08
Price/Earnings High	- -	- -	91.13	230.3	84.59	52.26	77.2	66.72
Price/Earnings Low	- -	- -	67.06	126.63	47.65	33.18	59.95	41.04
Price/Book Value	- -	- -	30.39	33.12	18.5	17.48	13.65	9.8
Price/Book Value Average	- -	- -	27.6	37.42	18.59	15.6	14.43	12.14
Price/Book Value High	- -	- -	31.69	48.47	24.13	18.34	16.7	14.98
Price/Book Value Low	- -	- -	23.32	26.65	13.59	11.64	12.97	9.21
Price/Tangible Book Value	- -	- -	-36.39	-9.51	-5.42	-9.44	-9.23	-7.84
Price/Tangible Book Value Average	- -	- -	-33.05	-10.74	-5.44	-8.43	-9.75	-9.72
Price/Tangible Book Value High	- -	- -	-37.96	-13.92	-7.06	-9.91	-11.29	-11.99
Price/Tangible Book Value Low	- -	- -	-27.93	-7.65	-3.98	-6.29	-8.76	-7.38
Price/Sales	- -	- -	13.79	15.2	10.32	13.25	10.95	8.08
Price/Sales Average	- -	- -	12.53	17.17	10.36	11.83	11.57	10.01
Price/Sales High	- -	- -	14.38	22.24	13.45	13.9	13.4	12.34
Price/Sales Low	- -	- -	10.59	12.23	7.58	8.83	10.4	7.59
Price/Cash Flow	- -	- -	42.79	50.92	41.33	39.06	34.04	22.52
Price/Cash Flow Average	- -	- -	38.86	57.52	41.53	34.87	35.98	27.9
Price/Cash Flow High	- -	- -	44.63	74.52	53.89	40.99	41.64	34.43
Price/Cash Flow Low	- -	- -	32.84	40.97	30.36	26.02	32.33	21.18
Price/Free Cash Flow Average	- -	- -	42.87	63.03	47.78	39.48	39.41	30.57
Price/Free Cash Flow High	- -	- -	49.23	81.66	62.01	46.42	45.61	37.72
Price/Free Cash Flow Low	- -	- -	36.23	44.9	34.93	29.47	35.42	23.2
EV/Sales Average	- -	- -	11.98	17.07	11.28	12.44	12.11	10.39
EV/Sales High	- -	- -	13.72	21.75	14.17	14.41	13.85	12.63
EV/Sales Low	- -	- -	10.15	12.5	8.68	9.6	10.98	8.07
EV/EBITDA Average	- -	- -	51.53	111.75	44.26	50.54	44.67	36.4
EV/EBITDA High	- -	- -	59.04	142.45	55.58	58.54	51.11	44.28
EV/EBITDA Low	- -	- -	43.7	81.86	34.04	38.98	40.52	28.28
EV/EBIT Average	- -	- -	63.93	174.13	59.44	66.29	54.22	43.01
EV/EBIT High	- -	- -	73.25	221.95	74.64	76.78	62.04	52.32
EV/EBIT Low	- -	- -	54.21	127.55	45.71	51.13	49.18	33.42
Last Price	- -	- -	38.14	47.98	36.66	52.1	47.05	38.54
High Price	- -	- -	39.78	70.2	47.81	54.68	57.56	58.91
Enterprise Value Average	- -	- -	9,599	16,471	12,399	15,283	16,382	15,598
Enterprise Value High	- -	- -	10,998	20,994	15,570	17,702	18,746	18,974
Enterprise Value Low	- -	- -	8,139	12,065	9,536	11,788	14,860	12,119

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