Company Overview

Bentley Systems, Incorporated, incorporated in 1984 and headquartered in Exton, Pennsylvania, is a leading provider of engineering software. It offers solutions that help design, construct, and manage infrastructure projects efficiently. Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

The company operates as a specialized infrastructure engineering software provider, targeting public works and utility needs, covering everything from roadway design to wind analysis. The firm serves engineers, architects, geospatial professionals, constructors, and owner-operators.

Business Operations and Products

Bentley Systems offers a comprehensive portfolio of engineering applications across multiple categories:

Software Solutions

The company offers open modeling applications, such as MicroStation, OpenBridge, OpenBuildings, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite and OpenSite+, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower. It also provides open simulation applications including ADINA, AutoPIPE, LEGION, OpenPaths, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.

Cloud and Digital Twin Technology

It also provides infrastructure cloud applications, such as ProjectWise, SYNCHRO, and AssetWise, as well as the Cesim and iTwin platforms. These platforms enable users to create and curate cloud-native 4D/5D digital representations of physical infrastructure assets, consisting of iTwin Capture, iTwin Experience, and iTwin IoT platforms.

Market Focus

The company offers solutions for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Beyond its mainstay applications, Bentley has expanded its scope from single applications to integrated platforms that track project management and assets after the design and simulation phases, indicating significant growth potential as these markets remain underpenetrated.

Financial Performance

Market Capitalization

Bentley Systems' market cap as of September 16, 2025, was $15.38 billion. Currently, Bentley Systems, Incorporated has a market capitalization of approximately $16.08 billion, reflecting a decrease of 1.35% over the last week.

Recent Financial Results

#### Second Quarter 2025 (Most Recent)

Bentley Systems (Nasdaq: BSY) reported strong Q2 2025 financial results with total revenues reaching $364.1 million, an increase of 10.2% year-over-year. Key metrics include:

- Subscription revenues: $333.5 million (up 12.1%)

- Annualized Recurring Revenues (ARR): $1,379.2 million, representing an 11.5% constant currency growth rate.

- Profitability: Solid operating income margin of 23.2% and net income per diluted share of $0.22.

- Customer Retention: Recurring revenue net retention rate improved to 109%.

- Cash Flow: Cash flow from operations was $61.1 million, with free cash flow of $57.0 million.

#### First Quarter 2025

Bentley Systems, Incorporated (Nasdaq: BSY) announced results for the quarter ended March 31, 2025. Total revenues were $370.5 million, up 9.7% or 10.9% on a constant currency basis year-over-year.

#### Full Year 2024 Performance

In 2024, Bentley Systems' revenue was $1.35 billion, an increase of 10.15% compared to the previous year's $1.23 billion.

- Subscription Revenues: $1,223.4 million, up 13.2% or 13.4% on a constant currency basis over 2023.

- Operating Income Margin: 22.3% (compared to 18.8% for 2023).

- Adjusted OI w/SBC Margin: 27.5% (compared to 26.4% for 2023).

- Net Income Per Diluted Share: $0.72 (compared to $1.00 for 2023).

- Adjusted EPS: $1.07 (compared to $0.91 for 2023).

- Cash Flows from Operations: $435.3 million (compared to $416.7 million for 2023).

Stock Performance and Dividend Information

Stock Metrics

BSY reached its all-time high on September 15, 2021, with the price of $71.92 USD. Its all-time low was $26.32 USD, reached on May 11, 2022. BSY stock exhibits 1.42% volatility and has a beta coefficient of 0.58.

Dividend Policy

Bentley Systems pays dividends quarterly. The last dividend per share declared was $0.07 USD. As of the latest information, the Dividend Yield (TTM)% is 0.49%. The company's Board of Directors declared a dividend of $0.07 per share for Q3 2025, applicable to both Class A and Class B common stockholders. The dividend is expected to be paid on September 30, 2025, to shareholders of record as of the market close on September 23, 2025.

2025 Financial Outlook

The Company has provided the following financial outlook for the full year 2025:

- Total Revenues: $1,461 million to $1,490 million (or $1,481 million to $1,510 million in constant currency).

- Subscriptions Revenues Growth Rate: 10.5% to 12.5% in constant currency.

- Perpetual Licenses Revenues Growth Rate: Approximately flat in constant currency.

- Services Revenues Growth Rate: Approximately flat in constant currency.

- Constant Currency ARR Growth Rate: 10.5% to 12.5% (business performance, including programmatic acquisitions).

- Adjusted OI w/SBC Margin: Expected to expand.

Strategic Initiatives and Growth Drivers

As Bentley Systems nears five years as a public company, the long-term drivers for going digital continue to prevail for its accounts and prospects. Pervasive infrastructure engineering resource constraints motivate step functions in productivity and value generation for each BSY user, as the company assists them in keeping pace with the world's accelerating demands for infrastructure performance and resilience.

The company continues to focus on expanding its digital twin capabilities and cloud-native solutions while maintaining its strong position in traditional infrastructure engineering software markets. Bentley holds a strong competitive position in its niche and is expected to grow its business accordingly.