BSYBENTLEY SYSTEMS INC
Services-Prepackaged Software
- Revenue
- $1.5B
- 11% YoY
- Operating margin
- 24.1%
- 8.1% YoY
- EBITDA
- $363M
- 20% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.0×
- $1.1B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear194% of net incomeCash flow under 80% of net income
- Dilutive SBCClear5% of revenueOver 10% of revenue
- Payouts exceed cash flowClear39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired69% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $965M | $1.1B | $1.2B | $1.4B | $1.5B | 11% |
| Operating income | $95M | $209M | $231M | $302M | $363M | 20% |
| Net income | $93M | $175M | $327M | $235M | $278M | 18% |
| Operating cash flow | $288M | $274M | $417M | $435M | $538M | 24% |
| Capex | $18M | $19M | $25M | $14M | $18M | 30% |
| Stock-based comp | $49M | $75M | $73M | $74M | $73M | 2.5% |
| Buybacks | $0 | $28M | $0 | $64M | $125M | 94% |
| Dividends | $33M | $34M | $59M | $72M | $85M | 18% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 3
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 96 | 183 |
| FY2024 | — | — | 117 | 165 |
| FY2023 | — | — | 130 | 139 |
| FY2022 | — | — | 92 | 88 |
| FY2021 | — | — | 120 | 131 |