Bentley Systems, Incorporated
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
59.6148.23N/A
Price/Sales ratio
9.958.807.61
Earnings per Share (EPS)
$0.89$1.10N/A

Historical Multiples (2018 – 2023)

2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
61.5684.8692.80158.5465.3949.8741.17158.54
Price/Sales ratio
12.6411.8714.6415.3110.3913.2610.5215.31
Price/Book Value ratio
59.3426.1434.3736.1019.9518.4514.5136.10
Price/Cash Flow ratio
54.1851.2345.4551.2941.6639.1134.0351.29
Price/Free Cash Flow ratio
61.6256.7648.5454.6244.6841.6132.4654.62
Price/Earnings Growth ratio
N/A-3.057.23-4.980.720.56-3.29-4.98
Dividend Yield
0.22%0.28%3.59%0.22%0.30%0.36%0.50%0.50%
Profitability Indicator Ratios
Gross Profit Margin
81.01%80.43%79.14%77.56%78.43%74.09%79.15%79.14%
Operating Profit Margin
17.54%19.25%18.73%9.80%18.98%18.76%21.96%18.73%
Pretax Profit Margin
16.31%17.39%20.91%9.67%18.04%14.94%18.49%18.49%
Net Profit Margin
20.54%13.99%15.78%9.65%15.90%26.60%27.72%15.78%
Effective Tax Rate
-25.91%18.52%23.04%-3.69%10.73%-78.04%-49.90%-3.69%
Return on Assets
15.38%10.36%11.23%3.50%5.52%9.84%10.72%10.72%
Return On Equity
96.39%30.81%37.03%22.77%30.51%36.99%38.01%37.03%
Return on Capital Employed
24.88%23.55%22.73%4.57%8.22%9.00%11.04%11.04%
Liquidity Ratios
Current Ratio
N/AN/A0.73N/AN/AN/A0.51N/A
Quick Ratio
0.630.880.721.000.630.550.511.00
Cash ratio
0.180.300.260.550.110.080.090.55
Days of Sales Outstanding
97.39102.6586.7389.1095.3387.2173.0189.10
Days of Inventory outstanding
14.1311.507.7128.4528.34N/AN/A28.45
Operating Cycle
111.52114.1694.45117.56123.6887.2173.01117.56
Days of Payables Outstanding
23.8144.7336.0127.7823.3720.7540.6636.01
Cash Conversion Cycle
87.7169.4258.4489.77100.3066.4632.3589.77
Debt Ratios
Debt Ratio
0.280.230.230.550.570.460.410.23
Debt Equity Ratio
1.750.690.763.593.181.741.370.76
Long-term Debt to Capitalization
0.630.410.410.780.750.630.570.41
Total Debt to Capitalization
0.630.410.430.780.760.630.570.43
Interest Coverage Ratio
N/AN/A22.27N/AN/AN/A11.25N/A
Cash Flow to Debt Ratio
0.620.730.980.190.150.270.310.31
Company Equity Multiplier
6.262.973.296.495.523.753.286.49
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.230.230.320.290.240.330.330.32
Free Cash Flow / Operating Cash Flow Ratio
0.870.900.930.930.930.930.960.93
Cash Flow Coverage Ratio
0.620.730.980.190.150.270.310.31
Short Term Coverage Ratio
N/AN/A15.5557.6013.9419.25N/A57.60
Dividend Payout Ratio
14.11%24.23%334.05%35.83%19.73%17.97%18.87%35.83%