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Bentley Systems, Incorporated (BSY)
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Bentley Systems, Incorporated Balance Sheet 2025-2011 | BSY
Brief overview of Bentley Systems, Incorporated's balance sheet strength
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The balance sheet expanded from $2.7 billion to $3.6 billion. Growth of +33.7% and CAGR of 7.5% look measured and sustainable.
Liabilities grew more slowly than assets: +5.1% versus +33.7%. Expansion relied more on equity, improving funding quality.
The equity ratio is 33.5% versus 15.4% five periods ago. Capitalization remains workable.
Each unit of equity supports about 0.96x of net debt. The level is not critical, though flexibility is narrower.
Cash equals 3.5% of the balance sheet, compared with 12.4% five periods ago. This is the readily available cushion.
The balance sheet includes a negative accumulated result of -$40.3 million. It should be assessed alongside historical profits and capital distributions.
Overall assessment
Bentley Systems, Incorporated's financial position is more positive than negative: the funding mix is workable, although the cushion is not unlimited.
Annual Balance Sheet Bentley Systems, Incorporated
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
1.14 B | 1.34 B | 1.46 B | 1.72 B | 1.12 B | 141 M | 113 M | 178 M | - | - | - | - | - | - | - |
Long Term Debt |
1.25 B | 1.39 B | 1.52 B | 1.78 B | 1.43 B | 246 M | 234 M | 259 M | - | - | - | - | - | - | - |
Long Term Debt Current |
13.7 M | 11.7 M | 11.6 M | 14.7 M | 17.5 M | 16.6 M | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 268 M | 340 M | - | - | - | - | - | - | - |
Total Current Liabilities |
960 M | 814 M | 760 M | 628 M | 594 M | 466 M | - | - | - | - | - | - | - | - | - |
Total Liabilities |
2.37 B | 2.36 B | 2.44 B | 2.59 B | 2.25 B | 784 M | 660 M | 776 M | - | - | - | - | - | - | - |
Deferred Revenue |
278 M | 246 M | 254 M | 227 M | 225 M | 202 M | 205 M | 288 M | - | - | - | - | - | - | - |
Retained Earnings |
-40.3 M | -75.9 M | -162 M | -371 M | -440 M | -376 M | -52.7 M | -219 M | - | - | - | - | - | - | - |
Total Assets |
3.56 B | 3.4 B | 3.32 B | 3.17 B | 2.66 B | 1.13 B | 995 M | 924 M | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
123 M | 64 M | 68.4 M | 71.7 M | 329 M | 122 M | 121 M | 81.2 M | - | - | - | - | - | - | - |
Book Value |
1.19 B | 1.04 B | 884 M | 573 M | 409 M | 342 M | 335 M | 147 M | - | - | - | - | - | - | - |
Total Shareholders Equity |
1.19 B | 1.04 B | 883 M | 573 M | 409 M | 342 M | 335 M | 147 M | - | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Bentley Systems, Incorporated
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.21 B | 1.12 B | 1.25 B | 1.25 B | 1.24 B | 1.42 B | 1.33 B | 1.43 B | 1.58 B | 1.63 B | 1.67 B | 1.78 B | 1.78 B | 1.83 B | 1.87 B | 1.43 B | 1.3 B | 1.27 B | 673 M | 246 M | 246 M | 246 M | - | 234 M | 234 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
2.38 B | 2.3 B | 2.27 B | 2.26 B | 2.31 B | 2.36 B | 2.27 B | 2.42 B | 2.44 B | 2.52 B | 2.57 B | 2.59 B | 2.52 B | 2.6 B | 2.7 B | 2.25 B | 2.08 B | 1.98 B | 1.27 B | 784 M | 784 M | 784 M | - | 660 M | 660 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
263 M | 266 M | 235 M | 247 M | 244 M | 225 M | 237 M | 242 M | 212 M | 231 M | 235 M | 227 M | 186 M | 202 M | 215 M | 225 M | 190 M | 216 M | 186 M | 202 M | 202 M | 202 M | - | 205 M | 205 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-63.4 M | -22.4 M | -13.9 M | -31.4 M | -47.7 M | -88.2 M | -103 M | -133 M | -325 M | -357 M | -361 M | -371 M | -386 M | -398 M | -427 M | -440 M | -463 M | -387 M | -346 M | -376 M | -376 M | -376 M | - | -52.7 M | -52.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
3.58 B | 3.52 B | 3.46 B | 3.42 B | 3.4 B | 3.4 B | 3.26 B | 3.35 B | 3.13 B | 3.16 B | 3.19 B | 3.17 B | 3.04 B | 3.1 B | 3.16 B | 2.66 B | 2.45 B | 2.45 B | 1.63 B | 1.13 B | 1.13 B | 1.13 B | - | 995 M | 995 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
147 M | 105 M | 165 M | 89.6 M | 83.6 M | 72.2 M | 51.3 M | 142 M | 67 M | 82.7 M | 93.6 M | 71.7 M | 72.9 M | 93.4 M | 130 M | 329 M | 156 M | 131 M | 570 M | 122 M | 122 M | 122 M | 60.3 M | 121 M | 121 M | - | - | 81.2 M | - | - | - | 134 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
1.2 B | 1.23 B | 1.2 B | 1.16 B | 1.1 B | 1.03 B | 985 M | 933 M | 692 M | 644 M | 614 M | 573 M | 520 M | 497 M | 458 M | 409 M | 379 M | 472 M | 354 M | 342 M | 342 M | 342 M | - | 335 M | 335 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
1.2 B | 1.23 B | 1.2 B | 1.16 B | 1.1 B | 1.03 B | 985 M | 933 M | 692 M | 644 M | 614 M | 573 M | 520 M | 497 M | 458 M | 409 M | 382 M | 473 M | 354 M | 342 M | 342 M | 342 M | 351 M | 335 M | 335 M | 288 M | - | 147 M | - | - | - | 52.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Bentley Systems, Incorporated, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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