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Arphra AIPlain-English read on Bentley Systems, Incorporated’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $965.05M | $1.1B | $1.23B | $1.35B | $1.5B | $1.7B | $1.88B | $2.08B |
| Cost of revenue | $216.54M | $237.01M | $318.18M | $257.77M | $277.53M | $362.91M | $395.91M | $428.61M |
| Gross profit | $748.51M | $862.07M | $910.24M | $1.1B | $1.22B | $1.31B | $1.51B | $1.64B |
| Gross margin | +77.56% | +78.44% | +74.10% | +80.95% | +81.52% | +77.18% | +80.53% | +79.05% |
| Operating | ||||||||
| Research & development | $220.92M | $257.86M | $274.62M | $281.25M | $307.58M | $366.11M | $389.52M | $443.26M |
| Selling, general & administrative | $407.4M | $354.49M | $418.65M | $477.93M | $506.88M | $594.93M | $648.85M | $719.84M |
| Total operating expenses | $653.92M | $653.46M | $679.69M | $793.18M | $861.63M | $948.47M | $1.09B | $1.19B |
| Operating income | $94.59M | $208.61M | $230.54M | $302.15M | $362.62M | $371.84M | $399.6M | $441.67M |
| Operating margin | +9.80% | +18.98% | +18.77% | +22.33% | +24.15% | +21.87% | +21.29% | +21.24% |
| EBITDA | $152.34M | $304.87M | $288.45M | $382.44M | $429.05M | $446.63M | $488.32M | $556.92M |
| EBIT | $107.4M | $233.33M | $224.86M | $317.83M | $363.17M | $362.94M | $414.21M | $445.5M |
| Below the line | ||||||||
| Interest expense | $11.53M | $35.06M | $41.33M | $24.77M | $12.44M | $34.53M | $37.69M | $40.62M |
| Interest income | $306K | $421K | $1.54M | $2.73M | $0 | $1.85M | $2.09M | $2.27M |
| Other income / expense | -$1.26M | -$12.55M | -$47.02M | -$8.99M | -$11.89M | — | — | — |
| Pre-tax income | $93.33M | $196.06M | $183.53M | $293.16M | $350.73M | $336.76M | $377.69M | $410.66M |
| Income tax expense | -$3.45M | $21.28M | -$143.24M | $58.73M | $72.98M | $69.11M | $78.85M | $86.1M |
| Earnings | ||||||||
| Net income | $93.19M | $174.78M | $326.79M | $234.79M | $277.86M | $347M | $388.1M | $419.97M |
| Net income · continuing ops | $96.78M | $174.78M | $326.77M | $234.43M | $277.86M | $360.36M | $384.54M | $426.84M |
| Net margin | +9.66% | +15.90% | +26.60% | +17.35% | +18.50% | +20.41% | +20.68% | +20.20% |
| EPS · basic | $0.30 | $0.57 | $1.07 | $0.75 | $0.88 | $1.46 | $1.65 | $1.84 |
| EPS · diluted | $0.30 | $0.53 | $1.00 | $0.72 | $0.85 | $1.38 | $1.56 | $1.73 |
| EPS · low estimate | — | — | — | — | — | $1.34 | $1.51 | $1.62 |
| EPS · high estimate | — | — | — | — | — | $1.44 | $1.62 | $1.85 |
| Shares · basic | 305.71M | 309.23M | 312.36M | 314.89M | 314.69M | 313.67M | 313.55M | 316.95M |
| Shares · diluted | 314.61M | 331.77M | 332.5M | 333.77M | 333.09M | 329.78M | 334.84M | 332.52M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 3 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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