Forensic Analysis · Technology / Software · as of Aug 10, 2026

Bentley Systems Inc (BSY)

A forensic read on Bentley Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

4.6

Distress distance

Clean

Earnings quality

Forensic signals

38.1

P / E (ttm)

23.4%

ROE

$10.7B

Market cap

0.79%

Dividend yield

11.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Bentley Systems Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.6%

FY2025

Return on invested capital. Return on invested capital is 11.6% in the latest fiscal year and rising from 8% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

+0.1%/yr

FY2022–FY2025

Share count. Diluted share count changed +0% over the last 3 years to FY2025 (+0.1%/yr). Roughly flat — buybacks ($125M) are about offsetting stock comp ($73M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

-92%

FY2020→FY2021

Dividend — cut. The payout was CUT ~92% in FY2021 (from FY2020) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.50B

Revenue Growth YoY+11.0%

Revenue CAGR (3yr)+11.0%

Net Margin18.5%

Free Cash Flow$520.2M

Return on Equity23.4%

Debt / Equity1.05x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.