Bentley Systems vs Dolby
Bentley Systems reported revenue of $1.5 billion in fiscal 2025, about the same as Dolby's $1.3 billion in fiscal 2025. Bentley Systems' revenue grew 11.0% in its latest year, and Dolby's grew 5.9%. Bentley Systems had an operating margin of 24.1%, against 19.6% at Dolby. Free cash flow was $520 million at Bentley Systems and $436 million at Dolby. Their fiscal years end in different months (December 31 and September 26), so the periods don't line up exactly.
Side by side
| Bentley Systems | Dolby | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Sep 26, 2025 |
| Revenue | $1.5B | $1.3B |
| Revenue growth | 11.0% | 5.9% |
| Revenue growth a year, last 5 years | 13.4% | 3.0% |
| Gross margin | 81.5% | 88.1% |
| Operating margin | 24.1% | 19.6% |
| Net margin | 18.5% | 18.9% |
| Free cash flow | $520M | $436M |
| Free cash flow margin | 34.6% | 32.3% |
| Return on capital | 12.3% | 11.4% |
| Net debt to EBITDA | 2.8x | −2.0x |
| Dividends and buybacks | $210M | $252M |
| Change in diluted share count | −0.2% | 0.2% |
| Last close | $39.84 | $63.08 |
| P/E at the last close | 43.8× | 26.8× |
| Insider trades, last 12 months | sold $28,092 | sold $14.2 million |
| Piotroski F-score | 9 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Bentley SystemsDolby
Operating margin
Percent of revenue
Bentley SystemsDolby
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Bentley SystemsDolby
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Bentley Systems and Dolby pages.