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Side-by-side financial comparison of ASTRONICS CORP (ATRO) and BENTLEY SYSTEMS INC (BSY). Click either name above to swap in a different company.
BENTLEY SYSTEMS INC is the larger business by last-quarter revenue ($391.6M vs $240.1M, roughly 1.6× ASTRONICS CORP). On growth, ASTRONICS CORP posted the faster year-over-year revenue change (15.1% vs 11.9%). BENTLEY SYSTEMS INC produced more free cash flow last quarter ($136.2M vs $15.8M). Over the past eight quarters, ASTRONICS CORP's revenue compounded faster (13.9% CAGR vs 7.7%).
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
Bentley Systems, Incorporated is a US-based software development company that develops, manufactures, licenses, sells and supports computer software and services for the design, construction, and operation of infrastructure globally. The company's software serves the building, plant, civil, and geospatial markets in the areas of architecture, engineering, construction (AEC) and operations. Their software products are used to design, engineer, build, and operate large constructed assets such a...
ATRO vs BSY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.1M | $391.6M |
| Net Profit | — | $58.6M |
| Gross Margin | 33.3% | 81.9% |
| Operating Margin | 14.8% | 20.0% |
| Net Margin | — | 15.0% |
| Revenue YoY | 15.1% | 11.9% |
| Net Profit YoY | — | 17.1% |
| EPS (diluted) | $0.82 | $0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $240.1M | $391.6M | ||
| Q3 25 | $211.4M | $375.5M | ||
| Q2 25 | $204.7M | $364.1M | ||
| Q1 25 | $205.9M | $370.5M | ||
| Q4 24 | $208.5M | $349.8M | ||
| Q3 24 | $203.7M | $335.2M | ||
| Q2 24 | $198.1M | $330.3M | ||
| Q1 24 | $185.1M | $337.8M |
| Q4 25 | — | $58.6M | ||
| Q3 25 | $-11.1M | $57.4M | ||
| Q2 25 | $1.3M | $70.5M | ||
| Q1 25 | $9.5M | $91.4M | ||
| Q4 24 | — | $50.1M | ||
| Q3 24 | $-11.7M | $42.3M | ||
| Q2 24 | $1.5M | $72.0M | ||
| Q1 24 | $-3.2M | $70.3M |
| Q4 25 | 33.3% | 81.9% | ||
| Q3 25 | 30.5% | 80.8% | ||
| Q2 25 | 25.8% | 81.1% | ||
| Q1 25 | 29.5% | 82.3% | ||
| Q4 24 | 29.8% | 80.6% | ||
| Q3 24 | 27.1% | 80.7% | ||
| Q2 24 | 28.0% | 80.9% | ||
| Q1 24 | 25.7% | 81.7% |
| Q4 25 | 14.8% | 20.0% | ||
| Q3 25 | 10.9% | 22.5% | ||
| Q2 25 | 2.3% | 23.2% | ||
| Q1 25 | 6.4% | 31.1% | ||
| Q4 24 | 4.3% | 17.6% | ||
| Q3 24 | 4.1% | 20.5% | ||
| Q2 24 | 3.8% | 24.3% | ||
| Q1 24 | 0.9% | 27.2% |
| Q4 25 | — | 15.0% | ||
| Q3 25 | -5.2% | 15.3% | ||
| Q2 25 | 0.6% | 19.4% | ||
| Q1 25 | 4.6% | 24.7% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | -5.8% | 12.6% | ||
| Q2 24 | 0.8% | 21.8% | ||
| Q1 24 | -1.7% | 20.8% |
| Q4 25 | $0.82 | $0.17 | ||
| Q3 25 | $-0.31 | $0.18 | ||
| Q2 25 | $0.04 | $0.22 | ||
| Q1 25 | $0.26 | $0.28 | ||
| Q4 24 | $-0.07 | $0.15 | ||
| Q3 24 | $-0.34 | $0.13 | ||
| Q2 24 | $0.04 | $0.22 | ||
| Q1 24 | $-0.09 | $0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.2M | $123.3M |
| Total DebtLower is stronger | — | $1.2B |
| Stockholders' EquityBook value | $140.1M | $1.2B |
| Total Assets | $706.7M | $3.6B |
| Debt / EquityLower = less leverage | — | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $123.3M | ||
| Q3 25 | $13.5M | $165.4M | ||
| Q2 25 | $13.5M | $89.6M | ||
| Q1 25 | $24.8M | $83.6M | ||
| Q4 24 | $9.3M | $64.0M | ||
| Q3 24 | $5.2M | $72.2M | ||
| Q2 24 | $2.9M | $51.3M | ||
| Q1 24 | $5.3M | $141.6M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $140.1M | $1.2B | ||
| Q3 25 | $108.9M | $1.2B | ||
| Q2 25 | $271.6M | $1.2B | ||
| Q1 25 | $266.8M | $1.1B | ||
| Q4 24 | $256.1M | $1.0B | ||
| Q3 24 | $249.2M | $1.0B | ||
| Q2 24 | $257.9M | $984.5M | ||
| Q1 24 | $251.7M | $932.6M |
| Q4 25 | $706.7M | $3.6B | ||
| Q3 25 | $682.2M | $3.5B | ||
| Q2 25 | $646.7M | $3.4B | ||
| Q1 25 | $662.2M | $3.4B | ||
| Q4 24 | $648.8M | $3.4B | ||
| Q3 24 | $651.6M | $3.4B | ||
| Q2 24 | $644.9M | $3.3B | ||
| Q1 24 | $630.0M | $3.4B |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | — | 1.13× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | — | 1.37× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.54× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.6M | $141.6M |
| Free Cash FlowOCF − Capex | $15.8M | $136.2M |
| FCF MarginFCF / Revenue | 6.6% | 34.8% |
| Capex IntensityCapex / Revenue | 4.9% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 2.41× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $520.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.6M | $141.6M | ||
| Q3 25 | $34.2M | $116.4M | ||
| Q2 25 | $-7.6M | $61.1M | ||
| Q1 25 | $20.6M | $219.4M | ||
| Q4 24 | $26.4M | $81.6M | ||
| Q3 24 | $8.4M | $86.1M | ||
| Q2 24 | $-6.3M | $62.6M | ||
| Q1 24 | $2.0M | $205.0M |
| Q4 25 | $15.8M | $136.2M | ||
| Q3 25 | $21.0M | $110.7M | ||
| Q2 25 | $-12.2M | $57.0M | ||
| Q1 25 | $18.5M | $216.4M | ||
| Q4 24 | $23.2M | $76.1M | ||
| Q3 24 | $6.5M | $84.3M | ||
| Q2 24 | $-8.1M | $59.5M | ||
| Q1 24 | $439.0K | $201.4M |
| Q4 25 | 6.6% | 34.8% | ||
| Q3 25 | 9.9% | 29.5% | ||
| Q2 25 | -6.0% | 15.7% | ||
| Q1 25 | 9.0% | 58.4% | ||
| Q4 24 | 11.1% | 21.7% | ||
| Q3 24 | 3.2% | 25.1% | ||
| Q2 24 | -4.1% | 18.0% | ||
| Q1 24 | 0.2% | 59.6% |
| Q4 25 | 4.9% | 1.4% | ||
| Q3 25 | 6.2% | 1.5% | ||
| Q2 25 | 2.2% | 1.1% | ||
| Q1 25 | 1.0% | 0.8% | ||
| Q4 24 | 1.5% | 1.6% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 0.9% | 0.9% | ||
| Q1 24 | 0.9% | 1.1% |
| Q4 25 | — | 2.41× | ||
| Q3 25 | — | 2.03× | ||
| Q2 25 | -5.81× | 0.87× | ||
| Q1 25 | 2.17× | 2.40× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | — | 2.03× | ||
| Q2 24 | -4.08× | 0.87× | ||
| Q1 24 | — | 2.92× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
BSY
| Enterprise License Subscriptions | $163.4M | 42% |
| Term License Subscriptions | $122.7M | 31% |
| SELECT Subscriptions | $70.6M | 18% |
| Professional Services Other | $17.2M | 4% |
| Perpetual Licenses | $14.3M | 4% |
| Professional Services Recurring | $3.5M | 1% |
