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PTC

PTC Nasdaq Application Software Financials FY2016–FY2025

PTC's revenue rose 19.2% to $2.7 billion in fiscal 2025. Its operating margin was 35.9%, up from 25.6% a year earlier. Free cash flow was $857 million, up 16.5%. It paid out $300 million in dividends and buybacks, 35% of free cash flow.

Last close · Oct 23, 2026

$193.80

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
19.2% vs prior year
Operating margin Operating income as a share of revenue.
35.9%
10.3 pts
Net income Profit after all expenses, interest and tax.
$734M
95.1%
Free cash flow Cash from operations minus capital spending.
$857M
16.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.4%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$22.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
18.9x
On $10.28 EPS (TTM)

What PTC does

No business description yet.

Legal name
PTC Inc.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0001193125-25-291326
0000857005

Revenue and margins

PTC had $2.7B of revenue in fiscal 2025, up 19.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $857M in fiscal 2025, 31.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

PTC returned $300M to shareholders in fiscal 2025, 35% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value PTC yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$988M and divides by 120.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 18.9x · peers 74.1x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably PTC can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $327M$272M$288M$266M$184M
Debt incl. finance leases $1.4B$1.4B$1.7B$1.2B$1.2B
Net debt / EBITDA 2.4x2.0x2.5x1.4x0.9x
Debt / equity 0.7x0.6x0.6x0.4x0.3x
Interest coverage 7.5x8.2x3.5x4.9x12.8x
Current ratio 1.4x1.4x0.8x0.8x1.1x
Quick ratio 1.4x1.4x0.8x0.8x1.1x
Total assets $4.5B$4.7B$6.3B$6.4B$6.6B
Total liabilities $2.5B$2.4B$3.6B$3.2B$2.8B
Shareholders' equity $2.0B$2.3B$2.7B$3.2B$3.8B
Net debt (− = net cash) $1.1B$1.1B$1.4B$961M$988M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$11.9M

4 insiders

Of sales under plans

24%

$2.8M

DateInsiderTradeSharesPriceValueFiling
Oct 5, 2026 Corinna LathanDirector Sold plan 1,750 $195.75 $0.3M Form 4
May 12, 2026 Alice ChristensonChief Accounting Officer Sold 816 $145.83 $0.1M Form 4
Mar 16, 2026 Corinna LathanDirector Sold plan 675 $157.24 $0.1M Form 4
Mar 3, 2026 Staats Aaron C VonEVP, Chief Legal Officer Sold plan 2,639 $160.00 $0.4M Form 4
Feb 11, 2026 Staats Aaron C VonEVP, Chief Legal Officer Sold plan 240 $161.10 $0.0M Form 4
Dec 9, 2025 Kristian TalvitieEVP, Chief Financial Officer Sold 50,291 $173.15 $8.7M Form 4
Dec 8, 2025 Kristian TalvitieEVP, Chief Financial Officer Sold plan 2,338 $174.70 $0.4M Form 4
Dec 8, 2025 Staats Aaron C VonEVP, Chief Legal Officer Sold plan 6,328 $174.79 $1.1M Form 4
Dec 5, 2025 Kristian TalvitieEVP, Chief Financial Officer Sold plan 2,320 $173.34 $0.4M Form 4
Nov 25, 2025 Alice ChristensonChief Accounting Officer Sold 1,323 $173.52 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 4 / 97 / 98 / 9
Accruals ratio −6.7%−5.9%−2.1%
Altman Z'' 1.361.993.61

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
PTC PTC $22.3B 19.2% 35.9% 31.3% 17.4% 18.9x 8
Okta OKTA $38.1B 11.8% 5.1% 30.0% — 128.3x 8 Compare →
Dropbox DBX $8.6B −1.1% 27.3% 36.9% — 21.0x 5 Compare →
HubSpot HUBS $13.7B 19.2% 0.2% 22.6% — 96.4x — Compare →
Tyler Technologies TYL $16.3B 9.1% 15.3% 27.3% 9.0% 51.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.2B $1.2B $1.3B $1.5B $1.8B $1.9B $2.1B $2.3B $2.7B
Gross profit $815M $836M $915M $930M $1.1B $1.4B $1.5B $1.7B $1.9B $2.3B
Research and development $229M $236M $250M $247M $257M $300M $339M $394M $433M $458M
Operating income −$37.0M $41.8M $72.6M $63.0M $211M $381M $447M $459M $588M $982M
Interest expense $29.9M $42.4M $41.7M $43.0M $76.4M $50.5M $54.3M $129M $120M $77.0M
Pretax income −$67.2M −$1.4M $28.7M $20.3M $135M $392M $397M $333M $469M $920M
Income tax −$12.7M −$7.6M −$23.3M $47.8M $4.0M −$85.2M $84.0M $87.0M $92.6M $186M
Net income −$54.5M $6.2M $52.0M −$27.5M $131M $477M $313M $246M $376M $734M
Diluted EPS −$0.48 $0.05 $0.44 −$0.23 $1.12 $4.03 $2.65 $2.06 $3.12 $6.08
Diluted shares 0.11B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $183M $135M $248M $285M $234M $369M $435M $611M $750M $868M
Capital expenditure $26.2M $25.4M $36.0M $64.4M $20.2M $24.7M $19.5M $23.8M $14.4M $11.0M
Free cash flow $157M $110M $212M $221M $214M $344M $416M $587M $736M $857M
Depreciation and amortization $86.6M $86.7M $87.4M $77.8M $80.8M $85.2M $87.7M $105M $108M $103M
Stock-based compensation $66.0M $76.7M $82.9M $86.4M $115M $177M $175M $207M $224M $216M
Acquisitions $166M $5.0M $3.0M $86.7M $484M $718M $283M $828M $93.5M $6.5M
Share buybacks $0.0M $51.0M $1.1B $115M $0.0M $30.0M $125M $0.0M $0.0M $300M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $51.0M $1.1B $115M $0.0M $30.0M $125M $0.0M $0.0M $300M
Balance sheet
Cash and short-term investments $278M $280M $260M $270M $276M $327M $272M $288M $266M $184M
Total debt — — $643M $669M $1.0B $1.4B $1.4B $1.7B $1.2B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $643M $667M $634M $783M $833M $1.1B $1.1B $1.3B $1.3B $1.4B
Current liabilities $655M $679M $735M $638M $681M $779M $792M $1.7B $1.7B $1.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $67.1M $63.6M $80.6M $106M $102M $100M $98.1M $88.4M $75.2M $60.8M
Total assets $2.3B $2.4B $2.3B $2.7B $3.4B $4.5B $4.7B $6.3B $6.4B $6.6B
Total liabilities $1.5B $1.5B $1.5B $1.5B $1.9B $2.5B $2.4B $3.6B $3.2B $2.8B
Shareholders' equity $843M $885M $875M $1.2B $1.4B $2.0B $2.3B $2.7B $3.2B $3.8B
Margins
Gross margin 71.5% 71.8% 73.7% 74.1% 77.1% 79.5% 80.0% 79.0% 80.7% 83.8%
Operating margin −3.3% 3.6% 5.9% 5.0% 14.5% 21.1% 23.1% 21.9% 25.6% 35.9%
EBITDA margin 4.3% 11.0% 12.9% 11.2% 20.0% 25.8% 27.7% 26.9% 30.3% 39.6%
Net margin −4.8% 0.5% 4.2% −2.2% 9.0% 26.4% 16.2% 11.7% 16.4% 26.8%
FCF margin 13.8% 9.4% 17.1% 17.6% 14.7% 19.0% 21.5% 28.0% 32.0% 31.3%
Returns
Return on capital — — — 2.2% 10.9% 14.3% 10.8% 9.1% 11.4% 17.4%
Return on capital employed −2.3% 2.5% 4.4% 3.5% 8.9% 11.8% 11.7% 10.8% 12.6% 19.5%
Return on equity −6.4% 0.7% 5.9% −2.6% 9.9% 27.4% 14.5% 9.9% 12.8% 20.9%
Return on assets −2.4% 0.3% 2.2% −1.1% 4.3% 12.1% 6.8% 4.5% 5.9% 11.3%
Growth
Revenue growth −9.1% 2.1% 6.7% 1.1% 16.2% 23.9% 7.0% 8.5% 9.6% 19.2%
Net income growth −214.5% — 733.3% −152.8% — 264.9% −34.4% −21.6% 53.3% 95.0%
EPS growth −217.1% — 780.0% −152.3% — 259.8% −34.2% −22.3% 51.5% 94.9%
FCF growth 5.2% −30.1% 92.9% 4.3% −3.2% 61.1% 20.9% 41.2% 25.3% 16.5%
Share count change −1.2% 2.4% 0.7% −0.4% −1.2% 1.8% −0.1% 0.9% 1.2% 0.0%
Financial health
Net debt / EBITDA — — 2.4x 2.8x 2.5x 2.4x 2.0x 2.5x 1.4x 0.9x
Debt / equity — — 0.7x 0.6x 0.7x 0.7x 0.6x 0.6x 0.4x 0.3x
Interest coverage −1.2x 1.0x 1.7x 1.5x 2.8x 7.5x 8.2x 3.5x 4.9x 12.8x
Current ratio 1.0x 1.0x 0.9x 1.2x 1.2x 1.4x 1.4x 0.8x 0.8x 1.1x
Quick ratio 1.0x 1.0x 0.9x 1.2x 1.2x 1.4x 1.4x 0.8x 0.8x 1.1x
Capital allocation
Capex / revenue 2.3% 2.2% 2.9% 5.1% 1.4% 1.4% 1.0% 1.1% 0.6% 0.4%
Stock comp / revenue 5.8% 6.6% 6.7% 6.9% 7.9% 9.8% 9.0% 9.9% 9.7% 7.9%
Payouts / FCF 0.0% 46.5% 519.6% 52.1% 0.0% 8.7% 30.1% 0.0% 0.0% 35.0%
Quality scores
Piotroski F-score — — — 7.0 7.0 5.0 6.0 4.0 7.0 8.0
Altman Z'' −0.5 −0.2 −0.3 1.1 1.4 2.2 2.5 1.4 2.0 3.6
Accruals ratio −10.4% −5.5% −8.4% −12.5% −3.4% 2.7% −2.7% −6.7% −5.9% −2.1%

Source: SEC EDGAR XBRL filings (CIK 0000857005). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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