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PTC Inc. (PTC) stock

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NASDAQ: PTC Nasdaq Application Software Next results ~November 4, 2026

B Fundamentals grade

PTC is a global software company based in Boston, Massachusetts, whose tools help manufacturers manage product data and development. Product lifecycle management (PLM) is handled by its Windchill suite and the cloud-based Arena; application lifecycle management by Codebeamer and pure::variants, aimed at products that contain software. Field service and spare parts are supported by ServiceMax and Servigistics. For design work, it offers Creo, a 3D computer-aided design (CAD) package, and Onshape, a cloud-native CAD and collaboration platform.

Its customers are businesses in five industry groups: industrials; federal, aerospace and defence; electronics and high tech; automotive; and medical technology and life sciences. PTC sells on a subscription basis, so most of its income recurs each year rather than arriving as one-off perpetual licences.

The portfolio is organised mainly around PLM and CAD software. About three-quarters of sales are made directly by its own salesforce, which focuses on large accounts, while third-party resellers cover smaller and medium-sized firms. PTC employs over 7,000 people and supports more than 30,000 customers around the world.

Based on PTC Inc.'s 10-K filed November 21, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$200

Cash-flow model

Base case. Range ~$150–$270 across our lower- and higher-growth cases (11.1%–21.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 4% below our base value.

Price used: $194.31, November 2, 2026

PTC Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter PTC files

Where PTC stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.95bn, up 19.5% on a year earlier, slower than 27.7% a quarter earlier. Free-cash-flow margin fell to 31.7% from 34.4% a year earlier. Operating margin widened to 37.8% from 30.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $212 a share, against a share price of $193. At that price, our model says the market is pricing in about 14.6% a year of cash-flow growth for five years, faster than the 10.3% a year revenue growth it has delivered.

Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

PTC Inc.'s trailing-twelve-month revenue grew 19.5% year on year, with a free-cash-flow margin of 31.7%. Where it stands out: net margin of 41.4% ranks 3 of 185 application software companies we cover. Where it lags: change in growth rate of -8.3pp ranks 163 of 184 application software companies we cover.

Our discounted-cash-flow model values the business at ~$200 per share in the base case (~$150–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 10.1% while net income grew 138.7%: a 129pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.5% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • High operating margin. 37.8% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Margins widening. Operating margin is up 7.8 points on a year ago.
  • Strong cash generation. 31.7% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.

Things to watch

  • Growth slowing. The growth rate is 8.3 points lower than a quarter earlier.
  • Volatile shares. Over the past year the shares showed annualised volatility of 49% and a beta of 0.6 against the S&P 500.
  • Insiders selling. 4 insiders sold $12M of stock over the past 365 days and none bought (24% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 76% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 102 days ranks 141 of 162 application software companies we cover (median 57 days).

Latest results: FY2026 Q3

Filed July 31, 2026
Earnings per share
$1.58 against an average estimate of $1.56: beat by 1.0%
Revenue
$600m, down 6.8% on a year earlier
Share reaction
+6.9% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
constant currency ARR excluding divested businesses growth 9% to 9.5% (FY'26); constant currency ARR excluding divested businesses growth 9% to 9.5% (Q4'26)
Next report
November 4, 2026; average EPS estimate $1.96

PTC's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.6%
  • 1 week+0.0%
  • 1 month+34.9%
  • This year+11.5%
  • 1 year-2.1%
  • 5 years+49.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3B
Operating margin
37.8%
Net margin
41.4%
EPS (TTM, diluted)
$10.32

Growth

Revenue growth
+19.5%
Change in growth rate
−8.3 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$935M
FCF margin
31.7%
Stock pay % of revenue
8.1%

Earnings

Last results
July 29, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Product
  3. Results
  4. Announcement
  5. Deal
  6. Announcement
  7. Product
  8. Announcement
  9. Product
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PTC Inc. valuation models and calculator

What the price is pricing in

The share price implies about 11.9% a year of cash-flow growth for five years.That is close to the 10.3% a year revenue growth PTC has delivered.

  • Priced in11.9%
  • Last 12 months19.5%
  • 3 years a year12.8%
  • 5 years a year10.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($194.35, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$200
Price used
$194.35close November 3, 2026
Implied change
▲ +4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of PTC Inc.'s free cash flow after stock-based pay with after-tax interest added back ($776M, FY2026 Q3 TTM), growing 1.5% and 12.6% in the next two years (forecasts, guidance and its record), then back to 16.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PTC Inc.'s free cash flow after stock-based pay ( $776M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PTC Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$200 ~$150–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$100–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$74–$160 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$81 ~$71–$96 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$81–$200 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PTC Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $92$128$176$239$321$428
8.5% $68$94$129$174$232$308
10% $53$74$100$135$180$237

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$44.31$56.28$106.19$68.18$82.72$119.79$104.60$141.68$180.66$203.02$194.31
Market value$5.1bn$6.6bn$12.5bn$8.0bn$9.6bn$14.2bn$12.4bn$16.9bn$21.8bn$24.5bn$23.0bn
+ Net debt (− = net cash)$480m$438m$388m$404m$730m$1.1bn$1.1bn$1.4bn$1.5bn$1.0bn$1.1bn
Enterprise value$5.6bn$7.0bn$12.9bn$8.4bn$10.3bn$15.3bn$13.4bn$18.3bn$23.3bn$25.5bn$24.1bn
Multiples
Price / sales 4.5x5.7x10.1x6.4x6.6x7.8x6.4x8.1x9.5x9.0x7.8x
Price / earnings —n/mn/m—73.6x29.7x39.5x68.9x58.0x33.4x18.8x
Price / free cash flow 32.3x60.2x59.3x36.4x45.0x41.2x29.7x28.8x29.7x28.6x24.6x
EV / EBITDA 112.2x54.8x80.8x59.8x35.5x32.8x25.1x32.5x33.5x23.5x19.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

57 /100

Moderate moat

How hard PTC's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 16.2% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 79.4%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.6%; its worst year was -0.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.9% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 0.5% over five years; stock-based pay has been a median 8.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $665m and EPS of $1.96 (range $1.78 to $2.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.20 +3% $2.7bn −1%
Next $8.92 +9% $2.9bn +6%

Next year's EPS estimate has moved +3.3% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.5% on 90 days ago. In the last 30 days, 1 analyst raised PTC Inc.'s forecast and 2 cut it.

Consensus EPS forecast PTC Inc., last 90 days
$8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.08 Current fiscal year, 60 days ago: $8.19 Current fiscal year, 30 days ago: $8.20 Current fiscal year, 7 days ago: $8.20 Current fiscal year, Now: $8.20 $8.20 Next fiscal year, 90 days ago: $8.63 Next fiscal year, 60 days ago: $8.89 Next fiscal year, 30 days ago: $8.91 Next fiscal year, 7 days ago: $8.92 Next fiscal year, Now: $8.92 $8.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.08$8.63
60 days ago $8.19$8.89
30 days ago $8.20$8.91
7 days ago $8.20$8.92
Now $8.20$8.92

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.56 $1.58 +1.0%
Mar 2026 $2.10 $2.69 +27.9%
Dec 2025 $1.56 $1.92 +22.8%
Sept 2025 $2.27 $3.47 +52.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Revenue FY'26 $2,690m to $2,750m Raised
    “Revenue $2,580 to $2,820 $2,690 to $2,750 (2)% to 0% 4 $630 to $690” source
  • Revenue Q4'26 $630m to $690m
    “Revenue $2,580 to $2,820 $2,690 to $2,750 (2)% to 0% 4 $630 to $690” source
  • Earnings per share FY'26 $8.46 to $9.18 GAAP Raised
    “Earnings per share $7.21 to $9.70 $8.46 to $9.18 39% to 51% 4 $0.94 to $1.70” source
  • Non-GAAP earnings per share FY'26 $7.87 to $8.42 Non-GAAP Raised
    “Non-GAAP earnings per share 2 $6.65 to $8.90 $7.87 to $8.42 (1)% to 6% 4 $1.63 to $2.21” source
  • Earnings per share Q4'26 $0.94 to $1.70 GAAP
    “Earnings per share $7.21 to $9.70 $8.46 to $9.18 39% to 51% 4 $0.94 to $1.70” source
  • Non-GAAP earnings per share Q4'26 $1.63 to $2.21 Non-GAAP
    “Non-GAAP earnings per share 2 $6.65 to $8.90 $7.87 to $8.42 (1)% to 6% 4 $1.63 to $2.21” source
Show 14 more items
  • Constant currency ARR excluding divested businesses FY'26 9% growth to 9.5% growth Raised
    “Constant currency ARR excluding divested businesses (FY'26 Plan FX rates) 1 7.5% to 9.5% growth 9% to 9.5% growth 9% to 9.5% 9% to 9.5% growth” source
  • Operating cash flow FY'26 about $880m Maintained
    “Operating cash flow ~$880 ~$880 ~1% 4 ~$29” source
  • Free cash flow FY'26 about $850m Non-GAAP Maintained
    “Free cash flow 2 ~$850 ~$850 ~(1)% 4 ~$15” source
  • Capital expenditures FY'26 about $-30m
    “Capital expenditures ~($30) ~($14)” source
  • Cash interest payments FY'26 $60m to $65m
    “Cash interest payments are expected to be approximately $60 million to $65 million.” source
  • Cash tax payments FY'26 $230m to $240m
    “Cash tax payments are expected to be approximately $230 million to $240 million, of which approximately $100 million is related to the Kepware and ThingWorx divestiture and not expected to recur in future years.” source
  • GAAP operating expenses FY'26 about 4% growth GAAP
    “FY'26 GAAP operating expenses are expected to increase approximately 4%, primarily due to the divestiture-related expenses.” source
  • GAAP P&L non-operating net credits FY'26 $80m to $110m GAAP
    “GAAP P&L results are expected to include the items below, netting to credits of approximately $80 million to $110 million, as well as their related tax effects:” source
  • Fully diluted shares outstanding FY'26 about 116m
    “In total, we expect to repurchase approximately $1.625 billion of our shares in FY'26 and expect a decrease in fully diluted shares to approximately 116 million shares for FY'26, compared to 121 million shares in FY'25.” source
  • Constant currency ARR excluding divested businesses Q4'26 9% growth to 9.5% growth
    “Constant currency ARR excluding divested businesses (FY'26 Plan FX rates) 1 7.5% to 9.5% growth 9% to 9.5% growth 9% to 9.5% 9% to 9.5% growth” source
  • Operating cash flow Q4'26 about $29m
    “Operating cash flow ~$880 ~$880 ~1% 4 ~$29” source
  • Free cash flow Q4'26 about $15m Non-GAAP
    “Free cash flow 2 ~$850 ~$850 ~(1)% 4 ~$15” source
  • Capital expenditures Q4'26 about $-14m
    “Capital expenditures ~($30) ~($14)” source
  • GAAP and non-GAAP tax rates Q4'26 20% to 25%
    “Q4'26 GAAP and non-GAAP tax rates are expected to be approximately 20% to 25%.” source

How earlier guidance turned out

  • Capital expenditures, Q3’26 Guidance guided about $15m Below range: $11.28m
  • Earnings per share, Q3’26 Guidance guided $0.68 to $1.25 Within range: $1.03
  • Revenue, Q3’26 Guidance guided $580m to $640m Within range: $600m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows PTC Inc.'s revenue by +1.5% next year and +12.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.3%, weight 56%) , management guidance (-3.5%, weight 19%) and the company's own record (+16.1%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Nov 2026
Buy16%
Hold1694%
Sell00%

Monthly trend

  1. Nov 20261617
  2. Oct 2026310519
  3. Sep 2026210720

Counts of recommendations published by analysts covering PTC Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.4%
of tradable shares
Days to cover
1.19
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
7,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −2.1%

$198.54 on October 31, 2025 to $194.31

ThenNowEffect
Revenue (last 12 months) $2.5bn $3.0bn +19.5%
Net margin 20.7% 41.4% +99.7%
P/E multiple 46.8x 18.8x −59.8%
Share count 121m 119m +2.0%

Biggest factor: p/e multiple.

Last 3 years +31.7%

$147.51 on November 3, 2023 to $194.31

ThenNowEffect
Revenue (last 12 months) $2.1bn $3.0bn +43.5%
Net margin 14.9% 41.4% +178.0%
P/E multiple 57.2x 18.8x −67.1%
Share count 119m 119m +0.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PTC+1%−1%+46%+5%−5%+12%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PTC58%42%67%67%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PTC−31%−21%−15%−13%−29%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 54% from September 28, 2018 to March 20, 2020. Getting back needed a 119% gain, reached on November 27, 2020, 252 days after the low.

Price behaviour

52-week range
$112.33 – $196.36
From 52-week high
−1.0%
vs 50-day average
+18.7%
vs 200-day average
+32.0%
Volatility (1 year)
49%
Beta vs S&P 500
0.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.5%
After a week
7 up, 5 down
typical move ±4.9%
After a month
7 up, 5 down
typical move ±7.4%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 +6.9% +0.1% +9.3% +24.7%
May 6, 2026 +7.3% +1.1% +2.4% −0.4%
February 4, 2026 +3.1% −1.7% +4.3% +9.0%
November 5, 2025 −9.4% −0.7% −7.2% −9.6%
July 30, 2025 +5.2% −0.5% +5.6% +5.3%
February 5, 2025 −10.2% +0.8% −12.8% −14.9%
November 6, 2024 0.0% +3.3% +1.8% +5.8%
July 31, 2024 −0.3% +0.2% −5.3% +0.4%
May 1, 2024 −3.9% +0.6% +0.5% −0.7%
January 31, 2024 −2.5% −0.3% −2.1% +2.0%
November 1, 2023 +4.2% +3.0% +6.6% +13.5%
July 26, 2023 +0.7% −0.6% −0.3% −2.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PTC Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PTC Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PTC Inc.
$2B $2.5B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.1B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.3B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.3B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3B $3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.1B
FY24 Q1 $2.2B
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.3B
FY25 Q1 $2.3B
FY25 Q2 $2.3B
FY25 Q3 $2.5B
FY25 Q4 $2.7B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3B
Revenue growth, TTM YoY PTC Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.5% Revenue growth, TTM YoY, FY24 Q1: 12.4% Revenue growth, TTM YoY, FY24 Q2: 13.3% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 9.6% Revenue growth, TTM YoY, FY25 Q1: 6.1% Revenue growth, TTM YoY, FY25 Q2: 4.7% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 19.2% Revenue growth, TTM YoY, FY26 Q1: 23.6% Revenue growth, TTM YoY, FY26 Q2: 27.7% Revenue growth, TTM YoY, FY26 Q3: 19.5% 19.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.5%
FY24 Q1 12.4%
FY24 Q2 13.3%
FY24 Q3 7.8%
FY24 Q4 9.6%
FY25 Q1 6.1%
FY25 Q2 4.7%
FY25 Q3 11.4%
FY25 Q4 19.2%
FY26 Q1 23.6%
FY26 Q2 27.7%
FY26 Q3 19.5%
Operating margin (TTM) PTC Inc.
20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 21.9% Operating margin (TTM), FY24 Q1: 21.7% Operating margin (TTM), FY24 Q2: 23.6% Operating margin (TTM), FY24 Q3: 23.2% Operating margin (TTM), FY24 Q4: 25.6% Operating margin (TTM), FY25 Q1: 25.3% Operating margin (TTM), FY25 Q2: 26.8% Operating margin (TTM), FY25 Q3: 30.0% Operating margin (TTM), FY25 Q4: 35.9% Operating margin (TTM), FY26 Q1: 38.0% Operating margin (TTM), FY26 Q2: 38.7% Operating margin (TTM), FY26 Q3: 37.8% 37.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 21.9%
FY24 Q1 21.7%
FY24 Q2 23.6%
FY24 Q3 23.2%
FY24 Q4 25.6%
FY25 Q1 25.3%
FY25 Q2 26.8%
FY25 Q3 30.0%
FY25 Q4 35.9%
FY26 Q1 38.0%
FY26 Q2 38.7%
FY26 Q3 37.8%
FCF margin (TTM) PTC Inc.
26% 28% 30% 32% 34% 36% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 28.0% FCF margin (TTM), FY24 Q1: 27.4% FCF margin (TTM), FY24 Q2: 28.5% FCF margin (TTM), FY24 Q3: 30.9% FCF margin (TTM), FY24 Q4: 32.0% FCF margin (TTM), FY25 Q1: 34.1% FCF margin (TTM), FY25 Q2: 34.9% FCF margin (TTM), FY25 Q3: 34.4% FCF margin (TTM), FY25 Q4: 31.3% FCF margin (TTM), FY26 Q1: 31.1% FCF margin (TTM), FY26 Q2: 31.0% FCF margin (TTM), FY26 Q3: 31.7% 31.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 28.0%
FY24 Q1 27.4%
FY24 Q2 28.5%
FY24 Q3 30.9%
FY24 Q4 32.0%
FY25 Q1 34.1%
FY25 Q2 34.9%
FY25 Q3 34.4%
FY25 Q4 31.3%
FY26 Q1 31.1%
FY26 Q2 31.0%
FY26 Q3 31.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PTC took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.7B
  2. Cost of revenue $445M · 16.2%
  3. Gross profit $2.3B · 83.8%
  4. Research and development $458M · 16.7%
  5. Selling, general and admin $793M · 28.9%
  6. Other operating costs $61.6M · 2.2%
  7. Operating income $982M · 35.9%
  8. Income tax $186M · 6.8%
  9. Interest and other $62.2M · 2.3%
  10. Net income $734M · 26.8%

Shares of revenue. Source: PTC's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 938 1,010 1,167 1,256 1,294 1,357 1,255 1,141 1,164 1,242 1,256 1,458 1,807 1,933 2,097 2,298 2,739 2,954
Gross profit — 702 810 884 921 983 921 815 836 915 930 1,124 1,436 1,547 1,656 1,854 2,294 2,496
EBITDA 81 137 180 195 204 274 126 50 129 160 141 292 466 535 563 696 1,085 1,217
Operating income 19 75 117 128 127 197 42 −37 42 73 63 211 381 447 458 588 982 1,117
Net income 32 24 85 −35 144 160 48 −54 6 52 −27 131 477 313 246 376 734 1,224
Diluted EPS $0.27 $0.20 $0.71 −$0.30 $1.19 $1.34 $0.41 −$0.48 $0.05 $0.44 −$0.23 $1.12 $4.03 $2.65 $2.06 $3.12 $6.08 $10.32
Growth (year on year)
Revenue −12.3% +7.7% +15.5% +7.6% +3.0% +4.9% −7.5% −9.1% +2.1% +6.7% +1.1% +16.1% +23.9% +7.0% +8.5% +9.6% +19.2% +19.5%
EBITDA −56.3% +69.3% +31.1% +8.4% +4.8% +34.3% −54.0% −60.7% +159.4% +24.5% −12.0% +107.1% +59.8% +14.8% +5.3% +23.6% +55.8% +43.8%
Operating income −84.6% +287.5% +56.6% +9.4% −0.6% +54.4% −78.8% −188.9% — +73.9% −13.2% +234.5% +80.6% +17.5% +2.5% +28.3% +67.1% +50.4%
Net income −60.5% −22.7% +250.6% −141.4% — +11.4% −70.3% −214.5% — — −152.8% — +264.9% −34.4% −21.6% +53.3% +95.0% +138.7%
Diluted EPS −60.3% −25.9% +255.0% −142.3% — +12.6% −69.4% −217.1% — — −152.3% — +259.8% −34.2% −22.3% +51.5% +94.9% +143.5%
Margins
Gross margin — 69.5% 69.4% 70.4% 71.2% 72.5% 73.3% 71.4% 71.8% 73.7% 74.1% 77.1% 79.5% 80.0% 79.0% 80.6% 83.8% 84.5%
EBITDA margin 8.6% 13.6% 15.4% 15.5% 15.8% 20.2% 10.0% 4.3% 11.0% 12.9% 11.2% 20.0% 25.8% 27.7% 26.9% 30.3% 39.6% 41.2%
Operating margin 2.1% 7.4% 10.0% 10.2% 9.8% 14.5% 3.3% −3.2% 3.6% 5.8% 5.0% 14.5% 21.1% 23.1% 21.9% 25.6% 35.9% 37.8%
Net margin 3.4% 2.4% 7.3% −2.8% 11.1% 11.8% 3.8% −4.8% 0.5% 4.2% −2.2% 9.0% 26.4% 16.2% 11.7% 16.4% 26.8% 41.4%
Free-cash-flow margin 4.2% 12.9% 4.4% 14.9% 15.1% 20.6% 11.9% 13.8% 9.4% 17.0% 17.6% 14.6% 19.0% 21.5% 28.0% 32.0% 31.3% 31.7%
Cash flow
Cash from operations 70 157 79 218 225 305 180 183 135 248 285 234 369 435 611 750 868 955
Capital spending 30 27 28 31 29 25 31 26 25 36 64 20 25 19 24 14 11 20
Free cash flow 40 130 51 187 195 279 149 157 110 212 221 214 344 416 587 736 857 935
Stock-based pay 43 49 45 51 49 51 50 66 77 83 86 115 177 175 206 223 216 241
Free cash flow after stock pay −4 81 5 135 147 228 99 91 33 129 134 98 167 241 381 512 640 695
Balance sheet
Cash 235 240 168 490 242 294 273 278 280 260 270 275 327 272 288 266 184 351
Total debt 58 0 200 370 258 612 668 758 718 648 673 1,005 1,439 1,351 1,696 1,749 1,197 1,423
Net debt (negative = net cash) −177 −240 32 −120 16 318 395 480 438 388 404 730 1,113 1,078 1,408 1,483 1,013 1,072
Diluted shares 117m 120m 121m 119m 121m 120m 116m 115m 117m 118m 118m 116m 118m 118m 119m 121m 121m 119m
Returned to shareholders
Buybacks 14 63 55 35 75 225 65 0 51 1,100 115 0 30 125 0 0 300 1,401
Total returned 14 63 55 35 75 225 65 0 51 1,100 115 0 30 125 0 0 300 1,401

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $6.5bn
Short-term assets $1.4bnLonger-term assets $5.1bn
What it owes, and who funded it · $6.5bn
Short-term liabilities $1.3bnLonger-term liabilities $1.7bnShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt $351m of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $955m of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.1bn against $65m of interest.

From PTC Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.4B
Returned to shareholders
150%
of free cash flow
Buybacks, last 3 fiscal years
$300M
Diluted share count
−2.0%
year over year
Total shareholder yield
6.5%
dividends 0.0% + buybacks 6.5% of market value
R&D spending
16.1%
of revenue
Days sales outstanding
102 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PTC NICE TTD SABR MDB RNG Median
Revenue, last 12 months $3.0bn $2.9bn $3.0bn $2.9bn $2.8bn $2.6bn $482m
Revenue growth, last 12 months 19.5% 7.7% 11.6% 4.7% 25.5% 5.5% 12.0%
Revenue growth, 3-year average 12.8% 53.1% 19.9% 0.9% 23.2% 6.7% 11.1%
Revenue growth, latest quarter −6.8% — 3.0% 3.6% 30.5% 5.9% 11.9%
Gross margin 84.5% 66.4% 76.9% 56.2% 72.7% 72.2% 69.2%
Operating margin 37.8% 21.9% 19.6% 11.3% −0.5% 7.5% 1.1%
Operating margin, 3-year average 30.4% 15.6% 17.1% 10.1% −7.9% 2.9% −0.8%
Net margin 41.4% 20.8% 13.6% 25.1% 2.1% 25.3% 2.1%
Cash from operations / revenue 32.3% 24.3% 36.2% 2.6% 24.0% 26.7% 18.2%
Free-cash-flow margin 31.7% 23.7% 28.4% −0.6% 23.7% 25.5% 15.0%
Free-cash-flow margin, 3-year average 32.3% 24.4% 26.1% −2.6% 14.2% 22.4% 16.2%
Stock pay / revenue 8.1% 5.0% 15.1% 1.3% 20.3% 9.2% 9.3%
Change in share count −2.0% −3.3% −4.3% 2.4% 4.0% −4.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 19.5% 12.0% 59 of 184
Change in growth rate Growth -8.3pp +0.2pp 163 of 184
Gross margin Profitability 84.5% 69.8% 19 of 160
Operating margin Profitability 37.8% 1.1% 6 of 181
Net margin Profitability 41.4% 2.1% 3 of 185
Free-cash-flow margin Cash generation 31.7% 15.2% 24 of 180
Stock pay as % of revenue Cash generation 8.1% 9.3% 78 of 177
Long-term debt as % of assets Balance sheet 21.5% 16.9% 63 of 98
Change in share count Balance sheet -2.0% 1.7% 44 of 163
Days sales outstanding Balance sheet 102 days 57 days 141 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue YoY
Recurring Services $2.6B ▲ 21.9%
Product Lifecycle Management $1.7B ▲ 19.3%
Computer Aided Design $998M ▲ 18.9%
Perpetual License $31.4M ▼ 2.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
United States $1.3B ▲ 21.8%
Germany $369M ▲ 11.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From PTC Inc.'s 10-K filed November 21, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.7B
Institutions reporting
677
Shares held vs prior quarter
▼ 1.6%
Positions opened / closed
94 / 113

Top buyers and sellers, Q2 2026: 325 institutions bought and 395 sold ; the biggest buyer was Citadel Advisors LLC (+1.7M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−6.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
T. Rowe Price Investment Management, Inc. $1.5B 13.0M 11.7% ▼ 31.7%
Blackrock, Inc. $1.3B 11.5M 10.3% ▼ 0.5%
Vanguard Capital Management LLC $858M 7.6M 6.8% ▼ 2.4%
State Street Corp $733M 6.5M 5.8% ▲ 10.2%
Vanguard Portfolio Management LLC $651M 5.7M 5.1% ▼ 2.4%
Geode Capital Management, LLC $427M 3.8M 3.4% ▲ 2.3%
Jupiter Topco LLC $419M 3.7M 3.3% —
Pictet Asset Management Holding SA $418M 3.7M 3.3% ▲ 5.0%
Norges Bank $356M 3.1M 2.8% —
Invesco Ltd. $304M 2.7M 2.4% ▲ 35.9%
Citadel Advisors LLC $258M 2.3M 2.0% ▲ 290.0%
Standard Investments LLC $206M 1.8M 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PTC Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.9M 17 trades by 4 insiders · 24% under pre-set plans
Net ▼ $11.9M net selling
Insider Date Trade Shares Price Value
Lathan Corinna Director October 5, 2026 Sell pre-set plan 1,750 $195.75 $342,562
Christenson Alice Chief Accounting Officer May 12, 2026 Sell 816 $145.82 $118,993
Lathan Corinna Director March 16, 2026 Sell pre-set plan 675 $157.24 $106,137
Von Staats Aaron C EVP, Chief Legal Officer March 3, 2026 Sell pre-set plan 2,639 $160.00 $422,240
Von Staats Aaron C EVP, Chief Legal Officer February 11, 2026 Sell pre-set plan 8 $162.23 $1,298
Von Staats Aaron C EVP, Chief Legal Officer February 11, 2026 Sell pre-set plan 232 $161.06 $37,366
Talvitie Kristian EVP, Chief Financial Officer December 9, 2025 Sell 10,230 $173.61 $1.8M
Talvitie Kristian EVP, Chief Financial Officer December 9, 2025 Sell 40,061 $173.03 $6.9M
Von Staats Aaron C EVP, Chief Legal Officer December 8, 2025 Sell pre-set plan 3,344 $175.11 $585,576
Von Staats Aaron C EVP, Chief Legal Officer December 8, 2025 Sell pre-set plan 2,984 $174.43 $520,509
Talvitie Kristian EVP, Chief Financial Officer December 8, 2025 Sell pre-set plan 500 $175.16 $87,582
Talvitie Kristian EVP, Chief Financial Officer December 8, 2025 Sell pre-set plan 1,838 $174.58 $320,879

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 30 trades and filings

In the last 12 months, 3 members of Congress disclosed 1 purchase and 7 sales of PTC Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 17, 2026, filed October 12, 2026
  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded September 9, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded August 31, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • May 6, 2026
  • February 4, 2026
  • November 5, 2025
  • July 30, 2025
  • February 5, 2025

Recent SEC filings

Data status

When each part of this page on PTC Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PTC Inc. in brief

What does PTC Inc. do?
PTC Inc. is a US-listed company in the application software industry. Its financial year ends in September.
What is PTC Inc.'s stock ticker?
PTC Inc. trades under the ticker PTC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PTC Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, PTC Inc. reported revenue of $3B, 19.5% higher than a year earlier, according to its SEC filings.
What is PTC Inc.'s free cash flow?
PTC Inc.'s free-cash-flow margin is 31.7% of revenue over the trailing twelve months, ranking 24 of the 180 application software companies we cover.
What is PTC Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of PTC Inc.'s free cash flow after stock-based pay gives ~$200 per share in the base case, and ~$150–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PTC Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are T. Rowe Price Investment Management, Inc., Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PTC Inc. buying back stock, and does it pay a dividend?
PTC Inc. spent $1.4B on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is PTC Inc.'s market cap?
On November 2, 2026, PTC Inc.'s market capitalisation was about $23B, with a price-to-earnings ratio of 18.8 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
How much debt does PTC Inc. have?
PTC Inc.'s debt-to-equity ratio is 41.0%, from its latest balance sheet (73.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are PTC Inc.'s competitors?
In our Application Software peer group, the companies closest to PTC Inc. are Nice Ltd., Trade Desk, Inc., Sabre Corp, Mongodb, Inc. and Ringcentral, Inc. The side-by-side comparison below sets their revenue, margins and growth against PTC Inc.'s.
Are insiders buying or selling PTC Inc. stock?
Over the last 12 months, PTC Inc.'s directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is PTC Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PTC Inc. announces its own schedule.