PTC Inc. key statistics and ratios

In fiscal 2025, PTC Inc. had return on equity of 20.9%, an operating margin of 35.9%, debt equal to 31.3% of equity and a current ratio of 1.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

PTC Inc.: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
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%
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%
Return on equity	4.1%	3.2%	10.9%	−4.4%	16.7%	18.0%	5.5%	−6.4%	0.7%	5.9%	−2.6%	9.9%	27.4%	14.4%	9.9%	12.8%	20.9%	33.5%
Return on assets	2.3%	1.8%	5.8%	−2.1%	7.9%	8.0%	2.2%	−2.4%	0.3%	2.2%	−1.1%	4.3%	12.1%	6.8%	4.5%	5.9%	11.3%	18.6%
Asset turnover	0.69	0.76	0.79	0.73	0.71	0.67	0.57	0.50	0.49	0.53	0.50	0.48	0.46	0.42	0.38	0.36	0.42	0.45
Current ratio	1.11	1.25	1.27	1.82	1.29	1.17	1.14	0.98	0.98	0.86	1.23	1.22	1.38	1.35	0.76	0.78	1.12	1.03
Debt to equity	7.6%	0.0%	24.3%	46.4%	27.9%	71.7%	77.7%	90.0%	81.1%	74.1%	56.0%	69.9%	70.6%	58.8%	63.3%	54.4%	31.3%	41.0%
Interest cover (operating income ÷ interest)	6.0x	49.0x	35.4x	27.0x	18.3x	24.1x	2.8x	n/m	1.0x	1.7x	1.5x	2.8x	7.5x	8.2x	3.5x	4.9x	12.8x	17.1x
Effective tax rate	—	70.3%	18.3%	—	−13.9%	13.9%	—	—	—	—	—	3.0%	−21.7%	21.2%	26.2%	19.8%	20.2%	20.0%
R&D as % of revenue	20.1%	20.0%	18.1%	17.1%	17.2%	16.7%	18.1%	20.1%	20.3%	20.1%	19.7%	17.6%	16.6%	17.5%	18.8%	18.8%	16.7%	16.1%
Capital spending as % of revenue	3.2%	2.6%	2.4%	2.5%	2.3%	1.9%	2.4%	2.3%	2.2%	2.9%	5.1%	1.4%	1.4%	1.0%	1.1%	0.6%	0.4%	0.7%
Free cash flow ÷ net income	125.6%	533.1%	59.6%	—	135.9%	174.3%	313.9%	—	>999%	407.2%	—	163.4%	72.1%	132.8%	239.1%	195.5%	116.7%	76.4%
Dividends and buybacks ÷ free cash flow	35.8%	48.1%	107.9%	18.7%	38.3%	80.5%	43.5%	0.0%	46.5%	519.6%	52.1%	0.0%	8.7%	30.1%	0.0%	0.0%	35.0%	149.8%

US$ thousands unless shown otherwise. Fiscal quarters.

PTC Inc.: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	82.0%	80.2%	83.3%	82.9%	86.9%	82.8%	85.3%	81.7%
Operating margin	31.0%	20.4%	35.1%	32.6%	48.5%	32.2%	38.2%	27.7%
Net margin	20.2%	14.6%	25.6%	21.9%	38.9%	24.3%	76.3%	19.8%
Free-cash-flow margin	14.9%	41.7%	43.8%	37.6%	11.2%	39.0%	41.1%	41.6%
Current ratio	0.78	0.69	0.99	0.89	1.12	1.22	1.23	1.03
Debt to equity	54.4%	47.8%	41.0%	35.1%	31.3%	31.2%	31.0%	41.0%
R&D as % of revenue	17.6%	20.4%	17.4%	18.1%	12.8%	17.5%	16.0%	19.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from PTC Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to PTC Inc.