# PTC Inc. (PTC)

> Source: Nexqual · https://nexqual.com/PTC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PTC Inc. (PTC), nexqual.com/PTC" · informational, not investment advice.

**Price:** USD 194 (-0.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 194.38 · day 193.95–194.61 · 52w 108.5–206.67 · market cap $21.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.95B, net income $1.22B (41.4% margin), free cash flow $935M (SEC filings).
- Valuation: P/E 17.2x (avg 53.4x at the last 3 fiscal year-ends), EV/EBITDA 18.2x, net debt $1.07B.
- Earnings quality: non-operating income $479M vs operating income $1.12B over the last four quarters; P/E excluding non-operating income ≈25.1x (estimate: non-operating income taxed at the company's 20% effective rate).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $462K; 1 not under a Rule 10b5-1 plan ($119K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.94 on a 1–5 scale) (17 analysts), mean target USD 201 (range 170–205).
- Total return with dividends: 1Y -5.2% vs S&P 500 +14.9%; 5Y +51.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.96, revenue estimate $665M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.81B | $1.93B | $2.10B | $2.30B | $2.74B | $2.95B |
| Gross profit | $1.44B | $1.55B | $1.66B | $1.85B | $2.29B | — |
| Operating income | $381M | $447M | $458M | $588M | $982M | $1.12B |
| Net income | $477M | $313M | $246M | $376M | $734M | $1.22B |
| EPS (diluted) | $4.03 | $2.65 | $2.06 | $3.12 | $6.08 | — |
| Free cash flow | $344M | $416M | $587M | $736M | $857M | $935M |
| Gross margin | 79.5% | 80.0% | 79.0% | 80.6% | 83.8% | — |
| Operating margin | 21.1% | 23.1% | 21.9% | 25.6% | 35.9% | 37.8% |
| Net margin | 26.4% | 16.2% | 11.7% | 16.4% | 26.8% | 41.4% |
| Revenue growth | +23.9% | +7.0% | +8.5% | +9.6% | +19.2% | — |
| Cash + short-term investments | $327M | — | — | $266M | $184M | — |
| Total debt | $1.44B | $1.35B | $1.70B | $1.75B | $1.20B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.2x · P/E ex non-operating (est.) ≈25.1x · P/S 7.1x · EV/EBITDA 18.2x · EV/Sales 7.5x · P/FCF 22.5x · P/B 6.1x · FCF yield 4.44% · Earnings yield 5.81% · Buyback yield (TTM) 6.65% · Net debt $1.07B · EV $22.1B
P/E at fiscal year-ends: Sep 2025 33.4x, Sep 2024 58.0x, Sep 2023 68.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Lathan Corinna | Director | 1,750 | $343K | 20.8% | Yes (adopted May 14, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12-05:00 | Christenson Alice | Chief Accounting Officer | 816 | $119K | 39.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.94 on a 1–5 scale), 17 analysts; mean target USD 201 (low 170, high 205).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | Citigroup | Target raised | Neutral | $141 → $205 |
| 2026-10-06 | Oppenheimer | Downgrade | Outperform → Perform |  |
| 2026-10-06 | Mizuho | Target raised | Neutral | $160 → $205 |
| 2026-10-06 | BMO Capital | Downgrade | Outperform → Market Perform | $164 → $205 |
| 2026-10-05 | Rosenblatt | Downgrade | Buy → Neutral | $190 → $205 |
| 2026-10-05 | Barclays | Downgrade | Overweight → Equal-Weight | $155 → $205 |
| 2026-10-05 | JP Morgan | Upgrade | Underweight → Neutral | $145 → $205 |
| 2026-10-05 | RBC Capital | Downgrade | Outperform → Sector Perform | $195 → $306 |
| 2026-10-05 | Keybanc | Downgrade | Overweight → Sector Weight |  |
| 2026-10-05 | Loop Capital | Downgrade | Buy → Hold | $200 → $205 |
| 2026-07-31 | Citigroup | Target raised | Neutral | $127 → $141 |
| 2026-07-30 | Stifel | Target lowered | Buy | $180 → $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.2% | +51.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.2% | +8.6% |
| Volatility (annualized) | 46.6% | 32.7% |
| Max drawdown | -45.1% (Oct 2025→Jun 2026) | -47.1% (Aug 2025→Jun 2026) |

## Peers (Software - Application)
SSNC (SS&C Technologies Holdings, Inc) USD 89.54 +2.81% · DT (Dynatrace, Inc.) USD 63.37 -2.18% · FICO (Fair Isaac Corporation) USD 823.27 +3.53% · U (Unity Software Inc.) USD 40.27 -2.28% · TYL (Tyler Technologies, Inc.) USD 392.45 +4.44% · ZM (Zoom Communications, Inc.) USD 96.2 -3.26%

## More
Full page: https://nexqual.com/PTC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PTC's own 10-K filed 2025-11-21 (https://www.sec.gov/Archives/edgar/data/857005/000119312525291326/ptc-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ServiceMax | "While our Arena, ServiceMax, and Onshape solutions are cloud-native SaaS solutions, and we have introduced our Windchill+ and Creo+ SaaS solutions, customers may not adopt them as we expect." |
| Partner | ITC Infotech India | "In 2022, we sold a portion of our PLM services business to ITC Infotech India Limited pursuant to a Strategic Partner Agreement dated as of April 20, 2022 by and between PTC and ITC Infotech." |
| Partner | Parrot US Buyer | "On November 5, 2025, we entered into an Asset Purchase Agreement with Parrot US Buyer, L.P., a Delaware limited partnership ("Purchaser"), an entity controlled by investment funds affiliated with TPG Global, LLC." |
| Partner | TPG Global | "On November 5, 2025, we entered into an Asset Purchase Agreement with Parrot US Buyer, L.P., a Delaware limited partnership ("Purchaser"), an entity controlled by investment funds affiliated with TPG Global, LLC." |
| Competitor | Siemens | "For enterprise CAD and PLM solutions, we compete with large established companies including Autodesk, Dassault Systèmes SA, and Siemens AG." |
| Competitor | IBM (IBM) | "For our ALM products, we compete with IBM, Jama Software, Inc. and Siemens AG." |
| Competitor | Oracle (ORCL) | "For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions." |
| Competitor | SAP (SAP) | "For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions." |
| Competitor | Microsoft (MSFT) | "For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions." |
| Competitor | Salesforce (CRM) | "For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recurring Services | $576.0M | 96.0% | -6.1% |
| Product Lifecycle Management | $357.0M | 59.5% | -11.6% |
| Computer Aided Design | $243.1M | 40.5% | +1.2% |
| Perpetual License | $691,000 | 0.1% | -91.1% |
| Total revenue | $600.0M | 100% | — |
The lines above cover 196.1% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $270.3M | 45.0% | -4.3% |
| Europe | $202.5M | 33.8% | -15.4% |
| Asia Pacific | $127.2M | 21.2% | +4.2% |
| Total revenue | $600.0M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Our strong financial performance in Q3 highlights the consistent commitment to excellence we strive for, resulting in our key metrics landing above the high end of our guidance."
- "This performance to date and the visibility we have into our Q4 pipeline gives us confidence in raising the midpoint of our ARR guidance for the full year," said Jen DiRico, CFO. "Further, we remain committed to our capital allocation priorities, reinvesting in the business while identifying tuck-in acquisitions and opportunities to repurchase PTC stock."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.96 | $1.81 | +8.3% | $665.3M | 15 |
| Next quarter (ends 2026-12-31) | $1.94 | $1.85 | +4.7% | $670.9M | 13 |
| Current fiscal year (ends 2026-09-30) | $8.20 | $8.08 | +1.5% | $2.72B | 19 |
| Next fiscal year (ends 2027-09-30) | $8.92 | $8.63 | +3.3% | $2.90B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±1.3%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 4.5% | ±1.3% |
| 2026-12-18 | 56 | 5.3% | ±1.4% |
| 2027-01-15 | 84 | 5.7% | ±2.3% |
| 2027-04-16 | 175 | 6.4% | ±4.0% |