# PTC, INC (PTC) — Stock CV

PTC, Inc is a $21.1B technology company. Revenue grew 19.5% over the last year, it keeps 41¢ of every dollar of sales as profit, and its net debt equals ~1.1 years of free cash flow. It trades at 17.3× earnings — in the cheapest third of its own history.

> PTC is a US-based global company that offers high-end computer-assisted design, product lifecycle management, and augmented reality solutions that industrial manufacturers commonly use on factory floors.

## Identity

- **Ticker**: PTC
- **Sector**: Technology
- **Industry**: Services-Prepackaged Software
- **Headquarters**: BOSTON, MA
- **Employees**: 7 000
- **Website**: https://www.ptc.com
- **Market cap**: $21.1B
- **Last price**: $194.45
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $2.95B
- **Net income**: $1.22B
- **Free cash flow**: $935M
- **Net debt**: $988M
- **P/E**: 17.3
- **Revenue growth (YoY)**: 19.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 61 |
| Growth | 77 |
| Profitability | 95 |
| Health | 74 |
| Quality | 72 |
| Moat | 55 |

## Qualifications (beginner checklist) — 10 of 10 passed

- [x] Revenue growing — +19.5% YoY
- [x] Profitable — $1.22B TTM
- [x] Profit growing — +31.9% YoY
- [x] Generates cash — $935M TTM
- [x] Debt under control — ~1.1y of cash flow to repay
- [x] Established company — $21.1B market cap
- [x] Not printing shares — +3.9% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [x] Financially stable — Altman Z 5.8 — safe
- [x] Valuation not extreme — P/E 17.3

## Experience (career milestones)

- **FY2025** — Best year on record: $734M net income
- **FY2017** — Turned profitable: $6.24M net income after a loss year
- **FY2016** — Revenue already above $1B: $1.14B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2012** — 2012 - Acquired Servigistics for its suite of service lifecycle management software
- **2011** — 2011 - Acquired 4CS for its warranty, service, support and service parts technology
- **2009** — 2009 - Acquired Relex Software for its reliability engineering software
- **2008** — 2008 - Acquired Synapsis for its performance analytics technology to improve environmental performance of products
- **2007** — 2007 - Acquired CoCreate for its direct modeling technology
- **2006** — 2006 - Acquired Mathsoft for its engineering calculation software
- **2005** — 2005 - Acquired Arbortext for technical publishing technology
- **1999** — PTC created a Global Academic Program designed to support educational initiatives in science, technology,…
- **1989** — PTC had its initial public offering at the Nasdaq exchange
- **1985** — PTC Inc. (formerly Parametric Technology Corporation) is an American computer software and services company founded…

## Strengths

- High gross margin (84.5%)
- Strongly profitable — 41.4% net margin
- Revenue growing 19.5% year over year
- Strong cash conversion — FCF is 31.7% of revenue
- Could repay net debt from ~1.3 years of free cash flow

## Watch-outs

- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.81B | $477M | $344M |
| FY2022 | $1.93B | $313M | $416M |
| FY2023 | $2.10B | $246M | $587M |
| FY2024 | $2.30B | $376M | $736M |
| FY2025 | $2.74B | $734M | $857M |

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Source: https://stockcv.com/PTC — derived from company filings; may be delayed or incomplete. Information, not investment advice.