PTC
PTC on Nasdaq. PTC sells software for designing and managing products to manufacturing companies. Market value $20.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.48 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 10 cents a year. Above 10 is good.
Quality score: 93 of 100. Price score: 76 of 100. Our list needs 70 on quality and 60 on price.
$192.26 a share, 77% above its 1-year low
Over the past year the price has ranged from $108.50 to $206.82.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.8bn | $1.9bn | $2.1bn | $2.3bn | $2.7bn |
| Operating margin | |||||
| Operating margin | 21.1% | 23.1% | 21.9% | 25.6% | 35.9% |
| Debt to equity | |||||
| Debt to equity | 0.71 | 0.59 | 0.63 | 0.54 | 0.31 |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.12bn | 0.12bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)9 of 9
- Profit backed by cash (accruals)Yes
- Debt0.31× equity
- Revenue growth, five yearsStrong, 13.4% a year
- Buying back its own sharesYes, 8% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $600 million last quarter, down 7% on a year ago.
- Profit: $119 million, down 16% on a year ago.
- It keeps 38 cents of each $1 of sales as operating profit, up from 30 cents a year earlier.
- Spare cash over the past 12 months: $935 million, up from $850 million.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1.1 billion more than cash, up from $1 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $627m |
| December 2024 | $565m |
| March 2025 | $636m |
| June 2025 | $644m |
| September 2025 | $894m |
| December 2025 | $686m |
| March 2026 | $774m |
| June 2026 | $600m |
| Quarter to | Amount |
|---|---|
| September 2024 | $127m |
| December 2024 | $82m |
| March 2025 | $163m |
| June 2025 | $141m |
| September 2025 | $348m |
| December 2025 | $167m |
| March 2026 | $591m |
| June 2026 | $119m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 11 November 2026
- Last annual report (10-K)
- 21 November 2025
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 684 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $33m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $20m | <0.1% | Cut |
| Boston PartnersBoston Partners team | $2m | <0.1% | New |
| Eagle Capital ManagementBoykin Curry | $1m | <0.1% | Cut |
Largest holders overall
- T. Rowe Price Investment Management$1.5bnCut
- BlackRock$1.3bn
- Vanguard Capital Management$858mCut
- State Street$733mAdded
- Vanguard Portfolio Management$651mCut
- Geode Capital Management$427mAdded
- Jupiter Topco$419m
- Pictet Asset Management Holding SA$418mAdded
- Norges Bank$356mNew
- Invesco$304mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- T. Rowe Price Investment Management, Inc.Passive investor11.3%−4.7 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor10.2%Since 31 December 2024
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.6%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Investment Management, Inc. Passive investor | 11.3%−4.7 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 10.2% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.6% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $12m, $2m of it under preset trading plans.
- CHRISTENSON ALICEChief Accounting OfficerSold
- Date
- 12 May 2026
- Shares
- 816
- Price
- $145.83
- Value
- $118,997
- Lathan CorinnaDirectorSoldunder a preset trading plan
- Date
- 16 March 2026
- Shares
- 675
- Price
- $157.24
- Value
- $106,137
- VON STAATS AARON CEVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 3 March 2026
- Shares
- 2,639
- Price
- $160.00
- Value
- $422,240
- VON STAATS AARON CEVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 11 February 2026
- Shares
- 240
- Price
- $161.10
- Value
- $38,664
- Talvitie KristianEVP, Chief Financial OfficerSold
- Date
- 9 December 2025
- Shares
- 50,291
- Price
- $173.15
- Value
- $9m
- Talvitie KristianEVP, Chief Financial OfficerSoldunder a preset trading plan
- Date
- 8 December 2025
- Shares
- 2,338
- Price
- $174.70
- Value
- $408,458
- VON STAATS AARON CEVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 8 December 2025
- Shares
- 6,328
- Price
- $174.79
- Value
- $1m
- Talvitie KristianEVP, Chief Financial OfficerSoldunder a preset trading plan
- Date
- 5 December 2025
- Shares
- 2,320
- Price
- $173.34
- Value
- $402,155
- CHRISTENSON ALICEChief Accounting OfficerSold
- Date
- 25 November 2025
- Shares
- 1,323
- Price
- $173.52
- Value
- $229,567
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 May 2026 | CHRISTENSON ALICE Chief Accounting Officer | Sold | 816 | $145.83 | $118,997 |
| 16 March 2026 | Lathan Corinna Director | Sold under a preset trading plan | 675 | $157.24 | $106,137 |
| 3 March 2026 | VON STAATS AARON C EVP, Chief Legal Officer | Sold under a preset trading plan | 2,639 | $160.00 | $422,240 |
| 11 February 2026 | VON STAATS AARON C EVP, Chief Legal Officer | Sold under a preset trading plan | 240 | $161.10 | $38,664 |
| 9 December 2025 | Talvitie Kristian EVP, Chief Financial Officer | Sold | 50,291 | $173.15 | $9m |
| 8 December 2025 | Talvitie Kristian EVP, Chief Financial Officer | Sold under a preset trading plan | 2,338 | $174.70 | $408,458 |
| 8 December 2025 | VON STAATS AARON C EVP, Chief Legal Officer | Sold under a preset trading plan | 6,328 | $174.79 | $1m |
| 5 December 2025 | Talvitie Kristian EVP, Chief Financial Officer | Sold under a preset trading plan | 2,320 | $173.34 | $402,155 |
| 25 November 2025 | CHRISTENSON ALICE Chief Accounting Officer | Sold | 1,323 | $173.52 | $229,567 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 21 Nov 2025, plus the 10-Q filed 31 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.