Information Technology · Application Software · US stock · price as of 22 Oct 2026
Key indicators
Price
$194.00
52-week range
$108.50 – $206.67
Market cap
$22.3B
P/E (trailing)
18.8×
EV / EBITDA
19.2×
Free-cash-flow yield
4.2%
Dividend yield
–
Revenue (last 12 months)
$3.0B
Revenue growth (3y a year)
12.3%
Operating margin
37.8%
Return on invested capital
19.7%
Net debt / EBITDA
0.9×
Fair value
Fair value (average of valid models)$200.74 middle half of models $191 – $233
Versus priceFair+4% to fair value
P/E multiple
$230.50
P/B multiple
$190.66
P/S multiple
$193.66
EV/EBITDA multiple
$225.27
EV/EBIT multiple
$266.04
EV/revenue multiple
$193.31
10-year DCF, EBITDA exit
$235.17
5-year DCF, EBITDA exit
$247.91
10-year DCF, revenue exit
$226.34
5-year DCF, revenue exit
$233.15
10-year DCF, growth exit
$133.08
5-year DCF, growth exit
$120.63
Earnings power value
$113.84
Model uncertainty
High
X-Ray Score
59/ 100 · High confidence · ahead of 76% of sector peers
Valuation67
Growth63
Profitability48
Financial health59
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
PTC develops software used by manufacturers to design, simulate, build and service physical products. Its tools cover computer-aided design, product lifecycle management, and applications for connected factories and service operations. The company earns money mostly from software subscriptions and support contracts paid by industrial customers, with a smaller part coming from perpetual licences and professional services. Its customers include makers of machinery, vehicles, electronics, aerospace equipment and medical devices.
The company reported twelve-month revenue of $3.0 billion, which expanded at 12.3% a year across the last three years. It earned an operating margin of 37.8%, and it generated a return on invested capital of 20%. Leverage, measured as net debt to EBITDA, is 0.9 times. The company does not pay a dividend.
StocksXray gives Ptc Inc. an X-Ray Score of 59 out of 100 (high confidence), ahead of 76% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is profitability (48).
Our fair value (the average of the valid models) is $200.74 (range $190.66 to $233.15). At $194.00 the stock trades 3% below that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Ptc Inc. (PTC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$119.79
$104.60
$141.68
$180.66
$203.02
$194.00
Market cap
$14.2B
$12.4B
$16.9B
$21.8B
$24.5B
$22.3B
P/E
29.7×
39.5×
68.8×
57.9×
33.4×
18.8×
EV / revenue
8.5×
7.0×
8.7×
10.1×
9.3×
7.9×
EV / EBITDA
32.8×
25.1×
32.5×
33.5×
23.5×
19.2×
Price / free cash flow
41.2×
29.7×
28.8×
29.7×
28.6×
23.8×
Free-cash-flow yield
2.4%
3.4%
3.5%
3.4%
3.5%
4.2%
Price / book
7.0×
5.4×
6.3×
6.8×
6.4×
6.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash4.1%Bad
Free-cash-flow yield4.2%Average
Risk models
Altman Z score3.9×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)31.9%Good
Free-cash-flow growth (3y)27.2%Good
Revenue growth (3y)12.3%Average
Growth consistency80%Bad
Balance sheet
Current ratio1.0×Bad
Net debt / EBITDA0.9×Average
Interest cover17.1×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.8%Good
Profitability
Return on invested capital19.7%Average
Operating margin37.8%Good
Gross profitability38.3%Average
XStocksXray
Ptc Inc. (PTC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,807
1,933
2,097
2,298
2,739
2,954
Gross profit
1,436
1,547
1,656
1,854
2,294
2,496
Operating income
381
447
458
588
982
1,117
Net income
477
313
246
376
734
1,224
Diluted EPS ($)
4.03
2.65
2.06
3.12
6.08
10.32
Free cash flow
344
416
587
736
857
935
Gross margin
79.5%
80.0%
79.0%
80.6%
83.8%
84.5%
Operating margin
21.1%
23.1%
21.9%
25.6%
35.9%
37.8%
Net margin
26.4%
16.2%
11.7%
16.4%
26.8%
41.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,508
4,687
6,289
6,384
6,617
6,514
Cash
327
272
288
266
184
351
Total debt
1,439
1,351
1,696
1,749
1,197
1,423
Equity
2,038
2,296
2,677
3,214
3,826
3,470
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
