At a glance
PTC Inc is worth $21.08B, about 32 times its fiscal 2025 earnings. Revenue grew 19.2% to $2.74B in fiscal 2025, with 26.8% kept as profit; over 5 years it has grown 13.4% a year. It pays no dividend; it spent $455.0M buying back its shares over FY2021–FY2025. The stock returned −2.1% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 20.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 3 months after the lows.
The business in plain English
PTC, based in Boston, sells software that manufacturers use to design products and manage the data behind them. Creo is its 3D computer-aided design (CAD) program for designing and testing parts, and Onshape is a cloud-based design tool. Windchill handles product lifecycle management (PLM), which tracks a product's data from first concept through service and end of life. Other products help companies develop the software inside their products (Codebeamer), run field service (ServiceMax), manage spare parts (Servigistics) and share product and quality data with suppliers (Arena).
Most customers work in five industries: industrials; federal government, aerospace and defense; electronics and high tech; automotive; and medical technology and life sciences. PTC says it serves more than 30,000 customers. Most of its money comes from subscriptions. In the fiscal year ended September 30, 2025, 95% of revenue was recurring, which means it repeats as contracts renew. About 75% of sales come from PTC's own sales force, which focuses on large accounts. Resellers cover smaller businesses.
By region, fiscal 2025 revenue of $2.74 billion came 48.5% from the Americas, 36.3% from Europe and 15.2% from Asia Pacific. Its main rivals in design and product-data software are Autodesk, Dassault Systèmes and Siemens.
Price history
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PTC -2.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| Americas | $1.33B | 48.5% |
| Europe | $995.1M | 36.3% |
| Asia Pacific | $416.9M | 15.2% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $600.0M, down 6.8% from a year earlier, and net income was $118.8M (-16.0%).
- For fiscal 2025, revenue was $2.74B (+19.2% year over year; +13.4% a year from FY2020 to FY2025) with a 26.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.4% good |
|---|---|
| Operating margin | 35.9% good |
| Free cash flow margin | 31.3% good |
| Return on equity (FY2025) | 19.2% good |
| Return on assets (FY2025) | 11.1% good |
| Net cash (cash minus debt) | $-1.05B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.46B | $130.7M | $213.6M |
| FY2021 | $1.81B | $476.9M | $344.1M |
| FY2022 | $1.93B | $313.1M | $415.8M |
| FY2023 | $2.10B | $245.5M | $587.0M |
| FY2024 | $2.30B | $376.3M | $735.6M |
| FY2025 | $2.74B | $734.0M | $856.7M |
Valuation snapshot
| Market value | $21.08B |
|---|---|
| P/E ratio | 32 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
PTC’s market value went from $5.35B at the end of 2016 to $21.08B on Nov 2, 2026, about 3.9 times as much; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $21.08B | +1.0% |
| 2025 | $20.87B | -5.5% |
| 2024 | $22.09B | +5.9% |
| 2023 | $20.86B | +48.0% |
| 2022 | $14.10B | -1.3% |
| 2021 | $14.28B | +2.3% |
| 2020 | $13.95B | +61.3% |
| 2019 | $8.65B | -12.1% |
| 2018 | $9.84B | +39.4% |
| 2017 | $7.06B | +31.9% |
| 2016 | $5.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PTC price data to Nov 2, 2026 | +11.5% | -2.1% | +9.9% | +9.0% | +16.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.5% |
| 2025 | -5.3% |
| 2024 | +5.1% |
| 2023 | +45.8% |
| 2022 | -0.9% |
| 2021 | +1.3% |
| 2020 | +59.7% |
| 2019 | -9.7% |
| 2018 | +36.4% |
| 2017 | +31.3% |
| 2016 | +33.6% |
| 2015 | -5.5% |
| 2014 | +3.6% |
| 2013 | +57.2% |
| 2012 | +23.3% |
| 2011 | -18.9% |
| 2010 | +37.9% |
| 2009 | +29.2% |
| 2008 | -29.1% |
| 2007 | -0.9% |
| 2006 | +18.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.6% over that stretch · deepest drop along the way 72.8%, back to its old high 21.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.9% over that stretch · deepest drop along the way 45.3%, back to its old high 5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.1% over that stretch · deepest drop along the way 20.6%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 14 sales ($10.5M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 9, 2025 | Kristian Talvitie EVP, Chief Financial Officer | sell | $6.9M |
| Dec 9, 2025 | Kristian Talvitie EVP, Chief Financial Officer | sell | $1.8M |
| Mar 3, 2026 | Staats Aaron C Von EVP, Chief Legal Officer | sell (plan) | $422K |
| Oct 5, 2026 | Corinna Lathan Director | sell (plan) | $343K |
| Dec 8, 2025 | Kristian Talvitie EVP, Chief Financial Officer | sell (plan) | $321K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Investment Management, Inc. | 11.3% | Jun 30, 2026 |
| BlackRock, Inc. | 10.2% | Dec 31, 2024 |
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.6% | Jun 30, 2026 |
ETFs with the most weight in PTC
| FBOT Fidelity Disruptive Automation ETF | 5.63% |
| SUPP TCW Transform Supply Chain ETF | 5.41% |
| MAKX ProShares S&P Kensho Smart Factories ETF | 3.81% |
| PRNT 3D Printing ETF | 3.43% |
| BULD Pacer BlueStar Engineering the Future ETF | 2.84% |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 2.7% |
| CSMD Congress SMid Growth ETF | 2.62% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.51% |
What could go wrong
- Heavy reliance on manufacturing customers. PTC depends on discrete manufacturers, which are companies that build distinct items such as machinery, vehicles and electronics. If manufacturing stalls or shrinks, or the economy squeezes these customers, they may spend less on software.
- Customers may resist its cloud versions. More customers want software as a service (SaaS), used online by subscription. PTC has introduced Windchill+ and Creo+, but customers may not adopt them as expected, and SaaS rivals could win the business.
- Bigger rivals with more resources. PTC competes with Autodesk, Dassault Systèmes and Siemens in design and product-data software, and with Oracle, SAP and Salesforce in service software. Some rivals have more money and better name recognition.
- Breaches could expose customers' product data. PTC holds customers' confidential product data, some of it on outside cloud services. It says past security incidents did not seriously hurt the business, but a major breach could bring lawsuits, ransom costs and lost customers.
- Substantial debt. PTC had about $1.40 billion of debt and $351 million of cash and investments as of June 30, 2026. Its loan agreements set conditions, and breaking them could make borrowed money due at once.
- Over half of sales outside the Americas. Europe supplied 36.3% and Asia Pacific 15.2% of fiscal 2025 revenue. Selling in many countries exposes PTC to local economic trouble, differing laws, compliance failures and possible extra tax bills.
Recent events
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed
- Quarterly results released
For income and retirement investors
PTC does not pay a dividend, so the stock provides no regular income. It paid no dividends from fiscal 2021 through fiscal 2025. Instead, it repurchased its own shares, spending about $455 million over those years. That included about $300 million in fiscal 2025, when free cash flow (cash left after running and investing in the business) was $857 million. The share count fell 7.6% between August 2, 2021 and July 29, 2026.
The stock has fallen sharply in market downturns. It lost 72.8% in the 2008 financial crisis and took about 22 months after its low to recover. It dropped 45.3% in the 2020 COVID crash and recovered in about five months. It fell 20.6% in the 2022 bear market and recovered in about three. Because there is no dividend, someone drawing on savings would have to raise cash by trimming shares, possibly at low prices. Single stocks like PTC carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does PTC make money?
PTC makes money mainly from software subscriptions it sells to manufacturers. Its main programs are Creo, for 3D product design, and Windchill, for product lifecycle management, which organizes a product's data from concept to end of life. In the fiscal year ended September 30, 2025, revenue was $2.74 billion. Of that, 95% was recurring, which means it repeats as subscriptions renew. About 75% of sales come through PTC's own sales force, and resellers serve smaller businesses.
Does PTC pay a dividend?
No. PTC paid no dividends from fiscal 2021 through fiscal 2025 and was not paying one as of October 28, 2026. Instead, it returned cash by repurchasing its own shares. It spent about $455 million over those five fiscal years, including about $300 million in fiscal 2025. For investors who need regular income, the stock provides none. Any return comes from changes in the share price.
Is PTC's revenue still growing?
It grew strongly through fiscal 2025 but fell in the quarter ended June 30, 2026. Revenue rose 19.2% to $2.74 billion in the fiscal year ended September 30, 2025. It grew about 13.4% a year on average from fiscal 2020. In the June 2026 quarter, revenue was $600 million, 6.8% lower than a year earlier. Net income fell 16% to $119 million.
What is PTC's P/E ratio?
About 32.1 as of October 28, 2026, based on fiscal 2025 earnings. The company's total market value was about $21.2 billion. The price-to-earnings (P/E) ratio compares the share price with yearly profit per share, which was $6.08 in fiscal 2025. Net income jumped 95% that year, so the ratio rests on a strong year. Profit in the quarter ended June 30, 2026 was 16% lower than a year earlier.
How has PTC stock performed?
Well over ten years, poorly over one. As of October 28, 2026, the share price was down 3.7% over one year. Over five years it gained about 9% a year, and over ten years 15.3% a year. Swings have been large. The stock rose 39.6% in the month to that date. It fell as much as 45.1% at one point in the past year, and 73.4% at its worst in 21 years of price history.