PTC INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PTC INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,141	1,164	1,242	1,256	1,458	1,807	1,933	2,097	2,298	2,739
Cost of revenue	326	329	326	325	334	371	386	441	445	445
Gross profit	815	836	915	930	1,124	1,436	1,547	1,656	1,854	2,294
Research and development	229	236	250	247	257	300	339	394	433	458
Selling and marketing	367	373	415	417	435	518	485	530	559	567
General and administrative	146	145	143	128	160	206	205	234	232	226
Operating expenses			843	867	913	1,055	1,100	1,198	1,266	1,312
Operating income	-37	41.8	72.6	63	211	381	447	458	588	982
Interest expense	29.9	42.4	41.7	43	76.4	50.5	54.3	129	120	77
Interest income	3.44	3.25	3.82
Other non-operating income	-30.2	-0.77	-2.28	0.31	0.27	61.5	4	3.51	0.55	14.8
Pre-tax income	-67.2	-1.41	28.7	20.3	135	392	397	333	469	920
Income tax	-12.7	-7.65	-23.3	47.8	4.01	-85.2	84	87	92.6	186
Net income	-54.5	6.24	52	-27.5	131	477	313	246	376	734
EBITDA	49.5	129	160	141	292	466	535	563	696	1,085
EPS, basic	-0.48	0.05	0.45	-0.23	1.13	4.08	2.67	2.07	3.14	6.12
EPS, diluted	-0.48	0.05	0.44	-0.23	1.12	4.03	2.65	2.06	3.12	6.08
Shares, basic (weighted)	115	116	116	118	116	117	117	118	120	120
Shares, diluted (weighted)	115	117	118	118	116	118	118	119	121	121

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	278	280	260	270	275	327	272	288	266	184
Receivables	161	152	129	373	415	541	637	811	862	1,001
Other current assets	132	166	170	59.7	45.2	135	71.1	81.8	68	78.8
Total current assets	643	667	634	783	833	1,073	1,069	1,277	1,299	1,383
Property, plant and equipment	67.1	63.6	80.6	106	101	100	98.1	88.4	75.2	60.8
Lease right-of-use assets				0	150	152	138	143	133	115
Goodwill	1,170	1,183	1,182	1,238	1,626	2,192	2,354	3,359	3,462	3,493
Intangible assets	310	258	200	170	238	379	383	941	897	825
Other non-current assets	35.3	34.5	36.3	140	213	313	390	357	358	546
Total assets	2,346	2,360	2,329	2,665	3,383	4,508	4,687	6,289	6,384	6,617
Accounts payable	18	35.2	53.5	42.4	24.9	33.4	40.2	43.5	24.2	11.5
Accrued liabilities	146	111	102	88.8	101	118	104	160	174	200
Deferred revenue	400	446	488	386	417	482	504	665	754	812
Short-term debt				0			0	9.38	521	25
Total current liabilities	655	679	735	638	681	779	792	1,671	1,667	1,237
Lease liabilities				0	180	181	168	168	158	148
Other non-current liabilities	70	53.1	58.4	102	55.9	49.7	35.8	39.8	63.8	188
Total liabilities	1,503	1,475	1,454	1,463	1,944	2,469	2,391	3,612	3,169	2,791
Total debt			643	669	1,005	1,439	1,351	1,686	1,227	1,172
Paid-in capital	1,599	1,609	1,558	1,503	1,603	1,719	1,721	1,821	1,965	1,823
Retained earnings	-657	-651	-599	-191	-62.3	415	728	973	1,350	2,084
Other comprehensive income	-100	-73.9	-85.6	-111	-103	-95.9	-153	-118	-102	-81.2
Shareholders' equity	843	885	875	1,202	1,438	2,038	2,296	2,677	3,214	3,826
Total equity	843	885	875	1,202	1,438	2,038	2,296	2,677	3,214	3,826
Total liabilities and equity	2,346	2,360	2,329	2,665	3,383	4,508	4,687	6,289	6,384	6,617
Shares outstanding	115	115	118	115	116	117	117	119	120	120

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-54.5	6.24	52	-27.5	131	477	313	246	376	734
Depreciation and amortization	86.6	86.7	87.4	77.8	80.8	85.2	87.7	105	108	103
Stock-based compensation	66	76.7	82.9	86.4	115	177	175	206	223	216
Deferred income tax	-44.2	-28.3	-56.6	1.71	-24.6	-158	43	16.7	-39	-26.3
Change in receivables	52.6	12.8	20.4	29.4	-32.4	-119	-165	-98.6	-34.6	-121
Change in payables	-14.2	20.3	5.25	16.2	-5.14	25.1	6.96	15.9	-24.4	-0.64
Cash from operations	183	135	248	285	234	369	435	611	750	868
Capital expenditures	-26.2	-25.4	-36	-64.4	-20.2	-24.7	-19.5	-23.8	-14.4	-11
Acquisitions	-166	-4.96	-3	-86.7	-483	-718	-283	-828	-93.5	-6.53
Purchases of investments	-0.56	0	-1	-7.5	-33.9	-7.56	0	0
Sales and maturities of investments	0	15.2	0	0
Cash from investing	-237	-16.1	-49.2	-150	-526	-688	-201	-866	-125	-38.3
Debt issued			0	0	1,000	0	0
Debt repaid			0	0	-500	0	0	0	0	-500
Stock issued	0.02	10.8	1,016	13	18.4	21.6	21.2	21.7	25.7	26.1
Share buybacks	0	-51	-1,100	-115	0	-30	-125	0	0	-300
Cash from financing	51.6	-118	-211	-123	297	370	-264	268	-651	-909
Exchange rate effect	6.81	1.07	-7.81	-2.57	0.03	-0.13
Net change in cash	4.52	2.04	-20.1	9.6	5.27	51.1	-54.2	15.9	-22.3	-81.5
Free cash flow	157	110	212	221	214	344	416	587	736	857
Income taxes paid	25.5	35.4	22.6	38.9	52.6	56	55	65.9	68.6	122

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $138.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	84.5%	Gross profit / revenue.
Operating margin	37.8%	Operating income / revenue.
EBITDA margin	41.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	51.8%	Pre-tax income / revenue.
Net margin	41.4%	Net income / revenue.
FCF margin	31.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.3%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.8%	Net income / average total assets.
Return on invested capital (ROIC)	19.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	16.1%	Research and development expense / revenue.
Stock-based pay / revenue	8.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	67.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	30.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	36.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	55.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	26.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	95.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	32.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	41.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	94.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	31.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	40.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	30.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	32.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.5%	Total debt / total assets.
Liabilities / assets	46.7%	Total liabilities / total assets.
Net debt	$1.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.1x	Operating income / interest expense.
Working capital	$33.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$694.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	47.0x	Revenue / average property, plant and equipment.
Receivables turnover	3.58x	Revenue / average receivables.
Days sales outstanding	102 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
FCF conversion	76.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.69	Revenue / diluted weighted shares.
FCF per share	$8.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.31	Cash from operations / diluted weighted shares.
Book value per share	$31.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.27	Tangible book value / shares outstanding.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	149.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.99B	Share price x shares outstanding.
Enterprise value	$16.03B	Market cap + total debt - cash - short-term investments.
P/E	12.2x	Market cap / net income. Only when net income is positive.
P/S	5.07x	Market cap / revenue.
P/B	4.32x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.7x	Market cap / cash from operations, when positive.
EV/Sales	5.43x	Enterprise value / revenue.
EV/EBIT	14.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	8.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.38x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PTC INC.'s revenue in fiscal 2025?

PTC INC. reported revenue of $2.74B for fiscal 2025, 19.2% higher than the year before.

Was PTC INC. profitable in fiscal 2025?

Yes. Net income was $734.0M, a net margin of 26.8%.

How much free cash flow did PTC INC. generate in fiscal 2025?

Cash from operations of $867.7M minus capital expenditures of $11.0M left free cash flow of $856.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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