Credit and interest ratesnegative · 5 filings
“Interest expense decreased in Q3'26 and the first nine months of FY'26 compared to the corresponding FY'25 periods due to lower debt balances during FY'26 and lower interest rates.”10-Q · Jul 31, 2026 ↗
PTC Inc.
PTC
Market read
PTC Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 10 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
What changed
- Revenue increased 21.7% versus the comparable filing period.
Company+1.8% todayVolume comparison unavailable
Market group0 of 10 activeGrowth-Oriented Stocks · unavailable
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Cloud and support costs rose 7% in the first nine months of FY'26, pressuring gross margin on recurring revenue.
- Monitor reported year‑over‑year PLM ARR percent change; Q2'26 PLM ARR declined, attributed to the Kepware and ThingWorx divestiture.
Invalidation: The isolated read changes if PTC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 10 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 21.7% versus the comparable filing period.
- Operating margin improved 3.1 percentage points.
- Net income increased 263.2% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Cloud and support costs rose 7% in the first nine months of FY'26, pressuring gross margin on recurring revenue.
- Monitor reported year‑over‑year PLM ARR percent change; Q2'26 PLM ARR declined, attributed to the Kepware and ThingWorx divestiture.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements125
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +19.2% year over year.
- Operating margin changed +10.3 percentage points in the latest annual period.
- Net margin changed +10.4 percentage points in the latest annual period.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Foreign exchange has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
Questions before a position
- EV/sales is 22% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
130.876m-16.9%12m-36.0%24m-20.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-09-30$1.8B+23.9%$4.03+1.8%
2022-09-30$1.9B+7.0%$2.65-0.1%
2023-09-30$2.1B+8.5%$2.06+0.9%
2024-09-30$2.3B+9.6%$3.12+1.2%
2025-09-30$2.7B+19.2%$6.08+0.0%
What management says matters
Persistent and emerging business drivers
Foreign exchangemixed · 5 filings
“The remainder of the change in the Deferred revenue balance was driven by additional deferrals, primarily from new bil lings, offset by a decrease of approximately $ 56 million related to the Kepware and ThingWorx divestiture and a decrease resulting from cha…”10-Q · Jul 31, 2026 ↗
Restructuring and cost reductionsmixed · 4 filings
“5 Table of Contents partially offset by: • a $14 million decrease in severance costs primarily related to our FY'25 go-to-market realignment (which was mainly included in Sales and marketing); and • a $7 million decrease in outside services, driven by FY'25 c…”10-Q · May 7, 2026 ↗
Product pipeline and R&Dnegative · 2 filings
“Operating Expenses (Dollar amounts in millions) Three months ended Nine months ended June 30, 2026 June 30, 2025 Percent Change June 30, 2026 June 30, 2025 Percent Change Sales and marketing $ 136.3 $ 141.8 (4 )% $ 417.3 $ 424.3 (2 )% % of total revenue 23 %…”10-Q · Jul 31, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 5.8× · EV/sales 6.1×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
130.87+1.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PTC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-07 against the comparable filing from 2025-05-01.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 21.7% versus the comparable filing period.
- Operating margin improved 3.1 percentage points.
- Net income increased 263.2% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Professional services gross margin decreased in Q2'26 and the first six months of FY'26 compared to the corresponding FY'25 periods, primarily due to a sharper decrease in professional services revenue than in professional services expense.”
“Cost of license revenue was higher in the first six months of FY'26 compared to the first six months of FY'25, primarily due to higher royalty expenses.”
“to the corresponding FY'25 periods, primarily due to a sharper decrease in professional services revenue than in professional services expense.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind PTC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
ADSKAutodesk, Inc.competitorNov 21, 2025 ▾
“For enterprise CAD and PLM solutions, we compete with large established companies including Autodesk, Dassault Systèmes SA, and Siemens AG.”
CRMSalesforce, Inc.competitorNov 21, 2025 ▾
“For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions.”
MSFTMicrosoft CorporationcompetitorNov 21, 2025 ▾
“For our SLM products, we compete with enterprise software companies such as Oracle, SAP, IFS AB, Microsoft, and Salesforce, and with companies that offer point solutions.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PTC is currently a Early Follower in the organic co-movement group Growth-Oriented Stocks. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for PTC; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.