Latest Ratios: P/E Ratio 20.6x · EV/EBITDA 14.4x · ROE 20.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.9B | $24.5B | $21.8B | $16.9B | $12.4B | $14.2B | $9.6B | $8.0B | $12.5B | $6.6B | $5.1B |
| Enterprise Value | $16.1B | $25.7B | $23.5B | $18.5B | $13.6B | $15.5B | $10.6B | $8.4B | $12.9B | $7.0B | $5.6B |
| P/E Ratio → | 20.57 | 33.39 | 57.90 | 68.78 | 39.47 | 29.72 | 73.86 | — | 241.34 | 1057.89 | — |
| P/S Ratio | 5.43 | 8.95 | 9.49 | 8.06 | 6.40 | 7.85 | 6.59 | 6.39 | 10.10 | 5.67 | 4.45 |
| P/B Ratio | 3.95 | 6.41 | 6.79 | 6.32 | 5.39 | 6.96 | 6.69 | 6.68 | 14.35 | 7.46 | 6.03 |
| P/FCF | 17.37 | 28.62 | 29.82 | 28.84 | 30.21 | 41.27 | 47.48 | 36.36 | 60.10 | 60.51 | 32.35 |
| P/OCF | 17.15 | 28.26 | 29.08 | 27.68 | 28.41 | 38.45 | 41.13 | 28.15 | 50.63 | 49.07 | 27.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.38 | 10.21 | 8.83 | 7.05 | 8.58 | 7.24 | 6.71 | 10.41 | 6.05 | 4.87 |
| EV / EBITDA | 14.37 | 23.00 | 32.18 | 31.07 | 23.95 | 30.80 | 31.97 | 43.10 | 80.49 | 55.13 | 112.07 |
| EV / EBIT | 16.35 | 25.78 | 39.89 | 40.06 | 30.21 | 35.05 | 50.03 | 133.01 | 183.86 | 171.66 | — |
| EV / FCF | — | 30.01 | 32.09 | 31.57 | 33.31 | 45.12 | 52.14 | 38.17 | 61.94 | 64.48 | 35.37 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.8% | 83.8% | 80.6% | 79.0% | 80.0% | 79.5% | 77.1% | 74.1% | 73.7% | 71.7% | 71.4% |
| Operating Margin | 35.9% | 35.9% | 25.6% | 21.9% | 23.1% | 21.1% | 14.5% | 9.4% | 5.9% | 3.5% | -3.2% |
| Net Profit Margin | 26.8% | 26.8% | 16.4% | 11.7% | 16.2% | 26.4% | 9.0% | -2.2% | 4.2% | 0.5% | -4.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.9% | 20.9% | 12.8% | 9.9% | 14.4% | 27.4% | 9.9% | -2.6% | 5.9% | 0.7% | -6.3% |
| ROA | 11.3% | 11.3% | 5.9% | 4.5% | 6.8% | 12.1% | 4.3% | -1.1% | 2.2% | 0.3% | -2.4% |
| ROIC | 14.9% | 14.9% | 9.6% | 8.8% | 9.7% | 9.9% | 7.9% | 6.2% | 4.3% | 2.3% | -2.1% |
| ROCE | 19.5% | 19.5% | 12.6% | 10.8% | 11.7% | 11.8% | 8.9% | 6.5% | 4.5% | 2.4% | -2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.60 | 0.71 | 0.67 | 0.81 | 0.85 | 0.56 | 0.74 | 0.80 | 0.89 |
| Debt / EBITDA | 1.23 | 1.23 | 2.65 | 3.17 | 2.70 | 3.28 | 3.69 | 3.42 | 4.00 | 5.58 | 15.17 |
| Net Debt / Equity | — | 0.31 | 0.52 | 0.60 | 0.55 | 0.65 | 0.66 | 0.33 | 0.44 | 0.49 | 0.56 |
| Net Debt / EBITDA | 1.06 | 1.06 | 2.28 | 2.69 | 2.23 | 2.63 | 2.86 | 2.04 | 2.39 | 3.39 | 9.56 |
| Debt / FCF | — | 1.38 | 2.28 | 2.73 | 3.10 | 3.85 | 4.66 | 1.81 | 1.84 | 3.96 | 3.02 |
| Interest Coverage | 12.95 | 12.95 | 4.92 | 3.57 | 8.32 | 8.76 | 2.76 | 1.47 | 1.69 | 0.97 | -1.25 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.12 | 1.12 | 0.78 | 0.76 | 1.35 | 1.38 | 1.22 | 1.23 | 0.86 | 0.98 | 0.98 |
| Quick Ratio | 1.12 | 1.12 | 0.78 | 0.76 | 1.35 | 1.38 | 1.22 | 1.23 | 0.86 | 0.98 | 0.98 |
| Cash Ratio | 0.15 | 0.15 | 0.16 | 0.17 | 0.34 | 0.42 | 0.45 | 0.47 | 0.39 | 0.44 | 0.45 |
| Asset Turnover | — | 0.41 | 0.36 | 0.33 | 0.41 | 0.40 | 0.43 | 0.47 | 0.53 | 0.49 | 0.48 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 133.39 | 136.88 | 141.23 | 120.18 | 109.28 | 103.92 | 108.35 | 38.00 | 47.76 | 51.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 3.0% | 1.7% | 1.5% | 2.5% | 3.4% | 1.4% | — | 0.4% | 0.1% | — |
| FCF Yield | 5.8% | 3.5% | 3.4% | 3.5% | 3.3% | 2.4% | 2.1% | 2.8% | 1.7% | 1.7% | 3.1% |
| Buyback Yield | 2.0% | 1.2% | 0.0% | 0.0% | 1.0% | 0.2% | 0.0% | 1.4% | 8.8% | 0.8% | 0.0% |
| Total Shareholder Yield | 2.0% | 1.2% | 0.0% | 0.0% | 1.0% | 0.2% | 0.0% | 1.4% | 8.8% | 0.8% | 0.0% |
| Shares Outstanding | — | $121M | $121M | $119M | $118M | $118M | $116M | $118M | $118M | $117M | $115M |
Cyclical Industrial CAPEX Exposure
According to recent market data, PTC trades at a forward P/E of 14.42, which appears conservative relative to its historical averages and suggests that investors may be discounting the long-term sustainability of its recurring revenue growth despite the company's successful pivot to a high-margin SaaS model.
The current PEG ratio of 0.47 indicates that the market may be underpricing the company's growth trajectory, potentially due to lingering concerns regarding the cyclicality of its industrial customer base. This valuation gap warrants further investigation into whether the market is failing to account for the increased predictability of the subscription-based revenue stream.
Based on reported figures, PTC's ROIC has trended upward from 1.5% in 2024Q3 to 4.5% in 2026Q2, signaling that the company is beginning to generate more meaningful returns on its invested capital as the subscription transition reaches a more mature and efficient operational phase.
While the absolute level of ROIC remains modest, the consistent improvement suggests that the firm's strategy of integrating cloud-native assets is successfully driving higher returns. Investors should monitor whether this trend continues as the company balances further M&A activity with the need to optimize its existing software portfolio.
As reported in quarterly filings, PTC's DSO fluctuated significantly between 88 and 127 days over the last ten quarters, indicating that the timing of large-scale industrial contract renewals continues to create periodic friction in the company's cash conversion cycle and overall working capital efficiency.
The variability in DSO suggests that while the business model is recurring, it is not immune to the payment cycles of large industrial clients. This volatility necessitates a cautious approach when evaluating short-term liquidity, as the timing of cash inflows remains sensitive to the procurement processes of major customers.
Data from recent financial statements reveals that PTC's current ratio improved to 1.06 in 2026Q2 from a low of 0.69 in 2025Q1, reflecting a more robust liquidity position that provides the firm with greater flexibility to navigate potential macroeconomic headwinds or future strategic capital deployments.
The improvement in the current ratio appears to be a direct result of the company's successful deleveraging efforts and the accumulation of cash from operations. This enhanced liquidity profile suggests that the firm is better positioned to withstand short-term industrial demand shocks than it was in previous periods.
The most commonly misapplied metric for PTC is GAAP Net Income, which frequently obscures the underlying cash-generating capacity of the business due to the accounting distortions inherent in ASC 606 and the impact of acquisition-related intangible amortization on the reported bottom line.
Investors should prioritize Free Cash Flow and ARR as more accurate indicators of the company's economic health. Relying on GAAP earnings may lead to an incorrect assessment of the firm's profitability, as these figures are often decoupled from the actual cash inflows generated by the subscription-based software model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PTC stock.
PTC Inc.'s current P/E ratio is 20.6x. The historical average is 41.3x. This places it at the 5th percentile of its historical range.
PTC Inc.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.3x.
PTC Inc.'s return on equity (ROE) is 20.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.8%.
Based on historical data, PTC Inc. is trading at a P/E of 20.6x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PTC Inc. has 83.8% gross margin and 35.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PTC Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.