PTC · Research
PTC: Hold as 37.8% Industrial CAD and PLM Margin Trades 14% Above Base DCF
PTC's Creo CAD and Windchill PLM digital thread generates an 84.5% gross margin, 37.8% GAAP operating margin, and 1.02x R&D payback, but 11.0% revenue growth at $169.41 prices shares 13.9% above our $148.79 base DCF.
Spreadsheet & IC Deliverables: PTC 1-sheet Income Statement (.xlsx) exports are free on /model; Full Access unlocks all software stock ratings, full financial models, and the Master Ratings Workbook (.xlsx).
Mission-critical industrial lock-in balanced by 11% top-line pace
- TTM revenue
- $2.95B
- GAAP operating margin
- 37.8%
- Gross margin
- 84.5%
- 1-Yr R&D payback
- 1.02x
Aerospace, defense, medical-device, and industrial equipment manufacturers store decades of 3D parametric assemblies in Creo, bill-of-materials configurations in Windchill PLM, and safety-critical embedded software requirements in Codebeamer ALM. Ripping out that digital thread mid-program risks multi-year certification delays, giving PTC extraordinary renewal durability across $2.95B of trailing revenue.
Stock Profiles & Comparable Companies
PTC Stock Profile →Related Coverage & Peer Deep-Dives
View All →Atlassian: Hold as 49.7% R&D Spend and $1.61B of Stock Pay Absorb Cloud Cash Flow
Atlassian scales TTM revenue 23.8% to $6.91B at an 84.8% gross margin, yet spending 49.7% of sales on R&D and $1.61B on stock pay leaves a 0.2% GAAP operating margin and -$287.5M of FY2026 owner cash.