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PTC Inc.

PTC 7

Software - Application · 15.1B market cap · site

Price and target zones价格与目标区间

Near the buy zone接近买入区间

$138.71
52wk52周 $108–$207-33% off the high距高点

What the company does公司做什么

PTC Inc. is a US software company. It makes software for industry and engineering. Its main tools help companies to design products and to manage product data. It sells CAD software to draw parts and PLM software to control the full product record. Its customers are mostly manufacturers in cars, aerospace, electronics, and industrial equipment.PTC Inc.是一家美国软件公司。它开发工业与工程软件。其主要工具帮助企业设计产品和管理产品数据。它销售用于绘制零件的CAD软件,以及管理完整产品记录的PLM软件。其客户主要是汽车、航空航天、电子和工业设备领域的制造商。

Earns from营收来源 PTC sells its software as subscriptions, and customers pay each year for licenses, cloud services, and support.PTC以订阅方式销售软件,客户每年为许可、云服务和支持付费。

Read the full description查看完整介绍

PTC Inc. operates as software company in the Americas, Europe, and the Asia Pacific. The company provides Windchill, a suite that manages all aspects of the product development lifecycle(PLM) that provides real-time information sharing, dynamic data visualization, collaborate across geographically distributed teams, and enabling manufacturers to elevate product development, manufacturing, field service, and end-of-life processes; ThingWorx, an Industrial Internet of Things software; ServiceMax, a service lifecycle management solutions enable companies to asset uptime with optimized in-person and remote service and technician productivity with mobile tools, and deliver metrics; and Arena, a SaaS PLM solution enables product teams to collaborate virtually to share product and quality information with internal teams and supply chain partners and deliver products to customers. It offers Codebeamer, an application lifecycle management for products and software development; Servigistics, a service parts management solution; and FlexPLM, a platform for merchandising and line planning, materials management, sampling, and others. In addition, it offers Kepware, an enterprise industrial connectivity solution; Kepware Edge, a Linux-based industrial communications platform; KEPServerEX, an industrial connectivity solution for small projects; Creo, a 3D CAD technology enables the digital design, testing, and modification of product models; and Onshape, a SaaS product development platform that delivers computer-aided design with data management, collaboration tools, and real-time analytics. Further, it offers Vuforia, an augmented reality (AR) software; and Arbortext, a dynamic publishing solution streamlines how organizations create, manage, and publish technical documentation. Additionally, the company provides PTC Products; PTC Mathcad; and augmented reality product. PTC Inc. was incorporated in 1985 and is headquartered in Boston, Massachusetts.

Revenue breakdown营收构成 share of revenue营收占比

54%Support and cloud services支持与云服务
42%License许可
4%Professional services专业服务
Pick a slice for detail点击某一部分查看详情
Support and cloud services支持与云服务54% · ~$1.5B

This is the largest revenue type. It covers software support and maintenance for the term of the contract. It also covers cloud and SaaS products, which PTC recognizes over time. This part is the most stable and grows with the customer base.这是最大的收入类型。它涵盖合同期内的软件支持与维护。它也涵盖云和SaaS产品,PTC按时间分期确认。该部分最为稳定,并随客户群增长。

  • Onshape — Cloud-native CAD software that runs in a web browser.在网页浏览器中运行的云原生CAD软件。
  • Arena — Cloud PLM software for smaller teams.面向小型团队的云PLM软件。
License许可42% · ~$1.2B

PTC sells its software as subscriptions. Accounting rules make PTC record part of each subscription as license revenue at the start of the term. This part covers on-premises products such as Creo and Windchill. The amount can move from quarter to quarter because of contract timing.PTC以订阅方式销售软件。会计规则要求PTC在合同期开始时将每份订阅的一部分确认为许可收入。该部分涵盖Creo和Windchill等本地部署产品。由于合同时点因素,该金额可能逐季波动。

  • Creo — 3D CAD software to design product parts.用于设计产品零件的3D CAD软件。
  • Windchill — PLM software to manage the full product record.管理完整产品记录的PLM软件。
Professional services专业服务4% · ~$0.1B

PTC helps customers to install and to set up its software. It also gives training and consulting. This is the smallest revenue type and it has low margins. PTC moves much of this work to partners.PTC帮助客户安装和配置其软件。它还提供培训和咨询。这是最小的收入类型,利润率较低。PTC将大部分此类工作交给合作伙伴。

Company facts公司资料

Founded成立时间
1985
Headquarters总部
Boston, Massachusetts
Employees员工人数
7,000
Industry行业
Software - Application
Country国家
United States

Investment thesis投资逻辑 from the watchlist来自关注列表

👀 On deck @ $115. 84% GM, op margin 25.5%→36.4%, ROE 43%, new $2B buyback thru FY28. PLM/CAD/IoT switching costs that AI feeds rather than threatens. FV $145-165.

Watch

  • Earnings 7/29

15.7x 前瞻市盈率,目标价 $173.35,合理价值 $145-165。 $115 的加仓位仍然很远。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润
85%
Operating profit营业利润
28%
Net profit净利润
41%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率
35%
Revenue growth营收增长
-7%

Competitors竞争对手

Dassault SystèmesSiemens Digital Industries SoftwareAutodeskAnsysAras

Why customers stay客户为什么留下

PTC has a strong position in PLM software, and Windchill is a market leader. Customers keep their design data and product records in PTC systems. It is difficult and costly to move this data to a rival, so customers stay for a long time. This gives PTC high recurring revenue near 95% and strong margins. The main risk is hard competition from Dassault Systèmes and Siemens, which sell similar bundles. A slowdown in factory spending can also reduce new sales.PTC在PLM软件领域地位稳固,Windchill是市场领导者。客户将其设计数据和产品记录保存在PTC系统中。将这些数据迁移到竞争对手既困难又昂贵,因此客户长期留存。这使PTC拥有接近95%的高经常性收入和强劲的利润率。主要风险是来自达索系统和西门子的激烈竞争,它们销售类似的组合产品。工厂支出放缓也可能减少新销售。

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