PTC Inc.
PTC 7Price and target zones价格与目标区间
Near the buy zone接近买入区间
What the company does公司做什么
PTC sells software to engineers who build physical things, such as machines, medical devices, and cars. One tool lets an engineer draw and test a 3D model of a part on a screen before anyone builds it. Another tool keeps one shared record of every part, drawing, and change, so thousands of people work from the same true version. Large manufacturers buy PTC's tools to design products faster and cut costly mistakes. Almost all of PTC's money now comes from yearly software subscriptions.PTC向制造实体产品的工程师出售软件，比如做机器、医疗设备和汽车的工程师。它的一个工具让工程师在有人动手制造之前，先在屏幕上画出零件的3D模型并进行测试。另一个工具把每个零件、每张图纸和每次改动都保存成一份共享记录，这样成千上万的人都从同一个真实版本上工作。大型制造商购买PTC的工具来更快地设计产品，减少代价高昂的错误。如今PTC几乎所有的收入都来自每年的软件订阅费。
Earns from营收来源 customers pay a yearly subscription fee for each user, and this recurring fee is about 95% of PTC's revenue.客户按每个使用者付每年的订阅费，这部分不断重复的费用约占PTC收入的95%。
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.
What the company sells公司卖什么share of revenue营收占比
Design software (CAD)设计软件（CAD）
Computer-aided design (CAD) software lets an engineer draw and test a 3D model of a part on a computer, before it is cut, molded, or printed in the real world.计算机辅助设计（CAD）软件让工程师在电脑上绘制并测试一个零件的3D模型，然后再在现实中切割、模压或打印出来。
- Creo
- desktop software an engineer uses to design mechanical parts and drawings. Engineers buy it because it can check a part's strength and fit before a costly physical sample is built.工程师用来设计机械零件和图纸的桌面软件。工程师之所以买它，是因为它能在制造昂贵的实物样件之前检查零件的强度和装配是否合适。
- Onshape
- the same kind of design tool, but it runs in a web browser. Several engineers can open and edit the same model at once, like a shared document, so teams in different offices stay in step.同类型的设计工具，但它在网页浏览器里运行。多名工程师可以同时打开并编辑同一个模型，就像一份共享文档，让不同办公室的团队保持同步。
Product-record software (PLM)产品记录软件（PLM）
Product lifecycle management (PLM) software is the shared record of every part, drawing, and change for a product, so engineers, factory workers, and suppliers all work from one truth instead of scattered files and emails.产品生命周期管理（PLM）软件是一个产品所有零件、图纸和变更的共享记录，让工程师、工厂工人和供应商都以同一个真实版本为准，而不是各自散乱的文件和邮件。
- Windchill
- the main record book for a product. It tracks every version of every part and who changed what, and it sends the right information to the factory floor and the suppliers.一个产品的主记录簿。它追踪每个零件的每个版本、以及谁改动了什么，并把正确的信息发送给工厂车间和供应商。
- Codebeamer
- does the same tracking job for the software and code inside a product, so teams can follow requirements, tests, and changes as the product's software is built.对产品内部的软件和代码做同样的追踪工作，让团队在产品软件的开发过程中能够跟踪需求、测试和变更。
Service and industry tools服务与行业工具
These tools track a product after it ships, and add software built for specific industries.这些工具在产品出货后对其进行追踪，并加入为特定行业打造的软件。
- ServiceMax
- software that plans and tracks repair visits for equipment already in customers' hands, such as booking a technician and finding the right spare part.为已经在客户手中的设备安排和追踪维修上门服务的软件，比如预约技术员和找到合适的备件。
- Focused Solutions toolsFocused Solutions 工具
- smaller, older products built for specific trades, such as aerospace and defense, sold alongside PTC's main design and record software.为特定行业（比如航空航天和国防）打造的较小、较旧的产品，与PTC的主力设计和记录软件一起销售。
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
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
Why customers stay客户为什么留下
once a manufacturer stores its whole product record and design process inside PTC's software, moving that record to a rival system is slow and risky, so customers rarely switch.制造商一旦把自己整个产品记录和设计流程都存进PTC的软件里，再把这些记录搬到别家系统既慢又有风险，所以客户很少更换。
Recent news近期新闻 last 7 days近7天
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