PTC Inc.

PTC · Technology · $15.0B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power97

Median gross margin 78.0% over 10y, very stable.

Returns on capital44

Median ROIC 10.2%, above the 9% hurdle in 60% of years.

Balance-sheet safety69

Net debt/EBITDA 0.9x, interest coverage 13x.

Capital discipline72

Owner earnings +73.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

78% above value

Owner earnings (normalized): $470.1M
Est. intrinsic value / share: $70.78
Recent price: $125.67
Discount to value: 78% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PTC. See the disclaimer.