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Arphra AIPlain-English read on PTC Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $1.81B | $1.93B | $2.1B | $2.3B | $2.74B | $2.72B | $2.88B | $3.1B |
| Cost of revenue | $371.1M | $385.98M | $441.01M | $444.82M | $444.98M | $529.24M | $541.34M | $581.3M |
| Gross profit | $1.44B | $1.55B | $1.66B | $1.85B | $2.29B | $2.25B | $2.41B | $2.51B |
| Gross margin | +79.46% | +80.04% | +78.97% | +80.65% | +83.76% | +82.70% | +83.42% | +81.08% |
| Operating | ||||||||
| Research & development | $299.92M | $338.82M | $394.37M | $433.05M | $457.69M | $489.49M | $530.59M | $577.45M |
| Selling, general & administrative | $723.79M | $689.98M | $763.64M | $791.33M | $792.57M | $883.69M | $984.14M | $1.01B |
| Total operating expenses | $1.06B | $1.1B | $1.2B | $1.27B | $1.31B | $1.42B | $1.53B | $1.69B |
| Operating income | $380.75M | $447.36M | $458.47M | $588.06M | $982.39M | $761.29M | $813.37M | $850.66M |
| Operating margin | +21.07% | +23.14% | +21.86% | +25.58% | +35.86% | +27.96% | +28.21% | +27.46% |
| EBITDA | $564.77M | $573.41M | $599.15M | $730.02M | $1.13B | $896.74M | $1B | $1.02B |
| EBIT | $442.23M | $451.37M | $461.98M | $588.62M | $997.2M | $772.96M | $801.02M | $881.41M |
| Below the line | ||||||||
| Interest expense | $50.48M | $54.27M | $129.42M | $119.65M | $77.02M | $131.85M | $139.47M | $147.21M |
| Interest income | $1.8M | $2.5M | $5.4M | $4.4M | $3.4M | $5.27M | $5.51M | $6.06M |
| Other income / expense | $11.01M | -$50.26M | -$125.91M | -$119.1M | -$62.21M | — | — | — |
| Pre-tax income | $391.76M | $397.1M | $332.57M | $468.96M | $920.18M | $642.01M | $656.41M | $702.07M |
| Income tax expense | -$85.17M | $84.02M | $87.03M | $92.63M | $186.18M | $141.2M | $145.32M | $162.03M |
| Earnings | ||||||||
| Net income | $476.92M | $313.08M | $245.54M | $376.33M | $734M | $508.32M | $527.65M | $566.04M |
| Net income · continuing ops | $476.92M | $313.08M | $245.54M | $376.33M | $734M | $485.7M | $521.17M | $563.09M |
| Net margin | +26.39% | +16.19% | +11.71% | +16.37% | +26.80% | +18.67% | +18.30% | +18.27% |
| EPS · basic | $4.08 | $2.67 | $2.07 | $3.14 | $6.12 | $8.15 | $8.63 | $9.78 |
| EPS · diluted | $4.03 | $2.65 | $2.06 | $3.12 | $6.08 | $7.99 | $8.61 | $9.68 |
| EPS · low estimate | — | — | — | — | — | $7.59 | $7.58 | $8.87 |
| EPS · high estimate | — | — | — | — | — | $8.40 | $9.47 | $10.49 |
| Shares · basic | 116.84M | 117.19M | 118.34M | 119.68M | 120.01M | 119.75M | 119.53M | 119.2M |
| Shares · diluted | 118.37M | 118.23M | 119.33M | 120.74M | 120.78M | 121.32M | 121.65M | 121.57M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 7 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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