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PTC Inc. (PTC) 财务分析 | 估值·财报 | 100Baggers.club

PTC Inc.

PTC

PTC Inc. operates as software and services company in the Americas, Europe, and the Asia Pacific. The company operates in two segments, Software Products and Professional Services. It offers ThingWorx platform, which offers a set of capabilities that enable enterprises to digitally transform every aspect of their business with innovative solutions that are simple to create, easy to implement, scalable to meet future needs, and designed to enable customers to accelerate time to value; and Vuforia, which enables the visualization of digital information in a physical context and the creation of AR. The company also provides Onshape, a software-as-a-service product development platform unites computer-aided design with data management, collaboration tools, and real-time analytics; Arena, a PLM solution enables product teams to collaborate virtually anytime and anywhere; Creo, a 3D CAD technology enables the digital design, testing, and modification of product models; and Windchill, a product lifecycle management software. In addition, it offers Integrity, an application lifecycle management solution; Servigistics, service parts management solution; and consulting, implementation, training, cloud, and license and support services. The company was formerly known as Parametric Technology Corporation and changed its name to PTC Inc. in January 2013. PTC Inc. was incorporated in 1985 and is headquartered in Boston, Massachusetts.

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PTC(PTC)股票深度分析 — 看似便宜二八折，实则一分不少

一个看似存在28%估值折扣的工业软件巨头，为何我们认为它一分都不便宜？因为市场混淆了传统授权与订阅模式的估值框架，从而严重低估了其作为一台复利机器的长期价值。

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

82.83%

毛利润 = $0.57B

营业收入 = $0.69B

Operating Profit Margini营业利润率

32.24%

营业利润 = $0.22B

营业收入 = $0.69B

EBITDA MarginiEBITDA利润率

34.57%

EBITDA = $0.24B

营业收入 = $0.69B

EBIT MarginiEBIT利润率

29.60%

EBIT = $0.20B

营业收入 = $0.69B

Net Profit Margini净利率

24.28%

净利润 = $0.17B

营业收入 = $0.69B

Pretax Profit Margini税前利润率

29.60%

税前利润 = $0.20B

营业收入 = $0.69B

E

运营效率指标

Interest Coveragei利息保障倍数

19.74x

EBIT (TTM) = $1.08B

利息费用 (TTM) = $0.05B

5.3x

6.4x

8.5x

12.9x

19.7x

SG&A / Revenuei销管费率

31.33%

销售及管理费用 = $0.21B

营业收入 = $0.69B

R&D / Revenuei研发占比

17.49%

研发费用 = $0.12B

营业收入 = $0.69B

R

回报率指标 (TTM)

ROAi总资产回报率

13.09%

净利润 = $0.82B

平均总资产 = $6.25B

ROEi净资产收益率

50.67%

净利润 = $0.82B

平均股东权益 = $1.61B

ROICi投入资本回报率

17.44%

NOPAT (TTM) = $0.86B

平均投入资本 = $4.96B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

21.36%

当期营收 = $0.69B

去年同期营收 = $0.57B

+2.7%

+5.5%

+24.2%

+42.6%

+21.4%

Operating Cash Flow/Sharei每股经营现金流

$7.49

经营现金流 = $0.90B

流通股数 = 0.12B

$6.61

$6.88

$7.15

$7.19

$7.49

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+21.4%	$0.69B	↑
毛利	+25.3%	$0.57B, 82.83%	↑
营业利润	+91.4%	$0.22B, 32.24%	↑
EBITDA	+59.2%	$0.24B, 34.57%	↑
税前利润	+117.9%	$0.20B, 29.60%	↑
净利润	+102.5%	$0.17B, 24.28%	↑
稀释每股收益	+104.4%	1.39	↑

L

流动性指标

Current Ratioi流动比率

1.22

正常

流动资产 = $1.38B

流动负债 = $1.14B

Quick Ratioi速动比率

1.08

健康

速动资产 = $1.38B

流动负债 = $1.14B

Cash Ratioi现金比率

0.18

关注

现金及等价物 = $0.21B

流动负债 = $1.14B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.40

健康

总债务 = $1.36B

总权益 = $3.84B

Liabilities to Assetsi资产负债率 (总负债)

40.2%

正常

总负债 = $2.58B

总资产 = $6.43B

Equity Multiplieri权益乘数

1.67

健康

总资产 = $6.43B

总权益 = $3.84B

E

效率指标

Asset Turnoveri总资产周转率

0.46

关注

营收 (TTM) = $2.86B

平均总资产 = $6.25B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $0.45B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

3.17

关注

营收 (TTM) = $2.86B

平均应收账款 = $0.83B

S

偿债能力

Interest Coveragei利息保障倍数

19.74

健康

EBIT (TTM) = $1.08B

利息费用 (TTM) = $0.05B

Net Debt to EBITDAi净债务/EBITDA

1.09

正常

净债务 = $1.33B

EBITDA (TTM) = $1.22B

Debt Service Coveragei偿债覆盖率

18.64

健康

经营现金流 (TTM) = $0.90B

债务偿付 = $0.05B

V

价值指标

Goodwill %i商誉占比

53.1%

关注

商誉 = $3.41B

总资产 = $6.43B

Working Capital Ratioi营运资本比率

0.04

关注

营运资本 = $0.25B

总资产 = $6.43B

C

现金流指标

经营现金流 TTMi

$0.90B

自由现金流 TTMi

$0.89B

FCF = OCF - CapEx

经营现金流 (TTM) = $0.90B

资本支出 (TTM) = $-0.01B

自由现金流收益率i

4.92%

关注

FCF (TTM) = $0.89B

市值 = $18.06B

经营现金流/销售比i

31.43%

健康

经营现金流 (TTM) = $0.90B

营业收入 (TTM) = $2.86B

Q

质量与覆盖指标

收益质量i

1.10x

正常

经营现金流 (TTM) = $0.90B

净利润 (TTM) = $0.82B

现金流/债务比i

0.58x

健康

经营现金流 (TTM) = $0.90B

总负债 = $1.54B

短期覆盖率i

0.79x

健康

经营现金流 (TTM) = $0.90B

流动负债 = $1.14B

资本支出覆盖率i

84.96x

健康

经营现金流 (TTM) = $0.90B

资本支出 (TTM) = $0.01B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

98.82%

健康

自由现金流 (TTM) = $0.89B

经营现金流 (TTM) = $0.90B

资本支出/营收比i

0.37%

健康

资本支出 (TTM) = $0.01B

营业收入 (TTM) = $2.86B

净债务/EBITDAi

1.09

正常

净债务 = $1.33B

EBITDA (TTM) = $1.22B

G

增长指标

经营现金流增长率i

13.13%

正常

当期OCF (TTM) = $0.27B

上期OCF = $0.24B

股东盈余i

$0.94B

健康

净利润 (TTM) = $0.82B

+ 折旧摊销 (TTM) = $0.14B

- 资本支出 (TTM) = $-0.01B