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PTC's net profit rose 321% yoy to USD 499 mil in 2021

By Helgi Analytics - August 29, 2022

PTC made a net profit of USD 499 mil with revenues of USD 1,836 mil in 2021, up by 321% and up by 19.9%, respective...

PTC's price/earnings (P/E) fell 75.2% yoy to 28.9 in 2021

By Helgi Analytics - August 29, 2022

PTC stock traded at USD 122 per share at the end 2021 translating into a market capitalization of USD 14,441 mil. Since the end o...

PTC's Net Margin rose 251% yoy to 27.2% in 2021

By Helgi Analytics - August 29, 2022

PTC made a net profit of USD 499 mil with revenues of USD 1,836 mil in 2021, up by 321% and up by 19.9%, respectively, compa...

Profit Statement 2019 2020 2021
Sales USD mil 1,277 1,531 1,836
Gross Profit USD mil 942 1,198 1,456
EBITDA USD mil 149 386 473
EBIT USD mil 63.4 271 353
Financing Cost USD mil 44.8 75.8 51.9
Pre-Tax Profit USD mil 18.9 193 370
Net Profit USD mil -13.0 119 499
Dividends USD mil 0 0 0
Balance Sheet 2019 2020 2021
Total Assets USD mil 3,280 3,449 4,421
Non-Current Assets USD mil 2,541 2,513 3,411
Current Assets USD mil 739 936 1,009
Working Capital USD mil 302 386 446
Shareholders' Equity USD mil 1,248 1,495 1,954
Liabilities USD mil 2,032 1,954 2,467
Total Debt USD mil 1,350 1,194 1,646
Net Debt USD mil 1,055 796 1,350
Ratios 2019 2020 2021
ROE % -1.01 8.66 29.0
ROCE % -0.507 4.14 14.8
Gross Margin % 73.7 78.2 79.3
EBITDA Margin % 11.6 25.2 25.8
EBIT Margin % 4.97 17.7 19.2
Net Margin % -1.02 7.75 27.2
Net Debt/EBITDA 7.10 2.06 2.85
Net Debt/Equity % 84.6 53.2 69.1
Cost of Financing % 4.21 5.96 3.66
Valuation 2019 2020 2021
Market Capitalisation USD mil 8,829 13,836 14,441
Enterprise Value (EV) USD mil 9,884 14,631 15,791
Number Of Shares mil 118 116 118
Share Price USD 75.0 119 122
EV/EBITDA 66.5 37.9 33.4
EV/Sales 7.74 9.55 8.60
Price/Earnings (P/E) -680 117 28.9
Price/Book Value (P/BV) 7.08 9.26 7.39
Dividend Yield % 0 0 0

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
income statement                                
Sales USD mil           1,136 1,184 1,270 1,277 1,531            
Gross Profit USD mil           808 854 949 942 1,198            
EBIT USD mil           -19.2 53.7 85.3 63.4 271            
Net Profit USD mil           -39.7 29.3 59.1 -13.0 119            
                                   
ROE % ...         -4.80 3.43 5.35 -1.01 8.66            
EBIT Margin %           -1.69 4.53 6.72 4.97 17.7            
Net Margin %           -3.50 2.47 4.65 -1.02 7.75            
Employees           5,767 6,036 5,909 6,145 6,243   ... ... ... ... ...
balance sheet                                
Total Assets USD mil           2,197 2,306 2,753 3,280 3,449            
Non-Current Assets USD mil           1,684 1,686 1,953 2,541 2,513            
Current Assets USD mil           513 619 800 739 936            
                                   
Shareholders' Equity USD mil           819 889 1,321 1,248 1,495            
Liabilities USD mil           1,378 1,417 1,432 2,032 1,954            
Non-Current Liabilities USD mil           821 813 891 1,401 1,242            
Current Liabilities USD mil           557 604 541 632 712            
                                   
Net Debt/EBITDA           7.45 2.86 2.60 7.10 2.06            
Net Debt/Equity %           62.1 45.0 33.7 84.6 53.2            
Cost of Financing % ...         4.65 5.71 5.51 4.21 5.96   ... ... ... ... ...
cash flow                                
Total Cash From Operations USD mil           74.0 209 243 271 340            
Total Cash From Investing USD mil           -174 -19.9 -141 -522 3.37            
Total Cash From Financing USD mil           -22.6 -83.4 -109 213 -186            
Net Change In Cash USD mil           -123 119 -15.1 -40.2 161            
valuation                                
Market Capitalisation USD mil ... ... ... ... ... ... 7,511 9,453 8,829 13,836            
Enterprise Value (EV) USD mil ... ... ... ... ... ... 7,911 9,898 9,884 14,631            
Number Of Shares mil ... ... ... ... ... ... 117 118 118 116            
Share Price USD ... ... ... ... ... ... 64.0 80.0 75.0 119            
Price/Earnings (P/E) ... ... ... ... ... ... 257 160 -680 117            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 130 108 1,044 94.3            
EV/EBITDA ... ... ... ... ... ... 56.5 57.6 66.5 37.9            
Price/Book Value (P/BV) ... ... ... ... ... ... 8.45 7.15 7.08 9.26            
Dividend Yield % ... ... ... ... ... ... 0 0 0 0            
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
income statement                                
Sales USD mil           1,136 1,184 1,270 1,277 1,531            
Cost of Goods & Services USD mil           328 330 321 335 334            
Gross Profit USD mil           808 854 949 942 1,198            
Selling, General & Admin USD mil           519 525 565 555 617   ... ... ... ... ...
Research & Development USD mil           230 242 247 251 262   ... ... ... ... ...
Other Operating Expense USD mil           78.3 33.6 51.6 71.3 38.2   ... ... ... ... ...
Other Operating Cost (Income) USD mil           0 0 0 0 0   ... ... ... ... ...
EBITDA USD mil           68.2 140 172 149 386            
Depreciation USD mil           28.6 28.4 28.7 21.4 28.0            
EBIT USD mil           -19.2 53.7 85.3 63.4 271            
Net Financing Cost USD mil           30.3 39.1 38.2 40.7 72.3            
Financing Cost USD mil           33.7 42.1 41.9 44.8 75.8   ... ... ... ... ...
Financing Income USD mil           3.40 3.00 3.70 4.10 3.50   ... ... ... ... ...
FX (Gain) Loss USD mil           2.84 4.26 0 0.875 2.63 ... ... ... ... ... ...
(Income) / Loss from Affiliates USD mil       ... ... ... ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost USD mil           0 0 0 0 0            
Pre-Tax Profit USD mil           -54.1 11.6 42.6 18.9 193            
Tax USD mil           -14.4 -17.7 -16.5 31.9 74.3            
Minorities USD mil           0 0 0 0 0            
Net Profit USD mil           -39.7 29.3 59.1 -13.0 119            
Net Profit Avail. to Common USD mil           -39.7 29.3 59.1 -13.0 119            
Dividends USD mil           0 0 0 0 0            
growth rates                                
Total Revenue Growth % ...         -6.96 4.27 7.22 0.565 19.9            
Operating Cost Growth % ...         -8.90 -3.22 7.86 1.68 5.54   ... ... ... ... ...
EBITDA Growth % ...         -8.41 105 22.7 -13.5 160            
EBIT Growth % ...         106 -380 59.1 -25.7 327            
Pre-Tax Profit Growth % ...         97.4 -121 268 -55.6 921            
Net Profit Growth % ...         500 -174 102 -122 -1,014            
ratios                                
ROE % ...         -4.80 3.43 5.35 -1.01 8.66            
ROA % ...         -1.80 1.30 2.34 -0.431 3.53            
ROCE % ...   ... ...   -2.27 1.63 2.91 -0.507 4.14            
Gross Margin %           71.2 72.1 74.7 73.7 78.2            
EBITDA Margin %           6.01 11.8 13.5 11.6 25.2            
EBIT Margin %           -1.69 4.53 6.72 4.97 17.7            
Net Margin %           -3.50 2.47 4.65 -1.02 7.75            
Payout Ratio %           0 0 0 0 0            
Cost of Financing % ...         4.65 5.71 5.51 4.21 5.96   ... ... ... ... ...
Net Debt/EBITDA           7.45 2.86 2.60 7.10 2.06            
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
balance sheet                                
Cash & Cash Equivalents USD mil           196 312 303 266 399            
Receivables USD mil           133 131 386 344 416            
Inventories USD mil           0 0 0 0 0            
Other ST Assets USD mil           184 177 112 128 122            
Current Assets USD mil           513 619 800 739 936            
Property, Plant & Equipment USD mil           65.9 61.2 107 271 244            
LT Investments & Receivables USD mil           27.1 30.4 30.1 28.2 0            
Intangible Assets USD mil           1,453 1,428 1,436 1,872 1,861            
Goodwill USD mil           1,159 1,185 1,231 1,606 1,635            
Non-Current Assets USD mil           1,684 1,686 1,953 2,541 2,513            
Total Assets USD mil           2,197 2,306 2,753 3,280 3,449            
                                   
Trade Payables USD mil     ...     19.1 32.7 57.2 42.5 30.0            
Short-Term Debt USD mil           0 0 0 33.9 30.1            
Other ST Liabilities USD mil           365 424 326 361 426            
Current Liabilities USD mil           557 604 541 632 712            
Long-Term Debt USD mil           732 743 778 1,316 1,164            
Other LT Liabilities USD mil           120 86.6 130 110 103            
Non-Current Liabilities USD mil           821 813 891 1,401 1,242            
Liabilities USD mil           1,378 1,417 1,432 2,032 1,954            
Preferred Equity and Hybrid Capital USD mil           0 0 0 0 0            
Share Capital USD mil           1,599 1,596 1,555 1,509 1,625            
Treasury Stock USD mil           0 0 0 0 0            
Equity Before Minority Interest USD mil           819 889 1,321 1,248 1,495            
Minority Interest USD mil           0 0 0 0 0   ... ... ... ... ...
Equity USD mil           819 889 1,321 1,248 1,495            
growth rates                                
Total Asset Growth % ...         -0.855 4.96 19.4 19.1 5.15            
Shareholders' Equity Growth % ...         -2.03 8.56 48.6 -5.55 19.8            
Net Debt Growth % ...         20.7 -21.3 11.4 137 -24.6            
Total Debt Growth % ...         1.90 1.48 4.83 73.4 -11.5            
ratios                                
Total Debt USD mil           732 743 778 1,350 1,194            
Net Debt USD mil           509 400 446 1,055 796            
Working Capital USD mil     ...     114 98.4 328 302 386            
Capital Employed USD mil     ...     1,798 1,785 2,281 2,843 2,899            
Net Debt/Equity %           62.1 45.0 33.7 84.6 53.2            
Current Ratio           0.922 1.03 1.48 1.17 1.31            
Quick Ratio           0.591 0.733 1.27 0.967 1.14            
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
cash flow                                
Net Profit USD mil           -39.7 29.3 59.1 -13.0 119            
Depreciation USD mil           28.6 28.4 28.7 21.4 28.0            
Non-Cash Items USD mil           -30.4 20.4 4.97 125 15.0   ... ... ... ... ...
Change in Working Capital USD mil           16.5 37.3 51.0 75.4 68.2   ... ... ... ... ...
Total Cash From Operations USD mil           74.0 209 243 271 340            
                                   
Capital Expenditures USD mil           -29.1 -27.2 -60.5 -38.8 -29.9            
Net Change in LT Investment USD mil           0 0 0 0 0   ... ... ... ... ...
Net Cash From Acquisitions USD mil           -231 -4.96 -72.6 -485 -15.7   ... ... ... ... ...
Other Investing Activities USD mil           85.9 12.3 -7.99 1.49 49.0   ... ... ... ... ...
Total Cash From Investing USD mil           -174 -19.9 -141 -522 3.37            
                                   
Dividends Paid USD mil           0 0 0 0 0            
Issuance Of Shares USD mil           -9.97 -40.2 -89.0 -97.4 749            
Issuance Of Debt USD mil           20.0 10.0 35.0 345 -1,143            
Other Financing Activities USD mil           -42.6 -53.2 -55.2 -34.4 -43.6   ... ... ... ... ...
Total Cash From Financing USD mil           -22.6 -83.4 -109 213 -186            
                                   
Effect of FX Rates USD mil           -1.12 13.4 -8.37 -2.62 3.59   ... ... ... ... ...
Net Change In Cash USD mil           -123 119 -15.1 -40.2 161            
ratios                                
Days Sales Outstanding days           42.7 40.4 111 98.4 99.1            
Days Sales Of Inventory days           0 0 0 0 0            
Days Payable Outstanding days     ...     21.2 36.1 65.1 46.2 32.8            
Cash Conversion Cycle days     ...     21.5 4.27 45.7 52.2 66.3            
Cash Earnings USD mil           -11.1 57.6 87.8 8.46 147            
Free Cash Flow USD mil           -99.8 189 102 -251 343            
Capital Expenditures (As % of Sales) %           2.56 2.30 4.76 3.04 1.96            
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
                                 
Employees           5,767 6,036 5,909 6,145 6,243   ... ... ... ... ...
Operating Cost (As % of Sales) %           72.8 67.6 68.0 68.8 60.5   ... ... ... ... ...
Research & Development (As % of Sales) %           20.2 20.4 19.4 19.7 17.1   ... ... ... ... ...
Effective Tax Rate %           26.7 -153 -38.7 169 38.5            
Total Revenue Growth (5-year average) % ... ... ... ... ... -1.40 -1.19 -0.448 -1.21 4.64            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...            
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
                                 
Market Capitalisation USD mil ... ... ... ... ... ... 7,511 9,453 8,829 13,836            
Enterprise Value (EV) USD mil ... ... ... ... ... ... 7,911 9,898 9,884 14,631            
Number Of Shares mil ... ... ... ... ... ... 117 118 118 116            
Share Price USD ... ... ... ... ... ... 64.0 80.0 75.0 119            
EV/EBITDA ... ... ... ... ... ... 56.5 57.6 66.5 37.9            
Price/Earnings (P/E) ... ... ... ... ... ... 257 160 -680 117            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 130 108 1,044 94.3            
P/FCF ... ... ... ... ... ... 39.8 92.3 -35.2 40.3            
Price/Book Value (P/BV) ... ... ... ... ... ... 8.45 7.15 7.08 9.26            
Dividend Yield % ... ... ... ... ... ... 0 0 0 0            
Free Cash Flow Yield % ... ... ... ... ... ... 2.51 1.08 -2.84 2.48            
Earnings Per Share (EPS) USD ... ... ... ... ... ... 0.249 0.500 -0.110 1.02            
Cash Earnings Per Share USD ... ... ... ... ... ... 0.491 0.743 0.072 1.26            
Free Cash Flow Per Share USD ... ... ... ... ... ... 1.61 0.867 -2.13 2.95            
Book Value Per Share USD ... ... ... ... ... ... 7.58 11.2 10.6 12.9            
Dividend Per Share USD ... ... ... ... ... ... 0 0 0 0            
EV/Sales ... ... ... ... ... ... 6.68 7.79 7.74 9.55            
EV/EBIT ... ... ... ... ... ... 147 116 156 54.0            
EV/Free Cash Flow ... ... ... ... ... ... 41.9 96.7 -39.4 42.6            
EV/Capital Employed ... ... ... ... ... ... 4.43 4.34 3.48 5.05            
Earnings Per Share Growth % ... ... ... ... ... ... ... 101 -122 -1,026            
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... 51.4 -90.3 1,657            
Book Value Per Share Growth % ... ... ... ... ... ... ... 47.6 -5.20 21.3            

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PTC's ROCE rose 257% yoy to 14.8% in 2021

By Helgi Analytics - August 29, 2022

PTC made a net profit of USD 499 mil in 2021, up 321% compared to the previous year. Historically, between 2011 and 2021, the company's net profit reached a high of USD 499 mil in 2021 and a low of USD -39.7 mil in 2016. The result implies a return on equ...

PTC's Capital Expenditures rose 14.3% yoy to USD 25.7 mil in 2021

By Helgi Analytics - August 29, 2022

PTC invested a total of USD 25.7 mil in 2021, down 14.3% compared to the previous year. Historically, between 2011 - 2021, the company's investments stood at a high of USD 60.5 mil in 2018 and a low of USD 25.7 mil in 2021. As a perce...

PTC's Net Debt/EBITDA rose 38.3% yoy to 2.85 in 2021

By Helgi Analytics - August 29, 2022

PTC's net debt stood at USD 1,350 mil and accounted for 69.1% of equity at the end of 2021. The ratio is up 15.9 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 84.6% in 2019 and a low of -0.336...

PTC's Share Price rose 2.52% yoy to USD 122 in 2021

By Helgi Analytics - August 29, 2022

PTC stock traded at USD 122 per share at the end 2021 implying a market capitalization of USD 14,441 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose by USD...

PTC's P/FCF fell 206% yoy to -42.6 in 2021

By Helgi Analytics - August 29, 2022

PTC stock traded at USD 122 per share at the end 2021 translating into a market capitalization of USD 14,441 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm traded at pr...

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Finance

PTC has been growing its sales by 8.40% a year on average in the last 5 years. EBITDA has grown on average by 18.9% a year during that time to total of USD 1,125 mil in 2026, or 40.9% of sales. That’s compared to 39.3% average margin seen in last five years.

The company netted USD 533 mil in 2026 implying ROE of 10.9% and ROCE of 12.0%. Again, the average figures were 14.0% and 10.8%, respectively when looking at the previous 5 years.

PTC’s net debt amounted to USD 1,400 mil at the end of 2026, or 26.0% of equity. When compared to EBITDA, net debt was 1.24x, down when compared to average of 1.50x seen in the last 5 years.

Valuation

PTC stock traded at USD 117 per share at the end of 2026 resulting in a market capitalization of USD 13,720 mil. Over the previous five years, stock price fell by 4% or -0.813% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.4x and price to earnings (PE) of 25.7x as of 2026.