PTC Inc [PTC]
companyfacts for FY2021–FY2025 and against the Q2 FY2026 10-Q.ebitda and ebit fields were not used at all.| FY2025 | |
|---|---|
AV sellingGeneralAndAdministrative |
$226,058,000 |
Filed GeneralAndAdministrativeExpense |
$226,058,000 — byte-identical |
Filed SellingAndMarketingExpense |
$566,516,000 — absent from AV |
| True SG&A | $792,574,000 |
| AV error | 3.51x light · 20.68pp of revenue |
Result: DEFECTIVE on PTC. Same failure mode as NOW/INTU/ORCL and as PRGS in this same cluster: the field carries the G&A line only, byte-for-byte, and drops S&M entirely. Note the ratio varies widely by name (2.95x on PRGS, 3.51x on PTC, 1.68x on EXLS) — it is a function of each company's S&M-to-G&A ratio, not a constant. A prior that says "always ~4.7x light" would have been wrong on all three names in this cluster, in both directions.
By contrast, AV's researchAndDevelopment = $457,693,000 matches the filed
ResearchAndDevelopmentExpense exactly, and commonStockSharesOutstanding = 115,506,000 against a
filed 115,505,791 (0.0002%). Both CLEAN.
| Check | Result |
|---|---|
| Gross profit + cost of revenue = revenue (FY2025) | $2,294.243m + $444.983m = $2,739.226m ✓ |
| Gross profit − total opex = operating income | $2,294.243m − $1,311.858m = $982.385m ✓ |
Opex bridge sums to filed OperatingExpenses |
457.693 + 566.516 + 226.058 + 45.948 + 15.643 = $1,311.858m ✓ |
| Q3 FY2026 GAAP EPS | $118.780m ÷ $1.03 = 115.32m diluted, consistent with the filed cover count |
| Balance sheet (8-K) | assets $6,513.577m = liabilities + equity $6,513.577m ✓ |
Rolling four quarters to 30 June 2026: 2026-06-30, 2026-03-31, 2025-12-31, 2025-09-30. The Sep-2025
fiscal Q4 is included and it is the single largest quarter in the series ($893.795m revenue, 48.5%
operating margin). Cross-check against FY2025 − (Q1+Q2+Q3):
$2,739.226m − ($565.128 + $636.366 + $643.937) = $893.795m — matches to the dollar. The
fiscal-Q4 EDGAR-tagging gap does not corrupt this series.
This is also why the TTM window is not a valid terminal-margin basis on this name — see
PTC_Valuation.md §2. The Q4 quarter that ties perfectly is precisely the quarter that contaminates.
SPLITS queried explicitly. Result: one entry, factor 0.4 on 2006-02-28 (a 2-for-5 reverse).
Nothing in the last 20 years. No split-basis mismatch is possible in the window used.
PTC_Valuation.md §7. Both the resulting EV
and the resulting per-share target err conservatively.av_vs_edgar.py was not run on PTC within the time-box. Instead, every income-statement and
balance-sheet line used was checked directly against companyfacts and the filed documents, which
is the same test performed by hand. Reported as a method substitution, not as a completed run of
that tool.