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PTC (PTC) Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

PTC has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for PTC's Piotroski F-Score or its related term are showing as below:

PTC' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of PTC was 8. The lowest was 3. And the median was 6.


PTC Piotroski F-Score Historical Data

The historical data trend for PTC's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

PTC Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 5.00 6.00 5.00

PTC Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 5.00 5.00 4.00

Competitive Comparison

For the Software - Application subindustry, PTC's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


PTC Piotroski F-Score Distribution

For the Software industry and Technology sector, PTC's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where PTC's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 63.504 + 61.398 + 45.603 + 66.387 = $237 Mil.
Cash Flow from Operations was 210.948 + 169.223 + 49.769 + 187.341 = $617 Mil.
Revenue was 542.181 + 542.342 + 546.62 + 550.214 = $2,181 Mil.
Gross Profit was 428.675 + 426.488 + 430.764 + 440.194 = $1,726 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(4795.769 + 6299.62 + 6207.649 + 6288.842 + 6271.157) / 5 = $5972.6074 Mil.
Total Assets at the begining of this year (Dec22) was $4,796 Mil.
Long-Term Debt & Capital Lease Obligation was $2,415 Mil.
Total Current Assets was $1,134 Mil.
Total Current Liabilities was $950 Mil.
Net Income was 89.679 + 70.476 + 106.837 + 75.035 = $342 Mil.

Revenue was 505.227 + 462.474 + 507.925 + 465.91 = $1,942 Mil.
Gross Profit was 411.89 + 360.479 + 412.395 + 370.12 = $1,555 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(4420.62 + 4378.523 + 4605.538 + 4687.268 + 4795.769) / 5 = $4577.5436 Mil.
Total Assets at the begining of last year (Dec21) was $4,421 Mil.
Long-Term Debt & Capital Lease Obligation was $1,528 Mil.
Total Current Assets was $1,127 Mil.
Total Current Liabilities was $787 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

PTC's current Net Income (TTM) was 237. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

PTC's current Cash Flow from Operations (TTM) was 617. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=236.892/4795.769
=0.04939604

ROA (Last Year)=Net Income/Total Assets (Dec21)
=342.027/4420.62
=0.07737082

PTC's return on assets of this year was 0.04939604. PTC's return on assets of last year was 0.07737082. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

PTC's current Net Income (TTM) was 237. PTC's current Cash Flow from Operations (TTM) was 617. ==> 617 > 237 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=2414.813/5972.6074
=0.40431471

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1528.28/4577.5436
=0.33386465

PTC's gearing of this year was 0.40431471. PTC's gearing of last year was 0.33386465. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=1134.409/950.333
=1.19369631

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1126.794/786.742
=1.4322281

PTC's current ratio of this year was 1.19369631. PTC's current ratio of last year was 1.4322281. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

PTC's number of shares in issue this year was 120.25. PTC's number of shares in issue last year was 118.788. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1726.121/2181.357
=0.79130605

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1554.884/1941.536
=0.80085252

PTC's gross margin of this year was 0.79130605. PTC's gross margin of last year was 0.80085252. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=2181.357/4795.769
=0.45485031

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1941.536/4420.62
=0.43919993

PTC's asset turnover of this year was 0.45485031. PTC's asset turnover of last year was 0.43919993. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+0+1
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

PTC has an F-score of 4 indicating the company's financial situation is typical for a stable company.

PTC  (NAS:PTC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


PTC Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of PTC's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


PTC (PTC) Business Description

Traded in Other Exchanges
Address
121 Seaport Boulevard, Boston, MA, USA, 02210
PTC offers high-end computer-assisted design (Creo) and product lifecycle management (Windchill) software as well as Internet of Things and AR industrial solutions. Founded in 1985, PTC has 28,000 customers, with revenue stemming mostly from North America (45%) and Europe (40%).
Executives
Robert Schechter director C/O NMS COMMUNICATIONS, 100 CROSSING BLVD, FRAMINGHAM MA 01702
Kristian Talvitie officer: Chief Financial Officer 121 SEAPORT BOULEVARD, BOSTON MA 02210
Michael Ditullio officer: EVP 121 SEAPORT BLVD, BOSTON MA 02210
Von Staats Aaron C officer: SVP, General Counsel and Clerk C/O PARAMETRIC TECHNOLOGY CORP, 140 KENDRICK ST, NEEDHAM MA 02494
Catherine Kniker officer: Chief Strategy Officer C/O 121 SEAPORT BOULEVARD, BOSTON MA 02210
Paul A Lacy director KRONOS INCORP, 297 BILLERICA RD, CHELMSFORD MA 01824
Lathan Corinna director 140 KENDRICK STREET, NEEDHAM MA 02494
Blake D. Moret director C/O ROCKWELL AUTOMATION, INC., 1201 SOUTH SECOND STREET, MILWAUKEE WI 53204
Neil Barua director, officer: CEO-Elect C/O SERVICEMAX, INC., 4450 ROSEWOOD DRIVE #200, PLEASANTON CA 94588
Janesh Moorjani director C/O ELASTIC N.V., 800 WEST EL CAMINO REAL, SUITE 350, MOUNTAIN VIEW CA 94040
Michal Katz director 42 ROCK SHELTER ROAD, WACCABUC NY 10597
James E Heppelmann officer: EVP, Chief Product Officer C/O PARAMETRIC TECHNOLOGY CORP, 140 KENDRICK ST., NEEDHAM MA 02494
Amarpreet Hanspal director AUTODESK, INC., 111 MCINNIS PARKWAY, SAN RAFAEL CA 94903
Phillip M Fernandez director C/O MARKETO, INC., 901 MARINER'S ISLAND BLVD., SUITE 500, SAN MATEO CA 94404
Mark D Benjamin director NUANCE COMMUNICATIONS, INC., 1 WAYSIDE ROAD, BURLINGTON MA 01803

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