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PTC (PTC) Beneish M-Score

: -2.60 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PTC' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.64   Max: -1.03
Current: -2.6

During the past 13 years, the highest Beneish M-Score of PTC was -1.03. The lowest was -3.00. And the median was -2.64.


PTC Beneish M-Score Historical Data

The historical data trend for PTC's Beneish M-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
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.16 -2.48 -2.16 -2.38 -2.54

PTC Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial 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 -2.41 -2.47 -2.45 -2.54 -2.60

Competitive Comparison

For the Software - Application subindustry, PTC's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score Distribution

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

* The bar in red indicates where PTC's Beneish M-Score falls into.



PTC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PTC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0737+0.528 * 1.0121+0.404 * 1.0962+0.892 * 1.1235+0.115 * 0.8561
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.037+4.679 * -0.061192-0.327 * 1.1116
=-2.60

* 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:
Total Receivables was $678 Mil.
Revenue was 550.214 + 546.62 + 542.342 + 542.181 = $2,181 Mil.
Gross Profit was 440.194 + 430.764 + 426.488 + 428.675 = $1,726 Mil.
Total Current Assets was $1,134 Mil.
Total Assets was $6,271 Mil.
Property, Plant and Equipment(Net PPE) was $227 Mil.
Depreciation, Depletion and Amortization(DDA) was $143 Mil.
Selling, General, & Admin. Expense(SGA) was $800 Mil.
Total Current Liabilities was $950 Mil.
Long-Term Debt & Capital Lease Obligation was $2,415 Mil.
Net Income was 66.387 + 45.603 + 61.398 + 63.504 = $237 Mil.
Non Operating Income was 3.015 + -2.214 + 2.501 + 0.054 = $3 Mil.
Cash Flow from Operations was 187.341 + 49.769 + 169.223 + 210.948 = $617 Mil.
Total Receivables was $562 Mil.
Revenue was 465.91 + 507.925 + 462.474 + 505.227 = $1,942 Mil.
Gross Profit was 370.12 + 412.395 + 360.479 + 411.89 = $1,555 Mil.
Total Current Assets was $1,127 Mil.
Total Assets was $4,796 Mil.
Property, Plant and Equipment(Net PPE) was $244 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $687 Mil.
Total Current Liabilities was $787 Mil.
Long-Term Debt & Capital Lease Obligation was $1,528 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(678 / 2181.357) / (562.036 / 1941.536)
=0.310816 / 0.28948
=1.0737

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1554.884 / 1941.536) / (1726.121 / 2181.357)
=0.800853 / 0.791306
=1.0121

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1134.409 + 226.729) / 6271.157) / (1 - (1126.794 + 243.779) / 4795.769)
=0.782953 / 0.714212
=1.0962

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2181.357 / 1941.536
=1.1235

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(120.474 / (120.474 + 243.779)) / (142.726 / (142.726 + 226.729))
=0.330743 / 0.386315
=0.8561

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(800.417 / 2181.357) / (687.017 / 1941.536)
=0.366935 / 0.353852
=1.037

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2414.813 + 950.333) / 6271.157) / ((1528.28 + 786.742) / 4795.769)
=0.536607 / 0.482722
=1.1116

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(236.892 - 3.356 - 617.281) / 6271.157
=-0.061192

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PTC has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.


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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