PTC vs U: PTC and Unity Software compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- PTC is the larger company, worth $23.6B, close to Unity Software's $19.9B.
- Unity Software grew revenue faster over the last year (+23.9% vs -6.8%).
- PTC keeps more of each dollar of revenue as operating profit (37.8% vs -30.4%).
- Unity Software's price assumes faster free cash flow growth: about 17% a year, against 9% for PTC (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PTC | U |
|---|---|---|
| Market cap | $23.6B | $19.9B |
| Share price | $194.45 | $46.88 |
| Revenue (last fiscal year) | $2.7B | $1.8B |
| Free cash flow (last fiscal year) | $857M | $404M |
| Revenue growth, last year | -6.8% | +23.9% |
| Revenue growth per year, last 5 fiscal years | +11.0% | +13.6% |
| Operating margin | 37.8% | -30.4% |
| Net margin | 41.4% | -29.0% |
| Return on equity | 35.3% | -19.4% |
| P/E (trailing) | 19.6x | — |
| Price / free cash flow | 27.5x | 49.4x |
| EV / EBITDA | 14.5x | — |
| FCF growth the price implies | 9.2% | 16.8% |
| Dividend yield | — | — |
| Debt / equity | 0.88x | 1.11x |
| Fundamental grade | C | D |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
PTC
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $344M | 21.1% |
| 2022 | $1.9B | $416M | 23.1% |
| 2023 | $2.1B | $587M | 21.9% |
| 2024 | $2.3B | $736M | 25.6% |
| 2025 | $2.7B | $857M | 35.9% |
Unity Software
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.1B | -$153M | -47.9% |
| 2022 | $1.4B | -$117M | -63.4% |
| 2023 | $2.2B | $179M | -38.1% |
| 2024 | $1.8B | $286M | -41.6% |
| 2025 | $1.8B | $404M | -25.9% |
Where the revenue comes from
PTC · by segments, 2022
Software Products$1.8B92%
Professional Services$163M8%
Unity Software · by products, 2025
Grow Solutions$1.2B66%
Create Solutions$621M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PTC in InvestinglyQuestions
Which is bigger, PTC or Unity Software?
PTC (PTC), at $23.6B against $19.9B.
Which grows faster, PTC or U?
Unity Software: revenue grew +23.9% over the last year, against -6.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.