User Conference Takeaways: Next Steps on Intelligent Product Lifecycle Journey

Research evidence excerpt

User Conference Takeaways: Next Steps on Intelligent Product Lifecycle Journey

venue (mm) $2,739 $2,700 $2,916

the divides in product development workflows and are a step forward in advancing

the digital thread strategy embarked on with the ServiceMax acquisition. The pace of EPS $8.00 $7.83 $9.23

change in these markets historically has been measured in years rather than quarters, CFPS $7.09 $7.26 $9.32

but as AI emerges as a force of generational change in manufacturing, customers we Consensus Estimates

spoke with conveyed varying degrees of urgency in their organizations to evaluate 2025A 2026E 2027E

ways to modernize operations and take advantage of the pace of innovation. This,

EPS $8.00 $8.61

however, remains tempered by worries about cost and other potential disruptions.

To that end, PTC is looking to harness its foundational expertise and data strategy to Valuation

position itself as a partner as customers progress toward embedding AI across their 2025A 2026E 2027E

product organizations. P/E 16.9x 17.3x 14.6x

Creo a Bigger Star — While Windchill is typically viewed as the "crown jewel" of EV/FCF 20.5x 20.7x 16.6x

the portfolio, and did see a number of interesting product updates, advancements EV/Revenue 6.4x 6.5x 6.0x

announced for Creo were particularly substantial. Enhancements included expanded

QTR. EPS Q1 Q2 Q3 Q4

AI capabilities incorporated into the product, more powerful 3D generative design

2025A $1.10 $1.79 $1.64 $3.47features, broader simulation functionality, and meaningfully faster compute cycles.

We continue to see the combined CAD suite (Creo & Onshape) as share gainers in the 2026E $1.92a $2.69a $1.51 $1.68

market. 2027E $1.87 $2.69 $1.99 $2.69

Inside we provide more details on PTC's AI strategy and our perspectives on both