PTC Inc. management check
PTC · Information Technology · Application Software · CEO Neil Barua
Filings as of
1 good · 5 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $245, against $285 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.11 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
3.3% of net income$24.3m of reported pay in fiscal 2025, against $733.9m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.6 years of payThe CEO holds 98,024 shares, directly or through trusts (unvested awards not counted): about 0.6 years of pay. Light activity: no buys, $462k sold in six months. 1 of 2 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.6% a year over the last three fiscal years. Stock-based pay was 7.9% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Heppelmann, Mr. Barua. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 33 | 33 | |
| Pay for performance | 44 | 87 | |
| CEO cost | 7 | 35 | |
| Skin in the game | 24 | 47 | |
| Dilution | 42 | 56 | |
| Stable leadership | 45 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Application Software, by management score. PTC Inc. is 66th of 73 in its sector.
- 72PLTRPalantir Technologies78
- 186FICOFair Isaac70
- 202CRMSalesforce68
- 264ADBEAdobe Inc.64
- 343DDOGDatadog59
- 350INTUIntuit58
- 405TYLTyler Technologies52
- 430ORCLOracle Corporation49
- 445CDNSCadence Design Systems47
- 456ADSKAutodesk44
Pay versus performance
From the proxy statement filed December 23, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Barua | $24.3m | $22.9m | $8.3m | $245 | $285 | $733.9m |
| 2024 | Mr. Heppelmann | $16.4m | $20.1m | $6.2m | $218 | $222 | $376.3m |
| 2023 | — | $15.6m | $32.8m | $7.9m | $171 | $146 | $245.5m |
| 2022 | — | $12.9m | $10.4m | $3.9m | $126 | $103 | $313.1m |
| 2021 | — | $13.0m | $43.6m | $4.3m | $145 | $129 | $476.9m |
The board says pay is tied most to free cash flow. Its other key measures: Free Cash Flow, Adjusted Free Cash Flow, Annual Run Rate (ARR), Relative TSR.
Insiders and the CEO's stake
Neil Barua (President and CEO) held 98,024 shares directly after their latest Form 4 on Aug 15, 2026, roughly $14.7m at that filing's price.
Light activity: no buys, $462k sold in six months. 1 of 2 sales ran on pre-arranged 10b5-1 plans.
- SoldCorinna LathanDirector · 10b5-1 plan$343kOct 5, 2026
- SoldAlice ChristensonChief Accounting Officer$119kMay 12, 2026
Leadership and governance on file
- Dec 4, 2025Leadership change8-K 5.02
- Oct 14, 2025Leadership change8-K 5.02
- Mar 13, 2025Leadership change8-K 5.02
- Nov 26, 2024Leadership change8-K 5.02
- Sep 12, 2024Leadership change8-K 5.02
- Sep 3, 2024Leadership change8-K 5.02
- Jul 16, 2024Leadership change8-K 5.02
- Feb 15, 2024Leadership change8-K 5.02
- Aug 1, 2023Leadership change8-K 5.02
- Jul 26, 2023Leadership change8-K 5.02
- Jun 5, 2023Leadership change8-K 5.02
- Feb 21, 2023Leadership change8-K 5.02
Latest shareholder vote results: Feb 11, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $455.0m returned to owners in buybacks and dividends, 21% of net income, and $998.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8bn | $1.9bn | $2.1bn | $2.3bn | $2.7bn |
| Net income | $476.9m | $313.1m | $245.5m | $376.3m | $734.0m |
| Stock-based pay | $177.3m | $174.9m | $206.5m | $223.5m | $216.2m |
| Buybacks | $30.0m | $125.0m | $0 | $0 | $300.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 118m | 118m | 119m | 121m | 121m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.