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冠群电脑（MANH）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是冠群电脑的2.5倍（$685.8M vs $270.4M），PTC Inc.净利率更高（24.3% vs 19.2%，领先5.1%），PTC Inc.同比增速更快（21.4% vs 5.7%），PTC Inc.自由现金流更多（$267.4M vs $142.4M），过去两年PTC Inc.的营收复合增速更高（6.6% vs 3.1%）
原冠群电脑国际有限公司，后更名为CA科技，是1976年至2018年存续的美国跨国企业软件开发商与发行商。作为全球顶尖独立软件企业之一，曾位列行业第二，旗下系统软件适配IBM大型机、分布式计算、虚拟机及云计算环境。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
MANH vs PTC — 直观对比
营收规模更大
PTC
是对方的2.5倍
$270.4M
营收增速更快
PTC
高出15.7%
5.7%
净利率更高
PTC
高出5.1%
19.2%
自由现金流更多
PTC
多$125.0M
$142.4M
两年增速更快
PTC
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $270.4M | $685.8M |
| 净利润 | $52.0M | $166.5M |
| 毛利率 | 55.0% | 82.8% |
| 营业利润率 | 24.8% | 32.2% |
| 净利率 | 19.2% | 24.3% |
| 营收同比 | 5.7% | 21.4% |
| 净利润同比 | 8.2% | 102.5% |
| 每股收益（稀释后） | $0.86 | $1.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MANHPTC
| Q4 25 | $270.4M | $685.8M | ||
| Q3 25 | $275.8M | $893.8M | ||
| Q2 25 | $272.4M | $643.9M | ||
| Q1 25 | $262.8M | $636.4M | ||
| Q4 24 | $255.8M | $565.1M | ||
| Q3 24 | $266.7M | $626.5M | ||
| Q2 24 | $265.3M | $518.6M | ||
| Q1 24 | $254.6M | $603.1M |
净利润MANHPTC
| Q4 25 | $52.0M | $166.5M | ||
| Q3 25 | $58.6M | $347.8M | ||
| Q2 25 | $56.8M | $141.3M | ||
| Q1 25 | $52.6M | $162.6M | ||
| Q4 24 | $48.0M | $82.2M | ||
| Q3 24 | $63.8M | $126.5M | ||
| Q2 24 | $52.8M | $69.0M | ||
| Q1 24 | $53.8M | $114.4M |
毛利率MANHPTC
| Q4 25 | 55.0% | 82.8% | ||
| Q3 25 | 56.6% | 86.9% | ||
| Q2 25 | 57.3% | 82.9% | ||
| Q1 25 | 56.4% | 83.3% | ||
| Q4 24 | 55.8% | 80.2% | ||
| Q3 24 | 55.5% | 82.0% | ||
| Q2 24 | 54.8% | 78.4% | ||
| Q1 24 | 53.1% | 81.8% |
营业利润率MANHPTC
| Q4 25 | 24.8% | 32.2% | ||
| Q3 25 | 27.5% | 48.5% | ||
| Q2 25 | 27.1% | 32.6% | ||
| Q1 25 | 24.0% | 35.1% | ||
| Q4 24 | 23.7% | 20.4% | ||
| Q3 24 | 28.2% | 31.0% | ||
| Q2 24 | 25.7% | 18.5% | ||
| Q1 24 | 22.6% | 29.8% |
净利率MANHPTC
| Q4 25 | 19.2% | 24.3% | ||
| Q3 25 | 21.3% | 38.9% | ||
| Q2 25 | 20.8% | 21.9% | ||
| Q1 25 | 20.0% | 25.6% | ||
| Q4 24 | 18.8% | 14.6% | ||
| Q3 24 | 23.9% | 20.2% | ||
| Q2 24 | 19.9% | 13.3% | ||
| Q1 24 | 21.1% | 19.0% |
每股收益（稀释后）MANHPTC
| Q4 25 | $0.86 | $1.39 | ||
| Q3 25 | $0.96 | $2.88 | ||
| Q2 25 | $0.93 | $1.17 | ||
| Q1 25 | $0.85 | $1.35 | ||
| Q4 24 | $0.77 | $0.68 | ||
| Q3 24 | $1.03 | $1.05 | ||
| Q2 24 | $0.85 | $0.57 | ||
| Q1 24 | $0.86 | $0.95 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $328.7M | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $314.8M | $3.8B |
| 总资产 | $839.4M | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资MANHPTC
| Q4 25 | $328.7M | $209.7M | ||
| Q3 25 | $263.6M | $184.4M | ||
| Q2 25 | $230.6M | $199.3M | ||
| Q1 25 | $205.9M | $235.2M | ||
| Q4 24 | $266.2M | $196.3M | ||
| Q3 24 | $215.0M | $265.8M | ||
| Q2 24 | $202.7M | $247.7M | ||
| Q1 24 | $207.5M | $249.0M |
总债务MANHPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益MANHPTC
| Q4 25 | $314.8M | $3.8B | ||
| Q3 25 | $309.2M | $3.8B | ||
| Q2 25 | $278.8M | $3.5B | ||
| Q1 25 | $245.1M | $3.4B | ||
| Q4 24 | $299.1M | $3.2B | ||
| Q3 24 | $278.0M | $3.2B | ||
| Q2 24 | $240.6M | $3.0B | ||
| Q1 24 | $239.6M | $2.9B |
总资产MANHPTC
| Q4 25 | $839.4M | $6.4B | ||
| Q3 25 | $768.8M | $6.6B | ||
| Q2 25 | $744.7M | $6.2B | ||
| Q1 25 | $708.2M | $6.2B | ||
| Q4 24 | $757.6M | $6.1B | ||
| Q3 24 | $698.1M | $6.4B | ||
| Q2 24 | $665.3M | $6.1B | ||
| Q1 24 | $674.8M | $6.2B |
负债/权益比MANHPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $147.1M | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $142.4M | $267.4M |
| 自由现金流率自由现金流/营收 | 52.7% | 39.0% |
| 资本支出强度资本支出/营收 | 1.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.83× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $374.0M | $888.4M |
8季度趋势，按日历期对齐
经营现金流MANHPTC
| Q4 25 | $147.1M | $269.7M | ||
| Q3 25 | $93.1M | $104.0M | ||
| Q2 25 | $74.0M | $243.9M | ||
| Q1 25 | $75.3M | $281.3M | ||
| Q4 24 | $104.7M | $238.4M | ||
| Q3 24 | $62.3M | $98.1M | ||
| Q2 24 | $73.3M | $213.8M | ||
| Q1 24 | $54.7M | $250.7M |
自由现金流MANHPTC
| Q4 25 | $142.4M | $267.4M | ||
| Q3 25 | $87.2M | $100.5M | ||
| Q2 25 | $70.1M | $242.0M | ||
| Q1 25 | $74.4M | $278.5M | ||
| Q4 24 | $101.6M | $235.7M | ||
| Q3 24 | $61.3M | $93.6M | ||
| Q2 24 | $71.0M | $212.2M | ||
| Q1 24 | $52.4M | $247.1M |
自由现金流率MANHPTC
| Q4 25 | 52.7% | 39.0% | ||
| Q3 25 | 31.6% | 11.2% | ||
| Q2 25 | 25.7% | 37.6% | ||
| Q1 25 | 28.3% | 43.8% | ||
| Q4 24 | 39.7% | 41.7% | ||
| Q3 24 | 23.0% | 14.9% | ||
| Q2 24 | 26.8% | 40.9% | ||
| Q1 24 | 20.6% | 41.0% |
资本支出强度MANHPTC
| Q4 25 | 1.7% | 0.3% | ||
| Q3 25 | 2.1% | 0.4% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 0.3% | 0.4% | ||
| Q4 24 | 1.2% | 0.5% | ||
| Q3 24 | 0.4% | 0.7% | ||
| Q2 24 | 0.8% | 0.3% | ||
| Q1 24 | 0.9% | 0.6% |
现金转化率MANHPTC
| Q4 25 | 2.83× | 1.62× | ||
| Q3 25 | 1.59× | 0.30× | ||
| Q2 25 | 1.30× | 1.73× | ||
| Q1 25 | 1.43× | 1.73× | ||
| Q4 24 | 2.18× | 2.90× | ||
| Q3 24 | 0.98× | 0.78× | ||
| Q2 24 | 1.39× | 3.10× | ||
| Q1 24 | 1.02× | 2.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MANH
| Service Other | $120.0M | 44% |
| Cloud Subscriptions | $108.6M | 40% |
| Maintenance | $32.3M | 12% |
| Hardware | $6.9M | 3% |
| License And Maintenance | $2.6M | 1% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
