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PTC Inc.（PTC）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是PTC Inc.的1.8倍（$1.4B vs $774.3M），PTC Inc.净利率更高（76.3% vs 3.1%，领先73.1%），PTC Inc.同比增速更快（21.7% vs 2.6%），PTC Inc.自由现金流更多（$318.0M vs $257.7M），过去两年PTC Inc.的营收复合增速更高（22.2% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
PTC vs SEE — 直观对比
营收规模更大
SEE
是对方的1.8倍
$774.3M
营收增速更快
PTC
高出19.1%
2.6%
净利率更高
PTC
高出73.1%
3.1%
自由现金流更多
PTC
多$60.3M
$257.7M
两年增速更快
PTC
近两年复合增速
2.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $774.3M | $1.4B |
| 净利润 | $590.7M | $43.8M |
| 毛利率 | 99.1% | 28.6% |
| 营业利润率 | 38.2% | 11.4% |
| 净利率 | 76.3% | 3.1% |
| 营收同比 | 21.7% | 2.6% |
| 净利润同比 | 141.2% | 700.0% |
| 每股收益（稀释后） | $4.98 | $0.30 |
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PTCSEE
| Q1 26 | $774.3M | — | ||
| Q4 25 | $685.8M | $1.4B | ||
| Q3 25 | $893.8M | $1.3B | ||
| Q2 25 | $643.9M | $1.3B | ||
| Q1 25 | $636.4M | $1.3B | ||
| Q4 24 | $565.1M | $1.4B | ||
| Q3 24 | $626.5M | $1.3B | ||
| Q2 24 | $518.6M | $1.3B |
净利润PTCSEE
| Q1 26 | $590.7M | — | ||
| Q4 25 | $166.5M | $43.8M | ||
| Q3 25 | $347.8M | $255.1M | ||
| Q2 25 | $141.3M | $93.1M | ||
| Q1 25 | $162.6M | $113.5M | ||
| Q4 24 | $82.2M | $-7.3M | ||
| Q3 24 | $126.5M | $91.7M | ||
| Q2 24 | $69.0M | $98.3M |
毛利率PTCSEE
| Q1 26 | 99.1% | — | ||
| Q4 25 | 82.8% | 28.6% | ||
| Q3 25 | 86.9% | 29.8% | ||
| Q2 25 | 82.9% | 30.7% | ||
| Q1 25 | 83.3% | 30.9% | ||
| Q4 24 | 80.2% | 30.0% | ||
| Q3 24 | 82.0% | 30.1% | ||
| Q2 24 | 78.4% | 31.2% |
营业利润率PTCSEE
| Q1 26 | 38.2% | — | ||
| Q4 25 | 32.2% | 11.4% | ||
| Q3 25 | 48.5% | 13.8% | ||
| Q2 25 | 32.6% | 15.0% | ||
| Q1 25 | 35.1% | 14.5% | ||
| Q4 24 | 20.4% | 11.7% | ||
| Q3 24 | 31.0% | 13.9% | ||
| Q2 24 | 18.5% | 15.4% |
净利率PTCSEE
| Q1 26 | 76.3% | — | ||
| Q4 25 | 24.3% | 3.1% | ||
| Q3 25 | 38.9% | 19.0% | ||
| Q2 25 | 21.9% | 7.0% | ||
| Q1 25 | 25.6% | 9.0% | ||
| Q4 24 | 14.6% | -0.5% | ||
| Q3 24 | 20.2% | 6.9% | ||
| Q2 24 | 13.3% | 7.4% |
每股收益（稀释后）PTCSEE
| Q1 26 | $4.98 | — | ||
| Q4 25 | $1.39 | $0.30 | ||
| Q3 25 | $2.88 | $1.73 | ||
| Q2 25 | $1.17 | $0.63 | ||
| Q1 25 | $1.35 | $0.77 | ||
| Q4 24 | $0.68 | $-0.05 | ||
| Q3 24 | $1.05 | $0.63 | ||
| Q2 24 | $0.57 | $0.67 |
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 | $439.1M | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $3.9B | $1.2B |
| 总资产 | $6.5B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资PTCSEE
| Q1 26 | $439.1M | — | ||
| Q4 25 | $209.7M | $344.0M | ||
| Q3 25 | $184.4M | $282.5M | ||
| Q2 25 | $199.3M | $354.4M | ||
| Q1 25 | $235.2M | $335.2M | ||
| Q4 24 | $196.3M | $371.8M | ||
| Q3 24 | $265.8M | $386.0M | ||
| Q2 24 | $247.7M | $388.6M |
总债务PTCSEE
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | $1.2B | $4.0B | ||
| Q2 25 | $1.2B | $4.0B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.0B | $4.2B | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.3B | $4.4B |
股东权益PTCSEE
| Q1 26 | $3.9B | — | ||
| Q4 25 | $3.8B | $1.2B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.5B | $953.1M | ||
| Q1 25 | $3.4B | $797.9M | ||
| Q4 24 | $3.2B | $624.5M | ||
| Q3 24 | $3.2B | $771.2M | ||
| Q2 24 | $3.0B | $650.1M |
总资产PTCSEE
| Q1 26 | $6.5B | — | ||
| Q4 25 | $6.4B | $7.0B | ||
| Q3 25 | $6.6B | $7.1B | ||
| Q2 25 | $6.2B | $7.2B | ||
| Q1 25 | $6.2B | $7.0B | ||
| Q4 24 | $6.1B | $7.0B | ||
| Q3 24 | $6.4B | $7.3B | ||
| Q2 24 | $6.1B | $7.3B |
负债/权益比PTCSEE
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | 2.65× | ||
| Q3 25 | 0.31× | 3.34× | ||
| Q2 25 | 0.34× | 4.18× | ||
| Q1 25 | 0.40× | 5.26× | ||
| Q4 24 | 0.32× | 6.72× | ||
| Q3 24 | 0.38× | 5.62× | ||
| Q2 24 | 0.43× | 6.81× |
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 | $320.9M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $318.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 41.1% | 18.5% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | 0.54× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $927.9M | $458.5M |
8季度趋势，按日历期对齐
经营现金流PTCSEE
| Q1 26 | $320.9M | — | ||
| Q4 25 | $269.7M | $293.6M | ||
| Q3 25 | $104.0M | $165.9M | ||
| Q2 25 | $243.9M | $136.6M | ||
| Q1 25 | $281.3M | $31.9M | ||
| Q4 24 | $238.4M | $244.2M | ||
| Q3 24 | $98.1M | $170.5M | ||
| Q2 24 | $213.8M | $188.2M |
自由现金流PTCSEE
| Q1 26 | $318.0M | — | ||
| Q4 25 | $267.4M | $257.7M | ||
| Q3 25 | $100.5M | $119.6M | ||
| Q2 25 | $242.0M | $93.2M | ||
| Q1 25 | $278.5M | $-12.0M | ||
| Q4 24 | $235.7M | $185.1M | ||
| Q3 24 | $93.6M | $115.2M | ||
| Q2 24 | $212.2M | $129.5M |
自由现金流率PTCSEE
| Q1 26 | 41.1% | — | ||
| Q4 25 | 39.0% | 18.5% | ||
| Q3 25 | 11.2% | 8.9% | ||
| Q2 25 | 37.6% | 7.0% | ||
| Q1 25 | 43.8% | -0.9% | ||
| Q4 24 | 41.7% | 13.6% | ||
| Q3 24 | 14.9% | 8.6% | ||
| Q2 24 | 40.9% | 9.7% |
资本支出强度PTCSEE
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 2.6% | ||
| Q3 25 | 0.4% | 3.4% | ||
| Q2 25 | 0.3% | 3.3% | ||
| Q1 25 | 0.4% | 3.5% | ||
| Q4 24 | 0.5% | 4.4% | ||
| Q3 24 | 0.7% | 4.1% | ||
| Q2 24 | 0.3% | 4.4% |
现金转化率PTCSEE
| Q1 26 | 0.54× | — | ||
| Q4 25 | 1.62× | 6.70× | ||
| Q3 25 | 0.30× | 0.65× | ||
| Q2 25 | 1.73× | 1.47× | ||
| Q1 25 | 1.73× | 0.28× | ||
| Q4 24 | 2.90× | — | ||
| Q3 24 | 0.78× | 1.86× | ||
| Q2 24 | 3.10× | 1.91× |
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
PTC
| Recurring revenue | $743.4M | 96% |
| Other | $24.0M | 3% |
| Perpetual license | $6.9M | 1% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
