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PTC Inc.（PTC）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是PTC Inc.的5.4倍（$3.7B vs $685.8M）。PTC Inc.净利率更高（24.3% vs 20.2%，领先4.0%）。SHOPIFY INC.同比增速更快（30.6% vs 21.4%）。SHOPIFY INC.自由现金流更多（$715.0M vs $267.4M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 6.6%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
PTC vs SHOP — 直观对比
营收规模更大
SHOP
是对方的5.4倍
$685.8M
营收增速更快
SHOP
高出9.2%
21.4%
净利率更高
PTC
高出4.0%
20.2%
自由现金流更多
SHOP
多$447.6M
$267.4M
两年增速更快
SHOP
近两年复合增速
6.6%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $685.8M | $3.7B |
| 净利润 | $166.5M | $743.0M |
| 毛利率 | 82.8% | 46.1% |
| 营业利润率 | 32.2% | 17.2% |
| 净利率 | 24.3% | 20.2% |
| 营收同比 | 21.4% | 30.6% |
| 净利润同比 | 102.5% | -42.5% |
| 每股收益（稀释后） | $1.39 | $0.58 |
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PTCSHOP
| Q4 25 | $685.8M | $3.7B | ||
| Q3 25 | $893.8M | $2.8B | ||
| Q2 25 | $643.9M | $2.7B | ||
| Q1 25 | $636.4M | $2.4B | ||
| Q4 24 | $565.1M | $2.8B | ||
| Q3 24 | $626.5M | $2.2B | ||
| Q2 24 | $518.6M | $2.0B | ||
| Q1 24 | $603.1M | $1.9B |
净利润PTCSHOP
| Q4 25 | $166.5M | $743.0M | ||
| Q3 25 | $347.8M | $264.0M | ||
| Q2 25 | $141.3M | $906.0M | ||
| Q1 25 | $162.6M | $-682.0M | ||
| Q4 24 | $82.2M | $1.3B | ||
| Q3 24 | $126.5M | $828.0M | ||
| Q2 24 | $69.0M | $171.0M | ||
| Q1 24 | $114.4M | $-273.0M |
毛利率PTCSHOP
| Q4 25 | 82.8% | 46.1% | ||
| Q3 25 | 86.9% | 48.9% | ||
| Q2 25 | 82.9% | 48.6% | ||
| Q1 25 | 83.3% | 49.5% | ||
| Q4 24 | 80.2% | 48.1% | ||
| Q3 24 | 82.0% | 51.7% | ||
| Q2 24 | 78.4% | 51.1% | ||
| Q1 24 | 81.8% | 51.4% |
营业利润率PTCSHOP
| Q4 25 | 32.2% | 17.2% | ||
| Q3 25 | 48.5% | 12.1% | ||
| Q2 25 | 32.6% | 10.9% | ||
| Q1 25 | 35.1% | 8.6% | ||
| Q4 24 | 20.4% | 16.5% | ||
| Q3 24 | 31.0% | 13.1% | ||
| Q2 24 | 18.5% | 11.8% | ||
| Q1 24 | 29.8% | 4.6% |
净利率PTCSHOP
| Q4 25 | 24.3% | 20.2% | ||
| Q3 25 | 38.9% | 9.3% | ||
| Q2 25 | 21.9% | 33.8% | ||
| Q1 25 | 25.6% | -28.9% | ||
| Q4 24 | 14.6% | 46.0% | ||
| Q3 24 | 20.2% | 38.3% | ||
| Q2 24 | 13.3% | 8.4% | ||
| Q1 24 | 19.0% | -14.7% |
每股收益（稀释后）PTCSHOP
| Q4 25 | $1.39 | $0.58 | ||
| Q3 25 | $2.88 | $0.20 | ||
| Q2 25 | $1.17 | $0.69 | ||
| Q1 25 | $1.35 | $-0.53 | ||
| Q4 24 | $0.68 | $0.99 | ||
| Q3 24 | $1.05 | $0.64 | ||
| Q2 24 | $0.57 | $0.13 | ||
| Q1 24 | $0.95 | $-0.21 |
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 | $209.7M | $5.8B |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $3.8B | $13.5B |
| 总资产 | $6.4B | $15.2B |
| 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PTCSHOP
| Q4 25 | $209.7M | $5.8B | ||
| Q3 25 | $184.4M | $6.3B | ||
| Q2 25 | $199.3M | $5.8B | ||
| Q1 25 | $235.2M | $5.5B | ||
| Q4 24 | $196.3M | $5.5B | ||
| Q3 24 | $265.8M | — | ||
| Q2 24 | $247.7M | — | ||
| Q1 24 | $249.0M | — |
总债务PTCSHOP
| 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PTCSHOP
| Q4 25 | $3.8B | $13.5B | ||
| Q3 25 | $3.8B | $12.5B | ||
| Q2 25 | $3.5B | $12.1B | ||
| Q1 25 | $3.4B | $11.1B | ||
| Q4 24 | $3.2B | $11.6B | ||
| Q3 24 | $3.2B | $10.1B | ||
| Q2 24 | $3.0B | $9.2B | ||
| Q1 24 | $2.9B | $8.9B |
总资产PTCSHOP
| Q4 25 | $6.4B | $15.2B | ||
| Q3 25 | $6.6B | $15.0B | ||
| Q2 25 | $6.2B | $14.6B | ||
| Q1 25 | $6.2B | $13.4B | ||
| Q4 24 | $6.1B | $13.9B | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.1B | — | ||
| Q1 24 | $6.2B | — |
负债/权益比PTCSHOP
| 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 | $269.7M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $267.4M | $715.0M |
| 自由现金流率自由现金流/营收 | 39.0% | 19.5% |
| 资本支出强度资本支出/营收 | 0.3% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.62× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $888.4M | $2.0B |
8季度趋势，按日历期对齐
经营现金流PTCSHOP
| Q4 25 | $269.7M | $725.0M | ||
| Q3 25 | $104.0M | $513.0M | ||
| Q2 25 | $243.9M | $428.0M | ||
| Q1 25 | $281.3M | $367.0M | ||
| Q4 24 | $238.4M | $615.0M | ||
| Q3 24 | $98.1M | $423.0M | ||
| Q2 24 | $213.8M | $340.0M | ||
| Q1 24 | $250.7M | $238.0M |
自由现金流PTCSHOP
| Q4 25 | $267.4M | $715.0M | ||
| Q3 25 | $100.5M | $507.0M | ||
| Q2 25 | $242.0M | $422.0M | ||
| Q1 25 | $278.5M | $363.0M | ||
| Q4 24 | $235.7M | $611.0M | ||
| Q3 24 | $93.6M | $421.0M | ||
| Q2 24 | $212.2M | $333.0M | ||
| Q1 24 | $247.1M | $232.0M |
自由现金流率PTCSHOP
| Q4 25 | 39.0% | 19.5% | ||
| Q3 25 | 11.2% | 17.8% | ||
| Q2 25 | 37.6% | 15.7% | ||
| Q1 25 | 43.8% | 15.4% | ||
| Q4 24 | 41.7% | 21.7% | ||
| Q3 24 | 14.9% | 19.5% | ||
| Q2 24 | 40.9% | 16.3% | ||
| Q1 24 | 41.0% | 12.5% |
资本支出强度PTCSHOP
| Q4 25 | 0.3% | 0.3% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 0.6% | 0.3% |
现金转化率PTCSHOP
| Q4 25 | 1.62× | 0.98× | ||
| Q3 25 | 0.30× | 1.94× | ||
| Q2 25 | 1.73× | 0.47× | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 2.90× | 0.48× | ||
| Q3 24 | 0.78× | 0.51× | ||
| Q2 24 | 3.10× | 1.99× | ||
| Q1 24 | 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
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
