Filing Flows › PTC (PTC) › Takeover & LBO
Is PTC (PTC) a takeover target?
A leveraged buyout at today's price plus 30% ($254.20 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $144.63 a share (−26% against today's $195.54). Historically 2.4% of companies with its figures were bought within a year (0.47× the average). Latest signal (2026-10-05): Agreed sale to and into the Company at $205.0 cash a share · pending.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $254.20 | today's $195.54 plus 30% |
| × shares | 115.0 million | |
| = Equity value | $29.2B | |
| + Debt refinanced | $1.4B | |
| − Cash | $351M | |
| = Enterprise value | $30.3B | 24.9× EBITDA of $1.2B |
| Fees | $605M | 2% of the price |
| New debt | $6.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $24.2B | 78% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.2B | $1.3B | $512M | $618M | $6.1B |
| Year 2 | $3.4B | $1.4B | $465M | $729M | $5.3B |
| Year 3 | $3.6B | $1.5B | $409M | $838M | $4.5B |
| Year 4 | $3.7B | $1.5B | $345M | $943M | $3.6B |
| Year 5 | $3.9B | $1.6B | $273M | $1.0B | $2.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 19.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $30.7B | |
| − Debt left | $2.5B | |
| = Buyer's equity | $28.2B | |
| Money multiple | 1.17× | on $24.2B put in |
| Buyer's yearly return (IRR) | 3.1% |
Price against return
What the buyer makes at other premiums over today's $195.54; the IRR reaches 20% at $144.63 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $215.09 | 7.6% |
| 20% | $234.65 | 5.2% |
| 30% | $254.20 | 3.1% |
| 40% | $273.76 | 1.3% |
| 50% | $293.31 | −0.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.0B | |
| EBITDA, last 12 months | $1.2B | 41.2% of revenue |
| Depreciation and amortization | $99.9M | |
| Capital spending | $19.8M | |
| Debt | $1.4B | |
| Cash | $351M | |
| Share price | $195.54 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 20% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, PTC would cost about $254.20 a share, $29.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $219.00 | $25.2B |
| Median | 30% | $254.20 | $29.2B |
| High end (a quarter paid more) | 31% | $256.16 | $29.5B |
The odds, from history
Historically 2.4% of companies with its figures were bought within a year (0.47× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-10-05 · deal · Agreed sale to and into the Company at $205.0 cash a share · pending
PTC's latest quarter
PTC, Q4 FY26: revenue $673M (-25% year over year), operating margin 31.6%, net earnings $157M, operating cash flow $47.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is PTC being acquired?
The latest signal on file is from 2026-10-05: Agreed sale to and into the Company at $205.0 cash a share · pending. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy PTC?
A leveraged buyout at today's price plus 30% ($254.20 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $144.63 a share (−26% against today's $195.54).
What would a takeover of PTC cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, PTC would cost about $254.20 a share, $29.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.