PTC makes industrial software that helps manufacturers design, develop, and service complex physical products. PTC's portfolio spans four core categories: PLM (product lifecycle management), CAD (computer-aided design), ALM (application lifecycle management), and SLM (service lifecycle management). Windchill is PTC's flagship PLM product, managing product data — bills of materials, engineering changes, documentation — across the enterprise. Creo is PTC's 3D design tool; Onshape is a cloud-native SaaS alternative. Codebeamer handles software requirements and compliance for increasingly software-defined products like vehicles and medical devices. ServiceMax manages field service operations, and Servigistics handles service parts inventory. PTC argues these products compound in value when used together, forming what it calls the "Intelligent Product Lifecycle." PTC's primary customers are large industrial manufacturers across five verticals: industrials, federal/aerospace & defense, electronics and high tech, automotive, and med tech. PTC sells primarily direct for large accounts. PTC runs a subscription model with roughly 95% recurring revenue, and tracks ARR as its key metric. ARR growth is driven mainly by expanding usage within the existing customer base — cross-selling additional modules and extending deployments across more enterprise functions. Churn is structurally low given how deeply PLM and CAD are embedded in customers' operations. In FY25, PTC agreed to sell its Kepware and ThingWorx IoT businesses to focus entirely on its core CAD, PLM, ALM, and SLM portfolio.