Co-movers

daily closes · 500dMethod

Moved together

PTCwithMSFT

×0.27co-movement · MSFT on PTC · 500d

r 0.38scale to r 0.75

Shared co-movers2with PTCwith MSFT

SAPSAP SEr 0.48r 0.48

NOWServiceNow, Inc.r 0.48r 0.52

PTC, solidMSFT, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

PTCPTC Inc.

194.70−0.25%· post 194.70

Mkt cap$21.1BRevenue$600MQ3 FY26Revenue$2.7BFY25

MSFTMicrosoft Corp

535.54−3.65%· post 533.37

ClosedNov 5 '26

Mkt cap$4.0TRevenue$92.3BQ1 FY27Revenue$332BFY26

vs

Compare

ClosedNov 5 '26

PTCPTC Inc.

vs

MSFTMicrosoft Corp

194.70−0.25%post 194.70

Price

535.54−3.65%post 533.37

$21.1B

Mkt cap

$4.0T

Q3 FY26$600M

Revenue

$92.3BQ1 FY27

FY25$2.7B

Revenue

$332BFY26

PTC compared with MSFT: revenue, margins and what each company keeps, and the suppliers and customers both name