ADSK Software - Application
Autodesk, Inc.
Autodesk is a San Francisco-based maker of design and make software for architecture, engineering, construction and operations (AECO), manufacturing, and media and entertainment — AutoCAD, Revit, Fusion, Inventor, Maya, and Autodesk Construction Cloud (now Forma for Construction). Nearly all of its FY2026 revenue of $7.2 billion (up 18%) came from subscriptions. It is shifting from selling through resellers to transacting directly with customers under a "new transaction model," which cut its largest distributor TD Synnex from 39% of revenue in FY2024 to 14% in FY2026. It operates as one segment; AECO was 50% of revenue.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:18 (SEC EDGAR) · Source 10-K filed: March 3, 2026
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- Autodesk, Inc.
- Headquarters
- SAN FRANCISCO, CA
- Incorporated in
- Delaware
- Fiscal year end
- 01/31
- Exchange & ticker
- NASDAQ: ADSK
- Industry
- Software - Application
- CIK
- 769397
- Website
- https://www.autodesk.com/ ↗
Workforce (as of FY2026 year-end)
Employees
14,300
Source: Form 10-K (FY2026) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2027
Quarter end: October 2026. In past years, Q3 results were released 21–26 days after quarter end (Nov 25, 2025; Nov 26, 2024; Nov 21, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around January 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–34 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2027 | Jul 31, 2026 | Aug 27, 2026 (+27 days) | Aug 28, 2026 10-Q (+28 days) |
| Q1 FY2027 | Apr 30, 2026 | May 28, 2026 (+28 days) | May 29, 2026 10-Q (+29 days) |
| Q4 FY2026 | Jan 31, 2026 | Feb 26, 2026 (+26 days) | Mar 3, 2026 10-K (+31 days) |
| Q3 FY2026 | Oct 31, 2025 | Nov 25, 2025 (+25 days) | Nov 26, 2025 10-Q (+26 days) |
| Q2 FY2026 | Jul 31, 2025 | Aug 28, 2025 (+28 days) | Sep 2, 2025 10-Q (+33 days) |
| Q1 FY2026 | Apr 30, 2025 | May 22, 2025 (+22 days) | May 29, 2025 10-Q (+29 days) |
| Q4 FY2025 | Jan 31, 2025 | Feb 27, 2025 (+27 days) | Mar 6, 2025 10-K (+34 days) |
| Q3 FY2025 | Oct 31, 2024 | Nov 26, 2024 (+26 days) | Dec 3, 2024 10-Q (+33 days) |
| Q2 FY2025 | Jul 31, 2024 | Aug 29, 2024 (+29 days) | Sep 3, 2024 10-Q (+34 days) |
| Q1 FY2025 | Apr 30, 2024 | Jun 3, 2024 (+34 days) | Jun 10, 2024 10-Q (+41 days) |
| Q4 FY2024 | Jan 31, 2024 | Feb 29, 2024 (+29 days) | Jun 10, 2024 10-K (+131 days) |
| Q3 FY2024 | Oct 31, 2023 | Nov 21, 2023 (+21 days) | Dec 4, 2023 10-Q (+34 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
AECO
AEC Collection, Revit, Forma for Construction (formerly Autodesk Construction Cloud)
Examples: Building design, construction management, construction payments (Payapps)
$3.58B in FY2026, up 22%.
AutoCAD
AutoCAD and AutoCAD LT
Examples: 2D and 3D drafting
$1.79B, up 14%.
Manufacturing
Fusion, Inventor, MFG Collection
Examples: Product design and manufacturing
$1.38B, up 16%.
Media and Entertainment
Media & Entertainment tools
Examples: Production management (PIX, acquired 2024)
$332M.
Product families and revenue are from the FY2026 Form 10-K's MD&A and revenue note.
04
Recent strategic focus
FY2026 operating changes, from the 10-K.
Direct transactions
Direct revenue rose from $2.56B to $4.56B in FY2026 while indirect revenue fell from $3.57B to $2.65B.
Source: Form 10-K (FY2026) MD&A
January 2026 restructuring
A plan to cut about 1,000 employees (about 7% of the workforce) and reduce facilities.
Source: Form 10-K (FY2026) restructuring note
Capex ÷ D&A (FY2026)
0.22x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$43M ÷ $195M = 0.22x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
22.8%
formularesearch & development expense ÷ revenue × 100
e.g.$1,643M ÷ $7,206M × 100 = 22.8%
M&A spend (5-year total)
$2.24B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $56M in FY2022 to $43M in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
05
Key figures at a glance
FY2022–FY2026, 5 years.
Revenue (FY2026)
$7.21B
As reported in the 10-K
Revenue CAGR (4 years)
+13.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($7,206M ÷ $4,386M) ^ (1÷4) − 1 = 13.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
21.9%▲favorable
+7.8pt vs. 4 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,578M ÷ $7,206M × 100 = 21.9%
ROE (FY2026)
39.7%▲favorable
5-year average: 58.2%
As reported in the 10-K
P/B (FY2026 end)
17.61x
formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)
e.g.48.4x × $5.23 ÷ $14.36 = 17.61x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
30.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($54,345M + $2,500M − $2,249M) ÷ ($1,578M + $195M) = 30.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +13.2% a year over 4 years (strong growth)
From $4.39B in FY2022 to $7.21B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 14.1% → 21.9%
How much operating profit is left per $100 of revenue. It moved +7.8 points over 4 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 24.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 58.2% over 5 years (latest: 39.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Autodesk sells subscriptions to its software — individual products such as AutoCAD and industry "Collections" — plus enterprise business agreements (EBAs) for large customers. It sells directly to enterprise and named accounts and through its online store, and through a network of resellers and distributors; under the new transaction model, resellers ("Solution Providers") quote prices but customers transact directly with Autodesk.
01 what it draws on
Inputs & resources
- About 14,300 employees (as of January 31, 2026)
- R&D of $1.64B in FY2026
- Resellers and distributors, including TD Synnex
02 what it does
Activities
- Developing design, engineering, construction, and media software, increasingly cloud-based
- Selling subscriptions directly and through partners
03 who it serves
Customers
- Architects, engineers, contractors, and owners (AECO)
- Manufacturers
- Media and entertainment studios
- Individual designers using AutoCAD and AutoCAD LT
04 how money comes in
How it earns
- Subscriptions, recognized over the subscription term
- Enterprise business agreements
- A small amount of other revenue
How the business makes money
- Revenue rose 18% to $7.21B in FY2026; subscription revenue grew 18% to $6.74B.
- Direct revenue jumped 78% to $4.56B while indirect revenue fell 26% to $2.65B, reflecting the new transaction model.
- Operating income rose 17% to $1.58B, but net income was flat at $1.12B.
- Remaining performance obligations were $8.30B, generally recognized over the next three years.
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
AECO (architecture, engineering, construction, operations)
3,583 (50%)AutoCAD and AutoCAD LT
1,787 (25%)Manufacturing (MFG)
1,379 (19%)Media and Entertainment
332 (5%)Other
125 (2%)
Source: Form 10-K (FY2026) — MD&A and revenue note, net revenue by product family Autodesk has one reportable segment; these are its product families. "Other" is this site's calculation (total revenue minus the four named families). No profit is disclosed by product family.
07
Where it earns
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
Americas — 44% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
3,178 (44%)EMEA
2,794 (39%)APAC
1,234 (17%)
Source: Form 10-K (FY2026) — MD&A, net revenue by geographic area The U.S. accounted for $2,566M of Americas revenue (36% of the total).
08
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
About 94% of FY2026 revenue was subscriptions, recognized over the subscription term. Remaining performance obligations were $8.30B ($5.48B current, up 23%). The move to the new transaction model shifts revenue from the indirect to the direct channel, since customers now transact with Autodesk rather than with resellers.
- Multi-year / recurring
Subscriptions (products, Collections, EBAs)
94% of FY2026 revenue ($6.74B)
Typical term: Recognized over the subscription term
Up 18% in FY2026, from growth in subscriptions from the existing customer base.
- Annual contract
Maintenance
Under 1% ($33M)
Typical term: Legacy maintenance plans
Declining (−20%).
- Short-term contract
Other
6% ($430M)
Typical term: Other products and services, recognized as delivered or performed
Up 15%.
09
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Autodesk sells to enterprise and named accounts directly, through its online store, and through resellers and distributors; under the new transaction model customers transact directly with Autodesk even when a reseller quotes the deal.
Named by the company
- TD Synnex — Autodesk's largest distributor: 14% of FY2026 revenue, down from 33% (FY2025) and 39% (FY2024)Form 10-K (FY2026) — Item 1
What the filings disclose
- No other distributor, reseller, or direct customer accounted for 10% or more of FY2026 revenue. (Form 10-K (FY2026), Item 1)
Suppliers
As a software company, Autodesk's main inputs are its engineers and cloud infrastructure. The 10-K doesn't name suppliers.
Named by the company
None named in the 10-K or the company’s press releases.
10
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Autodesk's 10-K names its primary global competitors and notes that it also competes with small, regional, and start-up firms and with software that customers build in-house.
Competitors named in the 10-K
Primary global competitors
Peer group the company chose
Compensation peer group (fiscal 2026), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Selected on industry positioning, competition for executive talent, revenue, market capitalization, financial results, and geographic footprint.
- Adobesite ↗
- Akamai Technologiessite ↗
- ANSYSsite ↗
- Blocksite ↗
- Cadence Design Systemssite ↗
- DocuSignsite ↗
- Electronic Artssite ↗
- Fortinetsite ↗
- Gen Digitalsite ↗
- Intuitsite ↗
- NetAppsite ↗
- Palo Alto Networkssite ↗
- PTCsite ↗
- Salesforcesite ↗
- ServiceNowsite ↗
- Synopsyssite ↗
- Workdaysite ↗
ANSYS was acquired by Synopsys in July 2025 and will be dropped from the group.
Source: Proxy statement (DEF 14A, filed 2026-05-06) — Compensation Discussion and Analysis, peer groupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
11
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Autodesk buys software businesses to extend its product families, such as construction payments and media production tools in fiscal 2025.
Cash spent on acquisitions, FY2022–FY2026: $2.24B
Mar 2024 (FY2025)
PIX (business of X2X, LLC)
$266M cash
A production management solution for secure review and content collaboration in media and entertainment.
- Stated purpose (company)
- Described as a production management solution for secure review and content collaboration in media and entertainment.
Feb 2024 (FY2025)
Payapps
$387M cash
A cloud-based software platform for managing construction-related payments.
- Stated purpose (company)
- Described as a leading cloud-based platform for managing construction-related payments; the 10-K lists Payapps among the drivers of FY2025 AECO revenue growth.
Autodesk's fiscal year ends January 31; fiscal 2025 ended January 31, 2025.
12
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 4,386 | 5,005 | 5,497 | 6,131 | 7,206 |
| Operating income | 618 | 989 | 1,128 | 1,354 | 1,578 |
| Pretax income | 565 | 946 | 1,136 | 1,384 | 1,603 |
| Net income (attributable) | 497 | 823 | 906 | 1,112 | 1,124 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 14.1% | 9.8% | 11.5% | 17.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 14.1% | 19.8% | 20.5% | 22.1% | 21.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 11.3% | 16.4% | 16.5% | 18.1% | 15.6% |
| Balance sheet ($M) | |||||
| Total assets | 8,607 | 9,438 | 9,912 | 10,833 | 12,467 |
| Total equity | 849 | 1,145 | 1,855 | 2,621 | 3,045 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,650 | 2,300 | 2,300 | 2,300 | 2,500 |
| Equity ratio | 9.9% | 12.1% | 18.7% | 24.2% | 24.4% |
| ROE | 58.5% | 82.5% | 60.4% | 49.7% | 39.7% |
| Cash flow ($M) | |||||
| Operating CF | 1,531 | 2,071 | 1,313 | 1,607 | 2,452 |
| Investing CF | -1,595 | -143 | -502 | -903 | -451 |
| Financing CF | -169 | -1,487 | -852 | -987 | -1,361 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,475 | 2,031 | 1,282 | 1,567 | 2,409 |
| Cash and equivalents | 1,528 | 1,947 | 1,892 | 1,599 | 2,249 |
| Per share & other | |||||
| EPS ($) | 2.24 | 3.78 | 4.19 | 5.12 | 5.23 |
| BVPS ($) | 3.89 | 5.33 | 8.67 | 12.25 | 14.36 |
| P/E (x) | 111.5 | 56.9 | 60.6 | 60.8 | 48.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 73.8 | 41.4 | 43.6 | 44.5 | 30.8 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 64.14 | 40.40 | 29.28 | 25.42 | 17.61 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
13
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
23.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,578M × (1 − 21%) ÷ $5,233M × 100 = 23.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.98%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $54.35B ÷ ($54.35B + $2.5B) = 95.6%
e.g.Debt weight: $2.5B ÷ ($54.35B + $2.5B) = 4.4%
e.g.WACC: 9.3% × 95.6% + 3.2% × (1 − 21%) × 4.4% = 8.98%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
WACC 8.98% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4%
- β
- 0.96 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.28%
- Cost of debt
- 3.20%
- Effective tax rate
- 21%
- Capital structure (equity : debt)
- 96% : 4%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.98%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The defaults reflect 2026-09.
Initial β: 0.96 (price-derived adjusted beta. Raw β 0.94, R² 0.18, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.942 + 0.33 = 0.961
termsβ (beta)
Period 2024-04-05–2026-10-02, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.4.0% + 0.96 × 5.5% = 9.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulaP/E × net income ≈ period-end share price × shares outstanding (= market cap)
termsP/E · Net income (attributable to the company) · Market capitalization · Market value of equity
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
14
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (FY2026)
4.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.0% − 4.4%
Past FCF growth (FY2022–FY2026)
+13.0%
Compound annual rate, 4 years
Past revenue growth (FY2022–FY2026)
+13.2%
Compound annual rate, 4 years
Inputs (FY2026): free cash flow $2.41B (operating CF − capex); enterprise value $54.25B = market cap $54.35B + debt $2.5B − cash and short-term investments $2.6B; r = WACC of 9.0% using this page’s default assumptions (β 0.96, risk-free 4.0%, market premium 5.5%).
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$53.53B
FCF $2.41B ÷ (9.0% − 4.5%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| 0% | 0.63x | 0.56x | 0.49x | 0.44x | 0.40x |
| 2% | 0.89x | 0.74x | 0.63x | 0.56x | 0.49x |
| 4% | 1.48x | 1.11x | 0.89x | 0.74x | 0.63x |
| 6% | 4.44x | 2.22x | 1.48x | 1.11x | 0.89x |
| 8% | — | — | 4.44x | 2.22x | 1.48x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap and enterprise value use the fiscal year-end price, not today’s.
15
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.13x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -11.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 98%
Most profit comes from core operations.
- !
Days sales outstanding: 60 → 73 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-03
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaperiod-end receivables ÷ revenue × 365
formulaperiod-end inventory ÷ revenue × 365
termsInventory · Revenue (net sales)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,452M ÷ $1,124M = 2.18x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,578M ÷ $1,603M × 100 = 98%
termsOperating income · Income before income taxes (pretax income)
formulaperiod-end receivables ÷ revenue × 365
e.g.$1,439M ÷ $7,206M × 365 = 73 days
16
Strengths & weaknesses
Strengths
1. Almost all revenue is subscription
Subscriptions were 94% of FY2026 revenue, and remaining performance obligations rose to $8.30B.
Evidence: Form 10-K (FY2026) MD&A
2. Broad growth across product families
AECO grew 22%, AutoCAD 14%, and Manufacturing 16% in FY2026; revenue rose in all three regions.
Evidence: Form 10-K (FY2026) MD&A
3. Rising cash generation
Operating cash flow rose to $2.45B in FY2026 from $1.61B, with capex of only $43M.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Profit growth lagging revenue
Net income was flat in FY2026 ($1.11B to $1.12B) despite 18% revenue growth.
Evidence: SEC EDGAR XBRL
2. Restructuring
The January 2026 plan cuts about 7% of the workforce (about 1,000 employees) and reduces facilities; headcount fell from about 15,300 to 14,300 during FY2026.
Evidence: Form 10-K (FY2026) Item 1 and restructuring note
3. Governance overhang from the 2024 investigation
An Audit Committee investigation into free cash flow and non-GAAP operating margin practices began in April 2024; the SEC and U.S. Attorney's Office closed their matters in August 2025, but the 10-K says the investigation led to lawsuits and could bring more.
Evidence: Form 10-K (FY2026) Item 1A
17
What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
48.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
4.4%
(Operating CF − capex) ÷ market cap
1. Subscription growth with expanding cash flow
Revenue grew 18% and operating cash flow 53% in FY2026; free cash flow (operating cash flow minus capex) was $2.41B.
- What has to hold
- Subscription renewals and new seats keep growing in AECO and manufacturing.
- The other side
- The 10-K says the new transaction model moves sales incentives paid to Solution Providers from a reduction of revenue to operating costs, which raises calculated revenue growth while being broadly neutral to operating profit and free cash flow dollars — so revenue growth overstates the underlying change. Net income was flat in FY2026.
Evidence: Form 10-K (FY2026) MD&A; SEC EDGAR XBRL
2. Leading position in design software
Products such as AutoCAD, Revit, and Fusion anchor workflows in AECO and manufacturing, with remaining performance obligations of $8.30B.
- What has to hold
- Customers keep standardizing on Autodesk's tools as workflows move to the cloud and AI.
- The other side
- Competition and AI-driven design tools could change the market; the 10-K treats AI as a central part of its strategy.
Evidence: Form 10-K (FY2026) Item 1 and MD&A
3. Lower valuation than in prior years
P/E at the FY2026 year-end price was about 48x, down from 61x a year earlier and 112x at FY2022 year-end.
- What has to hold
- Earnings growth resumes.
- The other side
- A lower multiple can mean the market expects slower growth; the 10-K doesn't address valuation.
Evidence: SEC EDGAR XBRL and fiscal year-end prices
P/E and FCF yield above use the fiscal year-end share price, not today's price. Autodesk pays no dividend.
18
Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
—
$2.6B vs. —
Interest coverage (operating income ÷ interest expense)
19.7x
$1.58B vs. $80M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 5 fiscal years on record (FY2022–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
A $1.5B unsecured revolving credit facility under the 2025 Credit Agreement (expandable to $2B). No notes were due within a year at FY2026 year-end; $300M had been current a year earlier.
Source: Form 10-K (FY2026), MD&A and balance sheet
Recurring revenue
94% of revenue is subscriptions, with $5.48B of remaining performance obligations expected within a year.
Source: Form 10-K (FY2026), MD&A · See Contract structure
Low capital needs
Capex was $43M in FY2026 against $2.45B of operating cash flow.
Source: SEC EDGAR XBRL
Channel concentration falling
TD Synnex's share of revenue fell from 39% to 14% over two years as Autodesk moved to direct transactions.
Source: Form 10-K (FY2026), Item 1 · See Customers & suppliers
19
Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
- 1Governance & quality
Executing the new transaction model
- Company disclosure (summarized from the 10-K)
- Under the new model, resellers quote prices but customers transact directly with Autodesk. The 10-K says the accounting change it brings (sales incentives booked as operating costs rather than reductions of revenue) will keep lifting reported revenue growth in fiscal 2027 while lowering operating margin, without changing operating profit or free cash flow dollars much.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Supply chain
Reliance on distributors and resellers
- Company disclosure (summarized from the 10-K)
- TD Synnex accounted for 14% of FY2026 revenue (39% in FY2024); no other distributor, reseller, or direct customer exceeded 10%.
- Company’s stated mitigation
- The shift to direct transactions has reduced dependence on TD Synnex.
- This site’s assessment
- Impact Med / Likelihood Low
- 3Competition & technology shift
AI and competition
- Company disclosure (summarized from the 10-K)
- The 10-K describes competing through product innovation and investment in marketing and sales, and highlights AI as part of its strategy; competition and technology change could affect demand for its design software.
- Company’s stated mitigation
- R&D of $1.64B in FY2026.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Investigation-related litigation
- Company disclosure (summarized from the 10-K)
- The 2024 Audit Committee investigation resulted in lawsuits and may result in additional expense or litigation, and the 10-K says other regulators could still inquire.
- Company’s stated mitigation
- The SEC and USAO closed their matters in August 2025.
- This site’s assessment
- Impact Med / Likelihood Low
- 5FX & interest rates
International revenue
- Company disclosure (summarized from the 10-K)
- About 56% of FY2026 revenue came from EMEA and APAC.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact Med / Likelihood Med
20
What to watch going forward
- Whether net income starts to grow with revenue after FY2026's restructuring.
- Completion of the new transaction model rollout and its effect on billings and margins.
- AECO growth, including Forma for Construction.
- Further fallout, if any, from the 2024 Audit Committee investigation.
- Use of cash for buybacks and acquisitions.
21
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:18 (SEC EDGAR) · Source 10-K filed: March 3, 2026
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Autodesk, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.