Autodesk (ADSK)
Market Price (9/2/2026): $247.16 | Market Cap: $51.9 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Autodesk (ADSK)
Market Price (9/2/2026): $247.16Market Cap: $51.9 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 2.9 Bil, FCF LTM is 2.8 Bil Attractive yieldFCF Yield is 5.4% Stock buyback supportStock Buyback 3Y Total is 3.3 Bil Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Automation & Robotics, Cloud Computing, Smart Buildings & Proptech, and Artificial Intelligence. Show more. | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -59% | Key risksADSK key risks include [1] regulatory and investor scrutiny following an internal investigation into its financial reporting practices, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 2.9 Bil, FCF LTM is 2.8 Bil |
| Attractive yieldFCF Yield is 5.4% |
| Stock buyback supportStock Buyback 3Y Total is 3.3 Bil |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Cloud Computing, Smart Buildings & Proptech, and Artificial Intelligence. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -59% |
| Key risksADSK key risks include [1] regulatory and investor scrutiny following an internal investigation into its financial reporting practices, Show more. |
Qualitative Assessment
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Autodesk (ADSK) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Earnings Beat: Autodesk reported robust financial results for its fiscal second quarter, which ended July 31, 2026, surpassing analyst expectations. The company announced diluted earnings per share (EPS) of $3.30, exceeding the consensus estimate of $3.12, and net revenue reached $2.05 billion, outperforming the expected $2.01 billion. This represented a 16% year-over-year revenue growth, or 14% on a constant currency basis.
2. Increased Fiscal Year 2027 Outlook: Following the impressive second-quarter performance, Autodesk raised its full-year fiscal 2027 guidance. The company increased its revenue outlook to a range of $8.295 billion to $8.345 billion and its billings guidance to between $8.575 billion and $8.65 billion.
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Autodesk (ADSK) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2027 Earnings Beat: Autodesk reported robust financial results for its fiscal second quarter, which ended July 31, 2026, surpassing analyst expectations. The company announced diluted earnings per share (EPS) of $3.30, exceeding the consensus estimate of $3.12, and net revenue reached $2.05 billion, outperforming the expected $2.01 billion. This represented a 16% year-over-year revenue growth, or 14% on a constant currency basis.
2. Increased Fiscal Year 2027 Outlook: Following the impressive second-quarter performance, Autodesk raised its full-year fiscal 2027 guidance. The company increased its revenue outlook to a range of $8.295 billion to $8.345 billion and its billings guidance to between $8.575 billion and $8.65 billion.
3. Strategic Acquisition of MaintainX: Autodesk completed the acquisition of MaintainX on August 3, 2026, for $3.53 billion. This strategic move is expected to expand Autodesk's offerings into asset operations, with an anticipated contribution of approximately $60 million to second-half fiscal 2027 revenue and $70 million to billings.
4. Share Repurchase Program: The company demonstrated its commitment to returning value to shareholders through its ongoing share repurchase program. In the first half of fiscal 2027, Autodesk repurchased 4 million shares for $901 million, including approximately 2.1 million shares for $453 million during fiscal Q2 2027.
5. Positive Analyst Sentiment: Throughout the specified period, several financial analysts either reiterated positive ratings or raised their price targets for Autodesk. Notably, Baird increased its price target to $325, and Rosenblatt Securities maintained a "Buy" rating with a $330 price target, contributing to an overall "Moderate Buy" consensus rating with an average target price of $321.30.
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Stock Movement Drivers
Fundamental Drivers
The 7.1% change in ADSK stock from 5/31/2026 to 9/1/2026 was primarily driven by a 8.2% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 231.31 | 247.69 | 7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,507 | 7,790 | 3.8% |
| Net Income Margin (%) | 19.5% | 21.1% | 8.2% |
| P/E Multiple | 33.4 | 31.7 | -5.0% |
| Shares Outstanding (Mil) | 211 | 210 | 0.5% |
| Cumulative Contribution | 7.1% |
Market Drivers
5/31/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| ADSK | 7.1% | |
| Market (SPY) | 0.7% | -5.3% |
| Sector (XLK) | -3.9% | -28.8% |
Fundamental Drivers
The 0.7% change in ADSK stock from 2/28/2026 to 9/1/2026 was primarily driven by a 30.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 245.87 | 247.69 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,888 | 7,790 | 13.1% |
| Net Income Margin (%) | 16.1% | 21.1% | 30.7% |
| P/E Multiple | 47.1 | 31.7 | -32.8% |
| Shares Outstanding (Mil) | 213 | 210 | 1.4% |
| Cumulative Contribution | 0.7% |
Market Drivers
2/28/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| ADSK | 0.7% | |
| Market (SPY) | 11.4% | 3.3% |
| Sector (XLK) | 32.5% | -12.1% |
Fundamental Drivers
The -21.3% change in ADSK stock from 8/31/2025 to 9/1/2026 was primarily driven by a -52.4% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 314.70 | 247.69 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,347 | 7,790 | 22.7% |
| Net Income Margin (%) | 15.9% | 21.1% | 32.2% |
| P/E Multiple | 66.5 | 31.7 | -52.4% |
| Shares Outstanding (Mil) | 214 | 210 | 1.9% |
| Cumulative Contribution | -21.3% |
Market Drivers
8/31/2025 to 9/1/2026| Return | Correlation | |
|---|---|---|
| ADSK | -21.3% | |
| Market (SPY) | 19.1% | 17.6% |
| Sector (XLK) | 40.5% | 5.1% |
Fundamental Drivers
The 11.6% change in ADSK stock from 8/31/2023 to 9/1/2026 was primarily driven by a 49.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 221.94 | 247.69 | 11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,212 | 7,790 | 49.5% |
| Net Income Margin (%) | 16.8% | 21.1% | 25.7% |
| P/E Multiple | 54.3 | 31.7 | -41.7% |
| Shares Outstanding (Mil) | 214 | 210 | 1.9% |
| Cumulative Contribution | 11.6% |
Market Drivers
8/31/2023 to 9/1/2026| Return | Correlation | |
|---|---|---|
| ADSK | 11.6% | |
| Market (SPY) | 75.1% | 46.4% |
| Sector (XLK) | 113.0% | 38.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADSK Return | -8% | -34% | 30% | 21% | 0% | -13% | -15% |
| Peers Return | 21% | -24% | 46% | -1% | -7% | -12% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ADSK Win Rate | 50% | 25% | 67% | 83% | 58% | 25% | |
| Peers Win Rate | 63% | 37% | 65% | 48% | 40% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ADSK Max Drawdown | -27% | -42% | -17% | -25% | -23% | -37% | |
| Peers Max Drawdown | -25% | -38% | -19% | -23% | -33% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PTC, TRMB, BSY, ADBE, SNPS. See ADSK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/1/2026 (YTD)
How Low Can It Go
| Event | ADSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.1% | -18.8% |
| % Gain to Breakeven | 25.2% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.2% | -6.7% |
| % Gain to Breakeven | 18.0% | 7.1% |
| Time to Breakeven | 219 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.7% | 32.4% |
| Time to Breakeven | 851 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.5% | -33.7% |
| % Gain to Breakeven | 55.0% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.0% | -12.2% |
| % Gain to Breakeven | 29.9% | 13.9% |
| Time to Breakeven | 24 days | 62 days |
In The Past
Autodesk's stock fell -20.1% during the 2025 US Tariff Shock. Such a loss loss requires a 25.2% gain to breakeven.
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| Event | ADSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.1% | -18.8% |
| % Gain to Breakeven | 25.2% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.7% | 32.4% |
| Time to Breakeven | 851 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.5% | -33.7% |
| % Gain to Breakeven | 55.0% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.0% | -12.2% |
| % Gain to Breakeven | 29.9% | 13.9% |
| Time to Breakeven | 24 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.5% | -6.8% |
| % Gain to Breakeven | 25.8% | 7.3% |
| Time to Breakeven | 21 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.8% | -17.9% |
| % Gain to Breakeven | 58.4% | 21.8% |
| Time to Breakeven | 168 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.7% | -15.4% |
| % Gain to Breakeven | 44.4% | 18.2% |
| Time to Breakeven | 108 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.9% | -53.4% |
| % Gain to Breakeven | 333.3% | 114.4% |
| Time to Breakeven | 1767 days | 1085 days |
In The Past
Autodesk's stock fell -20.1% during the 2025 US Tariff Shock. Such a loss loss requires a 25.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Autodesk (ADSK)
Autodesk (NASDAQ: ADSK) is a leading global software company that provides 3D design, engineering, and entertainment software and services. The company's core business revolves around developing tools that enable professionals across various industries to create, simulate, analyze, and manage complex projects and designs digitally.
Autodesk offers a broad portfolio of specialized software. Key products include AutoCAD for general design and drafting, AutoCAD Civil 3D for civil engineering, BIM 360 for construction management, and Fusion 360 for integrated 3D CAD, CAM, and CAE in manufacturing. For the media and entertainment sector, solutions like Maya and 3ds Max provide advanced 3D modeling, animation, and rendering capabilities. Many of these tools are bundled into "Industry Collections" to offer comprehensive suites tailored to specific professional workflows.
The company primarily serves three major markets: architecture, engineering, and construction (AEC); product design and manufacturing; and media and entertainment. Its diverse customer base includes architects designing buildings, engineers developing infrastructure and mechanical products, and artists creating visual effects for films and games. Autodesk sells its products and services both directly and through an extensive network of resellers and distributors worldwide.
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Autodesk is like Adobe, but for architects, engineers, and manufacturers.
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- AutoCAD Civil 3D: A surveying, design, analysis, and documentation solution for civil engineering projects.
- BIM 360: A cloud-based software for construction management.
- AutoCAD: Professional software for design, drafting, detailing, and visualization.
- AutoCAD LT: A software specifically for 2D drafting and detailing.
- CAM software: Products for computer numeric control machining, inspection, and modeling in manufacturing.
- Fusion 360: An integrated 3D CAD, CAM, and computer-aided engineering (CAE) tool.
- Industry Collections: Bundles of tools tailored for professionals in architecture, engineering, construction, product design, manufacturing, and media & entertainment.
- Inventor: Tools for 3D mechanical design, simulation, analysis, tooling, visualization, and documentation.
- Vault: Data management software to centralize data, accelerate design processes, and streamline collaboration.
- Maya: 3D modeling, animation, effects, rendering, and compositing software.
- 3ds Max: 3D modeling, animation, effects, rendering, and compositing software.
- ShotGrid: A cloud-based software for review and production tracking in the media and entertainment industry.
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- Architecture, Engineering, and Construction (AEC) firms: These include architectural design firms, civil engineering companies (e.g., those involved in land development, transportation, and environmental projects), and construction companies that rely on Autodesk's design, drafting, BIM (Building Information Modeling), and construction management solutions like AutoCAD Civil 3D, BIM 360, and the Industry Collections for AEC.
- Product Design and Manufacturing companies: This category encompasses businesses involved in mechanical design, product development, and manufacturing processes, utilizing software such as Fusion 360, Inventor, and CAM solutions, as well as the Industry Collections for Product Design & Manufacturing.
- Media and Entertainment companies: This segment includes film studios, animation houses, visual effects (VFX) companies, and game developers that employ Autodesk's 3D modeling, animation, rendering, and production tracking tools like Maya, 3ds Max, and ShotGrid.
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- Amazon (AMZN)
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Andrew Anagnost, President and Chief Executive Officer
Dr. Andrew Anagnost has served as President and CEO of Autodesk since June 2017. He joined Autodesk in 1997 and has been instrumental in the company's strategic transformation to a subscription and cloud-based business model. Before becoming CEO, he held various key positions at Autodesk, including Chief Marketing Officer and Senior Vice President of Business Strategy & Marketing, and he led the development of the company's manufacturing products, such as Autodesk Inventor. Prior to Autodesk, his career included roles at Lockheed Aeronautical Systems Company as a composite structures engineer and propulsion installation engineer, at NASA Ames Research Center as a postdoctoral fellow, and in product management for Exa Corporation. Dr. Anagnost holds a Ph.D. in Aeronautical and Astronautical Engineering with a minor in Computer Science from Stanford University. He also serves on the board of directors of HubSpot, Inc.
Janesh Moorjani, Executive Vice President and Chief Financial Officer
Janesh Moorjani was appointed Chief Financial Officer of Autodesk, effective December 16, 2024. He brings over 20 years of experience in the technology industry, with deep expertise in driving growth and efficiency. Most recently, Mr. Moorjani served as CFO and COO of Elastic NV. His prior experience includes executive and leadership roles at prominent technology companies such as Infoblox, VMware, Cisco, PTC, and Goldman Sachs. He currently serves on the Board of Directors of Cohesity.
Deborah Clifford, Executive Vice President, Chief Strategy Officer
Debbie Clifford serves as Autodesk's Chief Strategy Officer, guiding the company's growth with a focus on sustainability and impact. She previously served as the Chief Financial Officer of Autodesk from 2021 to 2024. Ms. Clifford played a pivotal role in transitioning Autodesk to a subscription-based model during her earlier tenure in various financial leadership roles at the company. Before rejoining Autodesk as CFO, she served as the Chief Financial Officer of SurveyMonkey (now Momentive) from 2019 to 2021. Her early career included finance positions at Virage, Inc. and Ernst & Young. She is also the Board Chair of the Autodesk Foundation.
Ruth Ann Keene, Executive Vice President, Corporate Affairs, Chief Legal Officer & Corporate Secretary
Ruth Ann Keene oversees Autodesk's global legal and government affairs team and provides counsel to the CEO and board of directors. She possesses nearly three decades of experience in the technology industry and legal field. Ms. Keene was previously the Senior Vice President, Chief Legal Officer, General Counsel, and Corporate Secretary for Unity, where she supported its growth and initial public offering in 2020. Prior to that, she spent 11 years at Autodesk in various roles, including Vice President and Assistant General Counsel. Before her first tenure at Autodesk, she was a technology transactions attorney at Morrison & Foerster LLP. She serves on the board of directors for the Autodesk Foundation and chairs the Board of Directors for the Business Software Alliance.
Steven Blum, Executive Vice President and Chief Operating Officer
Steven Blum serves as the Executive Vice President and Chief Operating Officer (COO) at Autodesk Inc. In this role, he is responsible for driving the company's overall operational performance and strategic execution. Before becoming COO, Mr. Blum held the position of Senior Vice President of Worldwide Sales and Services at Autodesk. He has significant expertise in leading global teams and managing large-scale operations, having held leadership roles at other prominent tech companies prior to joining Autodesk.
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- Competitive Landscape and Technological Disruption, particularly from Artificial Intelligence (AI): The software industry, in which Autodesk operates, is highly competitive and characterized by rapid technological changes and evolving customer preferences. Autodesk must continuously innovate to maintain its market position against competitors that may offer similar or more advanced solutions at competitive prices. Disruptive technologies, such as AI, could significantly alter the market for Autodesk's products, with AI-driven 3D design tools potentially automating tasks and leading to a reduction in licenses or customer churn.
- Economic Uncertainty and Dependence on Cyclical Industries: Autodesk's business is significantly influenced by global economic and political conditions. Economic downturns or recessions can lead to reduced demand for its products, impacting financial performance. The company's performance is closely tied to the health of industries like construction and manufacturing, which are susceptible to economic cycles. Global economic uncertainties and geopolitical tensions can also affect Autodesk's operations and financial performance.
- Challenges and Friction Related to the Subscription and Licensing Model: While Autodesk's transition to a subscription-based revenue model has been a financial strength, there is ongoing friction from its newer transaction model, which could impact renewal rates and billings. Customers have expressed outcry regarding the subscription model, citing concerns about perceived price gouging, especially given Autodesk's significant market position in certain areas. Furthermore, the company faces legal and compliance risks related to its licensing model, including potential audits for indirect usage or cross-entity use, which could result in financial liabilities and reputational damage.
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1. Integration of AI and Cloud-Native Platforms: Autodesk is heavily investing in artificial intelligence (AI) and cloud-first industry solutions to reimagine how industries design, make, and operate. The company's AI-first industry clouds, such as Forma, Fusion, and Flow, are designed to connect various professionals through AI-native, end-to-end workflows, aiming to deliver better outcomes for customers and stronger business results for Autodesk. Key deliverables through 2025 include enhanced cloud simulation, automated manufacturability checks, and embedded generative AI assistants to boost productivity and customer retention. The company also emphasizes AI-powered features like AutoConstrain, which are increasing seat value and driving extension attach rates.
2. Expansion within the Architecture, Engineering, Construction, and Operations (AECO) Sector: The AECO sector is a significant contributor to Autodesk's revenue growth, with continued investments in data centers, infrastructure, and industrial buildings. Autodesk's Forma platform is strategically positioned to lead end-to-end solutions in AECO, and the company is expanding its Construction Cloud to cover the entire lifecycle of physical assets. Management estimates a total addressable market (TAM) of over $10 billion in new construction and infrastructure needs, supporting sustained double-digit top-line growth.
3. Growth in Manufacturing with Fusion 360: The Fusion 360 platform, a 3D CAD, CAM, and computer-aided engineering (CAE) tool, is expanding rapidly among manufacturers of all sizes. This expansion supports the digitization and modernization of the manufacturing sector as it embraces cloud- and AI-powered workflows. Fusion's integrated design, simulation, and manufacturing tools are expected to deepen Autodesk's role in customers' workflows and drive broader adoption.
4. Increased Multi-Product Adoption and Subscription Revenue: Autodesk's growth strategy focuses on scaling platform adoption, expanding adjacent workflows, and monetizing AI productivity gains, all while maintaining its robust subscription-based recurring revenue model. The company aims to increase multi-product adoption in enterprise accounts, seeking rising attach rates to shift more customers from single-seat to suite-based Annual Recurring Revenue (ARR). The company's net revenue retention rate remaining above 110% in constant currency indicates strong customer satisfaction and expanded usage of its products.
5. Geographic Penetration in Emerging Markets: Autodesk is targeting growth in international markets, particularly in EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific). Specific initiatives include focusing on infrastructure in India and Southeast Asia, and industrial digitization in DACH (Germany, Austria, Switzerland) and Japan, supported by channel partners, enterprise agreements, and localized go-to-market strategies.
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Share Repurchases
- Autodesk approved a $5 billion share-repurchase authorization.
- Annual share buybacks amounted to $1.101 billion in fiscal year 2023, $795 million in fiscal year 2024, and $852 million in fiscal year 2025.
- Approximately 1.3 million shares were repurchased for $353 million at an average price of $269 per share in the first quarter of fiscal year 2026.
Share Issuance
- Autodesk's share count has seen a slow decline of about 5% over the past decade, largely due to share repurchases offsetting dilution from stock-based compensation.
- Shares outstanding were 0.217 billion in 2025 (a 0.46% increase from 2024), 0.216 billion in 2024 (a 0.92% decline from 2023), and 0.218 billion in 2023 (a 1.8% decline from 2022).
- In Q4 2026, the company had 212 million shares outstanding, which was a 0.5% decrease from the prior quarter.
Outbound Investments
- In February 2021, Autodesk acquired Innovyze, a provider of smart water infrastructure modeling and simulation technology, for $1 billion.
- Autodesk announced the acquisition of Payapps, a cloud-based construction claim software, in January 2024, following a previous collaboration.
- In February 2024, Autodesk entered into an agreement to acquire the PIX business of X2X, a production management solution for secure review and content collaboration in the media and entertainment industry.
Capital Expenditures
- Autodesk's capital expenditures averaged $51.6 million annually for fiscal years ending January 2021 to 2025.
- Annual capital expenditures were $91 million in 2021, $56 million in 2022, $40 million in 2023, $31 million in 2024, and $40 million in 2025.
- For fiscal year 2027, Autodesk expects approximately $50 million in capital expenditures, which are primarily related to funding long-term assets and infrastructure.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ADSK | Autodesk | 14.4% | 31.7x | -21.3% | 12.6% | -13.8% | — |
| FICO | Fair Isaac | 17.7% | 30.7x | -27.5% | 23.1% | 133.8% | +148pp |
| AGYS | Agilysys | 16.9% | 73.7x | 3.1% | 58.3% | 93.5% | +107pp |
| CDNS | Cadence Design Systems | 15.5% | 62.2x | -10.7% | 28.5% | 89.5% | +103pp |
| GWRE | Guidewire Software | 17.5% | 106.0x | -7.3% | 132.4% | 69.8% | +84pp |
| ORCL | Oracle | 10.6% | 23.8x | -36.8% | 21.1% | 68.3% | +82pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 52.8% | 160.7% | 282.5% | TTMI 730% · FLEX 665% · JBL 394% |
| Semiconductor Materials & Equipment | 27 | 116.5% | 53.0% | 84.4% | AEHR 917% · AXTI 477% · KLAC 431% |
| Technology Distributors | 9 | 26.1% | 53.9% | 73.3% | CLMB 329% · AVT 155% · SNX 108% |
| Communications Equipment | 36 | 19.5% | 78.9% | 63.9% | AAOI 1231% · LITE 884% · ANET 732% |
| Electronic Components | 26 | 50.9% | 50.3% | 50.9% | CLS 3043% · BELFA 1225% · APH 344% |
| Semiconductors | 54 | 28.4% | 15.1% | 21.4% | POET 1643% · MU 1194% · NVDA 874% |
| Technology Hardware, Storage & Peripherals | 21 | 23.8% | 73.9% | 14.3% | STX 959% · WDC 882% · SMCI 870% |
| Internet Services & Infrastructure | 6 | 11.8% | 40.8% | 13.7% | DOCN 70% · GDDY 34% · VRSN 33% |
| Electronic Equipment & Instruments | 27 | -8.4% | 0.9% | -11.2% | PI 192% · OSIS 110% · ACFN 106% |
| IT Consulting & Other Services | 28 | -24.0% | -8.0% | -29.2% | CHRN 464637% · APLD 1127% · TSSI 615% |
| Application Software ← | 124 | -20.1% | -14.3% | -45.5% | VIDA 256900% · INLX 5010% · PLTR 579% |
| Systems Software | 68 | -17.3% | 12.6% | -53.7% | QNC 464% · PAYS 396% · PANW 370% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 200.25 |
| Mkt Cap | 34.8 |
| Rev LTM | 5,786 |
| Op Inc LTM | 1,084 |
| FCF LTM | 1,842 |
| FCF 3Y Avg | 1,251 |
| CFO LTM | 1,926 |
| CFO 3Y Avg | 1,345 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.4% |
| Rev Chg 3Y Avg | 12.0% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 20.7% |
| Op Inc Chg 3Y Avg | 17.2% |
| Op Mgn LTM | 25.8% |
| Op Mgn 3Y Avg | 23.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 32.5% |
| CFO/Rev 3Y Avg | 30.6% |
| FCF/Rev LTM | 31.4% |
| FCF/Rev 3Y Avg | 29.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 34.8 |
| P/S | 6.3 |
| P/Op Inc | 22.2 |
| P/EBIT | 25.8 |
| P/E | 23.8 |
| P/CFO | 18.2 |
| Total Yield | 3.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.2% |
| 3M Rtn | 4.7% |
| 6M Rtn | -4.3% |
| 12M Rtn | -27.7% |
| 3Y Rtn | -2.9% |
| 1M Excs Rtn | 5.3% |
| 3M Excs Rtn | 4.4% |
| 6M Excs Rtn | -16.2% |
| 12M Excs Rtn | -45.9% |
| 3Y Excs Rtn | -73.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Architecture, Engineering, Construction and Operations | 3,583 | 2,937 | 2,580 | 2,278 | 1,969 |
| AutoCAD and AutoCAD LT | 1,787 | 1,572 | 1,462 | 1,387 | 1,244 |
| Manufacturing | 1,379 | 1,189 | 1,063 | 978 | 876 |
| Media and Entertainment | 332 | 315 | 295 | 291 | 259 |
| Other | 125 | 118 | 97 | 71 | 38 |
| Total | 7,206 | 6,131 | 5,497 | 5,005 | 4,386 |
| $ Mil | 2008 | 2007 | 2005 | 2004 | 2002 |
|---|---|---|---|---|---|
| Design Solutions | 814 | 737 | 495 | 315 | 520 |
| Media & Ent | 91 | 56 | |||
| Discreet | 21 | 3 | -5 | ||
| Total | 905 | 793 | 517 | 318 | 515 |
Price Behavior
| Market Price | $247.69 | |
| Market Cap ($ Bil) | 52.0 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -24.2% | |
| 50 Days | 200 Days | |
| DMA Price | $229.13 | $248.17 |
| DMA Trend | down | up |
| Distance from DMA | 8.1% | -0.2% |
| 3M | 1YR | |
| Volatility | 44.1% | 35.7% |
| Downside Capture | 20.47 | 88.16 |
| Upside Capture | 42.01 | 42.23 |
| Correlation (SPY) | -7.4% | 14.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.35 | -0.35 | -0.20 | 0.06 | 0.47 | 0.94 |
| Up Beta | 0.15 | -2.20 | -2.01 | -0.36 | -0.01 | 0.83 |
| Down Beta | 0.50 | -1.96 | 0.20 | 0.22 | 0.53 | 0.81 |
| Up Capture | 256% | 180% | 49% | 17% | 32% | 97% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 26 | 35 | 67 | 132 | 395 |
| Down Capture | 151% | -40% | -1% | 16% | 87% | 104% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 16 | 29 | 60 | 119 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADSK | |
|---|---|---|---|---|
| ADSK | -21.4% | 35.9% | -0.61 | - |
| Sector ETF (XLK) | 40.7% | 26.2% | 1.26 | 4.9% |
| Equity (SPY) | 19.2% | 12.8% | 1.10 | 17.3% |
| Gold (GLD) | 24.8% | 29.2% | 0.76 | -4.5% |
| Commodities (DBC) | 44.0% | 20.4% | 1.67 | -5.2% |
| Real Estate (VNQ) | 8.5% | 13.7% | 0.35 | 15.4% |
| Bitcoin (BTCUSD) | -27.6% | 43.5% | -0.62 | 14.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADSK | |
|---|---|---|---|---|
| ADSK | -6.5% | 36.1% | -0.11 | - |
| Sector ETF (XLK) | 19.3% | 25.9% | 0.67 | 55.8% |
| Equity (SPY) | 12.7% | 17.2% | 0.56 | 61.0% |
| Gold (GLD) | 18.7% | 18.7% | 0.81 | 5.6% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 9.5% |
| Real Estate (VNQ) | 2.0% | 18.9% | -0.00 | 47.0% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 29.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADSK | |
|---|---|---|---|---|
| ADSK | 14.4% | 36.7% | 0.47 | - |
| Sector ETF (XLK) | 24.1% | 25.0% | 0.88 | 63.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 64.3% |
| Gold (GLD) | 12.0% | 16.3% | 0.60 | 5.0% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 17.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 45.4% |
| Bitcoin (BTCUSD) | 63.2% | 66.1% | 1.03 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/27/2026 | -3.7% | ||
| 5/28/2026 | -4.0% | -3.0% | -19.0% |
| 2/26/2026 | 5.3% | 13.1% | -1.5% |
| 11/25/2025 | 2.4% | 3.9% | 1.7% |
| 8/28/2025 | 9.1% | 13.1% | 11.6% |
| 5/22/2025 | 0.1% | 0.4% | 3.1% |
| 2/27/2025 | -2.9% | -7.8% | -7.3% |
| 11/26/2024 | -8.6% | -4.3% | -6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 10 |
| # Negative | 11 | 14 | 13 |
| Median Positive | 2.5% | 8.4% | 5.7% |
| Median Negative | -5.7% | -4.0% | -7.6% |
| Max Positive | 10.3% | 15.4% | 19.8% |
| Max Negative | -15.5% | -17.9% | -19.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/27/2026 | -3.7% | ||
| 5/28/2026 | -4.0% | -3.0% | -19.0% |
| 2/26/2026 | 5.3% | 13.1% | -1.5% |
| 11/25/2025 | 2.4% | 3.9% | 1.7% |
| 8/28/2025 | 9.1% | 13.1% | 11.6% |
| 5/22/2025 | 0.1% | 0.4% | 3.1% |
| 2/27/2025 | -2.9% | -7.8% | -7.3% |
| 11/26/2024 | -8.6% | -4.3% | -6.4% |
| 8/29/2024 | 0.1% | -3.0% | 6.7% |
| 6/11/2024 | 5.4% | 15.4% | 19.8% |
| 2/29/2024 | 2.5% | -1.7% | 0.5% |
| 11/21/2023 | -6.9% | -1.8% | 11.1% |
| 8/23/2023 | 2.1% | 8.4% | -0.2% |
| 5/25/2023 | 0.7% | 3.4% | 4.7% |
| 2/23/2023 | -12.9% | -9.1% | -9.5% |
| 11/22/2022 | -5.7% | -3.3% | -10.0% |
| 8/24/2022 | 2.7% | -5.9% | -13.9% |
| 5/26/2022 | 10.3% | 8.7% | -7.7% |
| 2/24/2022 | 0.7% | -3.7% | -2.8% |
| 11/23/2021 | -15.5% | -17.9% | -7.6% |
| 8/25/2021 | -9.4% | -11.4% | -13.9% |
| 5/27/2021 | -0.3% | -0.7% | 2.3% |
| 2/25/2021 | -2.8% | -6.5% | -5.3% |
| 11/24/2020 | 4.7% | 7.0% | 16.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 10 |
| # Negative | 11 | 14 | 13 |
| Median Positive | 2.5% | 8.4% | 5.7% |
| Median Negative | -5.7% | -4.0% | -7.6% |
| Max Positive | 10.3% | 15.4% | 19.8% |
| Max Negative | -15.5% | -17.9% | -19.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/28/2026 | 10-Q |
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-K |
| 10/31/2025 | 11/26/2025 | 10-Q |
| 07/31/2025 | 09/02/2025 | 10-Q |
| 04/30/2025 | 05/29/2025 | 10-Q |
| 01/31/2025 | 03/06/2025 | 10-K |
| 10/31/2024 | 12/03/2024 | 10-Q |
| 07/31/2024 | 09/03/2024 | 10-Q |
| 04/30/2024 | 06/10/2024 | 10-Q |
| 01/31/2024 | 06/10/2024 | 10-K |
| 10/31/2023 | 12/04/2023 | 10-Q |
| 07/31/2023 | 08/29/2023 | 10-Q |
| 04/30/2023 | 06/01/2023 | 10-Q |
| 01/31/2023 | 03/14/2023 | 10-K |
| 10/31/2022 | 12/06/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/28/2026 | 10-Q |
| 04/30/2026 | 05/29/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-K |
| 10/31/2025 | 11/26/2025 | 10-Q |
| 07/31/2025 | 09/02/2025 | 10-Q |
| 04/30/2025 | 05/29/2025 | 10-Q |
| 01/31/2025 | 03/06/2025 | 10-K |
| 10/31/2024 | 12/03/2024 | 10-Q |
| 07/31/2024 | 09/03/2024 | 10-Q |
| 04/30/2024 | 06/10/2024 | 10-Q |
| 01/31/2024 | 06/10/2024 | 10-K |
| 10/31/2023 | 12/04/2023 | 10-Q |
| 07/31/2023 | 08/29/2023 | 10-Q |
| 04/30/2023 | 06/01/2023 | 10-Q |
| 01/31/2023 | 03/14/2023 | 10-K |
| 10/31/2022 | 12/06/2022 | 10-Q |
| 07/31/2022 | 08/31/2022 | 10-Q |
| 04/30/2022 | 06/02/2022 | 10-Q |
| 01/31/2022 | 03/14/2022 | 10-K |
| 10/31/2021 | 12/03/2021 | 10-Q |
| 07/31/2021 | 09/01/2021 | 10-Q |
| 04/30/2021 | 06/03/2021 | 10-Q |
| 01/31/2021 | 03/19/2021 | 10-K |
| 10/31/2020 | 12/04/2020 | 10-Q |
| 07/31/2020 | 09/02/2020 | 10-Q |
| 04/30/2020 | 06/02/2020 | 10-Q |
| 01/31/2020 | 03/19/2020 | 10-K |
| 10/31/2019 | 12/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/28/2026Latest: Q2 2026 Earnings Reported 8/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 2.12 Bil | 2.13 Bil | 2.14 Bil | ||||
| Q3 2026 GAAP EPS | Reported | 1.57 | 1.72 | 1.87 | ||||
| Q3 2026 Non-GAAP EPS | Reported | 3.04 | 3.06 | 3.09 | ||||
| 2027 Billings | Reported | 8.57 Bil | 8.61 Bil | 8.65 Bil | 0.8% | Raised | Guidance: 8.54 Bil for 2027 | |
| 2027 Revenue | Reported | 8.29 Bil | 8.32 Bil | 8.35 Bil | 1.6% | Raised | Guidance: 8.19 Bil for 2027 | |
| 2027 GAAP operating margin | Reported | 25.0% | 26.0% | 27.0% | -1.0% | Lowered | Guidance: 27.0% for 2027 | |
| 2027 Non-GAAP operating margin | Reported | 39.0% | 0.0% | Affirmed | Guidance: 39.0% for 2027 | |||
| 2027 GAAP EPS | Reported | 7.89 | 8.3 | 8.72 | -0.5% | Lowered | Guidance: 8.35 for 2027 | |
| 2027 Non-GAAP EPS | Reported | 12.5 | 12.6 | 12.6 | 0.3% | Raised | Guidance: 12.5 for 2027 | |
| 2027 Free cash flow | Reported | 2.73 Bil | 2.74 Bil | 2.75 Bil | -0.9% | Lowered | Guidance: 2.76 Bil for 2027 | |
Prior: Q1 2027 Earnings Reported 5/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | Reported | 2.00 Bil | 2.01 Bil | 2.02 Bil | 6.2% | Higher New | Guidance: 1.89 Bil for Q1 2027 | |
| Q2 2027 EPS GAAP | Reported | 1.84 | 1.91 | 1.97 | 8.5% | Higher New | Guidance: 1.75 for Q1 2027 | |
| Q2 2027 EPS non-GAAP | Reported | 3.1 | 3.12 | 3.14 | 9.9% | Higher New | Guidance: 2.84 for Q1 2027 | |
| 2027 Billings | Reported | 8.51 Bil | 8.54 Bil | 8.58 Bil | 0.1% | Raised | Guidance: 8.53 Bil for 2027 | |
| 2027 Revenue | Reported | 8.15 Bil | 8.19 Bil | 8.21 Bil | 0.6% | Raised | Guidance: 8.13 Bil for 2027 | |
| 2027 GAAP operating margin | Reported | 26.0% | 27.0% | 28.0% | 0.0% | Affirmed | Guidance: 27.0% for 2027 | |
| 2027 Non-GAAP operating margin | Reported | 39.0% | 0.2% | Raised | Guidance: 38.75% for 2027 | |||
| 2027 EPS GAAP | Reported | 8.07 | 8.35 | 8.63 | 3.4% | Raised | Guidance: 8.07 for 2027 | |
| 2027 EPS non-GAAP | Reported | 12.4 | 12.5 | 12.7 | 0.8% | Raised | Guidance: 12.4 for 2027 | |
| 2027 Free cash flow | Reported | 2.73 Bil | 2.76 Bil | 2.80 Bil | 0.5% | Raised | Guidance: 2.75 Bil for 2027 | |
Q4 2026 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 1.89 Bil | 1.89 Bil | 1.90 Bil | -0.9% | Lower New | Guidance: 1.91 Bil for Q4 2026 | |
| Q1 2027 EPS GAAP | Reported | 1.68 | 1.75 | 1.83 | 18.2% | Higher New | Guidance: 1.49 for Q4 2026 | |
| Q1 2027 EPS non-GAAP | Reported | 2.82 | 2.84 | 2.86 | 8.0% | Higher New | Guidance: 2.63 for Q4 2026 | |
| 2027 Billings | Reported | 8.48 Bil | 8.53 Bil | 8.58 Bil | 13.8% | Higher New | Guidance: 7.50 Bil for 2026 | |
| 2027 Revenue | Reported | 8.10 Bil | 8.13 Bil | 8.17 Bil | 13.7% | Higher New | Guidance: 7.16 Bil for 2026 | |
| 2027 GAAP operating margin | Reported | 26.0% | 27.0% | 28.0% | 4.0% | Higher New | Guidance: 23.0% for 2026 | |
| 2027 Non-GAAP operating margin | Reported | 38.5% | 38.75% | 39.0% | 1.2% | Higher New | Guidance: 37.5% for 2026 | |
| 2027 EPS GAAP | Reported | 7.76 | 8.07 | 8.39 | 54.0% | Higher New | Guidance: 5.25 for 2026 | |
| 2027 EPS non-GAAP | Reported | 12.3 | 12.4 | 12.6 | 21.6% | Higher New | Guidance: 10.2 for 2026 | |
| 2027 Free cash flow | Reported | 2.70 Bil | 2.75 Bil | 2.80 Bil | 20.9% | Higher New | Guidance: 2.27 Bil for 2026 | |
Q3 2026 Earnings Reported 11/25/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 1.90 Bil | 1.91 Bil | 1.92 Bil | 5.8% | Higher New | Guidance: 1.80 Bil for Q3 2026 | |
| Q4 2026 EPS GAAP | Reported | 1.4 | 1.49 | 1.57 | 7.6% | Higher New | Guidance: 1.38 for Q3 2026 | |
| Q4 2026 EPS non-GAAP | Reported | 2.59 | 2.63 | 2.67 | 5.4% | Higher New | Guidance: 2.5 for Q3 2026 | |
| 2026 Billings | Reported | 7.46 Bil | 7.50 Bil | 7.53 Bil | 1.3% | Raised | Guidance: 7.40 Bil for 2026 | |
| 2026 Revenue | Reported | 7.15 Bil | 7.16 Bil | 7.17 Bil | 1.5% | Raised | Guidance: 7.05 Bil for 2026 | |
| 2026 GAAP operating margin | Reported | 23.0% | 1.5% | Raised | Guidance: 21.5% for 2026 | |||
| 2026 Non-GAAP operating margin | Reported | 37.5% | 0.5% | Raised | Guidance: 37.0% for 2026 | |||
| 2026 EPS GAAP | Reported | 5.16 | 5.25 | 5.33 | 7.4% | Raised | Guidance: 4.88 for 2026 | |
| 2026 EPS non-GAAP | Reported | 10.2 | 10.2 | 10.2 | 3.3% | Raised | Guidance: 9.89 for 2026 | |
| 2026 Free cash flow | Reported | 2.26 Bil | 2.27 Bil | 2.29 Bil | 1.7% | Raised | Guidance: 2.24 Bil for 2026 | |
Insider Activity
Updated 6/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cahill, John T | Revocable Trust. | Buy | 6232026 | 189.20 | 2,000 | 378,400 | 756,800 | Form | |
| 2 | Anagnost, Andrew | President and CEO | Direct | Buy | 6172026 | 202.66 | 2,460 | 498,544 | 41,132,482 | Form |
| 3 | Moorjani, Janesh | EVP, Chief Financial Officer | Direct | Buy | 6152026 | 197.67 | 2,500 | 494,175 | 10,079,786 | Form |
| 4 | Smith, Stacy J | Direct | Buy | 5292026 | 231.17 | 3,435 | 794,054 | 6,129,822 | Form | |
| 5 | Howard, Ayanna | Direct | Sell | 10012025 | 325.00 | 917 | 298,025 | 1,129,700 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cahill, John T | Revocable Trust. | Buy | 6232026 | 189.20 | 2,000 | 378,400 | 756,800 | Form | |
| 2 | Anagnost, Andrew | President and CEO | Direct | Buy | 6172026 | 202.66 | 2,460 | 498,544 | 41,132,482 | Form |
| 3 | Moorjani, Janesh | EVP, Chief Financial Officer | Direct | Buy | 6152026 | 197.67 | 2,500 | 494,175 | 10,079,786 | Form |
| 4 | Smith, Stacy J | Direct | Buy | 5292026 | 231.17 | 3,435 | 794,054 | 6,129,822 | Form | |
| 5 | Howard, Ayanna | Direct | Sell | 10012025 | 325.00 | 917 | 298,025 | 1,129,700 | Form | |
| 6 | Blum, Steven M | EVP, Chief Operating Officer | Family Trust | Sell | 9092025 | 323.75 | 22,420 | 7,258,476 | 4,240,802 | Form |
| 7 | Keene, Ruth Ann | EVP, Corp Affairs, CLO | Direct | Sell | 9042025 | 315.10 | 2,761 | 869,991 | 25,288,350 | Form |
| 8 | Howard, Ayanna | Direct | Sell | 8292025 | 325.00 | 3,159 | 1,026,675 | 1,427,725 | Form | |
| 9 | Pearce, Rebecca | EVP, Chief People Officer | Direct | Sell | 8292025 | 323.06 | 6,129 | 1,980,040 | 4,300,263 | Form |
| 10 | Pearce, Rebecca | EVP, Chief People Officer | Direct | Sell | 7032025 | 315.00 | 3,251 | 1,024,065 | 6,123,600 | Form |
| 11 | Pearce, Rebecca | EVP, Chief People Officer | Direct | Sell | 6302025 | 310.00 | 3,110 | 964,100 | 7,034,210 | Form |
| 12 | Pearce, Rebecca | EVP, Chief People Officer | Direct | Sell | 6242025 | 305.00 | 2,544 | 775,920 | 7,869,305 | Form |
| 13 | Pearce, Rebecca | EVP, Chief People Officer | Direct | Sell | 6172025 | 300.00 | 486 | 145,800 | 8,503,500 | Form |
Investor Activity (13F)
Updated Sep 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Standard Investments LLC | $202.3 Mil | 11.9% | 11 | Hold | 13F |
| Seilern Investment Management Ltd | $49.1 Mil | 5.9% | 24 | TRIM -13.4% | 13F |
| Capco Asset Management, LLC | $21.1 Mil | 5.7% | 27 | Hold | 13F |
| Tensor Edge Capital, LLC | $30.9 Mil | 5.3% | 17 | New | 13F |
| Local Pensions Partnership Investment Ltd | $180.6 Mil | 3.9% | 32 | Hold | 13F |
| Dorsal Capital Management, LP | $83.8 Mil | 3.3% | 25 | TRIM -12.5% | 13F |
| Iyo Bank, Ltd. | $5.8 Mil | 2.1% | 35 | Hold | 13F |
| DSM Capital Partners LLC | $103.5 Mil | 1.8% | 44 | ADD +39.9% | 13F |
| Oribel Capital Management, LP | $10.0 Mil | 1.5% | 41 | ADD +54.6% | 13F |
| D1 Capital Partners L.P. | $74.0 Mil | 0.7% | 44 | TRIM -32.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Starboard Value LP | $296.5 Mil | 5.6% | 22 | Exited | Dec 31, 2025 | 13F |
| Avala Global LP | $80.1 Mil | 3.8% | 22 | Exited | Dec 31, 2025 | 13F |
| Greenvale Capital LLP | $54.8 Mil | 5.1% | 14 | Exited | Dec 31, 2025 | 13F |
| BWCP, LP | $30.8 Mil | 5.1% | 29 | Exited | Dec 31, 2025 | 13F |
| Varenne Capital Partners | $21.9 Mil | 4.6% | 24 | Exited | Dec 31, 2025 | 13F |
| 2Xideas AG | $7.4 Mil | 2.1% | 50 | Exited | Dec 31, 2025 | 13F |
| D1 Capital Partners L.P. | $74.0 Mil | 0.7% | 44 | TRIM -32.2% | Mar 31, 2026 | 13F |
| Seilern Investment Management Ltd | $49.1 Mil | 5.9% | 24 | TRIM -13.4% | Mar 31, 2026 | 13F |
| Dorsal Capital Management, LP | $83.8 Mil | 3.3% | 25 | TRIM -12.5% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Standard Investments LLC | $202.3 Mil | 11.9% | 11 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $180.6 Mil | 3.9% | 32 | Hold | 13F |
| DSM Capital Partners LLC | $103.5 Mil | 1.8% | 44 | ADD +39.9% | 13F |
| Dorsal Capital Management, LP | $83.8 Mil | 3.3% | 25 | TRIM -12.5% | 13F |
| D1 Capital Partners L.P. | $74.0 Mil | 0.7% | 44 | TRIM -32.2% | 13F |
| Seilern Investment Management Ltd | $49.1 Mil | 5.9% | 24 | TRIM -13.4% | 13F |
| Tensor Edge Capital, LLC | $30.9 Mil | 5.3% | 17 | New | 13F |
| Capco Asset Management, LLC | $21.1 Mil | 5.7% | 27 | Hold | 13F |
| Oribel Capital Management, LP | $10.0 Mil | 1.5% | 41 | ADD +54.6% | 13F |
| Iyo Bank, Ltd. | $5.8 Mil | 2.1% | 35 | Hold | 13F |
ADSK Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, centered on a strategic expansion into a new $40 billion market, supported by strong customer retention and raised full-year revenue guidance. While operating margins are expanding, a significant profitability gap to peers and uncertainty around AI monetization prevent a more aggressive stance until the company demonstrates further progress on its platform strategy.
STOCK ARCHETYPE
Recurring Subscription (SaaS)(Number of Subscriptions) x (Average Revenue Per Subscription) + Consumption Revenue Operating leverage on a high gross margin subscription revenue base, combined with price optimization through reduced discounting.
INVESTMENT THESIS
Evidence suggests Autodesk is successfully expanding beyond design into the larger 'make' and 'operate' phases.
- Net revenue retention is at the top end of the 100% to 110% range.
- Full-year revenue guidance was raised to a range of $8.295 billion to $8.345 billion.
- The AECO segment grew to $1,029 million in the latest quarter.
- Remaining Performance Obligations provide visibility with $7.43 billion in contracted future revenue.
- Operating margin expanded by 5 percentage points year-over-year to 27.9%.
PRIMARY RISK
The company's operating margin of 27.9% significantly trails key competitors, and the market is concerned that AI could become a competitive cost rather than a profit driver, eroding value.
- Trailing-twelve-month operating margin of 27.9% is below Adobe's 36.1%.
- Accounts receivable grew 28.6% YoY, outpacing revenue growth of 16.1%.
- Guidance for full-year GAAP operating margin and free cash flow was lowered.
- The software industry is characterized by limited barriers to entry.
| KPI | Status | Rationale |
|---|---|---|
| Net Revenue Retention Rate (NR3) | Stable | The Net Revenue Retention Rate remains at the high end of the company's target range, indicating healthy customer retention and expansion from the existing base. While slightly lower than the year-ago period, management commentary on the latest earnings call characterized renewal rates as 'strong'. |
| Billings Growth | 10% year-over-year growth (as reported) in Q2 FY2027 - Decelerating | Management attributes the significant deceleration to lapping tailwinds from a 'new transaction model' and a 'transition to annual billings for most multiyear contracts'. Despite the headline slowdown, the company raised its full-year fiscal 2027 billings guidance, suggesting underlying momentum is stronger than the reported trend implies. |
| Recurring Revenue as a Percentage of Net Revenue | 97% (for the three months ended July 31, 2026) | Indicates the proportion of total revenue that is predictable and recurring, reflecting the stability of the business model. |
| Remaining Performance Obligations (RPO) | $7.43 billion (as of July 31, 2026) | Represents the total amount of future revenue that is under contract but has not yet been recognized, providing visibility into future revenue. |
Platform Expansion vs. Peer Profitability Gap
BULL VIEW
Bulls focus on the successful expansion into a $40 billion operations market, evidenced by the MaintainX acquisition and strong AECO segment growth, believing this will drive sustained double-digit growth.
CORE TENSION
Can the top-line momentum from platform convergence, reflected in raised revenue guidance, overcome the structural margin gap versus peers like PTC, which the market is penalizing?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management raised full-year revenue guidance and the stock reacted positively, suggesting investors are prioritizing the growth story over the near-term margin dilution from acquisitions.
BEAR VIEW
Bears focus on the operating margin of 27.9%, which lags peers by a wide margin, arguing this reflects a structural disadvantage that will be exacerbated by the costs of AI competition.
| Timeline | Event & Metric To Watch |
|---|---|
September 9, 2026 | Upcoming Investor Conferences Watch: Executives will speak at Citi's 2026 Global TMT Conference and the Goldman Sachs Communacopia + Technology Conference 2026. |
11/3/2026 | Peer Results Signal Market Slowdown Watch: Peer revenue deceleration, cautious guidance on enterprise spending, or specific weakness in construction or manufacturing end-markets. |
11/4/2026 | Peer Earnings Report Watch: Peer PTC (PTC) is scheduled to report earnings. |
11/23/2026 | Sales Reorganization Drags on Europe Watch: Commentary on sales productivity in Europe, changes to regional growth contributions, or any revision to the normalization timeline. |
12/8/2026 | Peer Earnings Reports Watch: Peer Adobe (ADBE) and Synopsys (SNPS) are scheduled to report earnings. |
in a few weeks' time | Autodesk University Event Watch: The company will provide more information about its plans at Autodesk University. |
No set date | AI Narrative Shifts to Disruption Watch: Major AI-native product launches from competitors, management commentary on AI monetization versus cost, or changes in R&D spending. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-27 | Q2 Results and Guidance Update Details: Reported Q2 FY27 results with revenue and EPS above guidance. Raised full-year billings and revenue outlook, but lowered guidance for FY27 GAAP operating margin and free cash flow. | +2.3% $254.77 -> $260.66 |
2026-07-02 | Announced AI Training Investment Details: The company is investing $350 million in AI training, with the CMO citing a report showing only a third of people are comfortable using AI in their job. | +3.9% $199.76 -> $207.54 |
2026-06-04 | Autodesk Flex Entry Price Lowered Details: The minimum purchase for Autodesk Flex was lowered to 33 tokens for $99, a reduction from the previous 100 tokens for $300, to make it more affordable for small businesses. | +0.2% $229.60 -> $229.96 |
2026-05-28 | Announced MaintainX Acquisition Details: The company announced it entered a definitive agreement to acquire MaintainX, a maintenance and asset operations solution, to strengthen its platform in operations. | -2.4% $237.00 -> $231.31 |
2026-04-15 | Jefferies Initiates Coverage Details: An analyst note initiated coverage with a 'Buy' rating and a $300 price target, describing Autodesk as a "durable double-digit grower." Shares climbed almost 4% on the news. | +6.4% $228.59 -> $243.16 |
2026-03-07 | Analyst Consensus Rating Reported Details: The company earned an average rating of "Moderate Buy" from twenty-nine research firms, with twenty-three buy recommendations, five hold recommendations, and one strong buy recommendation. | -1.3% $264.12 -> $260.75 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: ADSK trades at roughly 44% annualized options-implied volatility versus about 12% for the S&P 500 (3.7x the market), around the 88th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
PTC - PTC
Higher-Margin CompetitorPTC's trailing-twelve-month operating margin is significantly higher than Autodesk's 27.9%, suggesting a more efficient operating model or stronger pricing power in its core markets.
ADBE - Adobe
Mature Platform PeerAdobe provides exposure to the digital media and marketing software space, a different end market, and operates at a larger scale with a 36.1% operating margin, representing a more mature, highly profitable platform business.
A subscription software provider for the physical world, transitioning from a portfolio of design tools to an integrated platform that monetizes the convergence of design, make, and operate workflows.
Autodesk is leveraging its dominant position in design software to build a connected platform for the entire lifecycle of physical assets. Growth is driven by the digitization of the construction and manufacturing industries and expansion into the operational phase, recently accelerated by the acquisition of MaintainX. The company's core strategy is to create 'project intelligence' through its platform, industry clouds, and AI, which it views as a durable competitive advantage.
Sustained strong growth in construction (Forma) and manufacturing (Fusion), successful integration and cross-selling of MaintainX, and early signs of monetization from AI-driven features or platform API usage.
A significant slowdown in key end markets like construction or manufacturing, market share loss to more agile AI-native competitors, or an inability to successfully integrate and scale its new operations business.
Short-term stock price drops after earnings reports despite beating revenue estimates, as noted in press reports from August 2026, which may reflect concerns about profit guidance or broader market sentiment on AI disruption.
Repricing Catalyst
Successful execution of its AI strategy to deliver tangible productivity gains and monetization, and demonstrating synergistic growth from its expansion into the asset operations market.
Architecture, Engineering, Construction and Operations (AECO)
$3.7B TTM (50% of Total)What It Is
Sells a collection of software including Revit, AutoCAD Civil 3D, and Autodesk Build to professionals in the building, infrastructure, and industrial project sectors to improve how projects are designed, built, and operated.
Who Pays & How
Architects, engineers, construction firms, and asset owners pay to design, build, and maintain higher-quality, more predictable, and more energy-efficient projects by using information-rich models for better-informed decisions.
Competition
AutoCAD and AutoCAD LT
$1.9B TTM (25% of Total)What It Is
Sells customizable CAD applications for professional design, drafting, detailing, and visualization to professionals across industries like construction, civil engineering, and manufacturing.
Who Pays & How
Design professionals pay for a foundational and extensible set of digital tools for drafting and detailing, which are interoperable with a wide range of other specific applications.
Competition
Manufacturing (MFG)
$1.4B TTM (19% of Total)What It Is
Sells digital design, engineering, and manufacturing solutions like Fusion and Inventor to manufacturers in automotive, industrial machinery, and consumer products industries.
Who Pays & How
Manufacturers pay to connect their product development process on a single cloud-based platform, enabling digital prototyping to validate form, fit, and function before a product is built.
Competition
Media and Entertainment (M&E)
$342M TTM (5% of Total)What It Is
Sells tools like Maya and 3ds Max for digital sculpting, modeling, animation, and rendering to film and video artists, game developers, and design visualization professionals.
Who Pays & How
Creative professionals pay for end-to-end creative tools to create compelling visual effects, 3D characters, and digital worlds for films, games, and design visualization.
Competition
Autodesk — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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