Autodesk, Inc. ADSK
NasdaqApplication softwareFinancials to Jul 31, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Jan 31 | Jul 31 |
|---|---|---|
| Cash | 2.2 | 4.1 |
| Securities | 0.3 | 0.1 |
| Long-term securities | 0.4 | 0.2 |
| Restricted cash | 0.1 | 0.1 |
| Debt | 2.5 | 3.5 |
| Net cash | 0.5 | 0.9 |
| Equity | 3.0 | 3.4 |
- Debt / EBITDA
- 1.55×
- Debt / equity
- 1.03×
- Leases (7/31/26)
- $227M
- Diluted shares
- 211M
- Book value / share
- $16.03
- Price / book
- 16.1×
- Net cash / share
- $4.17
- Market cap
- $54.4B
- Enterprise value
- $53.5B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 16.1% | -1.1 pts | |
| Operating margin | 29.3% | +4.1 pts | |
| FCF margin | 27.1% | +1.9 pts | |
| Capex / revenue | 1.0% | +0.1 pts | |
| AECO revenue | $1.0B | +17% | |
| AutoCAD and AutoCAD LT revenue | $500M | +14% | |
| Manufacturing revenue | $385M | +15% | |
| Make revenue | $244M | +26% | |
| Current remaining performance obligations | $5.2B | +12% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ADSK
Autodesk sells subscription software for building design, construction, manufacturing and media production. AECO supplied about half of FY2026 revenue, with AutoCAD and Manufacturing providing most of the remainder.
- Data Workflow Lockin
BIM models + construction cloud tooling connect data and decisions across project phases, making toolchain replacement disruptive.
- Suite Bundling
AEC Collection and related cloud offerings bundle multiple workflow tools, reducing point-solution displacement and improving cross-sell.
- Ecosystem Complements
Extensibility + third-party applications increase value and embed AutoCAD in customer toolchains.
- Data Workflow Lockin
Fusion/Inventor/Vault tie design data, revision control, and manufacturing workflows together, increasing migration friction.
- Oct 6, 2026
Named Diana Colella EVP of the AEC business, succeeding retiring Amy Bunszel; Colella also continues overseeing M&E while a successor is sought. This changes leadership of the largest business as Forma and AI expand. Source: https://adsknews.autodesk.com/en/pressrelease/autodesk-names-diana-colella-to-lead-architecture-engineering-and-construction-business/.
- Sep 22, 2026
The court extended the private dispute-resolution deadline in Qt's copyright case against Autodesk. The case remains unresolved, with no damages ruling or verified settlement.
- Sep 15, 2026
Autodesk previewed agentic AI across Forma, Fusion and Flow. Connected project data can make the tools more useful, but previewed features do not yet establish paid adoption or a larger moat.
- Sep 10, 2026
Autodesk issued $1 billion of notes due in 2029 and 2033 at 5.05% and 5.65%, intending to repay its MaintainX bridge loan. Longer maturities lower near-term refinancing pressure while fixing interest expense.
- Aug 27, 2026
Autodesk raised FY2027 revenue guidance to $8.295-$8.345 billion, reflecting higher underlying growth expectations and MaintainX. Acquisition integration and costs reduce the comparability of the coming quarters.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 9.12 | 9.37 | 11.74 | 14.72 | 17.07 | 19.76 | 22.96 | 25.45 | 28.25 | 33.52 | 36.92 | +15.6%/yr | |
| Cash flow | 0.76 | 0.00 | 1.72 | 6.36 | 6.47 | 6.90 | 9.50 | 6.08 | 7.41 | 11.40 | 13.73 | +35.1%/yr | |
| Earnings | -2.61 | -2.58 | -0.37 | 0.96 | 5.44 | 2.24 | 3.78 | 4.19 | 5.12 | 5.23 | 7.78 | – | |
| Free cash flow | 0.42 | -0.23 | 1.42 | 6.12 | 6.04 | 6.59 | 9.29 | 5.80 | 6.94 | 11.05 | 13.29 | +43.8%/yr | |
| Capex | 0.34 | 0.23 | 0.31 | 0.24 | 0.43 | 0.30 | 0.21 | 0.28 | 0.47 | 0.35 | 0.44 | +0.4%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | 3.29 | -1.17 | -0.96 | -0.62 | 4.35 | 3.82 | 5.25 | 8.59 | 12.08 | 14.16 | 16.03 | +17.6%/yr | |
| Diluted shares (M) | 223 | 220 | 219 | 223 | 222 | 222 | 218 | 216 | 217 | 215 | 211 | -0.4%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 2.0 | 2.1 | 2.6 | 3.3 | 3.8 | 4.4 | 5.0 | 5.5 | 6.1 | 7.2 | 7.8 | +15.1%/yr | |
| Operating income | -0.5 | -0.5 | -0.0 | 0.3 | 0.6 | 0.6 | 1.0 | 1.1 | 1.4 | 1.6 | 2.0 | – | |
| Net income | -0.6 | -0.6 | -0.1 | 0.2 | 1.2 | 0.5 | 0.8 | 0.9 | 1.1 | 1.1 | 1.6 | – | |
| Free cash flow | 0.1 | -0.0 | 0.3 | 1.4 | 1.3 | 1.5 | 2.0 | 1.3 | 1.5 | 2.4 | 2.8 | +43.2%/yr | |
| Buybacks | 0.6 | 0.7 | 0.3 | 0.4 | 0.6 | 1.1 | 1.1 | 0.8 | 0.9 | 1.4 | 1.6 | +9.5%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | 0.7 | -0.1 | -1.2 | -0.3 | 0.1 | -0.8 | -0.1 | 0.2 | -0.1 | 0.5 | 0.9 | −$0.2B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 83.2 | 85.2 | 88.9 | 90.1 | 91.1 | 90.5 | 90.4 | 90.7 | 90.6 | 91.0 | 91.2 | +7.8 pts | |
| Operating margin | -24.6 | -24.8 | -1.0 | 10.5 | 16.6 | 14.1 | 19.8 | 20.5 | 22.1 | 21.9 | 26.2 | +46.5 pts | |
| Net margin | -28.7 | -27.6 | -3.1 | 6.6 | 31.9 | 11.3 | 16.4 | 16.5 | 18.1 | 15.6 | 21.1 | +44.3 pts | |
| FCF margin | 4.6 | -2.4 | 12.1 | 41.6 | 35.4 | 33.4 | 40.5 | 22.8 | 24.5 | 33.0 | 36.0 | +28.4 pts | |
| ROIC | -102.4 | – | -1.9 | – | 58.0 | 27.5 | 55.7 | 45.4 | 34.1 | 41.0 | 57.5 | +143.5 pts | |
| Return on equity | -79.3 | – | – | – | 125.2 | 58.5 | 71.9 | 48.8 | 42.4 | 36.9 | 48.5 | +116.3 pts | |
| R&D % of revenue | 37.7 | 36.7 | 28.2 | 26.0 | 24.6 | 25.4 | 24.4 | 25.0 | 24.2 | 22.8 | 22.1 | -14.9 pts | |
| Stock pay % of revenue | 10.9 | 12.7 | 9.7 | 11.1 | 10.5 | 12.7 | 13.1 | 12.8 | 11.1 | 10.9 | 9.1 | +0.0 pts | |
| Capex % of revenue | 3.7 | 2.5 | 2.6 | 1.6 | 2.5 | 1.5 | 0.9 | 1.1 | 1.7 | 1.1 | 1.2 | -2.7 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Architecture, Engineering, Construction and Operations (AECO)49.7%2 claims
- AutoCAD and AutoCAD LT24.8%1 claim
- Manufacturing (MFG)19.1%1 claim
- Media and Entertainment (M&E)4.6%1 claim
- Other (Consulting and other products/services)1.7%No moat
Moat claims
- Applies to
- Architecture, Engineering, Construction and Operations (AECO)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
BIM models + construction cloud tooling connect data and decisions across project phases, making toolchain replacement disruptive.
AECO revenue reached $1.029 billion and current contracted revenue reached $5.245 billion in Q2 FY2027, supporting recurring demand; customer retention near the top of its 100%-110% range and open project standards do not prove that switching costs are rising.
- AECO revenue$1.0B+17%
- Make revenue$244M+26%
- Current remaining performance obligations$5.2B+12%
- Remaining performance obligations$7.4B+2%
- Net revenue retention~110.0%0.0 pts
- Open/BIM interoperability reduces lock-in
- Customers standardize on open data models and best-of-breed point tools
- Cloud outages or security incidents reduce trust
- FilingAutodesk FY2026 Form 10-K (Business - Products)Mar 3, 2026
- FilingAutodesk FY2026 Form 10-K (Business - Product Development and Introduction)Mar 3, 2026
- NewsAutodesk Q2 FY2027 resultsAug 27, 2026
- Applies to
- Architecture, Engineering, Construction and Operations (AECO)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
AEC Collection and related cloud offerings bundle multiple workflow tools, reducing point-solution displacement and improving cross-sell.
AECO revenue reached $1.029 billion in Q2 FY2027, but Autodesk does not publish Collection adoption or cross-sell rates, so bundle protection remains supported without a proven increase.
- AECO revenue$1.0B+17%
- Make revenue$244M+26%
- Current remaining performance obligations$5.2B+12%
- Remaining performance obligations$7.4B+2%
- Net revenue retention~110.0%0.0 pts
- Customer pushback on bundles (unbundling)
- Competitors bundle vertically (e.g., BIM + construction)
- Price increases accelerate seat rationalization
- FilingAutodesk FY2026 Form 10-K (Business - AECO products)Mar 3, 2026
- FilingAutodesk FY2026 Form 10-K (Glossary - Industry Collections)Mar 3, 2026
- Applies to
- AutoCAD and AutoCAD LT
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Extensibility + third-party applications increase value and embed AutoCAD in customer toolchains.
AutoCAD and AutoCAD LT revenue reached $500 million in Q2 FY2027, but developer and extension activity are not disclosed; revenue growth supports demand without proving a stronger complement ecosystem.
- AutoCAD and AutoCAD LT revenue$500M+14%
- Platform/API changes discourage developers
- Developers migrate to competing ecosystems
- Customers prefer web-native tools with different extension models
- FilingAutodesk FY2026 Form 10-K (Business - AutoCAD)Mar 3, 2026
- FilingAutodesk FY2026 Form 10-K (Risk Factors - reliance on AutoCAD-based offerings)Mar 3, 2026
- Applies to
- Manufacturing (MFG)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Fusion/Inventor/Vault tie design data, revision control, and manufacturing workflows together, increasing migration friction.
Manufacturing revenue reached $385 million and Make revenue across the company reached $244 million in Q2 FY2027; these support paid workflow demand, but Fusion and Vault retention are not disclosed.
- Manufacturing revenue$385M+15%
- Make revenue$244M+26%
- Current remaining performance obligations$5.2B+12%
- Remaining performance obligations$7.4B+2%
- Net revenue retention~110.0%0.0 pts
- Customers adopt vendor-neutral PLM/PDM layers
- Interoperability/export improves switching
- Cloud-native competitors gain share in SMB/mid-market
- FilingAutodesk FY2026 Form 10-K (Business - Fusion and Vault)Mar 3, 2026
- Applies to
- Media and Entertainment (M&E)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Film and game studios use Maya skills, established production pipelines and custom workflows; 3ds Max also has specialized visualization extensions. Retraining artists and rebuilding these processes creates replacement costs, but free Blender and specialist tools keep the advantage modest.
Media and Entertainment revenue reached $92 million in Q2 FY2027, while rival Maxon still describes established Maya and 3ds Max studio workflows; this supports persistent training costs without proving a larger advantage.
- Media and Entertainment revenue$92M+15%
- Free Blender and specialist tools can replace paid seats when studios rebuild pipelines.
- Open asset formats and better interoperability reduce the cost of moving work between tools.
- AI-assisted creation can reduce labor-intensive tasks and change the skills studios need.
Profile change log
- Nov 11, 2026 · business change
Named Diana Colella EVP of the AEC business, succeeding retiring Amy Bunszel; Colella also continues overseeing M&E while a successor is sought. This changes leadership of the largest business as Forma and AI expand. Source: https://adsknews.autodesk.com/en/pressrelease/autodesk-names-diana-colella-to-lead-architecture-engineering-and-construction-business/.
- Oct 6, 2026 · analyst revision
Rival Maxon's August 2026 assessment supports modest artist-training and pipeline switching costs in Media and Entertainment. A strength-2 claim replaces its no-moat status; free and specialist competitors limit the protection. Other claim strengths remain unchanged.
- Oct 6, 2026 · analyst revision
Full-year FY2026 revenue now weights the five product families, replacing one-quarter weights. Four existing moat claims retain their strengths and have stable trajectories; research now includes customer retention, competitor pressure, macro exposure, funding and management.
- Oct 6, 2026 · business change
The court extended the private dispute-resolution deadline in Qt's copyright case against Autodesk. The case remains unresolved, with no damages ruling or verified settlement.
- Oct 6, 2026 · business change
The Qt Company sued Autodesk for copyright infringement. The pending software-license dispute creates possible cost and access risk, but no quantified financial loss is established.
- Oct 6, 2026 · business change
The plaintiffs appealed the securities class-action dismissal, keeping litigation risk open after the January ruling.
- Oct 6, 2026 · business change
Autodesk previewed agentic AI across Forma, Fusion and Flow. Connected project data can make the tools more useful, but previewed features do not yet establish paid adoption or a larger moat.
- Oct 6, 2026 · business change
Autodesk issued $1 billion of notes due in 2029 and 2033 at 5.05% and 5.65%, intending to repay its MaintainX bridge loan. Longer maturities lower near-term refinancing pressure while fixing interest expense.
- Oct 6, 2026 · business change
Autodesk raised FY2027 revenue guidance to $8.295-$8.345 billion, reflecting higher underlying growth expectations and MaintainX. Acquisition integration and costs reduce the comparability of the coming quarters.
- Oct 6, 2026 · business change
Autodesk acquired MaintainX for preliminary consideration of approximately $3.53 billion net of acquired cash, extending design and construction relationships into maintenance and asset operations.
- Oct 6, 2026 · business change
Autodesk reduced the minimum Flex purchase from $300 to $99, making occasional product access more affordable for smaller customers.
- Oct 6, 2026 · business change
Autodesk announced another restructuring of roughly 7% of its workforce to finish sales optimization and fund strategic priorities; repeated changes carry execution risk and remain operating costs.
- Oct 6, 2026 · business change
A federal court dismissed the securities class action with prejudice. The plaintiffs appealed on March 12, so the legal exposure was reduced but not fully resolved.
- Oct 6, 2026 · business change
The U.S. Attorney's Office closed its inquiry into Autodesk's cash-flow and non-GAAP practices, reducing government-enforcement uncertainty while shareholder litigation continued.
- Oct 6, 2026 · business change
The SEC closed its inquiry into Autodesk's cash-flow and non-GAAP practices, reducing regulatory uncertainty; shareholder claims remain a separate risk.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Architecture, engineering, construction and operations software
Software for building and civil infrastructure design, construction execution, project data management, and built-asset operations. Uses Cambashi's expanded BIM/AECO scope, including real estate and portfolio planning; excludes physical construction and mechanical product design.
- Autodesk
- Bentley Systems
- Nemetschek
- Trimble
- Procore
- Oracle
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ADSK | 61 | 91.2% | 26.2% | |
| Industry median | 31 | 78 | 75.8% | 19.9% |
| Sector median | 77 | 75 | 64.7% | 23.8% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Public infrastructure programs and project documentation requirements support software demand across design and construction.
- Skilled labor shortages encourage automation, coordinated building models and better control of project information.
- Construction and asset-operation data give suppliers opportunities to sell beyond the original design team.
- AI can automate clash detection, quantity take-off and field decisions, provided its output is reliable enough for physical projects.
- Energy-efficiency and building-performance requirements support digital twins and ongoing asset-management software.
- High interest rates weaken property development and customer project starts; subscription renewals soften the impact before fewer projects affect seats.
- Open BIM standards and multi-vendor project teams limit exclusive data control and make integration quality essential.
- Major vendors and specialist platforms compete for construction collaboration spending; authoring-tool leadership does not guarantee construction share.
- Cloud security, uptime and local data-residency requirements can delay adoption or raise supplier costs.
- Stronger reporting currencies reduce translated overseas sales; software wages, cloud hosting and AI inference costs affect supplier profits.
Bulls & bears
Can Autodesk expand paid design-to-operations workflows and customer spending faster than accounting presentation, integration costs and alternative platforms absorb the gains?
Arguments
What to watch
- 1AECO and Manufacturing revenue versus customer retention after reseller-model effects
- 2Make revenue and current remaining performance obligations
- 3MaintainX integration, cash generation, debt maturities and interest costs
Next check: November 24, 2026 Q3 FY2027 results for the quarter ending October 31, 2026: separate MaintainX contribution and reseller-model effects from underlying demand; then check annual restructuring completion by January 31, 2027.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 61/100 by <a href="https://www.findmymoat.com/stocks/XNAS:ADSK">Find My Moat</a> (as of September 2026)Curation & Accuracy
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