VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
Stock Profile
Autodesk, Inc. (ADSK) Moat Analysis
Autodesk, Inc.
ADSK · NASDAQ
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Autodesk is a subscription software company used in architecture, engineering, construction, operations, manufacturing and media creation. Q2 FY2027 revenue was $2.046B, up 16% year over year, led by AECO, AutoCAD and Manufacturing. Current remaining performance obligations grew 12%, while reduced multi-year discounting weighed on total RPO growth. Replacing Autodesk in engineering and manufacturing can require moving data and changing established processes. Bundled AECO products and AutoCAD extensions add smaller advantages. The filings do not show a lasting network advantage for BuildingConnected or exclusive control over AutoCAD file formats. A reliable BIM market-share estimate is also unavailable. Autodesk completed the approximately $3.575B MaintainX acquisition on August 3, 2026, extending its operations scope but adding near-term integration and financing risk.
Primary segment
Architecture, Engineering, Construction and Operations (AECO)
Market structure
Competitive
Market share
—
HHI: —
Coverage
5 segments · 9 tags
Updated 2026-09-05
Segments
Architecture, Engineering, Construction and Operations (AECO)
Architecture, engineering, construction & operations (AECO) software (BIM, civil design, construction management)
Revenue
50.3%
Structure
Competitive
Pricing
moderate
Share
—
Peers
AutoCAD and AutoCAD LT
General-purpose CAD drafting and detailing software (2D/3D CAD for design and documentation)
Revenue
24.4%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Manufacturing (MFG)
Manufacturing design & engineering software (CAD/CAM/CAE, product data management)
Revenue
18.8%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Media and Entertainment (M&E)
3D content creation and production management software (VFX, animation, games content tools)
Revenue
4.5%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Other (Consulting and other products/services)
Professional services, consulting, and ancillary software/services tied to Autodesk deployments
Revenue
2%
Structure
Competitive
Pricing
weak
Share
—
Peers
—
Moat Claims
Architecture, Engineering, Construction and Operations (AECO)
Architecture, engineering, construction & operations (AECO) software (BIM, civil design, construction management)
Q2 FY2027 product-family revenue was $1029M of $2,046M for the quarter ended July 31, 2026. These are analytical product families rather than separate reportable segments. Source: https://investors.autodesk.com/static-files/cb8dfa16-8990-43f7-b95f-74a629964bd4
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength
Durability
Confidence
Evidence
BIM models + construction cloud tooling connect data and decisions across project phases, making toolchain replacement disruptive.
Data Workflow Lockin moat: definition, examples, and stocks
Erosion risks
- 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
Leading indicators
- Net revenue retention rate trend
- Autodesk Construction Cloud adoption (seats/projects)
- Revit/BIM Collaborate Pro usage growth
Counterarguments
- Large AEC firms often run multi-vendor stacks and can migrate when standards/tools improve
- Some collaboration/project-management layers are easier to replace than core authoring tools
Suite Bundling
Demand
Suite Bundling
Strength
Durability
Confidence
Evidence
AEC Collection and related cloud offerings bundle multiple workflow tools, reducing point-solution displacement and improving cross-sell.
Suite Bundling moat: definition, examples, and stocks
Erosion risks
- Customer pushback on bundles (unbundling)
- Competitors bundle vertically (e.g., BIM + construction)
- Price increases accelerate seat rationalization
Leading indicators
- Industry Collection mix of billings/revenue
- Attach rates of cloud services to design tools
- Expansion within enterprise accounts (EBA growth)
Counterarguments
- Enterprises can negotiate and selectively deploy only parts of the suite
- Rival bundles and open integrations make it easier to replace Autodesk's bundle
AutoCAD and AutoCAD LT
General-purpose CAD drafting and detailing software (2D/3D CAD for design and documentation)
Q2 FY2027 product-family revenue was $500M of $2,046M for the quarter ended July 31, 2026. These are analytical product families rather than separate reportable segments. Source: https://investors.autodesk.com/static-files/cb8dfa16-8990-43f7-b95f-74a629964bd4
Ecosystem Complements
Network
Ecosystem Complements
Strength
Durability
Confidence
Evidence
Extensibility + third-party applications increase value and embed AutoCAD in customer toolchains.
Ecosystem Complements moat: definition, examples, and stocks
Erosion risks
- Platform/API changes discourage developers
- Developers migrate to competing ecosystems
- Customers prefer web-native tools with different extension models
Leading indicators
- Third-party app ecosystem health (active developers/extensions)
- API usage/SDK adoption
- Partner channel performance
Counterarguments
- Competing CAD platforms also support plugins and integrations
- Some extension value can be replicated via open APIs and middleware
Manufacturing (MFG)
Manufacturing design & engineering software (CAD/CAM/CAE, product data management)
Q2 FY2027 product-family revenue was $385M of $2,046M for the quarter ended July 31, 2026. These are analytical product families rather than separate reportable segments. Source: https://investors.autodesk.com/static-files/cb8dfa16-8990-43f7-b95f-74a629964bd4
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength
Durability
Confidence
Evidence
Fusion/Inventor/Vault tie design data, revision control, and manufacturing workflows together, increasing migration friction.
Data Workflow Lockin moat: definition, examples, and stocks
Erosion risks
- Customers adopt vendor-neutral PLM/PDM layers
- Interoperability/export improves switching
- Cloud-native competitors gain share in SMB/mid-market
Leading indicators
- Fusion subscription growth and attach to manufacturing accounts
- Vault usage/renewal rates
- Churn in SMB manufacturing cohort
Counterarguments
- Large manufacturers often prefer deeply integrated CAD+PLM suites from competitors (Siemens/Dassault/PTC)
- Engineering teams can maintain multiple CAD tools when needed (multi-CAD reality)
Media and Entertainment (M&E)
3D content creation and production management software (VFX, animation, games content tools)
Q2 FY2027 product-family revenue was $92M of $2,046M for the quarter ended July 31, 2026. These are analytical product families rather than separate reportable segments. Source: https://investors.autodesk.com/static-files/cb8dfa16-8990-43f7-b95f-74a629964bd4
Other (Consulting and other products/services)
Professional services, consulting, and ancillary software/services tied to Autodesk deployments
Q2 FY2027 product-family revenue was $40M of $2,046M for the quarter ended July 31, 2026. These are analytical product families rather than separate reportable segments. Source: https://investors.autodesk.com/static-files/cb8dfa16-8990-43f7-b95f-74a629964bd4
Evidence
the entire project team works from the same consistent, up-to-date model
Describes Autodesk Build connecting design/preconstruction data into construction/operations and Revit enabling collaboration via information-rich BIM models (Item 1 - Business, Products section).
lifecycle solutions within and between our industry clouds, powered by shared platform services
States Autodesk is developing lifecycle solutions powered by shared platform services/data model and that its tools connect workflows/data across the ecosystem (Item 1 - Business).
Current RPO grew 12% to $5.245B; total RPO grew 2% as reduced multi-year discounts changed contract duration. This supports recurring commercial depth but is not direct evidence of customer switching costs.
The AEC Collection, including AutoCAD, AutoCAD Civil 3D, and Revit
Describes the AEC Collection, including AutoCAD, AutoCAD Civil 3D and Revit, for architecture, engineering, construction and operations. See Item 1, Business, Products.
a combination of products and services that target a specific user objective and support a set of workflows
Defines Industry Collections as a combination of products/services targeting a specific objective and set of workflows (Glossary of Terms).
Showing 5 of 8 sources.
Risks & Indicators
Erosion risks
- 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
- Customer pushback on bundles (unbundling)
- Competitors bundle vertically (e.g., BIM + construction)
- Price increases accelerate seat rationalization
Leading indicators
- Net revenue retention rate trend
- Autodesk Construction Cloud adoption (seats/projects)
- Revit/BIM Collaborate Pro usage growth
- Industry Collection mix of billings/revenue
- Attach rates of cloud services to design tools
- Expansion within enterprise accounts (EBA growth)
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