VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Tuesday, December 30, 2025
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 focused on design and workflow tools for AECO, manufacturing, and media creation. We segment it using Autodesk's disclosed product families: AECO (BIM + construction cloud), AutoCAD, Manufacturing (CAD/CAM/CAE + data management), and Media & Entertainment tools, plus a small Other bucket. Moats are primarily workflow/data lock-in from connected design-to-make pipelines, suite bundling via Industry Collections, and ecosystem complements/interoperability around AutoCAD; AECO also includes a two-sided network component in preconstruction (BuildingConnected). Key risks are customers unbundling suites, open standards reducing lock-in, and strong competition from other CAD/BIM/PLM and construction software vendors. Market cap was about $63.74B as of 2025-12-29 (StockAnalysis.com).
Primary segment
Architecture, Engineering, Construction and Operations (AECO)
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
5 segments · 8 tags
Updated 2025-12-29
Segments
Architecture, Engineering, Construction and Operations (AECO)
Architecture, engineering, construction & operations (AECO) software (BIM, civil design, construction management)
Revenue
47.9%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
AutoCAD and AutoCAD LT
General-purpose CAD drafting and detailing software (2D/3D CAD for design and documentation)
Revenue
25.6%
Structure
Quasi-Monopoly
Pricing
strong
Share
—
Peers
Manufacturing (MFG)
Manufacturing design & engineering software (CAD/CAM/CAE, product data management)
Revenue
19.4%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Media and Entertainment (M&E)
3D content creation and production management software (VFX, animation, games content tools)
Revenue
5.1%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Other (Consulting and other products/services)
Professional services, consulting, and ancillary software/services tied to Autodesk deployments
Revenue
1.9%
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)
Revenue share derived from FY2025 net revenue by product family (AECO $2,937M / total $6,131M) in Autodesk FY2025 Form 10-K (FY ended 2025-01-31, filed 2025-03-06). Source: https://www.sec.gov/Archives/edgar/data/769397/000076939725000019/adsk-20250131.htm
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
BIM models + construction cloud tooling connect data and decisions across project phases, making toolchain replacement disruptive.
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: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
AEC Collection and related cloud offerings bundle multiple workflow tools, reducing point-solution displacement and improving cross-sell.
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
- Rivals offer integrated bundles and open integrations that reduce bundle stickiness
Two Sided Network
Network
Two Sided Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
BuildingConnected preconstruction network can compound value as more owners/GCs and subcontractors participate in bidding/qualification workflows.
Erosion risks
- Multi-homing across bidding networks
- Competitors (construction PM platforms) build competing networks
- Network value is regional/vertical and may saturate
Leading indicators
- Active network participants (GCs/owners/subs)
- Bid volume and conversion
- Retention of large GC/owner accounts
Counterarguments
- Networks can fragment and participants can use multiple platforms with limited friction
- Preconstruction tools can be replaced without changing core BIM authoring stack
AutoCAD and AutoCAD LT
General-purpose CAD drafting and detailing software (2D/3D CAD for design and documentation)
Revenue share derived from FY2025 net revenue by product family (AutoCAD & AutoCAD LT $1,572M / total $6,131M) in Autodesk FY2025 Form 10-K (FY ended 2025-01-31, filed 2025-03-06). Source: https://www.sec.gov/Archives/edgar/data/769397/000076939725000019/adsk-20250131.htm
Format Lock In
Demand
Format Lock In
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
File/data exchange within teams and across Autodesk tools encourages continued use of AutoCAD-compatible workflows.
Erosion risks
- Improved interchange/export reduces format lock-in
- Free/low-cost CAD tools improve for basic drafting
- Generative/AI design tools shift workflows away from 2D drafting
Leading indicators
- AutoCAD renewal/retention metrics
- Seat migration to collections vs point products
- Competitive displacement in SMB/education channels
Counterarguments
- For many basic use cases, switching to lower-cost tools is feasible if file compatibility is maintained
- Organizations may standardize on broader BIM/PLM suites where AutoCAD is less central
Ecosystem Complements
Network
Ecosystem Complements
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Extensibility + third-party applications increase value and embed AutoCAD in customer toolchains.
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
Suite Bundling
Demand
Suite Bundling
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 2 evidence
AutoCAD acts as an anchor product that supports migration into broader Industry Collections and cloud functionality.
Erosion risks
- Customers resist bundles and optimize to lowest-cost SKU
- Price increases trigger downgrades or churn
- Competitors bundle CAD with adjacent tools aggressively
Leading indicators
- Share of customers on Industry Collections vs point products
- EBA penetration among AutoCAD-heavy accounts
- Net revenue retention for AutoCAD cohort
Counterarguments
- Customers may buy only AutoCAD and ignore suites
- Bundling can be replicated by competitors; differentiation may be limited
Manufacturing (MFG)
Manufacturing design & engineering software (CAD/CAM/CAE, product data management)
Revenue share derived from FY2025 net revenue by product family (MFG $1,189M / total $6,131M) in Autodesk FY2025 Form 10-K (FY ended 2025-01-31, filed 2025-03-06). Source: https://www.sec.gov/Archives/edgar/data/769397/000076939725000019/adsk-20250131.htm
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Fusion/Inventor/Vault tie design data, revision control, and manufacturing workflows together, increasing migration friction.
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)
Suite Bundling
Demand
Suite Bundling
Strength: 3/5 · Durability: medium · Confidence: 4/5 · 2 evidence
Product Design & Manufacturing Collection bundles multiple tools (CAD, CAM, PDM), improving value-per-seat and reducing point replacement.
Erosion risks
- Customers unbundle and buy best-of-breed modules
- Competitive bundles narrow differentiation
- Pricing complexity increases procurement scrutiny
Leading indicators
- Collection mix within manufacturing bookings
- EBA adoption in manufacturing accounts
- Average products per customer / seat expansion
Counterarguments
- Bundles are common in CAD/PLM and may not be a durable differentiator
- Customers may standardize on a single-vendor suite from a competitor instead of Autodesk
Media and Entertainment (M&E)
3D content creation and production management software (VFX, animation, games content tools)
Revenue share derived from FY2025 net revenue by product family (M&E $315M / total $6,131M) in Autodesk FY2025 Form 10-K (FY ended 2025-01-31, filed 2025-03-06). Source: https://www.sec.gov/Archives/edgar/data/769397/000076939725000019/adsk-20250131.htm
Suite Bundling
Demand
Suite Bundling
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
M&E Collection bundles end-to-end tools (e.g., Maya and 3ds Max) aligned to studio workflows.
Erosion risks
- Studios shift to cheaper/open-source tools for cost control
- Competing toolchains integrate better with modern pipelines
- Bundled suite value declines if a flagship tool loses mindshare
Leading indicators
- Renewal rates among M&E studio accounts
- Adoption of M&E Collection vs point tools
- Competitive win/loss vs alternative DCC tools
Counterarguments
- Many studios already use multi-vendor pipelines; bundles may not prevent switching
- Creative tools can be displaced if a new tool becomes standard in key workflows
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Production tracking/collaboration software can become embedded in distributed studio processes and review/approval loops.
Erosion risks
- Studios replace production tracking with generalized project management
- Workflow integrations break during platform transitions
- Security incidents hurt adoption in IP-sensitive studios
Leading indicators
- Active productions on Flow Production Tracking
- Seat expansion in large studios
- Churn/NRR for production-management products
Counterarguments
- Project/production management tools can be swapped without changing core creation tools
- Studios may build in-house pipeline tooling that reduces dependence on third-party tracking platforms
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Flagship tools (e.g., Maya, 3ds Max) are embedded in professional creator communities and studio hiring/training pipelines.
Erosion risks
- Creator preference shifts to alternative tools
- Community backlash from licensing/pricing changes
- Open-source tools improve rapidly
Leading indicators
- Creator community sentiment and adoption trends
- Education pipeline adoption
- Studio standardization decisions
Counterarguments
- Brand is not enough if competitors offer better performance/price
- Studios can retrain artists over time and increasingly hire tool-agnostic talent
Other (Consulting and other products/services)
Professional services, consulting, and ancillary software/services tied to Autodesk deployments
Revenue share derived from FY2025 net revenue by product family (Other $118M / total $6,131M) and 'Other revenue' definition in Autodesk FY2025 Form 10-K (FY ended 2025-01-31, filed 2025-03-06). Source: https://www.sec.gov/Archives/edgar/data/769397/000076939725000019/adsk-20250131.htm
Procurement Inertia
Demand
Procurement Inertia
Strength: 2/5 · Durability: fragile · Confidence: 2/5 · 1 evidence
Services are often purchased by existing customers alongside core subscriptions, but offerings face many substitutes.
Erosion risks
- Partners and integrators compete aggressively
- Customers internalize implementation capabilities
- Services budgets cut during downturns
Leading indicators
- Services revenue mix vs subscriptions
- Utilization/attach rates on consulting
- Partner channel health
Counterarguments
- Most consulting can be sourced from third parties at similar quality/cost
- Customers may prefer independent integrators for multi-vendor implementations
Evidence
Describes Autodesk Build connecting design/preconstruction data into construction/operations and Revit enabling collaboration via information-rich BIM models (Item 1 - Business, Products section).
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).
Describes the AEC Collection including AutoCAD, AutoCAD Civil 3D, and Revit, positioned to support end-to-end AECO workflows (Item 1 - Business, Products).
Defines Industry Collections as a combination of products/services targeting a specific objective and set of workflows (Glossary of Terms).
Describes BuildingConnected as combining a large real-time construction network with tools for subcontractor qualification and bid/risk management (Item 1 - Business, Products).
Showing 5 of 15 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)
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.