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Autodesk, Inc. (ADSK)

Surévalué
TechnologySoftware - ApplicationUnited States

Fondamental

77

Prix

$210.96

Capitalisation boursière

$44.17B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Autodesk makes the design software that architects, engineers, construction firms, manufacturers and media studios use to draw, model and simulate what they are going to build, before building it. It does not build anything itself: it sells the tools. Its programs — AutoCAD chief among them — have become the format many industries save their work in, so switching to a rival tool means also converting decades of existing drawings and retraining staff who have used the same commands for years.

Comment l'entreprise gagne de l'argent

Nearly all revenue comes from subscriptions, billed annually or multi-year, rather than one-off software sales: customers pay to keep using the tools and to keep receiving updates. Autodesk stopped selling permanent licenses years ago, which converted a lumpy sales business into a steadier, recurring one, and gives the company a clear view of renewals ahead. Growth now depends less on winning brand-new customers than on getting existing ones to add users, add products, or move to higher-priced bundles.

Chiffre d'affaires par segment

Architecture, Engineering and Construction47.9%

Design and project software for buildings and infrastructure, from early architectural sketches through construction management.

AutoCAD and AutoCAD LT25.64%

The original general-purpose drafting software, still the industry's most common file format across many professions.

Manufacturing19.39%

3D design, engineering and simulation tools used by manufacturers to design and test physical products before production begins.

Media and Entertainment5.14%

3D animation, visual effects and game development tools used by film studios and game developers.

Other1.92%

A residual category of smaller products and services that fall outside the four main product families above.

Avantage concurrentiel

Coûts de changement · Étroit

Decades of drawings, standards and trained staff are built around Autodesk's file formats and interfaces, so a firm that switches software must also convert its archive and retrain its people — a real cost that keeps most customers renewing. That lock-in is weaker than it looks: cheaper or open-source design tools, and competitors like Bentley Systems and Trimble in construction, are chipping away at specific niches.

Ce qui stimule la demande

Modérément cyclique

Demand tracks construction and manufacturing investment: when building activity or factory capital spending slows, fewer new subscriptions are sold and renewals get renegotiated at lower seat counts. The subscription model smooths the swings compared to the license sales Autodesk used to run, but it does not remove them, since a customer under pressure can still cut how many seats it pays for.

Principaux risques

  • Piracy and unauthorized use — In markets with weak enforcement, unlicensed copies of Autodesk's software remain in wide use, competing directly against paid subscriptions the company cannot fully police.
  • Dependence on construction and manufacturing spending — A large share of customers are construction and manufacturing firms whose own spending on new projects and equipment rises and falls with the economic cycle, pulling new subscriptions and renewals with it.
  • Competition from lower-cost and open tools — Free or lower-priced design software, and increasingly capable open-source alternatives, give price-sensitive customers — especially smaller firms — a reason to look away from Autodesk's subscription pricing.
  • Execution risk in changing sales and pricing models — Autodesk has been changing how it packages, prices and transacts its subscriptions; a change handled poorly can disrupt renewals or push customers toward competitors mid-transition.

Les arguments en faveur

Buyers argue that Autodesk's file formats and workflows are so embedded in architecture, construction and manufacturing that renewal rates stay high almost regardless of the economic cycle, and that new AI and cloud-based tools give it room to raise prices further.

Les arguments contre

Sellers fear that construction and manufacturing spending is genuinely cyclical, that free or lower-cost design tools are chipping away at price-sensitive segments, and that a business built on subscription price increases has less room to keep raising prices than it has used in recent years.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 23 août 2026 with claude-opus-5 — shared with all users

P/E: 35.5Score: 71Market cap: —

Bentley's MicroStation and OpenRoads compete head-on with AutoCAD and Civil 3D for the infrastructure engineers who design roads, bridges and utility networks.

P/E: 32.8Score: 52Market cap: $13.45B

Trimble's Tekla structural modelling and its civil and construction field software chase the same contractors and structural engineers as Autodesk's AEC portfolio.

P/E: 13.6Score: 74Market cap: $14.91B

PTC's Creo and cloud-native Onshape compete for the same product-design and CAD subscription budgets that Autodesk pursues with Fusion and Inventor.

P/E: —Score: 54Market cap: $7.45B

Procore's construction management platform competes directly with Autodesk Construction Cloud for the general contractors and owners who run projects in the field.

Dassault Systèmes SEDSY

Named by Autodesk in its own 10-K, Dassault sells SOLIDWORKS and CATIA to the same mechanical designers and manufacturers that Autodesk targets with Inventor and Fusion.

Nemetschek SENEM

Through Graphisoft Archicad, Allplan and Vectorworks, Nemetschek sells BIM design software to the same architects and building engineers Autodesk serves with Revit.

Bilan & Liquidités

Chiffre d'affaires

$7.79B

12 derniers mois (au 31/07/2026)

Résultat net

$1.64B

12 derniers mois (au 31/07/2026)

Flux de trésorerie libre

$2.41B

Capitaux propres totaux

$3.04B

Passif total

$9.42B

Ratio de liquidité général

0.86

Couverture des intérêts

19.73

Dette/EBITDA

2.10

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralSurévalué

Juste valeur

$175.74

Prix actuel

$210.96

Marge de sécurité

-20.0%

Fourchette de juste valeur

$114.23 - $237.25

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$308.66
Flux de trésorerie actualisés (DCF):$125.84
Multiple de résultat (P/E):$124.45
Formule de croissance de Graham:$57.75
Valeur de la capacité bénéficiaire (EPV):$65.64
P/B justifié:$78.55
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$100.98
Bénéfices de milieu de cycle:$120.71
Multiple sur le chiffre d'affaires:$188.44
Consensus des analystes:Achat fort (37B / 6H / 0S)
Dernière surprise sur les résultats:+3.57%

Indicateurs de valorisation

Ratio P/E

27.07

ROE

36.9%

Ratio P/B

12.91

P/FCF

15.39

Marge brute

91.2%

ROIC

25.4%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

25.4%

WACC

10.9%

ROIC − WACC

+14.5 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (22)

  • EPS shows upward trend
  • EPS CAGR 7.31%
  • Price CAGR 11.37%
  • ROIC 25.4%
  • Gross Margin 91.2%
  • P/FCF 15.39
  • Debt/Equity ratio
  • Operating Margin 26.2%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 52.5%
  • Revenue Growth 5Y 13.7%
  • Analyst Consensus 86% Buy
  • Earnings Surprise avg 4.3%
  • Earnings Quality (OCF/NI) 1.76
  • Share Dilution -1.0%
  • Net Margin Trend 21.1% vs 15.8%
  • Piotroski F-Score 8/9

Échoué (4)

  • P/B Ratio 12.91
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)

Indisponible (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Score F de Piotroski

8/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.76

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-1.0%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Dr. Andrew Anagnost Ph.D.President, CEO & Director60
Mr. Janesh MoorjaniExecutive VP & CFO52
Mr. Steven M. BlumExecutive VP & COO59
Ms. Ruth Ann Keene J.D.Executive VP, Corporate Affairs, Chief Legal Officer & Corporate Secretary56
Ms. Rebecca PearceExecutive VP & Chief People Officer47
Dan DrakeFounder-
Greg LutzFounder-
Ms. Kristine B. DiamondSVP & Chief Accounting Officer57
Ms. Venmal ArasuExecutive VP & CTO55
Mr. Mike A. KellyChief Information Officer-

Risque d'audit

1

Risque du conseil

2

Risque de rémunération

7

Risque droits des actionnaires

2

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-03-03

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-08-28

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-10

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for ADSK, sourced from Markets Gazette.

  • 8/28/2026NEGATIVE
    Perché il titolo Autodesk scende del 4% nonostante il superamento delle stime del 2° trimestre

    Autodesk shares experienced a 4% decline despite beating Q2 fiscal earnings and revenue estimates. The company reported EPS of $3.30 against a $3.12 consensus and revenue of $2.05 billion, up 16% YoY, surpassing the $2.01 billion estimate. However, the stock fell due to third-quarter and full-year earnings guidance that fell short of Wall Street expectations. Analysts maintain a generally positive outlook with Buy ratings and price targets ranging from $285 to $325, indicating confidence in the company's operational momentum.

  • 6/12/2026POSITIVE
    What's Going On With Autodesk Stock Friday?

    Autodesk Inc. (ADSK) stock is showing signs of a premarket uptick, recovering from a significant 7% decline. The software company's shares are currently trading near their 52-week lows, prompting speculation about a potential technical rebound. This movement suggests that some investors may be viewing the recent sharp sell-off as an overreaction, potentially creating a buying opportunity for those anticipating a recovery in the stock price. Traders will be closely monitoring the trading session for confirmation of this rebound.

  • 5/28/2026NEUTRAL
    Full Transcript: Autodesk Q1 2027 Earnings Call

    Autodesk Inc. released its Q1 2027 earnings call transcript on May 28, 2026. While the transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook, it does not contain specific earnings figures, forward-looking guidance, or significant market-moving announcements that would allow for a definitive positive or negative signal. Investors should review the full transcript for a comprehensive understanding of the company's operational status and management's commentary.

  • 5/28/2026NEGATIVE
    Autodesk Stock Sinks Despite Q1 Earnings Beat

    Autodesk reported Q1 earnings per share of $1.89, surpassing the $1.79 consensus estimate by 6.1%. However, the stock price declined significantly following the release. This divergence suggests that despite beating short-term earnings expectations, investors are concerned about the company's forward guidance or underlying business trends. Investors should monitor future guidance and any commentary regarding customer demand or competitive pressures that may be impacting the stock's valuation.

  • 5/28/2026NEUTRAL
    Top Wall Street Forecasters Revamp Autodesk Expectations Ahead Of Q1 Earnings

    Autodesk, Inc. is set to report its first-quarter earnings on May 28th, with analysts forecasting earnings per share of $2.84 and revenue of $1.89 billion. The stock closed at $237.00 on Wednesday. While recent analyst ratings from February 2022 show a mix of 'Buy' and 'Equal-Weight' stances from firms like Deutsche Bank, Morgan Stanley, and Rosenblatt, the upcoming earnings report will be crucial for determining the stock's immediate trajectory. Investors will be closely watching for any deviations from the expected figures and management's forward guidance.

  • 2/27/2026NEUTRAL
    Autodesk (ADSK) Q4 2026 Earnings Call Transcript

    The market is currently awaiting the detailed transcript of Autodesk's (ADSK) Q4 2026 earnings call. While the date of the announcement has passed, the specific content of the discussion with analysts and investors is not yet available for in-depth analysis. Financial operators closely monitor these events to glean insights into the company's financial performance, future outlook, growth strategies, and any updates on products or competitive positioning. The current lack of concrete data maintains a cautious sentiment, with investors holding off for key information that could influence the stock's sentiment and valuation in the short to medium term. The release of these details will be crucial in determining the stock's next direction.

  • 2/25/2026NEUTRAL
    A Preview Of Autodesk's Earnings

    Autodesk, the 3D design software giant, is preparing to release its upcoming quarterly earnings. Investors are keenly awaiting this publication to analyze the company's financial performance and gain insights into future prospects. Focus will be on revenue, earnings per share, and management's guidance, all crucial elements for assessing operational health and potential growth trajectories in an evolving market. The lack of pre-announcement details keeps the stock in a holding pattern, with investment decisions heavily reliant on the data to be presented.

via Markets Gazette