ADSK · US
ADSK.US: Design & make software cloud transition
Autodesk design & make software.
Cite a section with a deep link, e.g. /en/r/adsk-us-research#thesis
Snapshot
- Price
- USD 234
- Mkt cap
- USD 49.5B
- Revenue
- USD 6.1B
- RPO
- USD 6.0B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Autodesk AEC/manufacturing design software leader with mature subscriptions; growth tied to construction/industrial CapEx and cloud upsell.
Business
Model: design software subscriptions. Flagships: AutoCAD; Revit/BIM; manufacturing/media. Edge: industry standards. Strategy: cloud collaboration + industry solutions.
Value chain
Pro design software; upstream cloud; downstream AEC/manufacturing. Risks: construction cycle; piracy/regions; cloud migration.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 234 | ADSK · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Quality vertical software; if growth slows, margins/buybacks matter.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
Volume: seats; price: suites; cost: cloud + S&M.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue (approx) | ~$6B+ | +low-teens | Subscriptions |
| Gross margin | ~90% | — | Software |
| RPO | Solid | — | Visibility |
| FCF | Strong | — | Buybacks |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Autodesk (self) | AEC/MFG design | ~90% GM | Standards | Cycle sensitivity |
| Dassault | PLM/CAD | High | 3DEXPERIENCE | Overlap |
| Siemens NX | PLM | Bundle | Industrial | Competition |
| PTC | PLM/IoT | High GM | SaaS shift | Scale |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Andrew Anagnost | 2017+ | No material change |
| CFO | CFO office | ongoing | Check latest 10-K/Q |
| COO / products | Product leads | ongoing | Cloud push |
Stability: Steady.
Outlook
Track subscription growth, AEC indicators, FCF, buybacks.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
References
- ADSK IR / latest 10-Q — SEC EDGAR
- https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ADSK
- Cross-links in body [[article:]] refs
Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.
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