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
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
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.
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.