Last Updated: 21 April 2026
Autodesk, Inc. (NASDAQ: ADSK) is the global design-software leader whose products sit at the heart of how buildings, infrastructure, factories, products and visual effects are drawn, simulated and built. The San Francisco-headquartered company is best known for AutoCAD — launched in 1982 and still the industry's standard 2D drafting tool — but its real engine today is a subscription software suite spanning architecture, engineering and construction (AECO), manufacturing design and PLM, and media and entertainment. Autodesk reported record fiscal 2026 (year ended 31 January 2026) revenue of $7.21bn (+18% YoY), free cash flow of $2.41bn (+54%) and a non-GAAP operating margin of 38%, while transitioning customers to a new direct-transaction model that re-sets billings timing. This report covers every material angle — without analyst opinions or price targets. For live pricing see our live charts, upcoming releases on the economic calendar, and discussion on the ChartsView forum.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Autodesk, Inc. |
| Ticker / Exchange | ADSK / Nasdaq Global Select |
| Sector (ChartsView) | Technology — Design & Engineering Software |
| GICS classification | Information Technology / Application Software |
| Headquarters | One Market, Suite 400, San Francisco, CA 94105, USA |
| CEO & President | Andrew Anagnost (since June 2017) |
| CFO | Janesh Moorjani |
| CTO | Raji Arasu |
| CIO | Mike Kelly (appointed April 2026) |
| Chair of the Board | Stacy J. Smith (independent) |
| Founded | 1982 by John Walker and 12 co-founders |
| IPO / listing | 1985; NASDAQ listed |
| Employees | ~14,800 worldwide (end FY26) |
| Fiscal year end | 31 January |
| FY2026 revenue | $7.21bn (+18% YoY) |
| FY2026 non-GAAP operating margin | 38% |
| FY2026 GAAP EPS | $5.23 |
| FY2026 non-GAAP EPS | $10.43 |
| FY2026 free cash flow | $2.41bn (+54% YoY) |
| Remaining performance obligations | $8.3bn (+20% YoY) |
| Cash & short-term investments | ~$2.6bn (end FY26) |
| Market cap (mid-April 2026) | ~$46–48bn |
| Dividend | None (capital return via buybacks — $1.4bn in FY26) |
| Website | autodesk.com / investors.autodesk.com |
2. Bull Case vs Bear Case
Distilled from the full report below — factual only, no ratings.
Bull Case
- De-facto standard in design: AutoCAD has been the industry's baseline 2D CAD package for 40+ years; Revit is the reference BIM platform in AEC; Fusion is scaling fast in manufacturing. Switching costs in CAD/BIM are enormous once model libraries, templates and teams are built around a tool.
- FY26 delivered above the high end of guidance: revenue +18% to $7.21bn, billings +30% to $7.77bn, non-GAAP operating margin 38%, FCF $2.41bn (+54%). Management re-iterated commitment to a 45%+ non-GAAP operating margin over time.
- Construction and emerging markets outperforming: AECO (49.8% of FY26 revenue) is the fastest-growing segment, supported by the global data-centre construction boom (H2 FY26 AECO +23% YoY) and Autodesk Construction Cloud traction.
- RPO visibility: $8.3bn of remaining performance obligations at year-end, up 20% YoY — a forward book that's larger than the company's current-year revenue.
- AI product push: Product Help MCP Server (Apr 2026) exposes trusted Autodesk documentation to AI agents; Project Bernini generative AI, Forma AI outcomes in AECO, and Fusion AI in manufacturing are live in product. Enterprise customers are signing multi-year Design and Make platform deals (Prestige Estates three-year enterprise agreement, April 2026).
- Capital return: $1.4bn returned to shareholders in FY26 via buybacks. Cash generation comfortably funds both buybacks and the small-bolt-on M&A programme.
Bear Case
- Growth slowing to mid-teens: FY27 revenue guidance of $8.10–8.17bn implies ~12–13% growth, a step down from FY26 reported growth, with the new direct-transaction model one-off tailwind rolling off.
- Margin compression noise: Non-GAAP operating margin targets of 45%+ have slipped in timing; recent quarters saw headline margin expansion partly driven by the transaction-model change rather than underlying operating leverage.
- Mature core: AutoCAD/AutoCAD LT is ~24% of revenue and a low-growth cash cow; the company must keep re-platforming (Autodesk Platform Services, Forma, Fusion) to offset the flat core.
- Enterprise PLM share gap: In large-enterprise manufacturing, Dassault Systèmes' SOLIDWORKS/CATIA/3DEXPERIENCE and Siemens' NX/Teamcenter stack still outcompete Autodesk; its MFG segment is only 19.5% of revenue.
- AI commoditisation risk: Generative design, AI-assisted drafting and text-to-3D features are being added by every major CAD vendor. Training-data advantages are narrower in engineering than in consumer domains.
- Macro exposure to construction: AECO's growth depends on commercial construction and infrastructure cycles; a sharp slowdown in data-centre or industrial building would directly hit the fastest-growing segment.
- Recent analyst activity: Citigroup downgraded the stock from Buy to Neutral and cut its price target to $246 on 10 April 2026 — a sentiment indicator, noted factually here without endorsement.
3. What Does Autodesk Actually Do?
Autodesk sells subscription-based design and engineering software to architects, engineers, builders, product designers, manufacturers, film studios and educators. Its software turns ideas into drawings, 3D models, simulations and finally physical objects or images. The business is organised around four industry-focused product families.
Revenue by product family (FY2026, year ended 31 January 2026):
| Product family | FY26 revenue share | Core products | Growth driver |
|---|---|---|---|
| AECO (Architecture, Engineering, Construction & Operations) | 49.8% | Revit, Civil 3D, Forma, Autodesk Construction Cloud (ACC), BIM Collaborate, Takeoff, Build | Data-centre construction boom, BIM mandates, infrastructure bill spending |
| AutoCAD & AutoCAD LT | 24.4% | AutoCAD, AutoCAD LT, AutoCAD vertical toolsets | Install-base renewals, LT upgrades, subscription loyalty |
| MFG (Manufacturing) | 19.5% | Inventor, Fusion, Vault, PowerMill, Moldflow, Upchain PLM | Cloud Fusion platform growth, SMB manufacturing adoption, simulation add-ons |
| M&E (Media & Entertainment) | 4.6% | Maya, 3ds Max, Flame, Arnold, MotionBuilder, ShotGrid | Film/VFX studios, game cinematics; modest growth |
| Other | ~1.7% | Education, legacy perpetual maintenance | Residual; declining |
Revenue by type. FY26 design revenue (maintenance/subscription for authoring tools) was 82.2% of total; make revenue (Construction Cloud, Fusion cloud extensions, cloud simulation) was 11.1%; other 6.6%. About 17% of FY26 revenue was consumption-based, with roughly 15% coming from Enterprise Business Agreements (EBA) and ~2% from the Flex token pool.
Geography. The Americas contribute roughly 43%, EMEA 37% and APAC 20% of revenue. Emerging markets (India, Latin America, Middle East) are a high-growth sub-pocket highlighted by management, with Prestige Estates (India, April 2026) a recent enterprise win.
4. The Business Model
How they make money. Autodesk sells subscriptions to its software, generally billed annually or tri-annually up-front, with auto-renew. Pricing is seat-based for most products (with named-user enforcement), usage-based for Flex tokens, and enterprise-wide under multi-product EBAs. A small consumption component (e.g. Autodesk Construction Cloud per-project or per-sheet metering) has been growing as a share of the mix.
Transaction model shift. Through FY25 and FY26 Autodesk moved European, then North American, then rest-of-world customers to a new direct-transaction model, where Autodesk bills the end-customer directly and pays a reseller commission rather than billing through the reseller. This changes the timing of revenue recognition and billings optics and is why reported FY26 billings growth (+30%) ran ahead of revenue growth (+18%).
Unit economics. GAAP gross margin of ~91%. FY26 non-GAAP operating margin 38%, with management's long-stated commitment to get to 45%+. Free cash flow margin ~33% of revenue in FY26 (FCF $2.41bn / $7.21bn revenue). Effective tax rate (non-GAAP) around 19–20%.
Moat. The company's durable advantage is the combination of file-format network effects (DWG is the universal CAD exchange format; RVT is the BIM reference), training and education lock-in (Autodesk student licences at near-zero cost produce a pipeline of professionals whose first paid seat is ADSK), and a 40-year catalogue of industry-specific verticals. Switching cost for a large architecture or manufacturing firm is measured in years and hundreds of re-trained users.
Subsidies / regulatory dependency. Unlike hardware peers, Autodesk has minimal direct government subsidy or tax-credit dependency in its revenue line. Education donations (e.g. the $1.95m Howard University grant on 16 April 2026) are pipeline-building rather than revenue-accretive.
5. Financial Health
5-year trend (fiscal years ending 31 January; USD millions).
| Fiscal year | Revenue | YoY % | GAAP EPS | Non-GAAP EPS | FCF | Share count (dil., m) |
|---|---|---|---|---|---|---|
| FY22 (to Jan 2022) | $4,386 | +16% | $2.10 | $4.66 | $1,504 | ~220 |
| FY23 (to Jan 2023) | $5,005 | +14% | $3.47 | $6.66 | $2,064 | ~216 |
| FY24 (to Jan 2024) | $5,497 | +10% | $4.67 | $7.55 | $1,280 | ~215 |
| FY25 (to Jan 2025) | $6,131 | +12% | $4.62 | $8.31 | $1,567 | ~215 |
| FY26 (to Jan 2026) | $7,206 | +18% | $5.23 | $10.43 | $2,411 | ~214 |
Quarterly revenue & gross margin — FY2026.
| Quarter | Revenue | YoY % | GAAP gross margin | Non-GAAP operating margin |
|---|---|---|---|---|
| Q1 FY26 (to 30 Apr 2025) | $1.63bn | +15% | ~92% | ~36% |
| Q2 FY26 (to 31 Jul 2025) | $1.76bn | +17% | ~92% | ~38% |
| Q3 FY26 (to 31 Oct 2025) | $1.85bn | +18% | ~91% | ~39% |
| Q4 FY26 (to 31 Jan 2026) | $1.96bn | +19% | ~91.5% | ~39% |
Balance sheet. As of 31 January 2026 Autodesk held roughly $2.6bn of cash and short-term investments against ~$2.3bn of long-term debt (mostly senior notes). The company is net-cash-neutral to slightly net cash, depending on intra-quarter timing. Stock-based compensation ran at ~12% of revenue in FY26 — high versus non-software peers, modest versus the wider SaaS universe.
Capital return. FY26 share repurchases of $1.4bn at an average price in the mid-$290s retired roughly 5m shares. Autodesk does not pay a dividend.
6. Valuation & Market Data
Raw metrics, mid-April 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Share price (approx., 21 Apr 2026) | ~$225 |
| 52-week high / low | $329.09 / $215.01 |
| Market capitalisation | ~$46–48bn |
| Enterprise value | ~$46bn (near net-cash neutral) |
| Trailing P/E (GAAP) | ~45x |
| Forward P/E (non-GAAP, FY27e) | ~19x |
| P/S (trailing) | ~6.5x |
| EV/EBITDA (trailing) | ~26x |
| EV/FCF (trailing) | ~20x |
| Price-to-FCF | ~19x |
| ROE (GAAP, TTM) | ~40% |
| ROIC (TTM) | ~39% |
| Short interest | ~1–2% of float (~3–4m shares) |
| Dividend yield | 0.0% (no dividend) |
| Buyback yield (TTM) | ~3% |
7. What Are They Building / What's Coming?
Autodesk Platform Services (APS) & AI. APS is the cloud layer that hosts Forma, Fusion and Flow and exposes APIs for partners. On 9 April 2026 Autodesk launched Product Help MCP Server, exposing curated Autodesk product documentation to any Model Context Protocol–compliant AI agent — part of a push to make Autodesk's knowledge base the canonical source for AI assistants operating in AEC and manufacturing workflows.
Forma (AECO cloud). The next-generation cloud platform for architectural design, still in active rollout. Forma integrates with Revit, runs generative AI on early-stage design (daylight, wind, cost) and is bundled in AEC Collection.
Fusion (manufacturing cloud). Cloud-native CAD/CAM/PLM targeting SMB manufacturing. Added simulation extensions, generative design and Fusion Manage (PLM) through FY25–FY26.
Construction Cloud. ACC suite (Docs, Build, BIM Collaborate, Takeoff, Cost, Insight) is the fastest-growing product area. AECO segment grew 23% in Q2 FY26 largely on ACC traction and data-centre construction pipeline.
Partnerships / JVs (recent).
– Globant named expanded Autodesk Tandem Digital Twin Solution Provider (April 2026).
– Prestige Estates (India) signed a three-year enterprise-wide Design and Make platform agreement (April 2026).
– Howard University received a $1.95m unrestricted donation (16 April 2026) — part of Autodesk's long-running university and skills pipeline investment.
– Esri partnership continues integrating GIS with BIM in Civil 3D and ArcGIS GeoBIM.
– Microsoft Azure is Autodesk's preferred cloud host for APS.
Patents. Autodesk holds over 2,700 issued US patents as of its FY25 10-K, concentrated in geometric modelling, generative design, rendering and cloud collaboration. Patent filings have shifted toward AI-assisted design methods and cloud simulation.
8. Competitive Landscape
Autodesk competes across CAD (computer-aided design), BIM (building information modelling), PLM (product lifecycle management), construction software and M&E content creation. The top five CAD vendors collectively control roughly two-thirds of the global CAD market; Autodesk's AutoCAD brand is the most broadly installed tool.
| Competitor | Primary strength vs ADSK | FY25 revenue (approx.) |
|---|---|---|
| Dassault Systèmes (Euronext: DSY) | Enterprise manufacturing PLM (SOLIDWORKS, CATIA, 3DEXPERIENCE, DELMIA); deep aerospace and automotive OEM penetration | ~€6.2bn |
| Siemens Digital Industries Software (private segment of Siemens AG) | NX, Solid Edge, Teamcenter PLM, Simcenter simulation; tight integration with Siemens industrial automation | ~$7–8bn (DI Software) |
| PTC (NASDAQ: PTC) | Creo (CAD), Windchill (PLM), ThingWorx (IIoT), Onshape (cloud CAD); discrete manufacturing focus | ~$2.3bn |
| Bentley Systems (NASDAQ: BSY) | Horizontal infrastructure (MicroStation, OpenRoads) — dominates DOT / rail / utilities | ~$1.3bn |
| Nemetschek (Xetra: NEM) | AEC tools (Vectorworks, Allplan, Graphisoft ArchiCAD) — European strength | ~€1.0bn |
| Trimble (NASDAQ: TRMB) | SketchUp, Tekla Structures, construction estimating and site tech | ~$3.6bn |
| Adobe Substance 3D / Blender Foundation | M&E alternative (Blender is free and increasingly professional); pressures Maya / 3ds Max | n/a |
Competitive colour: Autodesk wins in vertical building design (Revit), 2D drafting and SMB manufacturing. Dassault and PTC keep the top-of-funnel in enterprise discrete manufacturing. Bentley retains horizontal infrastructure dominance (DOT engineering standardises on MicroStation). Nemetschek's Graphisoft and Bentley remain the credible Revit alternatives in AEC. On the low end, free Blender is a genuine threat in 3D animation/film.
Note: no single public source reports reliable unit-share percentages across all CAD/BIM/PLM sub-markets on a consistent methodology, so no competitor market-share chart is emitted here.
9. Leadership and Ownership
Andrew Anagnost has been CEO and President since June 2017. He joined Autodesk in 1997 and previously led the subscription-model transition as CMO and EVP. His total compensation for FY25 was approximately $21m (predominantly equity). As of 10 April 2026 Form 4 filings, Anagnost beneficially owned ~200,503 shares (including 85,344 unvested RSUs).
Key executives (April 2026):
- Andrew Anagnost — President & CEO
- Janesh Moorjani — EVP & CFO
- Raji Arasu — EVP & CTO
- Mike Kelly — CIO (appointed April 2026)
- Amy Bunszel — EVP, Design & Creation Products
- Jeff Kinder — EVP, Product Development & Manufacturing Solutions
- Steve Blum — Chief Revenue Officer
Recent insider transactions (Form 4, 2026):
| Date | Insider | Transaction | Shares | Price | Nature |
|---|---|---|---|---|---|
| 10 Apr 2026 | A. Anagnost (CEO) | RSU grant | 52,762 | n/a (at no cash cost) | Equity compensation; vests over 2 years |
| 24 Mar 2026 | A. Anagnost (CEO) | PSU vesting / tax withholding | 43,091 vested, 42,567 withheld | $247.44 | Performance stock units — compensation, not discretionary purchase |
| Various Q4 FY26 | CFO, other NEOs | 10b5-1 open-market sales | Varies | $280–$315 | Pre-scheduled under Rule 10b5-1 plans |
Ownership structure. Autodesk is 100% public with broad institutional ownership. Top holders include Vanguard Group (~10%), BlackRock (~7%), State Street (~4%) and T. Rowe Price (~4%). Insiders and directors together hold <1% — typical for a long-established public software company. There is no founder-owner voting overhang.
10. Risks and Challenges
- Transaction-model distortion: Year-over-year billings growth in FY26 was inflated by the timing effects of the direct-transaction rollout. FY27 optical growth comparisons will normalise lower. Investors must disaggregate reported growth from underlying demand.
- Construction cycle exposure: AECO is ~50% of revenue and disproportionately exposed to commercial real estate, data-centre and infrastructure construction spending. Any sustained slowdown in non-residential construction would hit the largest and fastest-growing segment first.
- Enterprise PLM share ceiling: Autodesk's MFG segment lacks the OEM-grade PLM/simulation depth of Dassault/Siemens. In large-enterprise manufacturing RFPs it often competes for the design seat but loses the enterprise PLM standard.
- AI disruption risk: Generative design, text-to-CAD and AI-assisted drafting could compress the per-seat pricing power of authoring tools over a multi-year horizon. The defensive response is to move value into the cloud platform (APS, Forma, Fusion) and consumption pricing.
- Macro / FX: ~57% of revenue is outside the Americas; USD strength compresses reported growth. Global enterprise IT spending discretion is a continuing swing factor.
- Regulatory: EU Digital Markets Act, AI Act and similar frameworks are increasing compliance cost for large software vendors. Data residency requirements in AECO cloud deployments add engineering overhead.
- Cyber / data risk: Autodesk Construction Cloud stores sensitive project data for some of the largest construction projects globally, including data-centre and defence-related builds. Any breach would be material.
- Capital allocation: Buyback cadence has been opportunistic and large-scale; aggressive repurchases near cycle peaks would destroy value. Management's track record has been broadly disciplined.
- Executive compensation overhang: FY25–26 saw unusually large equity awards to top executives. An activist investor (Starboard Value) engaged the company in 2024 on margin targets; the settlement has not removed long-term governance scrutiny.
11. Recent Developments
Last 48 hours (to 21 April 2026):
- No material fresh company announcement in the last 48 hours; trading headline is the Globant expanded Tandem partnership (earlier April) continuing to attract analyst commentary.
Last 2 weeks:
- 16 Apr 2026 — $1.95m unrestricted donation to Howard University, expanding the Autodesk Foundation's long-running Howard partnership.
- 10 Apr 2026 — Citigroup analyst Tyler Radke downgraded ADSK from Buy to Neutral and lowered his price target to $246 (noted factually).
- 10 Apr 2026 — CEO Andrew Anagnost received a 52,762-share RSU grant under the company's standard equity plan (Form 4 filing).
- Mid-April 2026 — Prestige Estates Projects (India) signed a three-year enterprise-wide Autodesk Design and Make agreement.
- Mid-April 2026 — Globant named an expanded Autodesk Tandem Digital Twin Solution Provider.
- 9 Apr 2026 — Launch of Product Help MCP Server, exposing Autodesk product documentation to AI agents via the Model Context Protocol.
- Early April 2026 — Mike Kelly appointed Chief Information Officer, tasked with advancing AI and enterprise technology strategy.
Last 6 months:
- 26 Feb 2026 — Q4/FY26 results: revenue $1.957bn (+19% YoY); FY26 revenue $7.21bn; FCF $2.41bn (+54%); non-GAAP op margin 38%; $1.4bn in FY26 buybacks; FY27 guidance revenue $8.10–8.17bn, billings $8.48–8.58bn.
- 25 Nov 2025 — Q3 FY26 results: revenue $1.85bn (+18% YoY); full-year guide raised.
- 28 Aug 2025 — Q2 FY26 results: revenue $1.76bn (+17%); AECO +23% YoY.
- 22 May 2025 — Q1 FY26 results: revenue $1.63bn (+15%); continued direct-transaction rollout.
- Throughout FY26 — Continued rollout of Forma, Fusion cloud extensions, Autodesk Construction Cloud, and Autodesk Platform Services; expansion of EBA wins globally.
12. Key Dates Coming Up
- 21 May 2026 (after close) — Q1 FY27 earnings release (fiscal quarter ending 30 April 2026).
- Late August 2026 — Q2 FY27 earnings release (expected).
- Autodesk University 2026 — Annual user/developer conference, typically mid-to-late October.
- Annual Stockholder Meeting — Typically early July.
- No dividend calendar — Autodesk does not currently pay a dividend.
Related pages: Live charts | Economic calendar | ChartsView forum | Blog
Disclaimer: This research is for information only and is not investment advice or a recommendation to buy or sell any security. All figures are sourced from Autodesk filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research.