ADSKAutodesk, Inc.

Services-Prepackaged Software

Revenue: $7.2B; 18% YoY
Operating margin: 21.9%; 0.8% YoY
EBITDA: $1.8B; 16% YoY
Market cap: $52.9B
Employees: 14,300; $504K revenue each
Net debt / EBITDA: -0.9×; −$1.6B net debt
AI in 10-K: 7.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$22M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
218% of net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$504K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.3 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$52.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$4.4B	$5.0B	$5.5B	$6.1B	$7.2B	18%
Operating income	$618M	$989M	$1.1B	$1.4B	$1.6B	17%
Net income	$497M	$823M	$906M	$1.1B	$1.1B	1.1%
Operating cash flow	$1.5B	$2.1B	$1.3B	$1.6B	$2.5B	53%
Capex	$56M	$40M	$31M	$40M	$43M	7.5%
Stock-based comp	$555M	$657M	$703M	$683M	$788M	15%
Buybacks	$1.1B	$1.1B	$795M	$852M	$1.4B	65%
Dividends	$0	$0	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 5
Open-market sells, 12 mo: $0 · 0
Net: $2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$30M	$24M	91	134
FY2025	$25M	$34M	112	154
FY2024	$21M	$24M	91	124
FY2023	$18M	$16M	78	83
FY2022	$22M	$16M	90	104