Autodesk, Inc. (ADSK) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Autodesk, Inc.

Updated on October 12, 2026 · accounts published on August 27, 2026

Reading of October 9, 2026: A highly profitable software business with record margins and strong cash generation

Autodesk trades at a P/E of 30.4 over the last 12 months, 15 % below its sector median of 35.6, while revenue grew 18 % year on year.

• Is Autodesk expensive or cheap? Its P/E of 30.4 over the last 12 months is 15 % below the 35.6 sector median, after the stock fell 24 % in a year.
• How is the business doing? Operating margin reached 27.5 % over the last 12 months, about four times its 2015-2026 average of 6.9 %.
• How strong is the balance sheet? Net debt was just $0.64 per share in fiscal 2026, equal to 0.3× EBITDA and 0.3 % of the current share price.
• What to expect from the next earnings? Analysts expect EPS of $3.07 when Autodesk reports on November 24, 2026, below the $3.30 it posted last quarter.
• Does Autodesk grow with real cash or by diluting shareholders? Free cash flow was 33 % of revenue in fiscal 2026, but stock-based pay took 10.9 %, just over the 10 % healthy line.

Is Autodesk expensive or cheap?

Over the last 12 months Autodesk trades at a P/E of 30.4, 15 % below the median of 35.6 across 361 sector peers. Cash flow gives a better picture than earnings: a free cash flow yield of 8.5 % against an earnings yield of 4.0 % shows the business generates more cash than its accounting profit suggests. EV/EBITDA of 21.4× is less than half its five-year average of 45.8×, well inside the cheap band for technology. The stock has fallen 24 % in 12 months and sits 25 % below its 52-week high of $313.53, so the multiple has come down because of the share price while the business kept growing.

How is the business doing?

Revenue grew 18 % year on year over the last 12 months, and the operating margin reached 27.5 %, far above the 6.9 % average for fiscal years 2015 to 2026. Fiscal 2026, at 24.9 %, was already the best of those 12 years. Returns are strong too: ROIC of 21.2 % is 13.0 points above the 8.1 % sector median. The weak spot is earnings per share, with EPS up only 2.1 % over the same period, far behind sales. The track record is also uneven: ROIC cleared 10 % in only 6 of the last 10 fiscal years, with a low of −25.6 % in 2018.

How strong is the balance sheet?

Debt is not a concern. In fiscal 2026 Autodesk carried $12.84 of debt per share against $12.19 of cash, which leaves net debt of $0.64 per share, or 0.3× EBITDA. That is far below the 1.5× generally tolerated for software. Debt-to-equity of 1.1× over the last 12 months reflects a thin equity base, visible in the 14.6× P/B, and the same thin base lifts ROE to 52.5 %. A current ratio of 0.86 means short-term liabilities exceed short-term assets, which is worth watching. Still, an Altman Z of 4.2 is in the safe zone and a Piotroski score of 7 out of 9 points to solid quality.

What to expect from the next earnings?

Autodesk has beaten EPS estimates in 8 of the last 8 quarters. On August 27, 2026 it reported $3.30 against $3.12 expected, a 5.8 % beat. For the quarter due November 24, 2026, the consensus of $3.07 is below the last result, so the bar is not high. The outlook for 2027 is stable: consensus EPS moved from $12.60 to $12.59 over the last 27 days across 21 analysts, and the revenue estimate barely changed. Of the 52 analysts covering the stock, 39 rate it a buy, 9 a hold and 4 a sell.

Does Autodesk grow with real cash or by diluting shareholders?

In technology, generic ratios miss what matters most: growth, pricing power and dilution from stock-based pay, because software profits can look strong while shareholders are slowly diluted. Autodesk passes most of these tests. Gross margin was 91 % in fiscal 2026, against a healthy level of 70 % for software, and free cash flow equalled 33 % of revenue, above the 20 % mark. Its Rule of 40 score of 47 is in elite territory. There are two caveats: revenue per share grew 13.4 % a year over fiscal 2023-2026, short of the 15 % benchmark, and stock-based pay at 10.9 % of revenue is borderline.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.