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Held by 1,157 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $221.56 today, the market must believe free cash flow compounds 17.5%/yr for a decade (off $1.03B on the SBC-adjusted basis).
On the basis ($1.75B) the requirement is 10.3%/yr. The difference is what charging stock compensation costs.
The market's 17.5% is more conservative than its 7-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.21B shares (market data) · net debt $251.0M
mean 238.4% · volatility σ 580% · implied rate exceeded in 4/7 yrs
Central path = implied 17.5%/yr growth; shaded band = ±1σ (580%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 38 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $3.84T | 28.8× | 20.4× | 11.6× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 6,047 |
| PLTR | $453.6B | 299.6× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 2,794 |
| ORCL | $431.4B | 24.4× | 14.4× | 6.4× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 3,403 |
| CRWD | $276.5B | — | — | 57.5× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 2,385 |
| SHOP | $194.8B | 161.1× | 128.9× | 16.9× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 1,643 |
| CRM | $193.1B | 30.1× | 21.0× | 4.7× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 2,393 |
| NOW | $138.9B | 80.5× | 53.4× | 10.5× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 2,160 |
| NET | $124.3B | — | — | 57.3× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 1,182 |
| SNOW | $120.3B | — | — | 25.7× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 1,428 |
| DDOG | $99.5B | — | — | 29.1× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 1,222 |
| CDNS | $96.8B | 86.5× | 54.5× | 18.3× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 1,445 |
| SNPS | $93.9B | 60.9× | 66.3× | 13.3× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 1,391 |
| ADBE | $92.5B | 14.2× | 9.8× | 3.9× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 1,914 |
| INTU | $75.1B | 17.1× | 12.9× | 3.5× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $75.1B | 78.1× | 12.5× | 4.7× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| CRWV | $49.4B | — | 28.1× | 9.6× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| TWLO | $45.2B | — | 128.9× | 8.9× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| XYZ | $44.7B | 35.4× | 21.8× | 1.9× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| ADSK | $44.3B | 40.5× | 27.5× | 6.2× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| VEEV | $44.3B | 50.2× | — | 13.8× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| TTWO | $37.9B | — | — | 5.7× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| OKTA | $37.0B | 161.4× | — | 12.7× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| RBLX | $31.5B | — | — | 6.4× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| MDB | $28.8B | — | — | 11.7× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
Peers = companies sharing ADSK's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.40B buybacks = $1.40B returned on $2.41B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 20%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.25B (at 2026-01-31) covers all $1.00B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-07-31 (10-Q). The cash figure is from 2026-01-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.2% on $2.50B of debt.
Cash of $2.25B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.21B 100.0% | $6.13B 100.0% | $5.50B 100.0% | $5.00B 100.0% | $4.39B 100.0% | $3.79B 100.0% | $3.27B 100.0% | $2.57B 100.0% | $2.06B 100.0% | $2.03B 100.0% |
| Cost of Revenue | $650.0M 9.0% | $578.0M 9.4% | $511.0M 9.3% | $480.0M 9.6% | $418.0M 9.5% | $337.0M 8.9% | $324.9M 9.9% | $285.9M 11.1% | $303.4M 14.8% | $341.9M 16.8% |
| Gross Profit | $6.56B 91.0% | $5.55B 90.6% | $4.99B 90.7% | $4.53B 90.4% | $3.97B 90.5% | $3.45B 91.1% | $2.95B 90.1% | $2.28B 88.9% | $1.75B 85.2% | $1.69B 83.2% |
| Research & Development | $1.64B 22.8% | $1.49B 24.2% | $1.37B 25.0% | $1.22B 24.4% | $1.11B 25.4% | $932.0M 24.6% | $851.1M 26.0% | $725.0M 28.2% | $755.5M 36.7% | $766.1M 37.7% |
| Selling, General & Admin | $693.0M 9.6% | $650.0M 10.6% | $620.0M 11.3% | $532.0M 10.6% | $572.0M 13.0% | $414.0M 10.9% | $405.6M 12.4% | $340.1M 13.2% | $305.2M 14.8% | $287.8M 14.2% |
| Total Operating Expenses | $4.98B 69.1% | $4.20B 68.5% | $3.86B 70.2% | $3.54B 70.6% | $3.35B 76.4% | $2.82B 74.5% | $2.61B 79.6% | $2.31B 89.8% | $2.26B 110.0% | $2.19B 107.8% |
| Operating Income | $1.58B 21.9% | $1.35B 22.1% | $1.13B 20.5% | $989.0M 19.8% | $618.0M 14.1% | $629.0M 16.6% | $343.0M 10.5% | -$25.0M -1.0% | -$509.1M -24.8% | -$499.6M -24.6% |
| Interest Expense | $80.0M 1.1% | $71.0M 1.2% | $71.0M 1.3% | $83.0M 1.7% | — | — | — | — | — | — |
| Other Income (Expense), net | $7.0M 0.1% | $6.0M 0.1% | $4.0M 0.1% | $12.0M 0.2% | $8.0M 0.2% | $7.0M 0.2% | $5.2M 0.2% | $16.8M 0.7% | $6.0M 0.3% | $8.5M 0.4% |
| Pretax Income | $1.60B 22.2% | $1.38B 22.6% | $1.14B 20.7% | $946.0M 18.9% | $565.0M 12.9% | $547.0M 14.4% | $294.8M 9.0% | -$42.7M -1.7% | -$557.3M -27.1% | -$523.8M -25.8% |
| Income Tax Expense | $479.0M 6.6% | $272.0M 4.4% | $230.0M 4.2% | $123.0M 2.5% | $68.0M 1.6% | -$661.0M -17.4% | $80.3M 2.5% | $38.1M 1.5% | $9.6M 0.5% | $58.3M 2.9% |
| Net Income | $1.12B 15.6% | $1.11B 18.1% | $906.0M 16.5% | $823.0M 16.4% | $497.0M 11.3% | $1.21B 31.9% | $214.5M 6.6% | -$80.8M -3.1% | -$566.9M -27.6% | -$582.1M -28.7% |
| Per Share | ||||||||||
| EPS (Basic) | $5.28 | $5.17 | $4.23 | $3.81 | $2.26 | $5.52 | $0.98 | -$0.37 | -$2.58 | -$2.61 |
| EPS (Diluted) | $5.23 | $5.12 | $4.19 | $3.78 | $2.24 | $5.44 | $0.96 | -$0.37 | -$2.58 | -$2.61 |
| Weighted Avg Shares (Basic) | 213.0M | 215.0M | 214.0M | 216.0M | 220.0M | 219.0M | 219.7M | 218.9M | 219.5M | 222.7M |
| Weighted Avg Shares (Diluted) | 215.0M | 217.0M | 216.0M | 218.0M | 222.0M | 222.0M | 222.5M | 218.9M | 219.5M | 222.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-05
Earns 24.89pts above its cost of capital, positive in 5 of the last 5 years.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 83.2% | -24.6% | -28.7% |
| FY2018 | 85.2% | -24.8% | -27.6% |
| FY2019 | 88.9% | -1.0% | -3.1% |
| FY2020 | 90.1% | 10.5% | 6.6% |
| FY2021 | 91.1% | 16.6% | 31.9% |
| FY2022 | 90.5% | 14.1% | 11.3% |
| FY2023 | 90.4% | 19.8% | 16.4% |
| FY2024 | 90.7% | 20.5% | 16.5% |
| FY2025 | 90.6% | 22.1% | 18.1% |
| FY2026 | 91.0% | 21.9% | 15.6% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 37% against ROIC 20% — 17% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 39.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 11.1 | 9.9 | 8.9 | 9.5 | 9.6 | 9.3 | 9.4 | 9.0 |
| Gross Profit | 88.9 | 90.1 | 91.1 | 90.5 | 90.4 | 90.7 | 90.6 | 91.0 |
| R&D | 28.2 | 26.0 | 24.6 | 25.4 | 24.4 | 25.0 | 24.2 | 22.8 |
| SG&A | 13.2 | 12.4 | 10.9 | 13.0 | 10.6 | 11.3 | 10.6 | 9.6 |
| Operating Income | -1.0 | 10.5 | 16.6 | 14.1 | 19.8 | 20.5 | 22.1 | 21.9 |
| Income Tax | 1.5 | 2.5 | -17.4 | 1.6 | 2.5 | 4.2 | 4.4 | 6.6 |
| Net Income | -3.1 | 6.6 | 31.9 | 11.3 | 16.4 | 16.5 | 18.1 | 15.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ADSK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 17 points of the 37% return on equity in FY2026. The business earns 20% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 37.0% | 9.4% (today's — no rate published for this year) | 27.6pts |
| FY2021 | 34.8% | 9.4% (today's — no rate published for this year) | 25.4pts |
| FY2022 | 19.0% | 9.4% (today's — no rate published for this year) | 9.6pts |
| FY2023 | 38.3% | 10.6% | 27.7pts |
| FY2024 | 31.9% | 11.0% | 20.9pts |
| FY2025 | 28.0% | 11.1% | 16.9pts |
| FY2026 | 32.8% | 9.3% | 23.6pts |
| Now | 20.3% | 9.4% | 10.9pts |
Converts 2.08x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.12B | $1.12B |
| Share-based comp | $788M | $1.91B |
| Other non-cash & working capital | $540M | $2.45B |
| Operating cash flow | $2.45B | $2.45B |
| Capex | −$43M | $2.41B |
| Free cash flow | $2.41B | $2.41B |
| FCF after SBC | $1.62B | $1.62B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 15.8% | -1.4% | -17.2 points |
| FY2022 | 15.7% | 11.3% | -4.4 points |
| FY2023 | 14.1% | 34.2% | 20.1 points |
| FY2024 | 9.8% | -8.8% | -18.7 points |
| FY2025 | 11.5% | 15.1% | 3.5 points |
| FY2026 | 17.5% | 42.8% | 25.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 72.7 days | not reported | 94 days | -21.3 days |
| FY2021 | 61.9 days | not reported | 132.7 days | -70.7 days |
| FY2022 | 59.6 days | not reported | 105.7 days | -46.1 days |
| FY2023 | 70.1 days | not reported | 77.6 days | -7.5 days |
| FY2024 | 58.2 days | not reported | 71.4 days | -13.3 days |
| FY2025 | 60 days | not reported | 152.8 days | -92.8 days |
| FY2026 | 72.9 days | not reported | 237 days | -164.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -19.4 percent |
| FY2021 | -3.1 percent |
| FY2022 | -12.0 percent |
| FY2023 | -13.2 percent |
| FY2024 | -4.1 percent |
| FY2025 | -4.6 percent |
| FY2026 | -10.7 percent |
Reported free cash flow is $2.41B; after share-based compensation it is $1.62B. The difference is a real cost that the cash flow statement adds back.
Covers interest 13.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 19.73x |
| 5% | 18.74x |
| 10% | 17.75x |
| 15% | 16.77x |
| 20% | 15.78x |
| 25% | 14.79x |
| 30% | 13.81x |
| 35% | 12.82x |
| 40% | 11.84x |
| 45% | 10.85x |
| 50% | 9.86x |
| 55% | 8.88x |
| 60% | 7.89x |
Ladder as of 2026-07-31 (10-Q); cash from the 2026-01-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $212.00, free cash flow must compound 16.95%/yr for 10 years. It has done 8.39%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −5.2% | 17.0% |
| FY2022 | −3.0% | 17.0% |
| FY2023 | 49.3% | 17.0% |
| FY2024 | −57.9% | 17.0% |
| FY2025 | 52.7% | 17.0% |
| FY2026 | 83.4% | 17.0% |
This is solved on free cash flow AFTER stock compensation ($1.03B against $1.75B before it). On the unadjusted figure the requirement would be 9.8%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.