Strategic Re-Platforming and the Monetization of Agentic AI: A High-Conviction Investment Memorandum on Autodesk Inc.

Executive Summary

Autodesk Inc. (ADSK) is currently executing a fundamental transformation of its business model, moving beyond the traditional software-as-a-service paradigm toward a unified, data-centric platform powered by agentic artificial intelligence. The core investment thesis rests on the company’s ability to successfully disintermediate its legacy channel through the New Transaction Model while simultaneously capturing the high-value "make" phase of the project lifecycle in construction and manufacturing.1 With a Conviction Score of 9/10, this memorandum identifies the structural margin expansion inherent in the company’s recent sales optimization and the emerging monetization of machine-execution-based workflows as the primary drivers of long-term shareholder value. The success of this investment is predicated on three critical-to-be-right assumptions: the resilience of global infrastructure and data center investment to offset commercial real estate volatility, the successful conversion of agentic AI capabilities into consumption-based revenue through Autodesk Platform Services, and the achievement of 38.5%–39% non-GAAP operating margins as the "mechanical" headwinds of the transaction model transition subside.1

Macroeconomic Alignment and Global Market Fit

The performance of Autodesk is deeply intertwined with global structural shifts in infrastructure, industrial policy, and the digital transformation of the built environment. As a global entity, the company navigates a complex tapestry of regional economic conditions, necessitating a sophisticated approach to market fit and risk management.

Structural Demand in Global Infrastructure and Data Centers

The global construction industry is undergoing a period of intense capital investment, driven by national mandates for infrastructure modernization and the urgent requirements of the digital economy. Total global construction spending is projected to reach $15.6 trillion in 2025, representing a 6.4% year-over-year increase.4 Within this broader trend, infrastructure accounts for approximately 33% of total expenditure, providing a stable floor for Autodesk’s Architecture, Engineering, Construction, and Operations (AECO) segment.4

A primary tailwind for Autodesk is the unprecedented surge in data center construction, necessitated by the global race for artificial intelligence supremacy. In the United States, data center construction is forecasted to increase by 24.9% in 2026, following a 33.4% rise in 2025.4 This growth is specifically concentrated in the complex design and simulation requirements where Autodesk’s Revit and BIM 360 platforms possess significant market dominance. While the commercial real estate sector, particularly office space, has shown persistent softness, the demand for data centers, industrial buildings, and public works has more than offset these localized weaknesses.1

Currency Dynamics and the Efficacy of Hedging

With approximately 60% of its revenue derived from international markets, Autodesk is highly sensitive to fluctuations in the U.S. Dollar. In fiscal 2026, the company’s geographic revenue distribution highlighted a significant reliance on EMEA (39% of revenue) and APAC (17% of revenue), with the Americas accounting for the remaining 44%.6 The volatility in the Euro and the Japanese Yen has traditionally posed a risk to reported earnings; however, the company’s robust hedging program has neutralized much of this impact. In the fourth quarter of fiscal 2026, revenue growth of 19% was identical on both a reported and constant currency basis, underscoring the success of these derivative instruments in managing short-term exposure.6

Autodesk utilizes forward contracts and other derivative instruments to manage exposure across a basket of currencies, including the Australian Dollar, British Pound, Euro, Japanese Yen, and Singapore Dollar.7 These instruments typically have maturities ranging from one to twelve months, providing a rolling buffer against macro-induced currency swings.7 This stability is critical for the "rebuilding of the free cash flow stack," as it ensures that international subscription growth translates directly into domestic capital allocation activities such as share repurchases.8

Geopolitical Risks and Regional Vulnerabilities

The geopolitical landscape presents a fragmented risk profile for Autodesk. While the company has minimal direct exposure to the ongoing conflicts in the Middle East and Ukraine, the secondary effects—such as energy price volatility and supply chain disruptions in the manufacturing sector—can impact the "Make" segment.9 In the Asia-Pacific region, China remains a notable outlier; while the broader APAC region saw constant currency growth of 18% in the fourth quarter of fiscal 2026, the Chinese market continues to be characterized by economic and geopolitical headwinds that management expects will persist through 2027.6

Conversely, emerging markets (EM) have provided a source of high-growth resilience. Management highlighted specifically robust performance in EM construction markets during the fiscal 2026 year-end call.1 These regions are often characterized by rapid urbanization and a leapfrogging of legacy 2D CAD systems directly into cloud-based BIM (Building Information Modeling) environments, allowing Autodesk to capture higher-value subscriptions earlier in the development lifecycle.

Impact on share price: The company’s ability to pivot its sales focus toward the data center and industrial sectors effectively shields the stock from the broader "real estate" sell-off. As investors recognize the non-discretionary nature of Autodesk’s software in high-growth infrastructure, the valuation multiple is likely to expand, decoupling from traditional industrial cyclicals.

Governance, Activism, and Shareholder Alignment

The governance profile of Autodesk has transitioned from a defensive posture to one of proactive optimization, largely catalyzed by the involvement of activist investors and a fundamental restructuring of the company’s go-to-market architecture.

The Starboard Value Catalyst and Board Refreshment

The primary governance narrative of fiscal 2025 and 2026 has been the interaction with Starboard Value, a prominent activist hedge fund. Starboard’s campaign centered on the assertion that Autodesk was underperforming its peer group in terms of margin expansion and cost discipline.11 Initially, Autodesk resisted these pressures, highlighting its long-term strategy and a board refresh that had already been initiated.13 However, facing support for the activist from major institutional holders like T. Rowe Price, the company opted for a settlement in early 2025.11

This settlement involved the appointment of two new independent directors, expanding the board to 12 members.11 The impact of this activist pressure is clearly visible in the company’s recent operational decisions, specifically the January 2026 global restructuring plan. This plan involved a 7% reduction in the workforce—approximately 1,000 employees—focused primarily on customer-facing sales and marketing functions.14 By reallocating these resources toward strategic priorities in AI and cloud platform development, management is directly addressing the "efficiency gap" highlighted by Starboard.14

Transparency and the New Transaction Model

A significant governance and disclosure hurdle has been the implementation of the New Transaction Model. This shift, which moves 84% of the business to an agency-based model where Autodesk bills the customer directly rather than through a reseller, creates complex "mechanical" impacts on the financial statements.2 Under the legacy model, reseller payments were recorded as contra-revenue, whereas under the new model, they are recorded as sales and marketing expenses.16

To maintain transparency and shareholder alignment, management has provided exhaustive reconciliations, splitting out the impact of the transaction model on billings, revenue, and margins.8 This level of disclosure is essential for investors to differentiate between "paper" growth (driven by accounting reclassification) and true underlying business momentum. For instance, in the first quarter of fiscal 2026, the transaction model contributed $78 million to revenue, while total revenue excluding this impact grew 11% in constant currency—a key metric for assessing real growth.8

Ownership Structure and Insider Sentiment

Autodesk’s ownership structure is dominated by high-quality institutional capital, with institutional long positions accounting for approximately 92.7% of shares outstanding.17 The largest holders—BlackRock (8.1%), Vanguard (10.05%), and State Street (4.76%)—provide a stable governance floor.18 While insider ownership is low (less than 1%), recent selling activity has been noted. For example, Steven M. Blum, the EVP and COO, sold approximately 22,420 shares in the six months leading up to March 2026, valued at over $7.2 million.20 While such sales are often interpreted cautiously by the market, they frequently occur in the context of post-restructuring vesting events and have not materially altered the overall insider holding level of 0.19%.22

Impact on share price: The transition to a more aggressive, activist-influenced cost structure is highly positive for the share price. By demonstrating a willingness to cut legacy sales costs and reinvest in high-margin AI technology, management is signaling a shift toward a more disciplined, shareholder-friendly capital allocation strategy.

Strategic Positioning and the Competitive Moat

Autodesk possesses one of the most defensible moats in the enterprise software ecosystem, characterized by industry-standard file formats, deep vertical integration, and a rapidly expanding cloud-native platform.

The Power of Proprietary Standards: DWG and RVT

The foundation of Autodesk’s moat is the ubiquity of the.dwg and.rvt file formats. In the Architecture, Engineering, and Construction (AEC) industry, these formats serve as the "language" of design. Because decades of project data and current collaboration workflows are built on these proprietary standards, the cost and technical risk of switching to a competitor are prohibitively high.23 This dominance is reflected in a core CAD market share of 35%–45%, which has remained resilient despite the entry of low-cost alternatives.23

This moat is further reinforced by the "BIM mandate" movement. Governments and large owners-operators globally are increasingly mandating the use of Building Information Modeling (BIM) for public and large-scale private projects. As the leader in BIM software through its Revit platform, Autodesk is the primary beneficiary of these regulatory shifts, which effectively lock in its software for the multi-year (or multi-decade) duration of infrastructure lifecycles.23

Convergence of Design and Make: The Fusion Platform

While Autodesk’s legacy is in design, its future defensibility lies in its "Make" strategy—the integration of design data directly into manufacturing and construction workflows. The Fusion platform is the centerpiece of this effort, providing a cloud-native environment that combines CAD (Computer-Aided Design), CAM (Computer-Aided Manufacturing), CAE (Computer-Aided Engineering), and PCB design.23

This vertical integration creates a "single source of truth" that reduces errors and data silos, a critical pain point for industrial customers. In the fourth quarter of fiscal 2026, the "Make" segment grew 23% in constant currency, outpacing the broader company growth.24 This outperformance demonstrates Autodesk's ability to cross-sell into the workshop floor and the construction site, expanding its TAM (Total Addressable Market) without increasing its customer acquisition costs significantly.

Competitive Benchmarking: Peer Dynamics

Autodesk’s competitive landscape varies significantly by vertical. In pure-play architecture and engineering, its dominance is clear. However, in enterprise-level manufacturing and infrastructure, it faces formidable rivals.

Autodesk’s superior ROIC (~32.4%) relative to Bentley and Dassault highlights the efficiency of its subscription-based, mid-market focused model.24 While Dassault and PTC lead in complex OEM (Original Equipment Manufacturer) segments, Autodesk’s Fusion platform is successfully capturing the "massive middle" of the manufacturing market, where agility and cloud collaboration are prioritized over legacy on-premise PLM systems.23

Impact on share price: The company’s entrenched position in the AEC lifecycle, combined with its successful expansion into the "Make" phase, ensures a high degree of revenue predictability. This structural defensibility justifies a premium valuation multiple compared to more fragmented or legacy-weighted competitors.

Innovation and Scalability: The Agentic AI Engine

Autodesk is currently moving from a "generative AI" phase to an "agentic AI" phase, a shift that is critical for the next stage of its scalability and monetization.

Deconstructing Agentic AI in Design and Make

Traditional generative AI in the design space often focused on creating visual variations of a concept. Agentic AI, however, involves autonomous software "agents" that can execute complex engineering and manufacturing tasks with minimal human intervention. For example, within the Fusion platform, AI-powered auto-constraint features have already generated over 2.6 million constraints with acceptance rates above 60%.4

These agents are built on proprietary models that understand the physics and geometry of "make" data, allowing them to provide real-time feedback on the manufacturability or cost of a design.1 For Enterprise Business Agreement (EBA) customers, these agentic layers serve as the "connective tissue" that stitches together decisions made in disparate phases of a project, significantly reducing downstream risks and material waste.1

The Monetization Shift: From Seats to Execution

Perhaps the most significant innovation at Autodesk is the evolution of its monetization model. Historically, the company sold "seats"—access for a human user. With the rise of agentic AI, the value is increasingly generated by machines executing tasks. To capture this value, Autodesk is pivoting toward consumption-based revenue through Autodesk Platform Services (APS).

In fiscal 2026, some customers already began paying for "machine-driven" API usage.1 This allows Autodesk to monetize high-volume automated tasks—such as a machine agent running thousands of simulation iterations—that would previously have been "invisible" under a per-seat license. This shift is essential for scaling, as it decouples revenue growth from the headcount of the customer’s engineering team, effectively allowing Autodesk to grow alongside the productivity of its customers’ digital workflows.1

R&D Intensity and Strategic Reallocation

Autodesk’s commitment to this transition is evidenced by its R&D intensity. In fiscal 2026, the company invested $1.6 billion in R&D, a 10.6% increase from the prior year.29 More importantly, the January 2026 restructuring was specifically designed to reallocate spending away from legacy sales functions and toward these AI and platform capabilities.14 This reallocation is a signal that management views the "human-to-human" sales model as a legacy cost and "machine-to-machine" platform services as the future growth engine.

Impact on share price: The market is currently undervaluing the potential of consumption-based revenue from APS. As this revenue stream becomes a larger portion of the mix (currently consumption-based revenue is ~17% of the total), it will drive a multiple re-rating as investors recognize the shift toward a higher-leverage, productivity-indexed business model.

Financial Analysis: Profitability and Capital Structure

The fiscal 2026 financial performance of Autodesk reveals a company that is successfully navigating a major business model transition while maintaining robust top-line momentum and cash generation.

Revenue Dynamics and Segment Performance

Autodesk reported total net revenue of $7.21 billion for fiscal 2026, an 18% increase from the prior year.7 This growth was driven primarily by the subscription model, with recurring revenue reaching $7.02 billion, or 97% of total revenue.7 The AECO family remains the dominant contributor, generating $3.58 billion in revenue with a 22% growth rate in constant currency.6

The "Make" product type, which includes the Fusion platform and construction management tools, grew 22% for the full year, reaching $796 million.6 This segment’s rapid growth is critical for the long-term thesis, as it represents the successful expansion into the execution phase of the project lifecycle.

Margin Analysis: The Gap Between GAAP and Non-GAAP

A central point of debate for investors is the divergence between GAAP and non-GAAP margins. In fiscal 2026, non-GAAP operating margins improved to 38%, benefiting from revenue outperformance and ongoing cost discipline.1 However, the GAAP operating margin stood at 22%, broadly flat year-over-year.1 This gap is primarily attributable to:

1. Restructuring Charges: $216 million in total charges related to the go-to-market optimization and workforce reduction.7
2. Stock-Based Compensation (SBC): While SBC has been a concern for activists, it is expected to fall below 10% of revenue in fiscal 2027, continuing a multi-year trend of disciplined reduction.1
3. Transaction Model Drag: The new transaction model creates a temporary mechanical drag on margin percentage (as reseller payments move to the expense line) even as it is neutral to operating dollars.1

Cash Flow and Rebuilding the FCF Stack

Operating cash flow for fiscal 2026 was $2.45 billion, a 53% increase from the $1.61 billion reported in fiscal 2025.7 This surge is largely due to the "rebuilding of the free cash flow stack" following the transition from multi-year upfront billings to annual billings.8 By moving to annual billing for the majority of multi-year contracts, Autodesk experienced a temporary dip in cash flow in prior years, which is now normalizing as the annual renewal base matures.

Free cash flow reached $2.41 billion in fiscal 2026, and management has guided for $2.7 billion to $2.8 billion in fiscal 2027.1 This strong cash generation supports a robust capital allocation program, including the repurchase of $1.4 billion of stock in fiscal 2026.7

Balance Sheet and Debt Profile

The balance sheet is a position of strength, with $2.97 billion in cash, cash equivalents, and marketable securities.7 Long-term debt stood at $2.5 billion as of the end of fiscal 2026, resulting in a net-cash position.29 The company’s interest coverage is effectively a non-issue given its massive EBITDA and cash reserves. This financial flexibility allows Autodesk to continue its "programmatic M&A" strategy, acquiring niche technologies in AI and simulation without the need for dilutive equity raises.9

Impact on share price: The significant guided increase in GAAP operating margins for fiscal 2027 (from 22% to 26%–28%) is a major positive catalyst. As the "noise" from restructuring and accounting transitions clears, the underlying profitability of the software franchise will become more evident to the broader market, likely leading to a re-rating toward its historical premium.

Valuation, Scenario Modeling, and Margin of Safety

Evaluating Autodesk requires balancing its premium historical valuation against the structural changes in its business model and the broader market's reassessment of high-growth software multiples.

Multi-Method Valuation Analysis

Autodesk currently trades at a forward P/E of approximately 48x based on trailing twelve-month (TTM) EPS of $5.28.31 While this represents a premium to the broader S&P 500, it is 52% below its 7-year historical average of 99x.31 The EV/EBITDA multiple has similarly compressed, hitting a 5-year low of 29.1x in January 2026.33

This compression is largely due to the "interest rate normalization" and the market's skepticism regarding AI disruption in SaaS. However, when compared to high-quality peers, Autodesk appears attractively valued.

Scenario Modeling: Projections Through 2028

Using the TIKR valuation model as a base, we can project the potential returns for ADSK over the next three years based on varying assumptions for revenue growth and margin expansion.36

Base Case: The "Optimized Execution" Scenario

• Revenue Growth: 10.6% CAGR through 2028.
• Net Margin: 31.3%.
• Exit P/E: 20.3x (reflecting a normalized, mature software multiple).
• Expected Return: 10.7% annualized; Target price of $313.36

Bull Case: The "AI Accretion" Scenario

• Revenue Growth: 11.7% CAGR (driven by APS consumption-based revenue).
• Net Margin: 32.9%.
• Exit P/E: 25x (reflecting a premium for AI leadership).
• Expected Return: 16.6% annualized; Target price of $366.36

Bear Case: The "SaaSpocalypse" Scenario

• Revenue Growth: 8.5% CAGR (impacted by AI-led seat contraction).
• Net Margin: 28.0%.
• Exit P/E: 15x (reflecting market fear of SaaS irrelevance).
• Expected Return: 4.5% annualized; Target price of $260.36

Margin of Safety and Cash Flow Yield

Autodesk’s current free cash flow yield of approximately 4.5% (based on fiscal 2027 guidance and current market cap) provides a significant margin of safety. For a company growing revenue at double digits with high recurring revenue and expanding margins, a 4.5% FCF yield is defensive.24 Furthermore, the company’s ability to return cash to shareholders—evidenced by the $1.4 billion in repurchases—acts as a floor for the stock price during periods of market volatility.7

Impact on share price: Even in the "Base Case" scenario with significant multiple contraction (from 48x to 20x P/E), the stock generates double-digit annualized returns due to earnings growth and share count reduction. This asymmetric risk-reward profile is characteristic of a high-quality "compounder."

Risk Matrix and Strategic Countermeasures

A thorough investment memorandum must actively seek "disconfirming evidence." The primary risks to the Autodesk thesis are centered on technological disruption and execution complexity.

Technological Risk: The Generative AI Threat

The most persistent bear argument is that generative AI will significantly reduce the human labor required for 3D design and drafting, leading to a contraction in the number of seats Autodesk can sell.20 If an architect can use an AI agent to do the work of five junior drafters, Autodesk could lose 80% of its seat revenue from that firm.

Countermeasure: Autodesk is proactively shifting its monetization away from "seats" and toward "execution" via APS.1 By billing for machine-driven API calls, Autodesk captures the value created by the AI agent itself. Furthermore, the company’s ownership of the proprietary data models (the "geometry kernels") ensures that even third-party AI agents will likely need to run on Autodesk’s infrastructure to produce manufacturable or constructible output.

Operational Risk: Transition Friction

The shift to the New Transaction Model and the concurrent restructuring of the sales force create a high degree of execution risk. Management admitted that "initiatives like this are difficult and complex" and incorporated "prudence" into the fiscal 2027 guidance to account for potential disruptions in the first half of the year.5

Countermeasure: The company has implemented "operational guardrails" to prevent transaction pull-forwards and has successfully tested the model in smaller markets (Australia) before the North American rollout.1 The settlement with Starboard Value also ensures that the board is highly focused on monitoring the success of these operational changes.11

Macroeconomic and Geopolitical Headwinds

A global recession or a significant reduction in public infrastructure spending would impact the core AECO segment. Additionally, the ongoing challenges in the Chinese market and the potential for regulatory shifts regarding data privacy and AI deployment pose regional risks.5

Countermeasure: Autodesk’s high recurring revenue (97%) and its diversification across industries (AEC, Manufacturing, Media) and geographies provide a robust buffer.7 The company's software is increasingly viewed as a "productivity tool" that helps firms manage costs during downturns, potentially making its revenue more resilient than the underlying capital projects it supports.

Impact on share price: While these risks are real, they are well-known to the market and are largely "priced in" at the current forward P/E of 48x (compared to the historical 99x). Any evidence that these risks are being successfully managed—such as an earnings beat in the first half of fiscal 2027—will act as a major upward catalyst.

ESG and Sustainability Profile

Autodesk's alignment with ESG principles is not merely a compliance exercise but is core to its product value proposition and market expansion.

Environmental: Enabling Sustainable Design

Autodesk’s primary environmental impact is indirect—it occurs through the software it provides to its customers. The building and construction sectors are responsible for approximately 40% of global carbon emissions. Autodesk’s Revit and Construction Cloud platforms enable energy modeling, material optimization, and waste reduction, allowing customers to design and build more sustainably.9 This "handprint" is a powerful driver for the adoption of Autodesk software among firms facing their own ESG mandates from investors and regulators.

Social and Labor Practices

The company holds a "Low" ESG Risk Rating from Sustainalytics (15.5) and is ranked in the top 10% of its subindustry.37 While the January 2026 workforce reduction was significant (7% of staff), management has framed it as a strategic re-skilling effort, and the company remains a top employer in the software space, with high scores for human capital management.14

Governance: Alignment and Ethics

Following the Starboard Value settlement, Autodesk’s governance structure is highly aligned with shareholder interests. The inclusion of new independent directors and the transparent reporting of "mechanical" financial impacts underscore a commitment to ethical disclosure and accountability.11 The company’s S&P Global ESG Score of 52 reflects strong performance in governance, particularly regarding the absence of material restatements and a robust compliance framework.9

Impact on share price: As institutional capital increasingly mandates high ESG scores, Autodesk's position as an "ESG Leader" (MSCI AAA/AA rating and inclusion in the iShares ESG Leaders ETF) ensures a steady flow of passive and active investment, supporting the stock’s valuation floor.39

Conclusion and Investment Rating

The research suggests that Autodesk is at the most attractive phase of its multi-year transformation. The legacy headwinds of the subscription transition and the billing-cycle dip are now in the rearview mirror, and the company is entering a period of significant margin expansion and AI-driven optionality.

Final Investment Rating

• Rating: OVERWEIGHT / HIGH CONVICTION
• Target Price (12-Month): $315 - $330 (representing 25-30% upside from March 2026 levels)
• Conviction Score: 9/10

Summary of the Thesis

The core thesis for Autodesk is the "re-platforming" of the design-to-make lifecycle. By consolidating project data onto a unified cloud environment and deploying agentic AI to automate execution-level tasks, Autodesk is moving from being a "tool provider" to being the "operating system" for the physical world.1 The shift to the New Transaction Model provides the company with the direct customer data necessary to train its proprietary AI models, creating a virtuous cycle of product improvement and monetization.2 While the market remains cautious about SaaS disruption, Autodesk’s entrenched moats in the AEC vertical and its pivot toward consumption-based APS revenue provide a compelling path to superior, long-term returns. Investors should prioritize Autodesk as a core holding in any portfolio focused on the intersection of industrial digital transformation and pragmatic artificial intelligence.

Impact on share price: The market's "wait and see" approach to the fiscal 2027 margin guidance ($26%–28% GAAP operating margin) represents a significant opportunity. As quarterly results confirm the successful navigation of the transaction model transition, we expect a rapid multiple re-rating, driving the share price toward our $330 target.

Works cited

1. Autodesk (ADSK) Q4 2026 Earnings Call Transcript | The Motley Fool, accessed on March 13, 2026, https://www.fool.com/earnings/call-transcripts/2026/02/26/autodesk-adsk-q4-2026-earnings-call-transcript/
2. Q424 Opening Commentary - Investor Relations | Autodesk, Inc., accessed on March 13, 2026, https://investors.autodesk.com/static-files/a0cdd0d8-cb9a-45ab-a48a-d5c6686b8324
3. Autodesk Reinvents Partner Model to Build a Data-Driven Future - Channelnomics, accessed on March 13, 2026, https://www.channelnomics.com/insights/autodesk-reinvents-partner-model-to-build-a-data-driven-future
4. Investment analysis of Autodesk Inc | Freedom24, accessed on March 13, 2026, https://freedom24.com/ideas/details/20241
5. Earnings call transcript: Autodesk beats Q4 2026 earnings expectations - Investing.com, accessed on March 13, 2026, https://www.investing.com/news/transcripts/earnings-call-transcript-autodesk-beats-q4-2026-earnings-expectations-93CH-4530211
6. AUTODESK, INC. ANNOUNCES FISCAL 2026 FOURTH QUARTER RESULTS, accessed on March 13, 2026, https://investors.autodesk.com/news-releases/news-release-details/autodesk-inc-announces-fiscal-2026-fourth-quarter-results
7. Autodesk posts 18% revenue growth in fiscal 2026 | ADSK SEC ..., accessed on March 13, 2026, https://www.stocktitan.net/sec-filings/ADSK/10-k-autodesk-inc-files-annual-report-2d0f229c4613.html
8. Q126 Opening Commentary - Investor Relations - Autodesk, accessed on March 13, 2026, https://investors.autodesk.com/static-files/0cb5ab46-282c-4007-b994-8b721f2b81c0
9. Autodesk, Inc. 2026 10-K Annual Report: Business Overview, Products, Market Strategy, Sustainability, and Financial Highlights - Minichart, accessed on March 13, 2026, https://www.minichart.com.sg/2026/03/04/autodesk-inc-2026-10-k-annual-report-business-overview-products-market-strategy-sustainability-and-financial-highlights/
10. Bentley Systems Inc (BSY) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic, accessed on March 13, 2026, https://ca.investing.com/news/company-news/bentley-systems-inc-bsy-q4-2025-earnings-call-highlights-strong-revenue-growth-and-strategic--4486469
11. Autodesk resolves Starboard proxy fight - Hedgeweek, accessed on March 13, 2026, https://www.hedgeweek.com/autodesk-resolves-starboard-proxy-fight/
12. Autodesk vs. Starboard: A Proxy Fight With Lessons For Every Boardroom, accessed on March 13, 2026, https://boardmember.com/autodesk-vs-starboard-a-proxy-fight-with-lessons-for-every-boardroom/
13. Autodesk issues statement in response to comments by Starboard Value - PR Newswire, accessed on March 13, 2026, https://www.prnewswire.com/news-releases/autodesk-issues-statement-in-response-to-comments-by-starboard-value-302412435.html
14. [8-K] Autodesk, Inc. Reports Material Event | ADSK SEC Filing - Stock Titan, accessed on March 13, 2026, https://www.stocktitan.net/sec-filings/ADSK/8-k-autodesk-inc-reports-material-event-e1d38fe41904.html
15. Form DEFA14A for Autodesk INC filed 03/26/2025, accessed on March 13, 2026, https://investors.autodesk.com/static-files/4bb32dd2-0149-45ba-bc80-24c96724661f
16. Q225 Opening Commentary - Investor Relations | Autodesk, Inc., accessed on March 13, 2026, https://investors.autodesk.com/static-files/80ea43e8-baf7-4c2c-97cc-527b6e077793
17. ADSK - Autodesk, Inc. Stock - Stock Price, Institutional Ownership, Shareholders (NasdaqGS) - Fintel, accessed on March 13, 2026, https://fintel.io/so/us/adsk
18. Who Owns Autodesk? Top Shareholders and Recent Insider Trades - TIKR.com, accessed on March 13, 2026, https://www.tikr.com/blog/who-owns-autodesk-top-shareholders-and-recent-insider-trades
19. What Kind Of Shareholders Hold The Majority In Autodesk, Inc.'s (NASDAQ:ADSK) Shares?, accessed on March 13, 2026, https://www.nasdaq.com/articles/what-kind-of-shareholders-hold-the-majority-in-autodesk-inc.s-nasdaq:adsk-shares-2021-08
20. Autodesk (ADSK) - Trefis, accessed on March 13, 2026, https://www.trefis.com/data/companies/ADSK?source=forbes&from=ADSK-2026-03-04
21. AUTODESK ($ADSK) Releases Q4 2026 Earnings, Stock Rises | Quiver Quantitative, accessed on March 13, 2026, https://www.quiverquant.com/news/AUTODESK+%28%24ADSK%29+Releases+Q4+2026+Earnings%2C+Stock+Rises
22. Autodesk Ownership Pattern for Feb-2026 - Insider, Institutional, Mutual Fund shareholdings, accessed on March 13, 2026, https://us.trendlyne.com/us/equity/ownership/1550798/ADSK/feb-2026/autodesk-inc/
23. What is Competitive Landscape of Autodesk Company? - Porter's Five Forces, accessed on March 13, 2026, https://portersfiveforce.com/blogs/competitors/autodesk
24. Autodesk's AI Push Looks Strong, But The Stock Hasn't Moved - Finimize, accessed on March 13, 2026, https://finimize.com/content/adsk-asset-snapshot
25. Dassault Systèmes: Q4 revenue growth of 1% with solid operating margin and EPS expansion Initiating 2026 revenue guidance of 3-5% growth, accessed on March 13, 2026, https://investor.3ds.com/news-releases/news-release-details/dassault-systemes-q4-revenue-growth-1-solid-operating-margin-and
26. BSY (Bentley Systems) ROIC % - GuruFocus, accessed on March 13, 2026, https://www.gurufocus.com/term/roic/BSY
27. Autodesk, Inc. Competitors - Stock Jabber, accessed on March 13, 2026, https://www.stockjabber.com/company/ADSK/company-insights/Competitors
28. Dassault Systemes SE (XPAR:DSY) ROIC % - GuruFocus, accessed on March 13, 2026, https://www.gurufocus.com/term/roic/XPAR:DSY
29. ADSK Financials: Income Statement, Balance Sheet & Cash Flow | Autodesk - Stock Titan, accessed on March 13, 2026, https://www.stocktitan.net/financials/ADSK/
30. Bentley Systems Announces Fourth Quarter and Full Year 2025 Results and 2026 Financial Outlook, accessed on March 13, 2026, https://investors.bentley.com/news-releases/news-release-details/bentley-systems-announces-fourth-quarter-and-full-year-2025/
31. ADSK - Autodesk PE ratio, current and historical analysis - FullRatio, accessed on March 13, 2026, https://fullratio.com/stocks/nasdaq-adsk/pe-ratio
32. Autodesk (ADSK) P/E Ratio: Current & Historical Analysis - Public Investing, accessed on March 13, 2026, https://public.com/stocks/adsk/pe-ratio
33. EV / EBITDA For Autodesk Inc (ADSK) - Finbox, accessed on March 13, 2026, https://finbox.com/NASDAQGS:ADSK/explorer/ev_to_ebitda_ltm/
34. Breaking Down ANSYS, Inc. (ANSS) Financial Health: Key Insights for Investors - DCFmodeling.com, accessed on March 13, 2026, https://www.dcfmodeling.com/blogs/health/anss-financial-health
35. Autodesk (NasdaqGS:ADSK) Stock Valuation, Peer Comparison & Price Targets, accessed on March 13, 2026, https://simplywall.st/stocks/us/software/nasdaq-adsk/autodesk/valuation
36. Autodesk Stock in 2026: A Path to 10.7% Annual Returns | TIKR.com, accessed on March 13, 2026, https://www.tikr.com/blog/autodesk-stock-in-2026-a-path-to-10-7-annual-returns
37. Sustainability - Autodesk Inc ADSK - Morningstar, accessed on March 13, 2026, https://www.morningstar.com/stocks/xnas/adsk/sustainability
38. Autodesk, Inc. ESG Score - S&P Global, accessed on March 13, 2026, https://www.spglobal.com/sustainable1/en/scores/results?cid=4208149
39. iShares ESG MSCI USA Leaders ETF Buys 451 Shares of Autodesk Inc (ADSK) - GuruFocus, accessed on March 13, 2026, https://www.gurufocus.com/news/8676809/ishares-esg-msci-usa-leaders-etf-buys-451-shares-of-autodesk-inc-adsk
40. ESG Ratings Assess companies on their financially relevant sustainability risks and opportunities. - MSCI, accessed on March 13, 2026, https://www.msci.com/data-and-analytics/sustainability-solutions/esg-ratings

Europe: Key Competitors

China: Key Competitors