ADSK
Autodesk
Recurring SaaS
★ Quality 96/100Price today
$217.90
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
Autodesk is every architect's native language: learned once, spoken forever.
Autodesk sells design and engineering software: AutoCAD, Revit, Fusion, Maya. Architects, builders, manufacturers, and film studios pay an annual or multi-year subscription. Revenue of $7.2B, almost all recurring.
The file format is the moat. A building designed in Revit lives inside the Autodesk ecosystem for decades, and every professional trained on AutoCAD is a captive customer for life. Switching software means retraining entire teams and risking decades of files. That's why the gross margin is 91%.
Revenue history
From $4.4B to $7.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $7.2B · FY2026
Of every $100 in sales, $84 goes to costs and operations; $16 is left as net profit (16% margin).
Catalysts and risks
Transition to a direct billing model with distributors, expanding pricing control since FY2025.
Construction cloud (BIM 360, Autodesk Construction Cloud) growing double digits in a still under-penetrated market.
FCF of $2.4B with high conversion — aggressive buybacks reducing shares every quarter.
Valuation demands perfection: at 31x FCF, any slowdown from the 13% CAGR hurts.
Hidden cyclicality — construction and manufacturing are sensitive to rates and recession, despite the subscription model.
Niche competition: cheaper design clouds and generative tools that could erode pricing over the long term.
Charlie's note
“A business that charges a toll every year for files the customer can't move. That's quality. At this price you pay for the quality — just make sure the growth shows up.”
Analysis · June 2026
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