Price to Operating Profit (P/OP)
since 2005
Calculation
Autodesk Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income (loss) from operations1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 10, 2024 | 41.68 | = | 218.20 | ÷ | 5.24 | 5.24 | = | 1,128 | ÷ | 215,446,979 | |
| Mar 14, 2023 | 43.26 | = | 199.22 | ÷ | 4.60 | 4.60 | = | 989 | ÷ | 214,782,702 | |
| Mar 14, 2022 | 66.40 | = | 188.70 | ÷ | 2.84 | 2.84 | = | 618 | ÷ | 217,307,974 | |
| Mar 19, 2021 | 91.28 | = | 261.50 | ÷ | 2.86 | 2.86 | = | 629 | ÷ | 219,592,294 | |
| Mar 19, 2020 | 95.51 | = | 149.23 | ÷ | 1.56 | 1.56 | = | 343 | ÷ | 219,521,425 | |
| Mar 25, 2019 | — | = | 154.69 | ÷ | -0.11 | -0.11 | = | -25 | ÷ | 219,535,216 | |
| Mar 22, 2018 | — | = | 131.41 | ÷ | -2.33 | -2.33 | = | -509 | ÷ | 218,327,862 | |
| Mar 21, 2017 | — | = | 83.64 | ÷ | -2.26 | -2.26 | = | -500 | ÷ | 220,849,268 | |
| Mar 23, 2016 | 9,893.24 | = | 57.29 | ÷ | 0.01 | 0.01 | = | 1 | ÷ | 224,493,192 | |
| Mar 18, 2015 | 116.01 | = | 61.63 | ÷ | 0.53 | 0.53 | = | 121 | ÷ | 227,204,316 | |
| Mar 10, 2014 | 41.95 | = | 52.59 | ÷ | 1.25 | 1.25 | = | 285 | ÷ | 227,185,041 | |
| Mar 18, 2013 | 29.29 | = | 40.03 | ÷ | 1.37 | 1.37 | = | 306 | ÷ | 223,800,000 | |
| Mar 15, 2012 | 25.62 | = | 40.08 | ÷ | 1.56 | 1.56 | = | 356 | ÷ | 227,300,000 | |
| Mar 18, 2011 | 33.08 | = | 39.40 | ÷ | 1.19 | 1.19 | = | 271 | ÷ | 227,900,000 | |
| Mar 19, 2010 | 101.75 | = | 29.11 | ÷ | 0.29 | 0.29 | = | 66 | ÷ | 229,300,000 | |
| Mar 20, 2009 | 12.40 | = | 13.39 | ÷ | 1.08 | 1.08 | = | 245 | ÷ | 226,400,000 | |
| Mar 28, 2008 | 16.42 | = | 31.77 | ÷ | 1.93 | 1.93 | = | 446 | ÷ | 230,300,000 | |
| Jun 4, 2007 | 29.82 | = | 45.10 | ÷ | 1.51 | 1.51 | = | 350 | ÷ | 231,200,000 | |
| Mar 30, 2006 | 23.69 | = | 38.07 | ÷ | 1.61 | 1.61 | = | 370 | ÷ | 230,100,000 | |
| Mar 31, 2005 | 28.89 | = | 29.76 | ÷ | 1.03 | 1.03 | = | 235 | ÷ | 228,000,000 |
Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Autodesk Inc. Annual Report.
The analysis of the Price to operating profit (P/OP) ratio reveals a history of extreme volatility, primarily driven by fluctuations in operating profit per share rather than share price movements alone.
- Initial Stability and First Volatility Spike
- Between 2005 and 2009, the P/OP ratio maintained a range between 12.40 and 29.82. A sharp increase to 101.75 occurred in 2010, coinciding with a significant drop in operating profit per share to 0.29.
- Operational Compression and Extreme Outliers
- From 2011 to 2016, the ratio exhibited erratic behavior. While it stabilized briefly between 25.62 and 41.95, it spiked to 116.01 in 2015 and reached an anomalous peak of 9,893.24 in 2016. This extreme outlier was the result of the operating profit per share diminishing to 0.01 while the share price remained relatively high at 57.29.
- Period of Negative Profitability
- Between 2017 and 2019, the P/OP ratio is not recorded. This gap aligns with a period of negative operating profit per share, which reached its lowest point of -2.33 in 2018. During this phase, the lack of positive operating profit rendered the ratio inapplicable for standard valuation.
- Profitability Recovery and Valuation Normalization
- Starting in 2020, a return to positive operating profit triggered a gradual normalization of the P/OP ratio. Despite a share price peak in 2021, the ratio trended downward from 95.51 in 2020 to 41.68 by June 2024. This contraction is attributed to strong growth in operating profit per share, which expanded from 1.56 in 2020 to 5.24 in 2024, effectively lowering the multiple.
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Comparison to Competitors
Autodesk Inc., P/OP, long-term trends, comparison to competitors
| Autodesk Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 10, 2024 | 41.68 | 23.52 | 26.38 | 58.16 | 52.42 | 797.11 | 48.11 | 28.73 | 25.65 | 941.61 | 159.88 | 58.80 | 152.95 | 56.25 | 381.31 |
| Mar 14, 2023 | 43.26 | 21.69 | 40.52 | 31.12 | 65.43 | — | 49.04 | 27.76 | 25.30 | 431.61 | 193.40 | 177.62 | 206.26 | 67.90 | — |
| Mar 14, 2022 | 66.40 | 16.83 | 25.85 | — | 47.21 | — | 46.05 | 24.72 | 16.51 | — | — | 357.52 | 260.27 | 43.85 | — |
| Mar 19, 2021 | 91.28 | 28.35 | 40.64 | 111.61 | 48.13 | — | 62.00 | 30.79 | 14.31 | — | — | 431.39 | 436.46 | 75.64 | — |
| Mar 19, 2020 | 95.51 | 22.21 | 51.75 | — | 57.54 | — | 41.56 | 29.30 | 12.17 | — | — | 511.08 | 583.08 | 59.90 | — |
| Mar 25, 2019 | — | 18.63 | 51.63 | — | 40.67 | — | 40.45 | 24.54 | 13.83 | — | — | 223.46 | 1,590.34 | 40.48 | — |
| Mar 22, 2018 | — | 16.75 | 42.06 | — | 40.66 | — | 37.92 | 23.63 | 12.83 | — | — | 395.31 | — | 35.54 | — |
| Mar 21, 2017 | — | 19.47 | 44.86 | — | 35.08 | — | 25.94 | 24.93 | 16.52 | — | — | 908.77 | — | 37.64 | — |
| Mar 23, 2016 | 9,893.24 | 15.44 | 36.62 | — | 33.61 | — | 23.33 | 21.70 | 13.09 | — | — | 411.51 | — | 28.34 | — |
| Mar 18, 2015 | 116.01 | 15.66 | 49.21 | — | 22.23 | — | 31.60 | 20.57 | 12.84 | — | — | — | — | 25.82 | — |
| Mar 10, 2014 | 41.95 | 11.94 | 86.32 | — | 26.17 | — | 18.25 | 12.81 | 12.12 | — | — | — | — | 26.04 | — |
| Mar 18, 2013 | 29.29 | 11.50 | 71.49 | — | 22.85 | — | 15.12 | 9.91 | 9.51 | — | — | — | — | 24.81 | — |
| Mar 15, 2012 | 25.62 | 11.84 | 16.04 | — | 18.94 | — | 15.05 | 11.23 | 9.91 | — | 1,147.44 | — | — | 25.46 | — |
| Mar 18, 2011 | 33.08 | 11.55 | 14.01 | — | 26.88 | — | 14.19 | 8.55 | 13.61 | — | — | 166.46 | — | 18.21 | — |
| Mar 19, 2010 | 101.75 | 10.76 | 17.20 | — | — | — | 16.51 | 9.27 | 11.95 | — | — | 83.25 | — | 22.01 | — |
| Mar 20, 2009 | 12.40 | 10.49 | 26.10 | — | — | — | 13.11 | 10.42 | 12.94 | — | — | 59.54 | — | 15.18 | — |
| Mar 28, 2008 | 16.42 | 7.72 | 10.04 | — | — | — | 15.15 | 10.44 | 13.68 | — | — | 350.81 | — | 11.75 | — |
| Jun 4, 2007 | 29.82 | 12.16 | 22.98 | — | 9.72 | — | 15.13 | 56.63 | 16.87 | — | — | — | — | 32.49 | — |
| Mar 30, 2006 | 23.69 | 14.25 | 41.03 | — | 26.13 | — | 20.38 | 48.35 | 16.72 | — | — | 214.74 | — | 131.87 | — |
| Mar 31, 2005 | 28.89 | 10.72 | 31.95 | — | 43.13 | — | 15.31 | 59.14 | 17.01 | — | — | 233.65 | — | — | — |
Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).