Price to Sales (P/S)
since 2005
Calculation
Autodesk Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 10, 2024 | 8.55 | = | 218.20 | ÷ | 25.51 | 25.51 | = | 5,497 | ÷ | 215,446,979 | |
| Mar 14, 2023 | 8.55 | = | 199.22 | ÷ | 23.30 | 23.30 | = | 5,005 | ÷ | 214,782,702 | |
| Mar 14, 2022 | 9.35 | = | 188.70 | ÷ | 20.19 | 20.19 | = | 4,386 | ÷ | 217,307,974 | |
| Mar 19, 2021 | 15.15 | = | 261.50 | ÷ | 17.26 | 17.26 | = | 3,790 | ÷ | 219,592,294 | |
| Mar 19, 2020 | 10.00 | = | 149.23 | ÷ | 14.92 | 14.92 | = | 3,274 | ÷ | 219,521,425 | |
| Mar 25, 2019 | 13.21 | = | 154.69 | ÷ | 11.71 | 11.71 | = | 2,570 | ÷ | 219,535,216 | |
| Mar 22, 2018 | 13.95 | = | 131.41 | ÷ | 9.42 | 9.42 | = | 2,057 | ÷ | 218,327,862 | |
| Mar 21, 2017 | 9.09 | = | 83.64 | ÷ | 9.20 | 9.20 | = | 2,031 | ÷ | 220,849,268 | |
| Mar 23, 2016 | 5.14 | = | 57.29 | ÷ | 11.15 | 11.15 | = | 2,504 | ÷ | 224,493,192 | |
| Mar 18, 2015 | 5.57 | = | 61.63 | ÷ | 11.06 | 11.06 | = | 2,512 | ÷ | 227,204,316 | |
| Mar 10, 2014 | 5.25 | = | 52.59 | ÷ | 10.01 | 10.01 | = | 2,274 | ÷ | 227,185,041 | |
| Mar 18, 2013 | 3.87 | = | 40.03 | ÷ | 10.33 | 10.33 | = | 2,312 | ÷ | 223,800,000 | |
| Mar 15, 2012 | 4.11 | = | 40.08 | ÷ | 9.75 | 9.75 | = | 2,216 | ÷ | 227,300,000 | |
| Mar 18, 2011 | 4.60 | = | 39.40 | ÷ | 8.56 | 8.56 | = | 1,952 | ÷ | 227,900,000 | |
| Mar 19, 2010 | 3.90 | = | 29.11 | ÷ | 7.47 | 7.47 | = | 1,714 | ÷ | 229,300,000 | |
| Mar 20, 2009 | 1.31 | = | 13.39 | ÷ | 10.23 | 10.23 | = | 2,315 | ÷ | 226,400,000 | |
| Mar 28, 2008 | 3.37 | = | 31.77 | ÷ | 9.43 | 9.43 | = | 2,172 | ÷ | 230,300,000 | |
| Jun 4, 2007 | 5.67 | = | 45.10 | ÷ | 7.96 | 7.96 | = | 1,840 | ÷ | 231,200,000 | |
| Mar 30, 2006 | 5.75 | = | 38.07 | ÷ | 6.62 | 6.62 | = | 1,523 | ÷ | 230,100,000 | |
| Mar 31, 2005 | 5.50 | = | 29.76 | ÷ | 5.41 | 5.41 | = | 1,234 | ÷ | 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-Sales (P/S) ratio from 2005 to 2024 reveals three distinct valuation phases: a period of relative stability and correction, a phase of steady mid-range valuation, and a period of significant valuation expansion followed by a recent normalization.
- Early Stability and Market Correction (2005–2010)
- Between 2005 and 2007, the P/S ratio remained stable, fluctuating narrowly between 5.50 and 5.75. A sharp contraction occurred in 2008 and 2009, with the ratio falling to a historical low of 1.31. This decline was driven by a substantial drop in share price, which fell from 45.10 in 2007 to 13.39 in 2009, despite a simultaneous increase in sales per share during that same window.
- Recovery and Range-Bound Valuation (2011–2016)
- Following the 2009 low, the valuation ratio recovered and entered a period of consolidation. From 2011 to 2016, the P/S ratio generally fluctuated between 3.87 and 5.57. During this time, sales per share grew incrementally from 8.56 to 11.15, and the market valuation closely tracked this revenue growth, maintaining a consistent multiple.
- Valuation Expansion and Peak (2017–2021)
- A significant shift in valuation occurred in 2017, where the P/S ratio jumped to 9.09 and continued an upward trajectory. This period was characterized by a rapid decoupling of the share price from revenue growth; the share price rose from 83.64 in 2016 to a peak of 261.50 in 2021. The P/S ratio reached its maximum of 15.15 in 2021, indicating a substantial increase in the market's willingness to pay for each dollar of sales.
- Recent Normalization and Stabilization (2022–2024)
- From 2022 onward, a contraction in the P/S ratio is observed, retreating from the 15.15 peak to stabilize at 8.55 by June 2024. This compression occurred even as sales per share reached their highest historical levels, growing from 17.26 in 2020 to 25.51 in 2024. The stabilization of the ratio suggests a market correction toward a more sustainable valuation multiple despite continued growth in top-line productivity per share.
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Comparison to Competitors
Autodesk Inc., P/S, long-term trends, comparison to competitors
| Autodesk Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 10, 2024 | 8.55 | 3.48 | 8.27 | 23.14 | 15.26 | 16.12 | 3.81 | 10.72 | 12.82 | 7.44 | 102.00 | 13.62 | 8.45 | 18.99 | 12.45 | 9.61 |
| Mar 14, 2023 | 8.55 | 2.98 | 13.88 | 6.14 | 20.02 | 20.19 | 2.73 | 10.72 | 11.60 | 6.63 | 23.27 | 10.87 | 5.84 | 17.52 | 14.75 | 7.71 |
| Mar 14, 2022 | 9.35 | 2.56 | 8.95 | 1.80 | 14.23 | 14.64 | 1.94 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 7.40 | 12.75 | 10.03 | 11.19 |
| Mar 19, 2021 | 15.15 | 4.28 | 14.94 | 5.99 | 12.55 | 49.25 | 1.94 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 9.24 | 19.02 | 13.22 | 13.95 |
| Mar 19, 2020 | 10.00 | 3.26 | 17.04 | — | 13.85 | 49.57 | 1.47 | 11.78 | 10.85 | 4.33 | 39.86 | 6.66 | 8.88 | 25.66 | 10.08 | 10.65 |
| Mar 25, 2019 | 13.21 | 2.72 | 15.11 | — | 8.56 | 36.28 | 1.63 | 11.05 | 8.38 | 4.74 | — | 7.06 | 9.00 | 19.36 | 6.27 | 14.75 |
| Mar 22, 2018 | 13.95 | 2.35 | 13.23 | — | 7.53 | — | 1.56 | 9.52 | 7.51 | 4.41 | — | 9.75 | 8.89 | 16.63 | 4.10 | 13.73 |
| Mar 21, 2017 | 9.09 | 2.45 | 13.32 | — | 5.85 | — | 1.82 | 6.99 | 6.19 | 5.56 | — | 7.49 | 6.96 | 14.55 | 4.80 | 11.06 |
| Mar 23, 2016 | 5.14 | 2.13 | 9.34 | — | 4.53 | — | 2.12 | 6.17 | 5.13 | 4.45 | — | 9.69 | 7.09 | 10.50 | 3.71 | 12.08 |
| Mar 18, 2015 | 5.57 | 2.11 | 9.27 | — | 3.73 | — | 1.56 | 5.56 | 3.99 | 4.66 | — | 16.88 | 7.82 | 8.69 | 3.07 | 19.97 |
| Mar 10, 2014 | 5.25 | 1.61 | 8.59 | — | 3.42 | — | 1.76 | 5.32 | 4.10 | 4.67 | — | 13.17 | 9.54 | 16.81 | 3.15 | 35.87 |
| Mar 18, 2013 | 3.87 | 1.64 | 7.45 | — | 2.96 | — | 1.91 | 4.47 | 3.41 | 3.75 | — | 8.38 | 8.92 | 22.61 | 3.12 | 37.91 |
| Mar 15, 2012 | 4.11 | 1.54 | 4.30 | — | 3.02 | — | 2.12 | 4.27 | 3.32 | 3.66 | — | 17.50 | 8.91 | 19.84 | 2.76 | — |
| Mar 18, 2011 | 4.60 | 1.47 | 3.65 | — | 2.81 | — | 2.15 | 3.71 | 3.32 | 4.60 | — | — | 9.79 | — | 2.52 | — |
| Mar 19, 2010 | 3.90 | 1.36 | 4.50 | — | 2.76 | — | 1.98 | 4.12 | 3.57 | 4.04 | — | — | 7.35 | — | 2.93 | — |
| Mar 20, 2009 | 1.31 | 1.20 | 6.12 | — | 1.81 | — | 1.72 | 2.81 | 3.63 | 4.63 | — | — | 3.52 | — | 2.33 | — |
| Mar 28, 2008 | 3.37 | 0.92 | 2.88 | — | 1.01 | — | 1.12 | 3.21 | 3.89 | 4.79 | — | — | 9.52 | — | 1.93 | — |
| Jun 4, 2007 | 5.67 | 1.41 | 6.24 | — | 1.91 | — | 1.60 | 3.61 | 20.52 | 5.60 | — | — | 9.94 | — | 3.16 | — |
| Mar 30, 2006 | 5.75 | 1.44 | 8.78 | — | 3.95 | — | 1.55 | 4.87 | 17.98 | 5.51 | — | — | 13.93 | — | 3.54 | — |
| Mar 31, 2005 | 5.50 | 1.32 | 11.84 | — | 3.86 | — | 1.38 | 3.94 | 21.64 | 5.80 | — | — | 8.64 | — | 3.15 | — |
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).
Comparison to Sector (Software & Services)
Autodesk Inc., P/S, long-term trends, comparison to sector (software & services)
| Autodesk Inc. | Software & Services | |
|---|---|---|
| Jun 10, 2024 | 8.55 | 10.31 |
| Mar 14, 2023 | 8.55 | 8.76 |
| Mar 14, 2022 | 9.35 | 7.38 |
| Mar 19, 2021 | 15.15 | 9.45 |
| Mar 19, 2020 | 10.00 | 7.72 |
| Mar 25, 2019 | 13.21 | 6.11 |
| Mar 22, 2018 | 13.95 | 5.24 |
| Mar 21, 2017 | 9.09 | 4.65 |
| Mar 23, 2016 | 5.14 | 3.95 |
| Mar 18, 2015 | 5.57 | 3.41 |
| Mar 10, 2014 | 5.25 | 3.34 |
| Mar 18, 2013 | 3.87 | 2.89 |
| Mar 15, 2012 | 4.11 | 2.79 |
| Mar 18, 2011 | 4.60 | 2.85 |
| Mar 19, 2010 | 3.90 | 2.73 |
| Mar 20, 2009 | 1.31 | 2.61 |
| Mar 28, 2008 | 3.37 | 2.31 |
| Jun 4, 2007 | 5.67 | 6.95 |
| Mar 30, 2006 | 5.75 | 6.20 |
| Mar 31, 2005 | 5.50 | 6.73 |
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).
Comparison to Industry (Information Technology)
Autodesk Inc., P/S, long-term trends, comparison to industry (information technology)
| Autodesk Inc. | Information Technology | |
|---|---|---|
| Jun 10, 2024 | 8.55 | 9.30 |
| Mar 14, 2023 | 8.55 | 7.31 |
| Mar 14, 2022 | 9.35 | 6.01 |
| Mar 19, 2021 | 15.15 | 6.98 |
| Mar 19, 2020 | 10.00 | 6.11 |
| Mar 25, 2019 | 13.21 | 4.62 |
| Mar 22, 2018 | 13.95 | 4.31 |
| Mar 21, 2017 | 9.09 | 4.18 |
| Mar 23, 2016 | 5.14 | 3.46 |
| Mar 18, 2015 | 5.57 | 3.03 |
| Mar 10, 2014 | 5.25 | 3.31 |
| Mar 18, 2013 | 3.87 | 2.85 |
| Mar 15, 2012 | 4.11 | 2.88 |
| Mar 18, 2011 | 4.60 | 2.84 |
| Mar 19, 2010 | 3.90 | 3.04 |
| Mar 20, 2009 | 1.31 | 3.11 |
| Mar 28, 2008 | 3.37 | 2.38 |
| Jun 4, 2007 | 5.67 | 5.73 |
| Mar 30, 2006 | 5.75 | 5.21 |
| Mar 31, 2005 | 5.50 | 5.62 |
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).