Stock Analysis on Net

Autodesk Inc. (NASDAQ:ADSK)

This company has been moved to the archive! The financial data has not been updated since December 3, 2021.

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Autodesk Inc., solvency ratios

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Debt Ratios
Debt to equity 1.70 2.03 0.92
Debt to equity (including operating lease liability) 2.18 2.03 0.92
Debt to capital 0.63 1.07 1.11 1.19 0.67 0.48
Debt to capital (including operating lease liability) 0.69 1.06 1.11 1.19 0.67 0.48
Debt to assets 0.22 0.34 0.44 0.39 0.31 0.27
Debt to assets (including operating lease liability) 0.29 0.41 0.44 0.39 0.31 0.27
Financial leverage 7.54 6.54 3.41
Coverage Ratios
Interest coverage 11.70 6.46 0.18 -15.15 -16.64 0.40
Fixed charge coverage 4.58 3.09 0.62 -5.16 -4.51 0.78

Based on: 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).

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Autodesk Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Autodesk Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Autodesk Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Autodesk Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Autodesk Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Autodesk Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Equity

Autodesk Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Solvency Ratio
Debt to equity1 1.70 2.03 0.92
Benchmarks
Debt to Equity, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00 0.00 0.00
Adobe Inc. 0.28 0.31 0.39 0.44 0.22 0.26
International Business Machines Corp. 2.74 2.99 3.02 2.73 2.66
Intuit Inc. 0.21 0.66 0.12 0.19 0.36
Mastercard Inc. 1.90 1.98 1.45 1.17 0.99
Microsoft Corp. 0.50 0.62 0.77 0.97 1.23
Oracle Corp. 16.08 5.93 2.58 1.33 1.08
PayPal Holdings Inc. 0.42 0.45 0.29 0.13 0.06
Salesforce Inc. 0.07 0.09 0.22 0.21 0.32
ServiceNow Inc. 0.43 0.58 0.33 0.60 2.01
Visa Inc. 0.56 0.66 0.48 0.49 0.56 0.48
Debt to Equity, Sector
Software & Services 0.81 0.92 0.95 0.94 1.00
Debt to Equity, Industry
Information Technology 0.77 0.87 0.84 0.79 0.78

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 1,637,200 ÷ 965,500 = 1.70

2 Click competitor name to see calculations.


Debt to Equity (including Operating Lease Liability)

Autodesk Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Current operating lease liabilities 71,400  48,100  —  —  —  — 
Long-term operating lease liabilities 396,000  411,700  —  —  —  — 
Total debt (including operating lease liability) 2,104,600  2,544,600  2,087,700  1,586,000  1,490,700  1,487,700 
 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Solvency Ratio
Debt to equity (including operating lease liability)1 2.18 2.03 0.92
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Accenture PLC 0.18 0.21 0.00 0.00 0.00 0.00
Adobe Inc. 0.32 0.35 0.39 0.44 0.22 0.26
International Business Machines Corp. 2.92 3.23 3.27 2.73 2.66
Intuit Inc. 0.25 0.71 0.12 0.19 0.36
Mastercard Inc. 2.01 2.12 1.58 1.17 0.99
Microsoft Corp. 0.58 0.69 0.84 1.06 1.23
Oracle Corp. 16.61 6.10 2.58 1.33 1.08
PayPal Holdings Inc. 0.45 0.49 0.32 0.13 0.06
Salesforce Inc. 0.15 0.18 0.22 0.21 0.32
ServiceNow Inc. 0.60 0.75 0.53 0.60 2.01
Visa Inc. 0.57 0.68 0.48 0.49 0.56 0.48
Debt to Equity (including Operating Lease Liability), Sector
Software & Services 0.90 1.02 1.01 0.97 1.00
Debt to Equity (including Operating Lease Liability), Industry
Information Technology 0.83 0.93 0.87 0.80 0.78

Based on: 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).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 2,104,600 ÷ 965,500 = 2.18

2 Click competitor name to see calculations.


Debt to Capital

Autodesk Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Total capital 2,602,700  1,945,700  1,876,800  1,330,000  2,224,300  3,107,300 
Solvency Ratio
Debt to capital1 0.63 1.07 1.11 1.19 0.67 0.48
Benchmarks
Debt to Capital, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00 0.00 0.00
Adobe Inc. 0.22 0.24 0.28 0.31 0.18 0.20
International Business Machines Corp. 0.73 0.75 0.75 0.73 0.73
Intuit Inc. 0.17 0.40 0.10 0.16 0.26
Mastercard Inc. 0.66 0.66 0.59 0.54 0.50
Microsoft Corp. 0.33 0.38 0.43 0.49 0.55
Oracle Corp. 0.94 0.86 0.72 0.57 0.52
PayPal Holdings Inc. 0.29 0.31 0.23 0.11 0.06
Salesforce Inc. 0.06 0.08 0.18 0.18 0.24
ServiceNow Inc. 0.30 0.37 0.25 0.37 0.67
Visa Inc. 0.36 0.40 0.33 0.33 0.36 0.33
Debt to Capital, Sector
Software & Services 0.45 0.48 0.49 0.49 0.50
Debt to Capital, Industry
Information Technology 0.43 0.46 0.46 0.44 0.44

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 1,637,200 ÷ 2,602,700 = 0.63

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Autodesk Inc. debt to capital ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

Autodesk Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Current operating lease liabilities 71,400  48,100  —  —  —  — 
Long-term operating lease liabilities 396,000  411,700  —  —  —  — 
Total debt (including operating lease liability) 2,104,600  2,544,600  2,087,700  1,586,000  1,490,700  1,487,700 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Total capital (including operating lease liability) 3,070,100  2,405,500  1,876,800  1,330,000  2,224,300  3,107,300 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.69 1.06 1.11 1.19 0.67 0.48
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Accenture PLC 0.15 0.17 0.00 0.00 0.00 0.00
Adobe Inc. 0.24 0.26 0.28 0.31 0.18 0.20
International Business Machines Corp. 0.74 0.76 0.77 0.73 0.73
Intuit Inc. 0.20 0.42 0.10 0.16 0.26
Mastercard Inc. 0.67 0.68 0.61 0.54 0.50
Microsoft Corp. 0.37 0.41 0.46 0.51 0.55
Oracle Corp. 0.94 0.86 0.72 0.57 0.52
PayPal Holdings Inc. 0.31 0.33 0.24 0.11 0.06
Salesforce Inc. 0.13 0.16 0.18 0.18 0.24
ServiceNow Inc. 0.37 0.43 0.35 0.37 0.67
Visa Inc. 0.36 0.40 0.33 0.33 0.36 0.33
Debt to Capital (including Operating Lease Liability), Sector
Software & Services 0.47 0.50 0.50 0.49 0.50
Debt to Capital (including Operating Lease Liability), Industry
Information Technology 0.45 0.48 0.47 0.45 0.44

Based on: 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).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,104,600 ÷ 3,070,100 = 0.69

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Autodesk Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Debt to Assets

Autodesk Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
 
Total assets 7,279,800  6,179,300  4,729,200  4,113,600  4,798,100  5,515,300 
Solvency Ratio
Debt to assets1 0.22 0.34 0.44 0.39 0.31 0.27
Benchmarks
Debt to Assets, Competitors2
Accenture PLC 0.00 0.00 0.00 0.00 0.00 0.00
Adobe Inc. 0.15 0.17 0.20 0.22 0.13 0.15
International Business Machines Corp. 0.39 0.39 0.41 0.37 0.37
Intuit Inc. 0.13 0.31 0.07 0.08 0.12
Mastercard Inc. 0.37 0.38 0.29 0.25 0.25
Microsoft Corp. 0.21 0.24 0.27 0.31 0.37
Oracle Corp. 0.64 0.62 0.52 0.44 0.43
PayPal Holdings Inc. 0.12 0.13 0.10 0.05 0.02
Salesforce Inc. 0.04 0.06 0.11 0.10 0.14
ServiceNow Inc. 0.15 0.19 0.12 0.17 0.35
Visa Inc. 0.25 0.30 0.23 0.24 0.27 0.25
Debt to Assets, Sector
Software & Services 0.27 0.30 0.30 0.30 0.32
Debt to Assets, Industry
Information Technology 0.28 0.30 0.30 0.29 0.30

Based on: 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).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 1,637,200 ÷ 7,279,800 = 0.22

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Autodesk Inc. debt to assets ratio improved from 2019 to 2020 and from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

Autodesk Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Current portion of long-term notes payable, net —  449,700  —  —  398,700  — 
Long-term notes payable, net, excluding current portion 1,637,200  1,635,100  2,087,700  1,586,000  1,092,000  1,487,700 
Total debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Current operating lease liabilities 71,400  48,100  —  —  —  — 
Long-term operating lease liabilities 396,000  411,700  —  —  —  — 
Total debt (including operating lease liability) 2,104,600  2,544,600  2,087,700  1,586,000  1,490,700  1,487,700 
 
Total assets 7,279,800  6,179,300  4,729,200  4,113,600  4,798,100  5,515,300 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.29 0.41 0.44 0.39 0.31 0.27
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Accenture PLC 0.08 0.09 0.00 0.00 0.00 0.00
Adobe Inc. 0.17 0.19 0.20 0.22 0.13 0.15
International Business Machines Corp. 0.42 0.43 0.45 0.37 0.37
Intuit Inc. 0.16 0.33 0.07 0.08 0.12
Mastercard Inc. 0.39 0.40 0.32 0.25 0.25
Microsoft Corp. 0.25 0.27 0.30 0.34 0.37
Oracle Corp. 0.66 0.64 0.52 0.44 0.43
PayPal Holdings Inc. 0.13 0.14 0.11 0.05 0.02
Salesforce Inc. 0.10 0.11 0.11 0.10 0.14
ServiceNow Inc. 0.21 0.24 0.19 0.17 0.35
Visa Inc. 0.26 0.30 0.23 0.24 0.27 0.25
Debt to Assets (including Operating Lease Liability), Sector
Software & Services 0.30 0.32 0.32 0.31 0.32
Debt to Assets (including Operating Lease Liability), Industry
Information Technology 0.30 0.32 0.31 0.29 0.30

Based on: 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).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,104,600 ÷ 7,279,800 = 0.29

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Autodesk Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Financial Leverage

Autodesk Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Total assets 7,279,800  6,179,300  4,729,200  4,113,600  4,798,100  5,515,300 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Solvency Ratio
Financial leverage1 7.54 6.54 3.41
Benchmarks
Financial Leverage, Competitors2
Accenture PLC 2.21 2.18 2.07 2.36 2.54 2.73
Adobe Inc. 1.84 1.83 1.97 2.00 1.72 1.71
International Business Machines Corp. 6.98 7.57 7.30 7.35 7.12
Intuit Inc. 1.57 2.14 1.68 2.20 3.00
Mastercard Inc. 5.15 5.25 4.96 4.61 3.90
Microsoft Corp. 2.35 2.55 2.80 3.13 3.33
Oracle Corp. 25.03 9.56 4.99 3.00 2.51
PayPal Holdings Inc. 3.49 3.52 3.04 2.82 2.55
Salesforce Inc. 1.60 1.63 1.97 2.24 2.34
ServiceNow Inc. 2.92 3.07 2.83 3.49 5.82
Visa Inc. 2.21 2.23 2.09 2.04 2.08 1.95
Financial Leverage, Sector
Software & Services 2.97 3.13 3.19 3.14 3.08
Financial Leverage, Industry
Information Technology 2.74 2.90 2.84 2.73 2.55

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 7,279,800 ÷ 965,500 = 7.54

2 Click competitor name to see calculations.


Interest Coverage

Autodesk Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200  214,500  (80,800) (566,900) (582,100) (330,500)
Add: Income tax expense (661,500) 80,300  38,100  9,600  58,300  310,200 
Add: Interest and investment expense, net 51,100  54,000  52,100  34,500  29,700  33,900 
Earnings before interest and tax (EBIT) 597,800  348,800  9,400  (522,800) (494,100) 13,600 
Solvency Ratio
Interest coverage1 11.70 6.46 0.18 -15.15 -16.64 0.40
Benchmarks
Interest Coverage, Competitors2
Accenture PLC 131.46 205.84 273.26 298.26 297.95 345.67
Adobe Inc. 51.49 37.00 21.38 32.31 29.73 21.37
International Business Machines Corp. 5.20 4.62 8.58 16.71 19.56
Intuit Inc. 89.14 158.00 126.40 76.15 45.10
Mastercard Inc. 24.91 21.42 44.44 39.73 43.35
Microsoft Corp. 31.31 21.47 17.27 14.35 11.42
Oracle Corp. 6.28 7.13 6.97 7.43 7.47
PayPal Holdings Inc. 18.67 25.23 27.07 31.86 315.29
Salesforce Inc. 21.33 6.39 7.38 3.32 1.29
ServiceNow Inc. 9.89 5.56 3.02 0.26 -1.79
Visa Inc. 32.31 27.72 28.92 21.92 21.77 19.76
Interest Coverage, Sector
Software & Services 19.39 16.13 15.43 15.12 14.27
Interest Coverage, Industry
Information Technology 22.94 16.90 16.33 18.06 17.04

Based on: 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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 597,800 ÷ 51,100 = 11.70

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Autodesk Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Fixed Charge Coverage

Autodesk Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200  214,500  (80,800) (566,900) (582,100) (330,500)
Add: Income tax expense (661,500) 80,300  38,100  9,600  58,300  310,200 
Add: Interest and investment expense, net 51,100  54,000  52,100  34,500  29,700  33,900 
Earnings before interest and tax (EBIT) 597,800  348,800  9,400  (522,800) (494,100) 13,600 
Add: Operating lease cost 101,400  86,800  60,700  55,900  65,300  58,700 
Earnings before fixed charges and tax 699,200  435,600  70,100  (466,900) (428,800) 72,300 
 
Interest and investment expense, net 51,100  54,000  52,100  34,500  29,700  33,900 
Operating lease cost 101,400  86,800  60,700  55,900  65,300  58,700 
Fixed charges 152,500  140,800  112,800  90,400  95,000  92,600 
Solvency Ratio
Fixed charge coverage1 4.58 3.09 0.62 -5.16 -4.51 0.78
Benchmarks
Fixed Charge Coverage, Competitors2
Accenture PLC 10.41 9.66 10.07 9.63 8.30 10.43
Adobe Inc. 25.59 18.77 10.78 13.34 12.26 9.79
International Business Machines Corp. 3.13 2.62 4.41 5.26 5.69
Intuit Inc. 25.58 27.48 34.00 26.91 22.03
Mastercard Inc. 19.64 16.43 31.13 25.01 26.78
Microsoft Corp. 16.90 12.44 10.94 9.45 7.57
Oracle Corp. 5.17 5.68 5.50 6.38 6.39
PayPal Holdings Inc. 11.20 14.51 12.94 14.89 29.95
Salesforce Inc. 2.92 1.68 2.89 1.54 1.08
ServiceNow Inc. 2.95 2.29 1.69 0.61 -0.55
Visa Inc. 26.74 22.89 19.17 16.32 17.20 15.28
Fixed Charge Coverage, Sector
Software & Services 10.81 8.96 9.04 8.70 8.13
Fixed Charge Coverage, Industry
Information Technology 13.86 10.56 10.88 11.82 11.02

Based on: 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).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 699,200 ÷ 152,500 = 4.58

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Autodesk Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021.