Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage

Autodesk Inc., solvency ratios (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Debt Ratios
Debt to equity	0.87	0.92	1.06	1.23	1.54	1.89	2.54	1.99	2.90	3.55	3.86	3.09	2.05	1.23	1.45	1.70	23.62	24.31	—	—	—	—	—
Debt to equity (including operating lease liability)	0.99	1.05	1.21	1.42	1.79	2.21	2.99	2.33	3.35	4.11	4.48	3.60	2.38	1.57	1.85	2.18	30.29	30.95	—	—	—	—	—
Debt to capital	0.47	0.48	0.51	0.55	0.61	0.65	0.72	0.67	0.74	0.78	0.79	0.76	0.67	0.55	0.59	0.63	0.96	0.96	1.09	1.07	1.11	1.12	1.14
Debt to capital (including operating lease liability)	0.50	0.51	0.55	0.59	0.64	0.69	0.75	0.70	0.77	0.80	0.82	0.78	0.70	0.61	0.65	0.69	0.97	0.97	1.07	1.06	1.09	1.10	1.12
Debt to assets	0.23	0.23	0.23	0.23	0.25	0.25	0.25	0.24	0.30	0.32	0.32	0.31	0.31	0.22	0.22	0.22	0.28	0.28	0.30	0.34	0.35	0.38	0.41
Debt to assets (including operating lease liability)	0.25	0.26	0.27	0.26	0.29	0.29	0.30	0.28	0.35	0.37	0.37	0.36	0.36	0.28	0.29	0.29	0.35	0.36	0.38	0.41	0.41	0.44	0.48
Financial leverage	3.87	4.03	4.55	5.34	6.23	7.55	10.11	8.24	9.53	11.12	12.13	10.14	6.67	5.59	6.47	7.54	85.78	85.40	—	—	—	—	—

Debt to Equity: From the earliest available data in late 2020, the ratio showed a significant decrease overall through mid-2024. Initially, the debt to equity ratio was high at 24.31 in October 2020 and steadily declined to 0.87 by April 2024. This represents a marked reduction in leverage relative to equity. The trend indicates a consistent strengthening of the equity base or deleveraging efforts by the company. Periodic fluctuations occurred, such as a temporary increase around January 2022, but the overall trajectory is downward.
Debt to Equity Including Operating Lease Liability: The inclusion of operating lease liabilities shows a similar pattern to the standard debt to equity ratio but starts at slightly higher values. The ratio began at 30.95 in October 2020 and decreased to 0.99 by April 2024. The ratio mirrors the decline in the standard debt to equity ratio while exhibiting slightly greater volatility, highlighting the impact of lease liabilities on the company’s capital structure.
Debt to Capital: This ratio shows a decreasing trend over the period from April 2019 through April 2024. Beginning above 1.14 in April 2019, it gradually declined to 0.47 by October 2024. The consistent fall suggests an improvement in the company's capital composition with lower reliance on debt relative to total capital. The decreases indicate improved solvency and possibly lower financial risk.
Debt to Capital Including Operating Lease Liability: Similar in pattern to the debt to capital ratio but generally at slightly higher levels due to lease liabilities. Starting at 1.12 in April 2019, the ratio declined more steadily, reaching 0.50 by October 2024. This downward trend reiterates an overall decrease in leverage and a stronger equity or capital base when factoring in lease obligations.
Debt to Assets: This ratio remained relatively stable with a mild downward trend across the period. It began at 0.41 in April 2019 and dropped to 0.23 in October 2024. The stability and decrease indicate controlled levels of debt relative to total assets, which may reflect conservative asset financing policies or asset growth outpacing debt addition.
Debt to Assets Including Operating Lease Liability: When including operating lease liabilities, the ratio also declined from 0.48 in April 2019 to 0.25 in October 2024. The ratio shows a marginally higher starting point and similar flattening trend, reinforcing that lease liabilities contribute a measurable but manageable portion of total liabilities relative to assets.
Financial Leverage: The financial leverage ratio, reflecting the extent of debt usage, presented very high values in late 2020, exceeding 85, followed by a steep decline to below 4 by October 2024. This dramatic reduction suggests a major deleveraging process or changes in balance sheet structure, significantly reducing the company’s risk exposure and cost of financial obligations over time.

Debt Ratios

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Autodesk Inc., debt to equity calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)

Stockholders’ equity (deficit)	2,616)	2,474)	2,161)	1,855)	1,482)	1,206)	897)	1,145)	906)	740)	681)	849)	1,280)	1,328)	1,128)	966)	69)	67)	(139)	(139)	(172)	(194)	(245)
Solvency Ratio
Debt to equity¹	0.87	0.92	1.06	1.23	1.54	1.89	2.54	1.99	2.90	3.55	3.86	3.09	2.05	1.23	1.45	1.70	23.62	24.31	—	—	—	—	—
Benchmarks
Debt to Equity, Competitors²
Accenture PLC	0.17	0.18	0.18	0.04	0.06	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
Adobe Inc.	0.53	0.54	0.47	0.40	0.39	0.38	0.24	0.22	0.23	0.24	0.26	0.29	0.29	0.30	0.30	0.28	0.29	0.30	0.30	0.31	0.35	0.38	0.39
AppLovin Corp.	2.38	3.01	6.45	3.22	3.74	4.32	4.64	2.48	2.85	2.11	1.69	1.69	1.71	1.69	1.60	—	—	—	—	—	—	—	—
Cadence Design Systems Inc.	0.48	0.49	0.52	0.53	0.62	0.32	0.18	0.19	0.21	0.22	0.23	0.27	0.29	0.13	0.13	0.13	0.13	0.14	0.14	—	—	—	—
CrowdStrike Holdings Inc.	0.24	0.26	0.29	0.32	0.37	0.40	0.46	0.51	0.56	0.60	0.67	0.72	0.78	0.82	0.87	0.85	0.00	0.00	0.00	—	—	—	—
Datadog Inc.	0.29	0.31	0.55	0.59	0.28	0.31	0.34	0.37	0.41	0.45	0.49	0.52	0.57	0.61	0.66	0.71	0.77	0.80	0.87	—	—	—	—
International Business Machines Corp.	2.26	2.33	2.35	2.01	2.31	2.35	2.56	2.51	2.39	2.59	2.72	2.32	2.53	2.59	2.85	2.74	2.45	2.51	2.64	—	—	—	—
Intuit Inc.	0.32	0.35	0.34	0.33	0.32	0.35	0.35	0.35	0.38	0.45	0.43	0.42	0.40	0.43	0.21	0.21	0.20	0.27	0.45	—	—	—	—
Microsoft Corp.	0.13	0.15	0.16	0.19	0.26	0.31	0.32	0.23	0.25	0.26	0.28	0.30	0.31	0.33	0.35	0.41	0.43	0.46	0.52	—	—	—	—
Oracle Corp.	5.75	6.45	7.81	9.98	15.65	22.97	37.53	84.33	—	—	—	—	—	—	—	16.08	7.79	8.94	7.46	—	—	—	—
Palantir Technologies Inc.	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.05	0.08	0.11	0.19	0.26	0.42	0.90	1.14	2.99	5.05	7.24	17.51	10.89	31.19	7.08	5.08	3.20	3.04	4.18	—	—	—	—
Salesforce Inc.	0.14	0.15	0.16	0.16	0.16	0.16	0.17	0.18	0.18	0.18	0.18	0.18	0.19	0.24	0.06	0.06	0.07	0.07	0.08	—	—	—	—
ServiceNow Inc.	0.13	0.14	0.15	0.15	0.16	0.17	0.18	0.20	0.21	0.21	0.27	0.30	0.33	0.35	0.39	0.43	0.45	0.48	0.53	—	—	—	—
Synopsys Inc.	0.52	1.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.02	0.02	0.03	0.03	0.03	0.06	0.08
Workday Inc.	0.35	0.36	0.37	0.37	0.45	0.47	0.50	0.53	0.55	0.80	0.86	0.41	0.44	0.48	0.55	0.55	0.58	0.63	0.68	—	—	—	—

¹ Q3 2025 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 2,286 ÷ 2,616 = 0.87

² Click competitor name to see calculations.

The analysis of the financial data reveals notable changes and trends in indebtedness and equity structure over the observed periods.

Total Debt: The total debt exhibited fluctuations with an initial decline from 1,963 million US dollars in April 2019 to 1,636 million US dollars in July 2020. This was followed by a significant increase to approximately 2,627-2,630 million US dollars between October 2021 and October 2022. Subsequently, total debt decreased again, stabilizing around 2,280-2,290 million US dollars from January 2023 through October 2024.
Stockholders’ Equity: Stockholders’ equity moved from a deficit position of -245 million US dollars in April 2019 to positive territory by July 2020, reaching 67 million US dollars. Thereafter, equity increased substantially, peaking at 1,482 million US dollars in October 2023 and further advancing to 2,616 million US dollars by October 2024, indicating a consistent strengthening in the equity base over the latter periods.
Debt to Equity Ratio: The debt to equity ratio was initially very high, with values exceeding 20 in mid-2020, reflecting high leverage and relatively low or negative equity. Starting from early 2021, as equity grew and debt levels stabilized, the ratio dropped significantly, fluctuating mostly between 1.5 and 3.9 before steadily declining to 0.87 by October 2024. This trend suggests a reduction in financial leverage and an improvement in the equity cushion available to absorb debt obligations over time.

Overall, the data indicates a transition from a highly leveraged position with negative equity to a more balanced and financially stable situation characterized by increased equity and a substantially lower debt-to-equity ratio. This improvement suggests enhanced financial health and potentially greater capacity for future investment and risk management.

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Autodesk Inc., debt to equity (including operating lease liability) calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)
Current operating lease liabilities	60)	67)	66)	67)	71)	72)	74)	85)	82)	80)	77)	87)	90)	88)	76)	71)	64)	54)	46)	48)	64)	59)	59)
Long-term operating lease liabilities	232)	250)	263)	275)	294)	311)	328)	300)	323)	336)	347)	346)	333)	359)	377)	396)	398)	393)	402)	412)	240)	258)	266)
Total debt (including operating lease liability)	2,578)	2,603)	2,614)	2,626)	2,648)	2,665)	2,684)	2,666)	3,035)	3,045)	3,053)	3,060)	3,050)	2,085)	2,091)	2,105)	2,099)	2,083)	2,084)	2,545)	2,044)	2,156)	2,288)

Stockholders’ equity (deficit)	2,616)	2,474)	2,161)	1,855)	1,482)	1,206)	897)	1,145)	906)	740)	681)	849)	1,280)	1,328)	1,128)	966)	69)	67)	(139)	(139)	(172)	(194)	(245)
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.99	1.05	1.21	1.42	1.79	2.21	2.99	2.33	3.35	4.11	4.48	3.60	2.38	1.57	1.85	2.18	30.29	30.95	—	—	—	—	—
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors²
Accenture PLC	0.27	0.28	0.28	0.15	0.17	0.12	0.12	0.12	0.12	0.14	0.14	0.15	0.16	0.17	0.17	0.18	0.18	0.19	0.19	—	—	—	—
Adobe Inc.	0.56	0.57	0.50	0.43	0.42	0.41	0.26	0.25	0.26	0.28	0.29	0.33	0.32	0.33	0.34	0.32	0.33	0.34	0.35	0.35	0.40	0.43	0.45
CrowdStrike Holdings Inc.	0.26	0.28	0.31	0.34	0.39	0.43	0.49	0.54	0.59	0.63	0.70	0.76	0.82	0.86	0.92	0.89	0.05	0.06	0.05	—	—	—	—
Datadog Inc.	0.37	0.40	0.64	0.68	0.37	0.40	0.43	0.45	0.49	0.54	0.56	0.59	0.65	0.67	0.72	0.78	0.84	0.87	0.95	—	—	—	—
International Business Machines Corp.	2.39	2.46	2.49	2.14	2.46	2.49	2.70	2.66	2.54	2.72	2.85	2.46	2.68	2.75	3.02	2.92	2.65	2.72	2.86	—	—	—	—
Intuit Inc.	0.35	0.38	0.37	0.35	0.34	0.38	0.37	0.38	0.40	0.48	0.47	0.45	0.43	0.46	0.25	0.24	0.24	0.31	0.49	—	—	—	—
Microsoft Corp.	0.19	0.21	0.21	0.25	0.32	0.37	0.39	0.29	0.31	0.33	0.35	0.37	0.38	0.40	0.42	0.48	0.50	0.53	0.58	—	—	—	—
Palantir Technologies Inc.	0.04	0.04	0.05	0.05	0.06	0.06	0.06	0.07	0.07	0.08	0.10	0.10	0.10	0.11	0.11	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.10	0.14	0.17	0.26	0.34	0.50	1.02	1.30	3.20	5.42	7.80	18.82	11.70	33.58	7.65	5.58	3.52	3.35	4.61	—	—	—	—
Salesforce Inc.	0.20	0.20	0.21	0.21	0.22	0.22	0.23	0.24	0.24	0.23	0.24	0.24	0.25	0.30	0.14	0.15	0.14	0.15	0.17	—	—	—	—
ServiceNow Inc.	0.21	0.22	0.24	0.24	0.24	0.26	0.28	0.30	0.31	0.32	0.40	0.44	0.47	0.51	0.55	0.60	0.63	0.64	0.69	—	—	—	—
Synopsys Inc.	0.55	1.08	0.07	0.08	0.09	0.09	0.10	0.11	0.12	0.12	0.12	0.12	0.12	0.12	0.11	0.13	0.13	0.14	0.13	0.14	0.15	0.18	0.21
Workday Inc.	0.39	0.40	0.41	0.41	0.49	0.52	0.55	0.58	0.60	0.86	0.92	0.46	0.51	0.56	0.63	0.68	0.72	0.75	0.81	—	—	—	—

¹ Q3 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 2,578 ÷ 2,616 = 0.99

² Click competitor name to see calculations.

Total Debt (including operating lease liability): The total debt exhibits variability over the examined periods. Initially, there is a decline from 2,288 million USD in April 2019 to 2,044 million USD in October 2019. A significant rise occurred in January 2020, reaching 2,545 million USD, followed by a stabilization around the low 2,000 million USD range for most of 2020 and early 2021. Notably, a sharp increase to 3,050 million USD took place in October 2021 and sustained at similar levels through early 2022. Subsequently, a gradual but consistent reduction in total debt is observed from 2,666 million USD in January 2023 to 2,578 million USD in October 2024, suggesting a strategic effort to deleverage the balance sheet.
Stockholders’ Equity (Deficit): Initially, stockholders’ equity was negative, reflecting a deficit starting at -245 million USD in April 2019, improving progressively to -139 million USD by January 2020. A pivotal change occurred between April and July 2020, when equity turned positive, moving from 67 million USD to 966 million USD, marking a significant enhancement in financial position. From that point forward, equity generally trended upward with notable fluctuations, peaking at 1,855 million USD in October 2023 and reaching 2,616 million USD by October 2024. Despite some intermittent declines in early 2022 and mid-2023, the overall trajectory indicates strengthening capital structure and accumulated retained earnings or capital injections.
Debt to Equity Ratio (including operating lease liability): The debt to equity ratio presents critical insights into the company’s leverage. Before mid-2020, data is mostly absent; however, starting from July 2020, extremely high leverage ratios appear—30.95 in July 2020 and 30.29 in October 2020—implying very high debt relative to equity during that period of transition from negative to positive equity. Following that period, leverage rapidly decreased, consistently declining from 2.18 in January 2021 to 0.99 by October 2024. This downward trend reflects a considerable reduction in risk exposure through debt or improvements in shareholders’ equity, reinforcing a healthier balance sheet over time.
Overall Financial Position and Trends: The company experienced significant financial restructuring starting in 2020, shifting from negative equity and moderate debt levels to significantly improved equity and initially elevated debt. The subsequent period shows active management of financial leverage and equity growth, concomitant with a gradual decrease in total debt. The sustained reduction in leverage ratio and increase in equity suggests stronger financial stability and lower financial risk. This trend may result from operational improvements, capital raising, or debt repayments.

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Autodesk Inc., debt to capital calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)
Stockholders’ equity (deficit)	2,616)	2,474)	2,161)	1,855)	1,482)	1,206)	897)	1,145)	906)	740)	681)	849)	1,280)	1,328)	1,128)	966)	69)	67)	(139)	(139)	(172)	(194)	(245)
Total capital	4,902)	4,760)	4,446)	4,139)	3,765)	3,488)	3,179)	3,426)	3,536)	3,369)	3,310)	3,477)	3,907)	2,966)	2,766)	2,603)	1,706)	1,703)	1,497)	1,946)	1,568)	1,645)	1,718)
Solvency Ratio
Debt to capital¹	0.47	0.48	0.51	0.55	0.61	0.65	0.72	0.67	0.74	0.78	0.79	0.76	0.67	0.55	0.59	0.63	0.96	0.96	1.09	1.07	1.11	1.12	1.14
Benchmarks
Debt to Capital, Competitors²
Accenture PLC	0.14	0.15	0.15	0.03	0.06	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
Adobe Inc.	0.35	0.35	0.32	0.29	0.28	0.27	0.19	0.18	0.19	0.20	0.20	0.23	0.22	0.23	0.23	0.22	0.22	0.23	0.23	0.24	0.26	0.27	0.28
AppLovin Corp.	0.70	0.75	0.87	0.76	0.79	0.81	0.82	0.71	0.74	0.68	0.63	0.63	0.63	0.63	0.62	—	—	—	—	—	—	—	—
Cadence Design Systems Inc.	0.32	0.33	0.34	0.35	0.38	0.24	0.15	0.16	0.17	0.18	0.19	0.21	0.23	0.12	0.11	0.11	0.12	0.12	0.12	—	—	—	—
CrowdStrike Holdings Inc.	0.20	0.21	0.23	0.24	0.27	0.29	0.32	0.34	0.36	0.38	0.40	0.42	0.44	0.45	0.47	0.46	0.00	0.00	0.00	—	—	—	—
Datadog Inc.	0.22	0.23	0.36	0.37	0.22	0.24	0.25	0.27	0.29	0.31	0.33	0.34	0.36	0.38	0.40	0.41	0.43	0.45	0.47	—	—	—	—
International Business Machines Corp.	0.69	0.70	0.70	0.67	0.70	0.70	0.72	0.72	0.71	0.72	0.73	0.70	0.72	0.72	0.74	0.73	0.71	0.72	0.73	—	—	—	—
Intuit Inc.	0.24	0.26	0.25	0.25	0.24	0.26	0.26	0.26	0.27	0.31	0.30	0.30	0.29	0.30	0.17	0.17	0.17	0.21	0.31	—	—	—	—
Microsoft Corp.	0.12	0.13	0.14	0.16	0.21	0.24	0.24	0.19	0.20	0.21	0.22	0.23	0.23	0.25	0.26	0.29	0.30	0.32	0.34	—	—	—	—
Oracle Corp.	0.85	0.87	0.89	0.91	0.94	0.96	0.97	0.99	1.03	1.05	1.07	1.09	1.12	1.15	1.02	0.94	0.89	0.90	0.88	—	—	—	—
Palantir Technologies Inc.	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.05	0.08	0.10	0.16	0.21	0.29	0.47	0.53	0.75	0.83	0.88	0.95	0.92	0.97	0.88	0.84	0.76	0.75	0.81	—	—	—	—
Salesforce Inc.	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.16	0.19	0.06	0.06	0.06	0.07	0.07	—	—	—	—
ServiceNow Inc.	0.12	0.12	0.13	0.13	0.14	0.15	0.16	0.16	0.17	0.18	0.21	0.23	0.25	0.26	0.28	0.30	0.31	0.33	0.35	—	—	—	—
Synopsys Inc.	0.34	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.02	0.02	0.02	0.03	0.03	0.05	0.07
Workday Inc.	0.26	0.26	0.27	0.27	0.31	0.32	0.33	0.35	0.35	0.45	0.46	0.29	0.30	0.32	0.35	0.35	0.37	0.39	0.41	—	—	—	—

¹ Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,286 ÷ 4,902 = 0.47

² Click competitor name to see calculations.

Total Debt: The total debt initially decreased from 1,963 million USD in April 2019 to 1,740 million USD in October 2019, indicating an early reduction in debt levels. However, in January 2020, debt spiked to 2,085 million USD before dropping again to around 1,636-1,638 million USD throughout much of 2020. Starting from October 2021, total debt increased sharply to 2,627 million USD and remained close to this level through early 2023. After this peak, debt declined to approximately 2,281-2,286 million USD by the third quarter of 2023 and then stabilized around 2,286 million USD in October 2024.
Total Capital: Total capital followed a fluctuating pattern but with an overall upward trend. The figure started at 1,718 million USD in April 2019 and experienced a dip to a low of 1,497 million USD by April 2020. From this low point, the capital base recovered strongly, peaking at 3,907 million USD in October 2021. Following the peak, total capital showed some volatility but remained elevated, oscillating between approximately 3,300 million USD and 4,900 million USD, with the highest estimate recorded in October 2024 at 4,902 million USD.
Debt to Capital Ratio: The debt to capital ratio exhibited a generally decreasing trend over the period analyzed. Starting above 1.1 in 2019, it steadily declined to below 0.6 by early 2021, suggesting improved capital structure with reduced leverage relative to capital. Notably, the ratio dipped to a minimum of about 0.47 by October 2024, reflecting a consistent decrease in leverage. Despite some temporary increases, the overall pattern indicates a strategic shift toward lower debt levels relative to total capital over the years.
Summary of Trends: The data portrays a company that has managed its debt levels with an initial phase of reduction followed by a notable increase around late 2021, and then a stabilization phase. Concurrently, total capital expanded significantly, more than doubling from its lowest levels in 2020 to late 2024. The leverage ratio, expressed as debt to capital, consistently decreased, signaling an overall strengthening of the capital structure and reduced reliance on debt financing. This dynamic indicates prudent financial management focused on building a stronger equity base and lowering financial risk over time.

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Autodesk Inc., debt to capital (including operating lease liability) calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)
Current operating lease liabilities	60)	67)	66)	67)	71)	72)	74)	85)	82)	80)	77)	87)	90)	88)	76)	71)	64)	54)	46)	48)	64)	59)	59)
Long-term operating lease liabilities	232)	250)	263)	275)	294)	311)	328)	300)	323)	336)	347)	346)	333)	359)	377)	396)	398)	393)	402)	412)	240)	258)	266)
Total debt (including operating lease liability)	2,578)	2,603)	2,614)	2,626)	2,648)	2,665)	2,684)	2,666)	3,035)	3,045)	3,053)	3,060)	3,050)	2,085)	2,091)	2,105)	2,099)	2,083)	2,084)	2,545)	2,044)	2,156)	2,288)
Stockholders’ equity (deficit)	2,616)	2,474)	2,161)	1,855)	1,482)	1,206)	897)	1,145)	906)	740)	681)	849)	1,280)	1,328)	1,128)	966)	69)	67)	(139)	(139)	(172)	(194)	(245)
Total capital (including operating lease liability)	5,194)	5,077)	4,775)	4,481)	4,130)	3,871)	3,581)	3,811)	3,941)	3,785)	3,734)	3,909)	4,329)	3,413)	3,220)	3,070)	2,168)	2,151)	1,945)	2,406)	1,872)	1,962)	2,043)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.50	0.51	0.55	0.59	0.64	0.69	0.75	0.70	0.77	0.80	0.82	0.78	0.70	0.61	0.65	0.69	0.97	0.97	1.07	1.06	1.09	1.10	1.12
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors²
Accenture PLC	0.21	0.22	0.22	0.13	0.14	0.10	0.10	0.11	0.11	0.12	0.13	0.13	0.14	0.15	0.15	0.15	0.15	0.16	0.16	—	—	—	—
Adobe Inc.	0.36	0.36	0.33	0.30	0.29	0.29	0.21	0.20	0.21	0.22	0.23	0.25	0.24	0.25	0.25	0.24	0.25	0.25	0.26	0.26	0.29	0.30	0.31
CrowdStrike Holdings Inc.	0.21	0.22	0.24	0.26	0.28	0.30	0.33	0.35	0.37	0.39	0.41	0.43	0.45	0.46	0.48	0.47	0.05	0.05	0.05	—	—	—	—
Datadog Inc.	0.27	0.28	0.39	0.40	0.27	0.29	0.30	0.31	0.33	0.35	0.36	0.37	0.39	0.40	0.42	0.44	0.46	0.46	0.49	—	—	—	—
International Business Machines Corp.	0.70	0.71	0.71	0.68	0.71	0.71	0.73	0.73	0.72	0.73	0.74	0.71	0.73	0.73	0.75	0.74	0.73	0.73	0.74	—	—	—	—
Intuit Inc.	0.26	0.28	0.27	0.26	0.25	0.28	0.27	0.28	0.29	0.32	0.32	0.31	0.30	0.31	0.20	0.20	0.19	0.24	0.33	—	—	—	—
Microsoft Corp.	0.16	0.17	0.18	0.20	0.24	0.27	0.28	0.23	0.24	0.25	0.26	0.27	0.27	0.29	0.29	0.32	0.33	0.35	0.37	—	—	—	—
Palantir Technologies Inc.	0.03	0.04	0.04	0.05	0.05	0.06	0.05	0.06	0.07	0.08	0.09	0.09	0.09	0.10	0.10	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.09	0.12	0.15	0.21	0.26	0.33	0.51	0.56	0.76	0.84	0.89	0.95	0.92	0.97	0.88	0.85	0.78	0.77	0.82	—	—	—	—
Salesforce Inc.	0.16	0.17	0.17	0.17	0.18	0.18	0.19	0.19	0.19	0.19	0.19	0.19	0.20	0.23	0.13	0.13	0.13	0.13	0.14	—	—	—	—
ServiceNow Inc.	0.18	0.18	0.19	0.19	0.19	0.21	0.22	0.23	0.24	0.24	0.29	0.31	0.32	0.34	0.36	0.37	0.39	0.39	0.41	—	—	—	—
Synopsys Inc.	0.35	0.52	0.07	0.07	0.08	0.08	0.09	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.10	0.11	0.12	0.12	0.12	0.12	0.13	0.15	0.17
Workday Inc.	0.28	0.29	0.29	0.29	0.33	0.34	0.35	0.37	0.38	0.46	0.48	0.32	0.34	0.36	0.39	0.41	0.42	0.43	0.45	—	—	—	—

¹ Q3 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,578 ÷ 5,194 = 0.50

² Click competitor name to see calculations.

The financial data examined reveals significant movements in total debt, total capital, and the debt-to-capital ratio over the observed periods. These trends provide insights into the company's capital structure and leverage dynamics.

Total Debt (Including Operating Lease Liability): Total debt figures fluctuated moderately over the evaluated timeframe, starting at approximately $2.29 billion and experiencing a low near $2.04 billion in late 2019. A notable rise to over $3 billion occurred during late 2021, indicating a substantial increase in obligations. Thereafter, debt levels gradually decreased, reaching approximately $2.58 billion in the most recent period. This pattern suggests episodic borrowing activity followed by a gradual deleveraging or repayment phase.
Total Capital (Including Operating Lease Liability): Total capital displayed a consistent upward trajectory throughout the periods. Beginning at roughly $2.04 billion, capital expanded steadily with some acceleration observed from mid-2020 onward. The capital base grew from approximately $3.07 billion in early 2021 to over $5.19 billion by the latest period. This growth points to increased investment, retained earnings accumulation, or equity issuance, enhancing the company’s financial base.
Debt to Capital Ratio (Including Operating Lease Liability): The debt-to-capital ratio exhibited a clear declining trend. Initially exceeding 1.0, indicating debt levels surpassing total capital, it decreased to around 0.5 by the last observed quarter. The most pronounced decrease occurred between early 2020 and early 2021, coinciding with a jump in total capital and relatively stable debt. This reduction in leverage suggests a strategic shift toward strengthening the balance sheet, potentially improving financial stability and reducing risk exposure.

In summary, the data indicates a period of leverage reduction complemented by growth in capital resources. The company appears to have managed its debt prudently while expanding its capital base, resulting in improved capital structure ratios that may enhance financial flexibility and creditworthiness.

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Autodesk Inc., debt to assets calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)

Total assets	10,133)	9,960)	9,830)	9,912)	9,226)	9,107)	9,069)	9,438)	8,635)	8,227)	8,261)	8,607)	8,531)	7,421)	7,298)	7,280)	5,945)	5,747)	5,544)	6,179)	5,037)	4,873)	4,809)
Solvency Ratio
Debt to assets¹	0.23	0.23	0.23	0.23	0.25	0.25	0.25	0.24	0.30	0.32	0.32	0.31	0.31	0.22	0.22	0.22	0.28	0.28	0.30	0.34	0.35	0.38	0.41
Benchmarks
Debt to Assets, Competitors²
Accenture PLC	0.08	0.09	0.09	0.02	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
Adobe Inc.	0.22	0.22	0.21	0.19	0.19	0.19	0.13	0.12	0.12	0.13	0.14	0.15	0.15	0.16	0.16	0.15	0.16	0.16	0.16	0.17	0.18	0.19	0.19
AppLovin Corp.	0.55	0.59	0.65	0.60	0.64	0.67	0.67	0.58	0.62	0.58	0.54	0.55	0.55	0.54	0.52	—	—	—	—	—	—	—	—
Cadence Design Systems Inc.	0.26	0.26	0.27	0.28	0.31	0.19	0.11	0.11	0.12	0.13	0.13	0.15	0.16	0.08	0.08	0.08	0.08	0.08	0.09	—	—	—	—
CrowdStrike Holdings Inc.	0.10	0.10	0.11	0.11	0.13	0.13	0.14	0.15	0.17	0.18	0.19	0.20	0.22	0.24	0.26	0.27	0.00	0.00	0.00	—	—	—	—
Datadog Inc.	0.16	0.17	0.27	0.28	0.16	0.17	0.18	0.19	0.21	0.22	0.24	0.25	0.26	0.28	0.29	0.31	0.33	0.35	0.38	—	—	—	—
International Business Machines Corp.	0.43	0.43	0.43	0.40	0.42	0.42	0.43	0.42	0.43	0.43	0.44	0.40	0.40	0.39	0.41	0.39	0.38	0.38	0.38	—	—	—	—
Intuit Inc.	0.18	0.20	0.18	0.19	0.19	0.20	0.21	0.22	0.23	0.26	0.26	0.25	0.24	0.26	0.14	0.13	0.13	0.16	0.24	—	—	—	—
Microsoft Corp.	0.08	0.08	0.09	0.10	0.14	0.16	0.16	0.11	0.13	0.13	0.14	0.14	0.14	0.16	0.16	0.17	0.19	0.20	0.21	—	—	—	—
Oracle Corp.	0.60	0.60	0.59	0.62	0.64	0.66	0.65	0.67	0.70	0.71	0.70	0.69	0.72	0.73	0.67	0.64	0.59	0.64	0.62	—	—	—	—
Palantir Technologies Inc.	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.02	0.03	0.03	0.05	0.06	0.10	0.13	0.14	0.26	0.28	0.29	0.30	0.33	0.35	0.35	0.31	0.33	0.33	0.36	—	—	—	—
Salesforce Inc.	0.09	0.09	0.10	0.09	0.10	0.10	0.10	0.11	0.12	0.11	0.11	0.11	0.12	0.15	0.04	0.04	0.05	0.05	0.05	—	—	—	—
ServiceNow Inc.	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.09	0.10	0.10	0.11	0.11	0.13	0.13	0.14	0.15	0.17	0.17	0.18	—	—	—	—
Synopsys Inc.	0.30	0.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.02	0.02	0.03	0.05
Workday Inc.	0.18	0.18	0.19	0.18	0.21	0.22	0.22	0.22	0.24	0.31	0.32	0.18	0.20	0.20	0.22	0.21	0.23	0.24	0.25	—	—	—	—

¹ Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 2,286 ÷ 10,133 = 0.23

² Click competitor name to see calculations.

The company's financial data over the observed quarters reveals several notable trends in its debt, assets, and leverage ratios. The total debt exhibits fluctuations with an overall pattern of moderate increase and occasional declines. Starting at approximately $1.96 billion in the second quarter of 2019, debt decreases gradually to a low near $1.64 billion in mid-2020, followed by a significant increase to around $2.63 billion by the last quarter of 2021. Subsequently, total debt declines again to approximately $2.28 billion in early 2023 and then remains relatively stable through mid-2024.

Total assets show a consistent upward trajectory over the period. Beginning at about $4.81 billion in April 2019, assets steadily increase with minor fluctuations, reaching near $8.6 billion by early 2022. After a slight dip, assets continue to rise, peaking at roughly $10.13 billion by the last quarter of 2024. This sustained growth in assets reflects expansion and accumulation of company resources over time.

The ratio of total debt to total assets, representing the company's leverage, decreases significantly from 0.41 in early 2019 to a low around 0.22 by early 2021, indicating reduced financial leverage and potentially lower financial risk at that point. A pronounced increase in this ratio occurs in late 2021, reaching approximately 0.32, corresponding with the peak in total debt. Thereafter, the debt-to-assets ratio declines steadily to about 0.23 by mid-2024, suggesting an improved asset base relative to liabilities and a more conservative leverage posture in the recent periods.

Overall, the data indicate the company has managed its debt prudently relative to asset growth, with periods of increased leverage linked to higher debt levels offset by continuing asset accumulation. The downward trend in the debt-to-assets ratio after the late 2021 peak suggests strengthening balance sheet health and reduced dependency on debt financing over the latest quarters.

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Autodesk Inc., debt to assets (including operating lease liability) calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Current portion of long-term notes payable, net	300)	300)	—)	—)	—)	—)	—)	—)	350)	350)	350)	350)	—)	—)	—)	—)	—)	—)	—)	450)	449)	449)	—)
Long-term notes payable, net, excluding current portion	1,986)	1,986)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,280)	2,279)	2,279)	2,278)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	1,635)	1,290)	1,390)	1,963)
Total debt	2,286)	2,286)	2,285)	2,284)	2,283)	2,282)	2,282)	2,281)	2,630)	2,629)	2,629)	2,628)	2,627)	1,638)	1,638)	1,637)	1,637)	1,636)	1,636)	2,085)	1,740)	1,839)	1,963)
Current operating lease liabilities	60)	67)	66)	67)	71)	72)	74)	85)	82)	80)	77)	87)	90)	88)	76)	71)	64)	54)	46)	48)	64)	59)	59)
Long-term operating lease liabilities	232)	250)	263)	275)	294)	311)	328)	300)	323)	336)	347)	346)	333)	359)	377)	396)	398)	393)	402)	412)	240)	258)	266)
Total debt (including operating lease liability)	2,578)	2,603)	2,614)	2,626)	2,648)	2,665)	2,684)	2,666)	3,035)	3,045)	3,053)	3,060)	3,050)	2,085)	2,091)	2,105)	2,099)	2,083)	2,084)	2,545)	2,044)	2,156)	2,288)

Total assets	10,133)	9,960)	9,830)	9,912)	9,226)	9,107)	9,069)	9,438)	8,635)	8,227)	8,261)	8,607)	8,531)	7,421)	7,298)	7,280)	5,945)	5,747)	5,544)	6,179)	5,037)	4,873)	4,809)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.25	0.26	0.27	0.26	0.29	0.29	0.30	0.28	0.35	0.37	0.37	0.36	0.36	0.28	0.29	0.29	0.35	0.36	0.38	0.41	0.41	0.44	0.48
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors²
Accenture PLC	0.13	0.13	0.14	0.07	0.08	0.06	0.06	0.06	0.06	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.09	0.09	—	—	—	—
Adobe Inc.	0.23	0.23	0.22	0.20	0.20	0.20	0.14	0.14	0.14	0.15	0.15	0.17	0.17	0.18	0.18	0.17	0.18	0.18	0.19	0.19	0.21	0.22	0.22
CrowdStrike Holdings Inc.	0.10	0.11	0.12	0.12	0.14	0.14	0.15	0.16	0.17	0.19	0.20	0.21	0.24	0.25	0.27	0.29	0.02	0.03	0.03	—	—	—	—
Datadog Inc.	0.21	0.22	0.31	0.32	0.21	0.22	0.23	0.23	0.25	0.27	0.27	0.28	0.30	0.31	0.32	0.34	0.37	0.38	0.41	—	—	—	—
International Business Machines Corp.	0.45	0.46	0.46	0.43	0.45	0.45	0.46	0.44	0.45	0.46	0.46	0.42	0.43	0.42	0.43	0.42	0.41	0.41	0.41	—	—	—	—
Intuit Inc.	0.19	0.22	0.20	0.20	0.20	0.22	0.22	0.24	0.25	0.28	0.28	0.27	0.25	0.27	0.16	0.16	0.15	0.19	0.27	—	—	—	—
Microsoft Corp.	0.11	0.12	0.12	0.13	0.17	0.19	0.19	0.15	0.16	0.16	0.17	0.17	0.18	0.19	0.19	0.20	0.22	0.23	0.24	—	—	—	—
Palantir Technologies Inc.	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.06	0.07	0.07	0.07	0.08	0.08	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	0.03	0.04	0.05	0.07	0.09	0.12	0.15	0.16	0.28	0.30	0.32	0.32	0.36	0.38	0.38	0.35	0.37	0.37	0.39	—	—	—	—
Salesforce Inc.	0.12	0.12	0.13	0.13	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.16	0.19	0.09	0.09	0.10	0.10	0.11	—	—	—	—
ServiceNow Inc.	0.11	0.11	0.11	0.11	0.12	0.12	0.13	0.13	0.15	0.15	0.16	0.17	0.19	0.19	0.20	0.21	0.23	0.23	0.24	—	—	—	—
Synopsys Inc.	0.31	0.45	0.05	0.05	0.06	0.06	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.09	0.11	0.12
Workday Inc.	0.20	0.21	0.21	0.20	0.24	0.24	0.25	0.24	0.26	0.33	0.34	0.20	0.23	0.24	0.25	0.26	0.28	0.28	0.29	—	—	—	—

¹ Q3 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,578 ÷ 10,133 = 0.25

² Click competitor name to see calculations.

The analysis of the financial data reveals several notable trends in the company's leverage and asset base over the presented periods.

Total Debt (including operating lease liability): The total debt exhibited an initial downward trend from April 2019 through October 2019, decreasing from 2,288 million USD to 2,044 million USD. This was followed by a rise to 2,545 million USD in January 2020. Subsequently, there was a general stability in debt levels around the 2,080 to 2,100 million USD range through early 2021. A significant increase occurred in the latter part of 2021, reaching a peak of approximately 3,060 million USD by July 2022. From that peak, a steady decline in total debt is observed through to October 2024, falling to approximately 2,578 million USD, indicating a gradual deleveraging process in the most recent quarters.
Total Assets: Total assets showed overall growth throughout the period. Starting at 4,809 million USD in April 2019, assets increased moderately initially, followed by a sharp increase from January 2020 to January 2021, where assets grew from 6,179 million USD to 7,280 million USD. After some fluctuations around 8,200 to 8,600 million USD through early to mid-2022, there was a more pronounced asset growth from mid-2022 onwards, with assets reaching over 10,000 million USD by October 2024. This upward trend suggests an expansion in the company's asset base, possibly driven by investments and acquisitions or organic growth in asset values.
Debt to Assets Ratio (including operating lease liability): The debt-to-assets ratio started relatively high at 0.48 in April 2019 and displayed a consistent downward trend through to January 2021, reaching 0.29. This indicates an improving leverage position as assets grew faster than debt in this timeframe. The ratio then rose again to 0.37 by July 2022, corresponding with the spike in total debt during that period, suggesting increased leverage. However, from mid-2022 forward, the metric resumed a decline to 0.25 by October 2024, representing the lowest leverage in the dataset and supporting the observation of reduced indebtedness relative to the asset base.

In summary, the data demonstrates a cycle of rising and falling total debt, with a notable peak in mid-2022 followed by consistent deleveraging. Concurrently, total assets have grown steadily and significantly over the entire period, resulting in an overall improving debt-to-assets ratio, especially in the latest periods. This pattern points to a strengthening balance sheet and a more conservative capital structure in recent quarters.

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Autodesk Inc., financial leverage calculation (quarterly data)

	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020	Apr 30, 2020	Jan 31, 2020	Oct 31, 2019	Jul 31, 2019	Apr 30, 2019
Selected Financial Data (US$ in millions)
Total assets	10,133)	9,960)	9,830)	9,912)	9,226)	9,107)	9,069)	9,438)	8,635)	8,227)	8,261)	8,607)	8,531)	7,421)	7,298)	7,280)	5,945)	5,747)	5,544)	6,179)	5,037)	4,873)	4,809)
Stockholders’ equity (deficit)	2,616)	2,474)	2,161)	1,855)	1,482)	1,206)	897)	1,145)	906)	740)	681)	849)	1,280)	1,328)	1,128)	966)	69)	67)	(139)	(139)	(172)	(194)	(245)
Solvency Ratio
Financial leverage¹	3.87	4.03	4.55	5.34	6.23	7.55	10.11	8.24	9.53	11.12	12.13	10.14	6.67	5.59	6.47	7.54	85.78	85.40	—	—	—	—	—
Benchmarks
Financial Leverage, Competitors²
Accenture PLC	2.07	2.05	2.05	1.98	1.95	1.89	1.93	1.99	1.98	2.01	2.05	2.14	2.16	2.16	2.15	2.21	2.18	2.18	2.14	—	—	—	—
Adobe Inc.	2.44	2.46	2.29	2.14	2.05	2.02	1.86	1.80	1.84	1.88	1.88	1.93	1.86	1.88	1.89	1.84	1.81	1.85	1.84	1.83	1.91	1.99	2.03
AppLovin Corp.	4.30	5.11	9.92	5.39	5.80	6.47	6.92	4.27	4.57	3.61	3.12	3.07	3.08	3.11	3.06	—	—	—	—	—	—	—	—
Cadence Design Systems Inc.	1.85	1.90	1.89	1.92	2.01	1.70	1.60	1.67	1.74	1.77	1.76	1.87	1.83	1.66	1.59	1.60	1.60	1.64	1.57	—	—	—	—
CrowdStrike Holdings Inc.	2.55	2.52	2.70	2.88	2.87	3.00	3.20	3.43	3.40	3.39	3.48	3.53	3.48	3.47	3.39	3.14	2.15	2.04	2.02	—	—	—	—
Datadog Inc.	1.76	1.82	2.06	2.13	1.76	1.83	1.88	1.94	1.96	2.01	2.08	2.13	2.17	2.18	2.26	2.29	2.29	2.27	2.32	—	—	—	—
International Business Machines Corp.	5.24	5.40	5.42	5.02	5.49	5.57	5.90	6.00	5.60	5.96	6.19	5.80	6.27	6.57	7.00	6.98	6.49	6.69	6.95	—	—	—	—
Intuit Inc.	1.82	1.77	1.83	1.74	1.68	1.76	1.68	1.61	1.64	1.72	1.69	1.69	1.68	1.69	1.53	1.57	1.58	1.65	1.85	—	—	—	—
Microsoft Corp.	1.75	1.76	1.82	1.91	1.91	1.97	2.02	2.00	1.95	1.99	2.07	2.19	2.12	2.13	2.21	2.35	2.30	2.34	2.44	—	—	—	—
Oracle Corp.	9.65	10.80	13.33	16.20	24.38	34.74	57.66	125.24	—	—	—	—	—	—	—	25.03	13.27	13.90	11.96	—	—	—	—
Palantir Technologies Inc.	1.23	1.24	1.24	1.27	1.28	1.28	1.27	1.30	1.31	1.35	1.35	1.35	1.39	1.40	1.40	—	—	—	—	—	—	—	—
Palo Alto Networks Inc.	3.04	3.29	3.45	3.87	4.01	4.20	6.82	8.29	11.50	18.06	24.69	58.35	32.88	88.29	20.09	16.14	9.59	9.15	11.68	—	—	—	—
Salesforce Inc.	1.56	1.60	1.61	1.67	1.57	1.59	1.63	1.69	1.55	1.57	1.58	1.64	1.53	1.60	1.52	1.60	1.47	1.50	1.55	—	—	—	—
ServiceNow Inc.	1.93	2.02	2.07	2.12	1.98	2.10	2.16	2.28	2.10	2.15	2.43	2.64	2.46	2.65	2.75	2.92	2.68	2.81	2.90	—	—	—	—
Synopsys Inc.	1.75	2.40	1.40	1.45	1.51	1.54	1.58	1.68	1.67	1.68	1.70	1.71	1.66	1.66	1.65	1.65	1.65	1.64	1.64	1.64	1.67	1.71	1.74
Workday Inc.	1.90	1.95	1.95	2.04	2.10	2.19	2.23	2.41	2.29	2.58	2.68	2.31	2.24	2.36	2.53	2.66	2.55	2.64	2.78	—	—	—	—

¹ Q3 2025 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 10,133 ÷ 2,616 = 3.87

² Click competitor name to see calculations.

Total Assets: Total assets demonstrated a general upward trend over the observed period. Beginning at approximately 4.8 billion US dollars in April 2019, assets gradually increased with occasional fluctuations, reaching around 7.3 billion by January 2021. Following this, the asset base expanded further, peaking close to 9.9 billion by January 2024. Despite some minor decreases, such as in early 2022 and mid-2023, the overall direction of total assets was significantly positive, indicating asset growth and potential company expansion.
Stockholders’ Equity: Stockholders’ equity showed an initial negative balance starting at -245 million US dollars in April 2019, but exhibited a consistent improvement over time. This metric moved into positive territory around mid-2020, signifying a pivotal recovery or recapitalization event. From then, equity strengthened steadily, reaching beyond 2.6 billion by October 2024. This strong upward movement suggests effective retention of earnings or capital injections contributing to improved financial health and a solid equity base.
Financial Leverage: Financial leverage, reflecting the ratio of total assets to equity, was exceedingly high in early quarters of 2020, with ratios exceeding 80, likely due to the negative or very low equity base at that time. As equity improved substantially in subsequent periods, leverage ratios declined markedly, stabilizing between approximately 4 and 10 from mid-2020 onward. The downward trend in leverage suggests a reduction in reliance on debt financing or an increase in equity capital, reflecting a stronger and more stable capital structure with lower financial risk.
Overall Analysis: The financial data reveals a significant transformation in capital structure and asset base over the observed timeline. Initial periods were characterized by negative equity and extremely high financial leverage, indicative of financial distress or recapitalization necessities. The subsequent quarters demonstrated a meaningful recovery and growth trajectory in equity, supported by steady asset enlargement. The corresponding decline in financial leverage underscores a shift towards a healthier balance sheet with greater equity backing. These developments collectively indicate improving financial stability and an enhanced capacity to support ongoing operations and growth initiatives.

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Autodesk Inc. (NASDAQ:ADSK)

Analysis of Solvency Ratios
Quarterly Data

Solvency Ratios (Summary)

Debt Ratios

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Autodesk Inc. (NASDAQ:ADSK)

Analysis of Solvency Ratios Quarterly Data

Solvency Ratios (Summary)

Debt Ratios

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Analysis of Solvency Ratios
Quarterly Data