Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Autodesk Inc., EBITDA calculation
US$ in millions
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).
- Net Income (Loss)
- The net income exhibited significant volatility at the beginning of the period, starting with a notable loss of 81 million USD in early 2019. From 2020 onwards, there was a strong recovery, reaching 215 million USD and peaking at 1,208 million USD in early 2021. Following a decline in 2022, where net income fell to 497 million USD, the figure rebounded to 823 million USD in 2023 and further increased to 906 million USD in 2024, indicating overall growth with some fluctuations.
- Earnings Before Tax (EBT)
- EBT figures demonstrated a steady upward trend throughout the entire period. Starting from a negative 43 million USD in 2019, earnings before tax increased considerably each year, reaching 295 million USD in 2020 and continuing to rise to 547 million USD in 2021. The upward momentum persisted through to 2024, culminating at 1,136 million USD, which suggests improving profitability before tax obligations.
- Earnings Before Interest and Tax (EBIT)
- EBIT showed a rebound from a marginally positive 9 million USD in 2019 to 349 million USD in 2020. It continued to increase in subsequent years, reaching 598 million USD in 2021, then a slight gain to 630 million USD in 2022, followed by a more pronounced rise to 1,017 million USD in 2023 and 1,110 million USD in 2024. The data reflects steady operational profitability growth over the period.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- The EBITDA values recorded continuous growth throughout the observed years. From 105 million USD in 2019, there was a substantial increase to 476 million USD in 2020 and further to 722 million USD in 2021. The trend remained positive with 778 million USD in 2022, accelerating to 1,167 million USD in 2023, and culminating with 1,249 million USD in 2024. This trend indicates improving cash flow generation capability and operational efficiency.
Enterprise Value to EBITDA Ratio, Current
Autodesk Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 64,314) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 1,249) |
| Valuation Ratio | |
| EV/EBITDA | 51.49 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Accenture PLC | 16.44 |
| Adobe Inc. | 19.81 |
| Cadence Design Systems Inc. | 52.22 |
| CrowdStrike Holdings Inc. | 415.35 |
| Fair Isaac Corp. | 62.49 |
| International Business Machines Corp. | 25.59 |
| Intuit Inc. | 48.14 |
| Microsoft Corp. | 27.84 |
| Oracle Corp. | 30.59 |
| Palantir Technologies Inc. | 620.58 |
| Palo Alto Networks Inc. | 103.67 |
| Salesforce Inc. | 22.62 |
| ServiceNow Inc. | 90.31 |
| Synopsys Inc. | 42.96 |
| Workday Inc. | 55.07 |
| EV/EBITDA, Sector | |
| Software & Services | 31.66 |
| EV/EBITDA, Industry | |
| Information Technology | 34.47 |
Based on: 10-K (reporting date: 2024-01-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Autodesk Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | 47,049) | 42,998) | 41,870) | 57,203) | 33,000) | 35,094) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 1,249) | 1,167) | 778) | 722) | 476) | 105) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 37.67 | 36.84 | 53.83 | 79.27 | 69.31 | 335.51 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Accenture PLC | 19.87 | 17.26 | 14.25 | 23.31 | 17.46 | 15.60 | |
| Adobe Inc. | 22.06 | 34.07 | 22.32 | 35.44 | 43.06 | 41.16 | |
| Cadence Design Systems Inc. | 42.25 | 55.61 | 42.11 | 39.61 | 45.75 | — | |
| CrowdStrike Holdings Inc. | 262.20 | — | — | — | — | — | |
| Fair Isaac Corp. | 69.56 | 37.61 | 22.83 | 21.71 | 42.84 | 35.93 | |
| International Business Machines Corp. | 22.90 | 14.41 | 22.17 | 12.53 | 12.28 | — | |
| Intuit Inc. | 38.55 | 38.71 | 36.22 | 51.96 | 35.70 | 34.27 | |
| Microsoft Corp. | 23.66 | 22.92 | 20.17 | 24.59 | 21.74 | 17.21 | |
| Oracle Corp. | 21.81 | 21.80 | 17.12 | 13.78 | 11.54 | — | |
| Palantir Technologies Inc. | 551.39 | 175.93 | — | — | — | — | |
| Palo Alto Networks Inc. | 84.17 | 85.08 | 515.19 | — | 349.99 | 117.18 | |
| Salesforce Inc. | 31.64 | 38.31 | 38.88 | 33.83 | 49.45 | — | |
| ServiceNow Inc. | 87.89 | 96.48 | 104.30 | 147.45 | 220.91 | — | |
| Synopsys Inc. | 39.17 | 54.59 | 36.73 | 53.43 | 42.24 | 26.98 | |
| Workday Inc. | 86.37 | 216.44 | 147.90 | 670.04 | — | — | |
| EV/EBITDA, Sector | |||||||
| Software & Services | 27.25 | 25.27 | 22.55 | 25.66 | 23.30 | — | |
| EV/EBITDA, Industry | |||||||
| Information Technology | 27.64 | 23.56 | 18.28 | 20.46 | 19.69 | — | |
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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 47,049 ÷ 1,249 = 37.67
4 Click competitor name to see calculations.
The financial data reveals notable trends in the enterprise value, EBITDA, and their relationship measured by the EV/EBITDA ratio over the six-year period from January 31, 2019, to January 31, 2024.
- Enterprise Value (EV)
- The enterprise value experienced significant fluctuations throughout the period. It started at approximately $35.1 billion in 2019 and slightly declined to $33.0 billion in 2020. A sharp increase followed in 2021, with EV rising to about $57.2 billion, before declining to $41.9 billion in 2022. Subsequently, the value showed a moderate upward movement, reaching around $43.0 billion in 2023 and $47.0 billion in 2024. Overall, the EV demonstrates considerable volatility with a peak in 2021.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibited consistent growth during the period. Beginning at $105 million in 2019, there was a substantial increase to $476 million in 2020, followed by further growth to $722 million in 2021 and $778 million in 2022. The upward trend continued, reaching $1.17 billion in 2023 and $1.25 billion in 2024. This steady increase indicates improving operational profitability over time.
- EV/EBITDA Ratio
- The EV/EBITDA ratio, representing the valuation multiple, showed a marked decline across the years. Starting at an extremely high ratio of about 335.51 in 2019, it decreased sharply to 69.31 in 2020 and then increased slightly to 79.27 in 2021. Following that, the ratio consistently fell from 53.83 in 2022 to 36.84 in 2023, and marginally increased to 37.67 in 2024. This overall reduction in the ratio suggests that the company's valuation relative to its earnings has become more reasonable, driven largely by a rapid increase in EBITDA relative to EV.
In summary, the company has experienced volatile changes in enterprise value while steadily improving core profitability as indicated by EBITDA growth. The decrease in the EV/EBITDA ratio suggests enhanced valuation efficiency and potentially better investment attractiveness over the examined timeframe.