Enterprise Value to FCFF (EV/FCFF)
Paying user area
Try for free
Autodesk Inc. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Autodesk Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to The Firm (FCFF)
Autodesk Inc., FCFF calculation
US$ 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).
- Operating Cash Flow Trend
- The net cash provided by operating activities exhibited a significant upward trend from 2019 to 2023. It increased from $377 million in 2019 to a peak of $2,071 million in 2023, reflecting a strong enhancement in operating cash generation capacity over this period. However, in 2024, there was a marked decline to $1,313 million, indicating a reduction of approximately 36.6% compared to the previous year. Despite this decrease, the 2024 figure remains substantially higher than the early years, suggesting sustained operational strength.
- Free Cash Flow to the Firm (FCFF) Trend
- The FCFF closely mirrors the trend observed in operating cash flow, which is expected given its reliance on operating cash. FCFF rose substantially from $357 million in 2019 to $2,100 million in 2023. This upward trajectory signals improved financial flexibility and capacity for investment, debt repayment, or shareholder returns. Similar to the operating cash flow, FCFF declined in 2024 to $1,307 million, a decrease of around 37.7% from 2023. Nevertheless, it remains more than three times higher than the 2019 level.
- Summary of Cash Flow Performance
- Overall, the financial data reveal a strong period of cash flow growth over five years, highlighting effective operational performance and financial management. The peak in 2023 represents a high point of cash generation capabilities, but the subsequent contraction in 2024 suggests either increased cash outflows, reduced revenues, or other operational challenges impacting liquidity. The decrease warrants further examination to understand underlying causes and to assess sustainability of cash flow levels moving forward.
Interest Paid, Net of Tax
Autodesk Inc., interest paid, net of tax calculation
US$ 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).
2 2024 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= × =
- Effective income tax rate (EITR)
- The effective income tax rate exhibits notable fluctuations over the six-year period. It starts at 21% in 2019, rises sharply to 27.24% in 2020, then declines significantly to 21% in 2021. In the following years, the rate reaches a low of 11.99% in 2022 before increasing slightly to 13% in 2023 and then rising more substantially to 20.25% in 2024. This pattern suggests variability in the company’s tax obligations, possibly due to changes in tax regulations, earnings composition, or tax planning strategies during these years.
- Cash paid during the year for interest, net of tax (US$ in millions)
- The cash paid for interest, net of tax, shows a generally increasing trend from 2019 through 2023, starting at $47 million in 2019 and rising steadily each year to reach a peak of $75 million in 2023. In 2024, this figure decreases to $55 million, indicating a reduction in interest payments. The overall upward trend until 2023 could reflect increasing debt levels or higher interest rates, while the decrease in 2024 may suggest debt repayment, refinancing, or changes in interest expense management.
Enterprise Value to FCFF Ratio, Current
Autodesk Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Accenture PLC | |
| Adobe Inc. | |
| Cadence Design Systems Inc. | |
| CrowdStrike Holdings Inc. | |
| Fair Isaac Corp. | |
| 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. | |
| EV/FCFF, Sector | |
| Software & Services | |
| EV/FCFF, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-01-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Autodesk Inc., historical EV/FCFF 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 | |||||||
| Free cash flow to the firm (FCFF)2 | |||||||
| Valuation Ratio | |||||||
| EV/FCFF3 | |||||||
| Benchmarks | |||||||
| EV/FCFF, Competitors4 | |||||||
| Accenture PLC | |||||||
| Adobe Inc. | |||||||
| Cadence Design Systems Inc. | |||||||
| CrowdStrike Holdings Inc. | |||||||
| Fair Isaac Corp. | |||||||
| 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. | |||||||
| EV/FCFF, Sector | |||||||
| Software & Services | |||||||
| EV/FCFF, Industry | |||||||
| Information Technology | |||||||
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/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited considerable fluctuations during the analyzed period. Initially, it decreased from $35,094 million in 2019 to $33,000 million in 2020. Subsequently, a significant surge occurred in 2021, reaching $57,203 million. This was followed by a decline to $41,870 million in 2022, which then slightly increased in 2023 to $42,998 million and further rose to $47,049 million by 2024. Overall, the enterprise value shows volatility with an upward tendency towards the later years.
- Free Cash Flow to the Firm (FCFF)
- The free cash flow to the firm showed an overall positive and improving trend, albeit with some variability. From $357 million in 2019, it experienced a sharp increase to $1,411 million in 2020 and remained at a similar level ($1,391 million) in 2021. This upward trajectory continued moderately to $1,515 million in 2022, peaked at $2,100 million in 2023, and then declined to $1,307 million in 2024. Despite the dip in the final year, the FCFF values were substantially higher than the initial figure, indicating strengthened cash-generating capacity over time.
- EV/FCFF Ratio
- The EV/FCFF ratio demonstrated a significant reduction from an extremely high ratio of 98.38 in 2019 to more moderate and fluctuating levels in subsequent years. It dropped sharply to 23.38 in 2020, then increased to 41.13 in 2021, followed by a decrease to 27.63 in 2022 and further down to 20.48 in 2023. However, in 2024, the ratio rose again to 36. These oscillations suggest varying market valuation relative to free cash flow, with a general trend toward greater valuation efficiency after 2019, though some volatility remains.