Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Autodesk Inc., FCFE 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).
The analysis of cash flow metrics from 2019 to 2024 reveals a period of significant growth followed by a recent contraction in both operational efficiency and equity-available cash.
- Net Cash Provided by Operating Activities
- Operational cash generation showed a consistent upward trend from 2019 through 2023, increasing from 377 million to a peak of 2,071 million. This growth indicates a strong expansion in the ability to generate cash from core business operations. However, this trend reversed in 2024, with a decline to 1,313 million, reflecting a reduction in operating cash flow of approximately 36.6% from the prior year.
- Free Cash Flow to Equity (FCFE) Trends
- FCFE exhibited high volatility throughout the period. After rising from 810 million in 2019 to 1,361 million in 2020, it experienced a sharp drop to 891 million in 2021. A substantial surge followed in 2022, reaching a peak of 2,462 million. Since 2022, a sustained downward trajectory has been observed, with values falling to 1,675 million in 2023 and further to 1,252 million in 2024.
- Comparative Analysis of Operating Cash and FCFE
- The relationship between operating cash flows and FCFE is inconsistent, suggesting fluctuating financing and investment activities. In 2019, 2022, and 2023, FCFE exceeded net cash provided by operating activities, which typically indicates that cash available to shareholders was augmented by new debt issuance or a significant decrease in capital expenditures. Conversely, in 2021, FCFE was notably lower than operating cash flow, pointing toward a period of high capital investment or aggressive debt repayment.
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Price to FCFE Ratio, Current
Autodesk Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 215,000,000 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 1,252) |
| FCFE per share | 5.82 |
| Current share price (P) | 298.96 |
| Valuation Ratio | |
| P/FCFE | 51.34 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Accenture PLC | 9.19 |
| Adobe Inc. | 9.41 |
| AppLovin Corp. | 19.50 |
| Cadence Design Systems Inc. | 56.69 |
| Datadog Inc. | 302.82 |
| International Business Machines Corp. | 16.86 |
| Intuit Inc. | 8.84 |
| Microsoft Corp. | 60.57 |
| Oracle Corp. | 23.91 |
| Palantir Technologies Inc. | 210.62 |
| Palo Alto Networks Inc. | 75.52 |
| Salesforce Inc. | 9.52 |
| ServiceNow Inc. | 24.07 |
| Synopsys Inc. | 6.05 |
| Workday Inc. | 17.17 |
| P/FCFE, Sector | |
| Software & Services | 44.15 |
| P/FCFE, Industry | |
| Information Technology | 61.84 |
Based on: 10-K (reporting date: 2024-01-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Autodesk Inc., historical P/FCFE calculation, comparison to benchmarks
| Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | Jan 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 215,446,979 | 214,782,702 | 217,307,974 | 219,592,294 | 219,521,425 | 219,535,216 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | 1,252) | 1,675) | 2,462) | 891) | 1,361) | 810) | |
| FCFE per share3 | 5.81 | 7.80 | 11.33 | 4.06 | 6.20 | 3.69 | |
| Share price1, 4 | 218.20 | 199.22 | 188.70 | 261.50 | 149.23 | 154.69 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 37.55 | 25.55 | 16.66 | 64.43 | 24.07 | 41.92 | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Accenture PLC | 23.91 | 21.01 | 17.87 | 25.76 | — | — | |
| Adobe Inc. | 18.02 | 41.83 | 21.32 | 34.26 | 41.36 | — | |
| AppLovin Corp. | 45.36 | 23.30 | — | 22.51 | — | — | |
| Cadence Design Systems Inc. | 24.08 | 71.40 | 33.41 | 36.31 | — | — | |
| Datadog Inc. | 28.64 | 71.93 | 69.38 | 202.25 | — | — | |
| International Business Machines Corp. | 20.90 | 9.97 | 11.97 | 48.45 | — | — | |
| Intuit Inc. | 38.43 | 38.74 | 13.86 | 86.74 | — | — | |
| Microsoft Corp. | 42.11 | 43.32 | 36.73 | 42.54 | — | — | |
| Oracle Corp. | 48.38 | 15.47 | — | 8.36 | — | — | |
| Palantir Technologies Inc. | 256.11 | 74.28 | 96.89 | 198.12 | — | — | |
| Palo Alto Networks Inc. | 52.90 | 79.75 | 29.54 | 32.91 | — | — | |
| Salesforce Inc. | 38.33 | 31.06 | 16.56 | 49.52 | — | — | |
| ServiceNow Inc. | 61.82 | 58.19 | 44.44 | 64.54 | — | — | |
| Synopsys Inc. | 63.94 | 57.04 | 33.41 | 40.55 | 45.07 | — | |
| Workday Inc. | 36.59 | 19.79 | 49.17 | 40.57 | — | — | |
| P/FCFE, Sector | |||||||
| Software & Services | 39.55 | 32.87 | 31.24 | 34.11 | — | — | |
| P/FCFE, Industry | |||||||
| Information Technology | 36.66 | 33.12 | 26.68 | 27.39 | — | — | |
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).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,252,000,000 ÷ 215,446,979 = 5.81
4 Closing price as at the filing date of Autodesk Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 218.20 ÷ 5.81 = 37.55
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant volatility between 2019 and 2024, reflecting a fluctuating relationship between the market valuation of the shares and the actual cash flows available to equity holders.
- Share Price Volatility
- The share price experienced a period of instability, peaking at 261.50 US$ in January 2021. Following this peak, a correction occurred in 2022, after which the price entered a gradual recovery phase, ending at 218.20 US$ in January 2024.
- FCFE per Share Trends
- Free Cash Flow to Equity per share demonstrated an inconsistent trajectory. After an initial increase from 3.69 US$ in 2019 to 6.20 US$ in 2020, it dipped in 2021 before reaching a peak of 11.33 US$ in 2022. A consistent downward trend is observed from 2022 to 2024, with the value falling to 5.81 US$.
- P/FCFE Ratio Interpretation
- The P/FCFE ratio reached an extreme high of 64.43 in 2021, driven by the convergence of a peak share price and a temporary contraction in FCFE per share. This was followed by a sharp contraction to 16.66 in 2022, the lowest point in the period, coinciding with the highest recorded FCFE per share. Since 2022, the ratio has trended upward, rising from 16.66 to 37.55 by 2024. This recent increase indicates that the market valuation is expanding even as the per-share cash flow available to equity holders has diminished.
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