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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Autodesk Inc., economic profit calculation

US$ in millions

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Net operating profit after taxes (NOPAT)¹	493)	1,402)	970)	833)	1,197)	41)
Cost of capital²	17.37%	17.28%	17.03%	17.55%	16.98%	17.31%
Invested capital³	7,325)	7,372)	6,835)	5,723)	5,535)	4,412)

Economic profit⁴	(779)	128)	(194)	(172)	257)	(723)

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 NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 493 – 17.37% × 7,325 = -779

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Item	Description	The company
Economic profit	Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital.	Autodesk Inc. economic profit increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Autodesk Inc., NOPAT calculation

US$ in millions

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Net income (loss)	906)	823)	497)	1,208)	215)	(81)
Deferred income tax expense (benefit)¹	(83)	(275)	(17)	(778)	13)	(12)
Increase (decrease) in allowance for doubtful accounts²	(1)	—)	1)	(1)	—)	—)
Increase (decrease) in deferred revenue³	(316)	790)	430)	353)	916)	136)
Increase (decrease) in restructuring and other exit costs reserve⁴	—)	—)	—)	—)	(2)	(53)
Increase (decrease) in equity equivalents⁵	(400)	515)	414)	(426)	927)	71)
Interest and investment income (expense), net	(26)	71)	65)	51)	54)	52)
Interest expense, operating lease liability⁶	10)	10)	11)	13)	16)	13)
Adjusted interest and investment income (expense), net	(16)	81)	76)	64)	70)	65)
Tax benefit of interest and investment income (expense), net⁷	3)	(17)	(16)	(13)	(15)	(14)
Adjusted interest and investment income (expense), net, after taxes⁸	(13)	64)	60)	50)	55)	51)
Net operating profit after taxes (NOPAT)	493)	1,402)	970)	833)	1,197)	41)

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 Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for doubtful accounts.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in restructuring and other exit costs reserve.

⁵ Addition of increase (decrease) in equity equivalents to net income (loss).

⁶ 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 342 × 2.86% = 10

⁷ 2024 Calculation
Tax benefit of interest and investment income (expense), net = Adjusted interest and investment income (expense), net × Statutory income tax rate
= -16 × 21.00% = -3

⁸ Addition of after taxes interest expense to net income (loss).

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Item	Description	The company
NOPAT	Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income.	Autodesk Inc. NOPAT increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Autodesk Inc., cash operating taxes calculation

US$ in millions

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Income tax provision (benefit)	230)	123)	68)	(662)	80)	38)
Less: Deferred income tax expense (benefit)	(83)	(275)	(17)	(778)	13)	(12)
Add: Tax savings from interest and investment income (expense), net	(3)	17)	16)	13)	15)	14)
Cash operating taxes	310)	415)	100)	130)	82)	64)

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).

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Item	Description	The company
Cash operating taxes	Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction.	Autodesk Inc. cash operating taxes increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Autodesk Inc., invested capital calculation (financing approach)

US$ in millions

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Current portion of long-term notes payable, net	—)	—)	350)	—)	450)	—)
Long-term notes payable, net, excluding current portion	2,284)	2,281)	2,278)	1,637)	1,635)	2,088)
Operating lease liability¹	342)	385)	432)	467)	460)	357)
Total reported debt & leases	2,626)	2,666)	3,060)	2,105)	2,545)	2,445)
Stockholders’ equity (deficit)	1,855)	1,145)	849)	966)	(139)	(211)
Net deferred tax (assets) liabilities²	(1,070)	(982)	(712)	(752)	26)	15)
Allowance for doubtful accounts³	4)	5)	5)	4)	5)	2)
Deferred revenue⁴	4,264)	4,580)	3,790)	3,360)	3,007)	2,091)
Restructuring and other exit costs reserve⁵	—)	—)	—)	—)	—)	2)
Equity equivalents⁶	3,198)	3,603)	3,083)	2,612)	3,038)	2,110)
Accumulated other comprehensive (income) loss, net of tax⁷	234)	185)	124)	126)	160)	135)
Adjusted stockholders’ equity (deficit)	5,287)	4,933)	4,056)	3,704)	3,059)	2,034)
Marketable securities⁸	(588)	(227)	(281)	(85)	(69)	(68)
Invested capital	7,325)	7,372)	6,835)	5,723)	5,535)	4,412)

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 Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of restructuring and other exit costs reserve.

⁶ Addition of equity equivalents to stockholders’ equity (deficit).

⁷ Removal of accumulated other comprehensive income.

⁸ Subtraction of marketable securities.

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Item	Description	The company
Invested capital	Capital is an approximation of the economic book value of all cash invested in going-concern business activities.	Autodesk Inc. invested capital increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Autodesk Inc., cost of capital calculations

Jan 31, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	47,011)	47,011)	÷	49,431)	=	0.95	0.95	×	18.14%	=	17.25%
Long-term notes payable, including current portion³	2,078)	2,078)	÷	49,431)	=	0.04	0.04	×	3.04% × (1 – 21.00%)	=	0.10%
Operating lease liability⁴	342)	342)	÷	49,431)	=	0.01	0.01	×	2.86% × (1 – 21.00%)	=	0.02%
Total:	49,431)					1.00					17.37%

Based on: 10-K (reporting date: 2024-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	42,789)	42,789)	÷	45,235)	=	0.95	0.95	×	18.14%	=	17.16%
Long-term notes payable, including current portion³	2,061)	2,061)	÷	45,235)	=	0.05	0.05	×	3.04% × (1 – 21.00%)	=	0.11%
Operating lease liability⁴	385)	385)	÷	45,235)	=	0.01	0.01	×	2.60% × (1 – 21.00%)	=	0.02%
Total:	45,235)					1.00					17.28%

Based on: 10-K (reporting date: 2023-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	41,006)	41,006)	÷	44,100)	=	0.93	0.93	×	18.14%	=	16.87%
Long-term notes payable, including current portion³	2,662)	2,662)	÷	44,100)	=	0.06	0.06	×	3.10% × (1 – 21.00%)	=	0.15%
Operating lease liability⁴	432)	432)	÷	44,100)	=	0.01	0.01	×	2.46% × (1 – 21.00%)	=	0.02%
Total:	44,100)					1.00					17.03%

Based on: 10-K (reporting date: 2022-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	57,423)	57,423)	÷	59,706)	=	0.96	0.96	×	18.14%	=	17.44%
Long-term notes payable, including current portion³	1,815)	1,815)	÷	59,706)	=	0.03	0.03	×	3.49% × (1 – 21.00%)	=	0.08%
Operating lease liability⁴	467)	467)	÷	59,706)	=	0.01	0.01	×	2.69% × (1 – 21.00%)	=	0.02%
Total:	59,706)					1.00					17.55%

Based on: 10-K (reporting date: 2021-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	32,759)	32,759)	÷	35,415)	=	0.93	0.93	×	18.14%	=	16.78%
Long-term notes payable, including current portion³	2,196)	2,196)	÷	35,415)	=	0.06	0.06	×	3.42% × (1 – 21.00%)	=	0.17%
Operating lease liability⁴	460)	460)	÷	35,415)	=	0.01	0.01	×	3.41% × (1 – 21.00%)	=	0.03%
Total:	35,415)					1.00					16.98%

Based on: 10-K (reporting date: 2020-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	33,960)	33,960)	÷	35,895)	=	0.95	0.95	×	18.14%	=	17.16%
Long-term notes payable, including current portion³	1,578)	1,578)	÷	35,895)	=	0.04	0.04	×	3.58% × (1 – 21.00%)	=	0.12%
Operating lease liability⁴	357)	357)	÷	35,895)	=	0.01	0.01	×	3.58% × (1 – 21.00%)	=	0.03%
Total:	35,895)					1.00					17.31%

Based on: 10-K (reporting date: 2019-01-31).

¹ US$ in millions

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Autodesk Inc., economic spread ratio 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)
Economic profit¹	(779)	128)	(194)	(172)	257)	(723)
Invested capital²	7,325)	7,372)	6,835)	5,723)	5,535)	4,412)
Performance Ratio
Economic spread ratio³	-10.63%	1.73%	-2.84%	-3.00%	4.64%	-16.38%
Benchmarks
Economic Spread Ratio, Competitors⁴
Accenture PLC	4.84%	5.63%	8.48%	10.32%	10.88%	9.61%
Adobe Inc.	—	5.20%	10.64%	13.05%	5.32%	3.43%
Cadence Design Systems Inc.	—	10.41%	9.79%	10.02%	10.82%	5.30%
CrowdStrike Holdings Inc.	-2.67%	0.98%	-2.28%	-4.55%	6.33%	—
International Business Machines Corp.	—	-1.57%	-9.42%	-4.43%	-4.15%	-0.43%
Intuit Inc.	-4.40%	-6.46%	-5.39%	2.34%	5.68%	19.34%
Microsoft Corp.	13.03%	16.07%	24.02%	33.03%	31.05%	26.17%
Oracle Corp.	-0.31%	-1.36%	-1.05%	7.01%	1.33%	4.01%
Palo Alto Networks Inc.	8.56%	14.57%	6.43%	-2.25%	-3.27%	-0.05%
Salesforce Inc.	-10.04%	-12.32%	-9.89%	-7.59%	-10.63%	-6.61%
ServiceNow Inc.	—	8.74%	4.20%	5.41%	7.04%	6.45%
Synopsys Inc.	—	-3.88%	2.70%	-3.32%	-3.14%	-6.13%

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 Economic profit. See details »

² Invested capital. See details »

³ 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -779 ÷ 7,325 = -10.63%

⁴ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic spread ratio	The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital.	Autodesk Inc. economic spread ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Autodesk Inc., economic profit margin 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)
Economic profit¹	(779)	128)	(194)	(172)	257)	(723)

Net revenue	5,497)	5,005)	4,386)	3,790)	3,274)	2,570)
Add: Increase (decrease) in deferred revenue	(316)	790)	430)	353)	916)	136)
Adjusted net revenue	5,181)	5,795)	4,816)	4,144)	4,190)	2,706)
Performance Ratio
Economic profit margin²	-15.03%	2.21%	-4.02%	-4.14%	6.13%	-26.70%
Benchmarks
Economic Profit Margin, Competitors³
Accenture PLC	2.74%	2.90%	4.08%	5.29%	5.54%	4.44%
Adobe Inc.	—	6.51%	12.39%	16.26%	7.63%	5.15%
Cadence Design Systems Inc.	—	10.37%	9.77%	10.18%	10.90%	5.14%
CrowdStrike Holdings Inc.	-4.20%	1.31%	-3.56%	-9.45%	5.56%	—
International Business Machines Corp.	—	-2.79%	-16.36%	-8.44%	-7.22%	-0.73%
Intuit Inc.	-6.76%	-10.58%	-10.38%	2.96%	6.39%	12.88%
Microsoft Corp.	18.22%	18.30%	23.02%	27.42%	23.05%	19.36%
Oracle Corp.	-0.59%	-2.63%	-1.93%	13.86%	3.02%	7.31%
Palo Alto Networks Inc.	9.08%	14.47%	7.50%	-3.03%	-5.30%	-0.06%
Salesforce Inc.	-23.22%	-31.38%	-27.46%	-17.40%	-26.15%	-13.01%
ServiceNow Inc.	—	7.03%	3.38%	4.68%	5.74%	4.72%
Synopsys Inc.	—	-5.47%	3.81%	-5.28%	-5.39%	-10.59%

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 Economic profit. See details »

² 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net revenue
= 100 × -779 ÷ 5,181 = -15.03%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic profit margin	The ratio of economic profit to sales. It is the company profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin.	Autodesk Inc. economic profit margin improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Autodesk Inc. (NASDAQ:ADSK)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin