Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Free Cash Flow to The Firm (FCFF)

Autodesk Inc., FCFF 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)
Net noncash charges	718)	556)	817)	(218)	489)	372)
Changes in operating assets and liabilities, net of business combinations	(311)	692)	217)	447)	712)	86)
Net cash provided by operating activities	1,313)	2,071)	1,531)	1,437)	1,415)	377)
Cash paid during the year for interest, net of tax¹	55)	75)	51)	50)	49)	47)
Purchases of intangible assets	(30)	(6)	(11)	(5)	—)	—)
Capital expenditures	(31)	(40)	(56)	(91)	(53)	(67)
Free cash flow to the firm (FCFF)	1,307)	2,100)	1,515)	1,391)	1,411)	357)

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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Autodesk Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Autodesk Inc. FCFF increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Interest Paid, Net of Tax

Autodesk Inc., interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	20.25%	13.00%	11.99%	21.00%	27.24%	21.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	69)	86)	58)	63)	68)	59)
Less: Cash paid during the year for interest, tax²	14)	11)	7)	13)	18)	12)
Cash paid during the year for interest, net of tax	55)	75)	51)	50)	49)	47)

¹ See details »

² 2024 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 69 × 20.25% = 14

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Enterprise Value to FCFF Ratio, Current

Autodesk Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	65,656)
Free cash flow to the firm (FCFF)	1,307)
Valuation Ratio
EV/FCFF	50.23
Benchmarks
EV/FCFF, Competitors¹
Accenture PLC	25.24
Adobe Inc.	30.70
Cadence Design Systems Inc.	64.07
CrowdStrike Holdings Inc.	88.72
International Business Machines Corp.	17.11
Intuit Inc.	38.02
Microsoft Corp.	48.72
Oracle Corp.	39.84
Palo Alto Networks Inc.	40.17
Salesforce Inc.	31.45
ServiceNow Inc.	76.10
Synopsys Inc.	53.13
EV/FCFF, Sector
Software & Services	45.07
EV/FCFF, Industry
Information Technology	52.79

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	47,049)	42,998)	41,870)	57,203)	33,000)	35,094)
Free cash flow to the firm (FCFF)²	1,307)	2,100)	1,515)	1,391)	1,411)	357)
Valuation Ratio
EV/FCFF³	36.00	20.48	27.63	41.13	23.38	98.38
Benchmarks
EV/FCFF, Competitors⁴
Accenture PLC	25.76	20.26	16.99	24.76	17.90	18.49
Adobe Inc.	—	37.75	20.82	33.61	40.43	40.48
Cadence Design Systems Inc.	—	63.83	44.54	35.05	44.13	29.35
CrowdStrike Holdings Inc.	81.46	38.65	96.35	141.44	807.14	—
International Business Machines Corp.	—	15.27	16.47	13.10	9.35	12.86
Intuit Inc.	36.79	31.28	32.85	48.64	37.90	33.30
Microsoft Corp.	49.30	41.75	32.31	38.37	33.99	26.37
Oracle Corp.	31.24	35.83	31.60	16.36	14.99	14.03
Palo Alto Networks Inc.	34.69	28.15	29.29	32.74	26.50	20.44
Salesforce Inc.	29.95	28.41	35.97	44.91	39.63	41.21
ServiceNow Inc.	—	56.49	40.86	60.13	83.74	67.96
Synopsys Inc.	—	55.87	30.82	38.59	42.88	33.32
EV/FCFF, Sector
Software & Services	—	35.33	29.55	32.31	27.29	23.61
EV/FCFF, Industry
Information Technology	—	34.32	27.25	28.19	24.28	19.87

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 47,049 ÷ 1,307 = 36.00

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Autodesk Inc. EV/FCFF ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Autodesk Inc. (NASDAQ:ADSK)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical