Filing Flows › Autodesk (ADSK) › Takeover & LBO
Is Autodesk (ADSK) a takeover target?
A leveraged buyout at today's price plus 30% ($341.57 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $184.62 a share (−30% against today's $262.75). At $71.4B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 2.0% of companies with its figures were bought within a year (0.39× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $341.57 | today's $262.75 plus 30% |
| × shares | 211.0 million | |
| = Equity value | $72.1B | |
| + Debt refinanced | $3.5B | |
| − Cash | $4.2B | |
| = Enterprise value | $71.4B | 31.9× EBITDA of $2.2B |
| Fees | $1.4B | 2% of the price |
| New debt | $12.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $60.5B | 83% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $8.4B | $2.4B | $943M | $1.1B | $11.3B |
| Year 2 | $9.0B | $2.6B | $861M | $1.3B | $10.0B |
| Year 3 | $9.5B | $2.7B | $764M | $1.5B | $8.5B |
| Year 4 | $9.9B | $2.8B | $651M | $1.7B | $6.9B |
| Year 5 | $10.2B | $2.9B | $525M | $1.8B | $5.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 24.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $71.5B | |
| − Debt left | $5.0B | |
| = Buyer's equity | $66.5B | |
| Money multiple | 1.10× | on $60.5B put in |
| Buyer's yearly return (IRR) | 1.9% |
Price against return
What the buyer makes at other premiums over today's $262.75; the IRR reaches 20% at $184.62 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $289.03 | 6.2% |
| 20% | $315.30 | 3.9% |
| 30% | $341.57 | 1.9% |
| 40% | $367.85 | 0.1% |
| 50% | $394.12 | −1.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $7.8B | |
| EBITDA, last 12 months | $2.2B | 28.8% of revenue |
| Depreciation and amortization | $201M | |
| Capital spending | $57.0M | |
| Debt | $3.5B | |
| Cash | $4.2B | |
| Share price | $262.75 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 22% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Autodesk would cost about $341.57 a share, $72.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $294.28 | $62.1B |
| Median | 30% | $341.57 | $72.1B |
| High end (a quarter paid more) | 31% | $344.20 | $72.6B |
The odds, from history
Historically 2.0% of companies with its figures were bought within a year (0.39× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Autodesk's latest quarter
Autodesk, Q2 FY27: revenue $2.0B (+16% year over year), operating margin 29.3%, net earnings $492M, operating cash flow $575M. The chart follows the revenue to costs, profit and cash.
Questions
Is Autodesk being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Autodesk?
A leveraged buyout at today's price plus 30% ($341.57 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $184.62 a share (−30% against today's $262.75). At $71.4B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Autodesk cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Autodesk would cost about $341.57 a share, $72.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.