Autodesk vs BYD: Revenue, Profit and Business Model
Autodesk reported $7.2B of revenue in FY2026 and $1.1B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
Financial summary
Autodesk
Autodesk stopped selling new perpetual licenses for its core desktop products in 2016 and spent the following years converting customers to subscriptions. Reported revenue fell to $2.03 billion in fiscal 2017 with a $582 million net loss before the subscription base compounded. Fiscal 2026 shows the finished version of that model: $7.206 billion of revenue, up 18 percent, of which 94 percent was subscription and maintenance; gross profit of $6.56 billion, or 91 percent of revenue; a GAAP operating margin of 22 percent and a non-GAAP operating margin of 38 percent; net income of $1.124 billion; and free cash flow of $2.409 billion, up 54 percent, from $2.452 billion of cash from operations. Remaining performance obligations, the contracted revenue not yet recognized, were $8.30 billion at January 31, 2026, of which $5.48 billion is expected to convert within twelve months. Autodesk pays no dividend and returns cash through share repurchases.
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Revenue and profit by year
Autodesk
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $7.2B | $1.1B | 15.6% | +17.5% | Source |
| FY2025 | $6.1B | $1.1B | 18.1% | +11.5% | Source |
| FY2024 | $5.5B | $906M | 16.5% | +9.8% | Source |
| FY2023 | $5B | $823M | 16.4% | +14.1% | Source |
| FY2022 | $4.4B | $497M | 11.3% | +15.7% | Source |
| FY2021 | $3.8B | $1.2B | 31.9% | +15.7% | Source |
| FY2020 | $3.3B | $214.5M | 6.6% | +27.4% | Source |
| FY2019 | $2.6B | -$80.8M | -3.1% | +25.0% | Source |
| FY2018 | $2.1B | -$566.9M | -27.6% | +1.3% | Source |
| FY2017 | $2B | -$582.1M | -28.7% | — | Source |
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Where the revenue comes from
Autodesk
- Subscription and maintenance revenue~94%
US$6.776 billion in fiscal 2026, made up of US$6.743 billion of subscription revenue and US$33 million of legacy maintenance plans. By product family this is AECO US$3.583 billion, AutoCAD and AutoCAD LT US$1.787 billion, Manufacturing US$1.379 billion, Media and Entertainment US$332 million and other US$125 million, per the fiscal 2026 results.
- Other revenue (products and services)~6%
US$430 million in fiscal 2026, up 15 percent, from consulting, training and other products and services, recognized as they are delivered or performed.
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Business model and strategy
Autodesk
How it makes money
Autodesk sells subscriptions to design software used by professionals: AutoCAD and AutoCAD LT for drafting, Revit and Civil 3D for buildings and infrastructure, Inventor and Fusion for manufacturing, Maya and 3ds Max for animation.
Growth strategy
With drafting seats a mature market, Autodesk's growth depends on construction and manufacturing workflow software rather than on selling more AutoCAD licenses. AECO revenue grew 22 percent in fiscal 2026 to $3.58 billion, the fastest of the four product families, led by construction products that handle cost, scheduling, bidding and field work rather than design.
Competitive advantage
Autodesk's advantage is that its file formats and its products are what the industry trains on. Architecture and engineering programs teach AutoCAD and Revit, project data is exchanged as DWG and RVT files, and a firm that switches has to retrain staff and accept conversion risk on decades of legacy drawings.
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Questions about Autodesk vs BYD
Which company has higher revenue — Autodesk, Inc. or BYD Company Ltd?
Autodesk, Inc. reported $7.2B (FY2026), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Autodesk, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Autodesk, Inc. vs BYD Company Ltd?
Autodesk, Inc.'s market capitalisation stands at $43.7B, while BYD Company Ltd's is $113.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Autodesk, Inc..
Which is more financially efficient — Autodesk, Inc. or BYD Company Ltd?
Autodesk, Inc. generates $504k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. Autodesk, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Autodesk, Inc. and BYD Company Ltd make money?
Autodesk, Inc. and BYD Company Ltd generate revenue in fundamentally different ways. Autodesk, Inc.: Autodesk sells subscriptions to design software used by professionals: AutoCAD and AutoCAD LT for drafting, Revit and Civil 3D for buildings and infrastructure, Inventor and Fusion for manufacturing, Maya and 3ds Max for animation. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems.
Which company is valued higher relative to revenue — Autodesk, Inc. or BYD Company Ltd?
On a price-to-sales (P/S) basis, Autodesk, Inc. trades at 6.1x P/S and BYD Company Ltd at 1.0x P/S. Autodesk, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Autodesk, Inc. bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Autodesk, Inc. ($7.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Autodesk vs BYD overview