Autodesk

Autodesk is a leading maker of design and engineering software, best known for AutoCAD and for tools widely used in architecture, construction, manufacturing and media. Its transition to a subscription model has given it highly recurring, predictable revenue and deep entrenchment among professionals whose workflows depend on its applications. Autodesk has only just begun paying a dividend, and the amount is token, reflecting a company still oriented toward reinvestment and buybacks rather than income. The yield is negligible and there is essentially no meaningful dividend track record. The stock is fundamentally a software growth investment; the nascent dividend is immaterial to the case, which rests on recurring revenue growth and margin expansion rather than distributions.