ADSK, PCOR and BSY: June Non-Resi Construction Spend Sees Another Setback, Despite Positive Sequential ABI Performance

Research evidence excerpt

ADSK, PCOR and BSY: June Non-Resi Construction Spend Sees Another Setback, Despite Positive Sequential ABI Performance

SK. PCOR is more closely affected by

non-residential construction spending given that it is a pure play in the Neutral

construction market and considering that the company prices customers on Price (31 Jul 26): $35.44

construction volumes. Should volumes see stunted growth, the company may

have to further enhance its cross-sell motion. ADSK is also tied to non-resi ADSK, ADSK US

construction health, but its overall business is more diversified (including Overweight

through its expanding maintenance and asset operations platform). That said, Price (31 Jul 26): $234.20

recent management commentary points to accelerating growth and strong

momentum in its construction workflow products (e.g., Make and Forma for

Construction), with broad engagement across owners, designers, GCs, and

subcontractors as they look to converge design and construction workflows.

While parts of the portfolio are seat-based (so a challenging hiring environment

or layoffs could create some pressure at the margin), the strength in these

products suggests Autodesk’s construction exposure is supported by workflow

adoption and customer breadth, not just construction volumes. We think BSY

is less affected by these metrics given its broader array of customers, who are

also designing and engineering on its platform. We also flag that BSY helps

serve public infrastructure projects, which often face less volatility given their

bipartisan support. While areas of public infrastructure spending may vary

based on an administration’s priorities, BSY has a host of offerings to meet the

specific needs of a variety of projects.

• PCOR, BSY, and ADSK earnings commentary. During its 2Q26 earnings