Comprehensive Stock Comparison
Compare PDF Solutions, Inc. (PDFS) vs Cadence Design Systems, Inc. (CDNS) vs Autodesk, Inc. (ADSK) vs PTC Inc. (PTC) vs Bentley Systems, Incorporated (BSY) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | PTC | 19.2% revenue growth vs PDFS's 8.2% |
| Value | PTC | Lower P/E (19.3x vs 24.0x) |
| Quality / Margins | PTC | 28.6% net margin vs PDFS's -0.0% |
| Stability / Safety | BSY | Beta 0.79 vs PDFS's 1.58 |
| Dividends | BSY | 0.7% yield; 3-year raise streak; PDFS, CDNS, ADSK, PTC pay no meaningful dividend |
| Momentum (1Y) | PDFS | +50.0% vs BSY's -16.1% |
| Efficiency (ROA) | PTC | 12.7% ROA vs PDFS's -0.0%, ROIC 14.9% vs -0.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
PDF Solutions provides proprietary software and hardware solutions for semiconductor design and manufacturing optimization. It generates revenue through software subscriptions—primarily its Exensio analytics platform—and sales of physical intellectual property products like characterization vehicles and test chips, with professional services contributing additional income. The company's moat lies in its deep integration across the semiconductor value chain—from design to manufacturing—and its proprietary data analytics that help chipmakers improve yield and reduce costs.
Cadence Design Systems is a leading provider of electronic design automation (EDA) software and hardware used to design semiconductors and electronic systems. It generates revenue primarily through software licenses and maintenance (~70% of revenue) and hardware systems for chip verification (~30%), with its tools being essential for designing everything from smartphones to automotive chips. The company's moat comes from its deeply entrenched position in the semiconductor design workflow—its tools are industry standards that engineers must use to design complex chips, creating high switching costs and network effects.
Autodesk is a leading provider of 3D design, engineering, and entertainment software used by architects, engineers, and creative professionals worldwide. It generates revenue primarily through subscription-based software sales—with its Architecture, Engineering & Construction segment contributing about 45% of revenue and Manufacturing about 35%—plus maintenance and cloud services. The company's moat lies in its industry-standard software ecosystems—particularly AutoCAD—that create high switching costs and network effects across professional workflows.
PTC is a software company that provides product lifecycle management (PLM), computer-aided design (CAD), and industrial Internet of Things (IoT) solutions. It generates revenue primarily through software subscriptions—roughly 85% of total—with the remainder coming from professional services and perpetual licenses. The company's moat lies in its integrated platform approach that connects CAD, PLM, and IoT capabilities, creating switching costs for manufacturers who rely on its tools throughout the entire product development lifecycle.
Bentley Systems provides infrastructure engineering software solutions for designing, constructing, and operating infrastructure assets like roads, bridges, and utilities. It generates revenue primarily through recurring subscription fees — accounting for over 90% of total revenue — with the remainder from perpetual licenses and professional services. The company's moat lies in its deep domain expertise and comprehensive software ecosystem that creates high switching costs for engineering professionals in specialized infrastructure sectors.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
PTC leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). ADSK leads in 1 (Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
ADSK is the larger business by revenue, generating $6.8B annually — 32.8x PDFS's $207M. PTC is the more profitable business, keeping 28.6% of every revenue dollar as net income compared to PDFS's -0.0%. On growth, PDFS holds the edge at +23.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $207M | $5.3B | $6.8B | $2.9B | $1.5B |
| EBITDAEarnings before interest/tax | $9M | $1.7B | $1.7B | $1.2B | $459M |
| Net IncomeAfter-tax profit | -$53,000 | $1.1B | $1.1B | $818M | $278M |
| Free Cash FlowCash after capex | -$21M | $1.6B | $2.4B | $888M | $520M |
| Gross MarginGross profit ÷ Revenue | +71.2% | +96.2% | +96.8% | +84.2% | +81.5% |
| Operating MarginEBIT ÷ Revenue | +1.2% | +28.2% | +23.3% | +38.0% | +24.1% |
| Net MarginNet income ÷ Revenue | -0.0% | +20.9% | +16.6% | +28.6% | +18.5% |
| FCF MarginFCF ÷ Revenue | -9.9% | +30.0% | +35.4% | +31.1% | +34.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +23.1% | +6.2% | -6.5% | +21.4% | +11.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -74.8% | +14.5% | +6.0% | +104.4% | +12.5% |
Valuation Metrics
At 25.8x trailing earnings, PTC trades at a 92% valuation discount to PDFS's 337.8x P/E. Adjusting for growth (PEG ratio), PTC offers better value at 0.64x vs CDNS's 5.31x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| Market CapShares × price | $1.3B | $81.9B | $52.6B | $18.7B | $11.1B |
| Enterprise ValueMkt cap + debt − cash | $1.2B | $81.4B | $53.1B | $19.9B | $12.2B |
| Trailing P/EPrice ÷ TTM EPS | 337.80x | 74.24x | 47.01x | 25.75x | 43.00x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.30x | 37.33x | 24.02x | 19.35x | 26.86x |
| PEG RatioP/E ÷ EPS growth rate | — | 5.31x | — | 0.64x | 2.84x |
| EV / EBITDAEnterprise value multiple | 310.73x | 43.35x | 33.65x | 17.81x | 33.68x |
| Price / SalesMarket cap ÷ Revenue | 7.44x | 15.47x | 7.77x | 6.83x | 7.36x |
| Price / BookPrice ÷ Book value/share | 5.36x | 15.05x | 17.36x | 4.94x | 10.23x |
| Price / FCFMarket cap ÷ FCF | — | 51.62x | 21.84x | 21.85x | 21.24x |
Profitability & Efficiency
ADSK delivers a 36.9% return on equity — every $100 of shareholder capital generates $37 in annual profit, vs $-0 for PDFS. PDFS carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to BSY's 1.08x. On the Piotroski fundamental quality scale (0–9), BSY scores 9/9 vs CDNS's 6/9, reflecting strong financial health.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -0.0% | +20.3% | +36.9% | +21.3% | +23.4% |
| ROA (TTM)Return on assets | -0.0% | +10.9% | +9.0% | +12.7% | +7.8% |
| ROICReturn on invested capital | -0.3% | +25.9% | +33.3% | +14.9% | +11.4% |
| ROCEReturn on capital employed | -0.2% | +20.5% | +25.6% | +19.5% | +14.0% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 | 7 | 8 | 9 |
| Debt / EquityFinancial leverage | 0.02x | 0.45x | 0.90x | 0.36x | 1.08x |
| Net DebtTotal debt minus cash | -$85M | -$521M | $485M | $1.2B | $1.2B |
| Cash & Equiv.Liquid assets | $91M | $3.0B | $2.2B | $184M | $123M |
| Total DebtShort + long-term debt | $5M | $2.5B | $2.7B | $1.4B | $1.3B |
| Interest CoverageEBIT ÷ Interest expense | 1.39x | 13.57x | 289.00x | 19.74x | 9.01x |
Total Returns (with DRIP)
A $10,000 investment in CDNS five years ago would be worth $20,442 today (with dividends reinvested), compared to $8,429 for BSY. Over the past 12 months, PDFS leads with a +50.0% total return vs BSY's -16.1%. The 3-year compound annual growth rate (CAGR) favors CDNS at 16.0% vs PDFS's -3.4% — a key indicator of consistent wealth creation.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +14.3% | -2.9% | -14.3% | -7.9% | -4.2% |
| 1-Year ReturnPast 12 months | +50.0% | +20.3% | -10.3% | -4.3% | -16.1% |
| 3-Year ReturnCumulative with dividends | -9.8% | +56.2% | +23.7% | +24.9% | -8.0% |
| 5-Year ReturnCumulative with dividends | +81.9% | +104.4% | -13.5% | +10.1% | -15.7% |
| 10-Year ReturnCumulative with dividends | +197.4% | +1298.6% | +375.2% | +406.6% | +12.1% |
| CAGR (3Y)Annualised 3-year return | -3.4% | +16.0% | +7.4% | +7.7% | -2.7% |
Risk & Volatility
BSY is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than PDFS's 1.58 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PDFS currently trades 91.3% from its 52-week high vs BSY's 61.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.58x | 1.33x | 0.93x | 1.00x | 0.79x |
| 52-Week HighHighest price in past year | $36.99 | $376.45 | $329.09 | $219.69 | $59.25 |
| 52-Week LowLowest price in past year | $15.91 | $221.56 | $215.01 | $133.38 | $30.96 |
| % of 52W HighCurrent price vs 52-week peak | +91.3% | +80.1% | +74.7% | +71.3% | +61.7% |
| RSI (14)Momentum oscillator 0–100 | 57.2 | 49.6 | 42.9 | 49.1 | 59.1 |
| Avg Volume (50D)Average daily shares traded | 250K | 1.9M | 1.7M | 861K | 2.1M |
Analyst Outlook
Analyst consensus: PDFS as "Buy", CDNS as "Buy", ADSK as "Buy", PTC as "Buy", BSY as "Buy". Consensus price targets imply 44.6% upside for ADSK (target: $356) vs 12.5% for PDFS (target: $38). BSY is the only dividend payer here at 0.70% yield — a key consideration for income-focused portfolios.
| Metric | PDFSPDF Solutions, In… | CDNSCadence Design Sy… | ADSKAutodesk, Inc. | PTCPTC Inc. | BSYBentley Systems, … |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $38.00 | $377.88 | $355.61 | $204.83 | $48.00 |
| # AnalystsCovering analysts | 5 | 30 | 51 | 33 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — | — | — | +0.7% |
| Dividend StreakConsecutive years of raises | 1 | 0 | 0 | — | 3 |
| Dividend / ShareAnnual DPS | — | — | — | — | $0.26 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.5% | +1.1% | +2.7% | +1.6% | +1.1% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Oct 20 | Feb 26 | Change |
|---|---|---|---|
| PDF Solutions, Inc. (PDFS) | 100 | 158.05 | +58.0% |
| Cadence Design Syst… (CDNS) | 100 | 266.22 | +166.2% |
| Autodesk, Inc. (ADSK) | 100 | 109.24 | +9.2% |
| PTC Inc. (PTC) | 100 | 186.52 | +86.5% |
| Bentley Systems, In… (BSY) | 91.07 | 102.24 | +12.3% |
Cadence Design Syst… (CDNS) returned +104% over 5 years vs Bentley Systems, In… (BSY)'s -16%. A $10,000 investment in CDNS 5 years ago would be worth $20,442 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| PDF Solutions, Inc. (PDFS) | $102M | $179M | +76.2% |
| Cadence Design Syst… (CDNS) | $1.9B | $5.3B | +172.6% |
| Autodesk, Inc. (ADSK) | $2.0B | $6.8B | +235.1% |
| PTC Inc. (PTC) | $1.2B | $2.7B | +135.3% |
| Bentley Systems, In… (BSY) | $692M | $1.5B | +117.1% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| PDF Solutions, Inc. (PDFS) | -1.3% | 2.3% | +272.2% |
| Cadence Design Syst… (CDNS) | 10.5% | 20.9% | +99.3% |
| Autodesk, Inc. (ADSK) | -28.6% | 16.6% | +157.9% |
| PTC Inc. (PTC) | 0.5% | 26.8% | +4899.2% |
| Bentley Systems, In… (BSY) | 20.5% | 18.5% | -9.9% |
Chart 4P/E Ratio History — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| Cadence Design Syst… (CDNS) | 57.3 | 77 | +34.4% |
| Autodesk, Inc. (ADSK) | 318.1 | 47 | -85.2% |
| PTC Inc. (PTC) | 188.4 | 28.7 | -84.8% |
| Bentley Systems, In… (BSY) | 96.5 | 44.9 | -53.5% |
Cadence Design Systems, Inc. has traded in a 20x–78x P/E range over 9 years; current trailing P/E is ~74x. Autodesk, Inc. has traded in a 47x–318x P/E range over 7 years; current trailing P/E is ~47x.
Chart 5EPS Growth — 10 Years
| Stock | 2017 | 2026 | Change |
|---|---|---|---|
| PDF Solutions, Inc. (PDFS) | -0.04 | 0.1 | +339.8% |
| Cadence Design Syst… (CDNS) | 0.73 | 4.06 | +456.2% |
| Autodesk, Inc. (ADSK) | -2.6 | 5.23 | +301.2% |
| PTC Inc. (PTC) | 0.05 | 6.08 | +11328.6% |
| Bentley Systems, In… (BSY) | 0.54 | 0.85 | +57.4% |
Chart 6Free Cash Flow — 5 Years
PDF Solutions, Inc. generated $-7M FCF in 2024 (-4022% vs 2021). Cadence Design Systems, Inc. generated $2B FCF in 2025 (+53% vs 2021).
PDFS vs CDNS vs ADSK vs PTC vs BSY: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is PDFS or CDNS or ADSK or PTC or BSY a better buy right now?
PTC Inc. (PTC) offers the better valuation at 25.8x trailing P/E (19.3x forward), making it the more compelling value choice. Analysts rate PDF Solutions, Inc. (PDFS) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — PDFS or CDNS or ADSK or PTC or BSY?
On trailing P/E, PTC Inc. (PTC) is the cheapest at 25.8x versus PDF Solutions, Inc. at 337.8x. On forward P/E, PTC Inc. is actually cheaper at 19.3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: PTC Inc. wins at 0.48x versus Cadence Design Systems, Inc.'s 2.67x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — PDFS or CDNS or ADSK or PTC or BSY?
Over the past 5 years, Cadence Design Systems, Inc. (CDNS) delivered a total return of +104.4%, compared to -15.7% for Bentley Systems, Incorporated (BSY). A $10,000 investment in CDNS five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CDNS returned +1299% versus BSY's +12.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — PDFS or CDNS or ADSK or PTC or BSY?
By beta (market sensitivity over 5 years), Bentley Systems, Incorporated (BSY) is the lower-risk stock at 0.79β versus PDF Solutions, Inc.'s 1.58β — meaning PDFS is approximately 99% more volatile than BSY relative to the S&P 500. On balance sheet safety, PDF Solutions, Inc. (PDFS) carries a lower debt/equity ratio of 2% versus 108% for Bentley Systems, Incorporated — giving it more financial flexibility in a downturn.
05Which has better profit margins — PDFS or CDNS or ADSK or PTC or BSY?
PTC Inc. (PTC) is the more profitable company, earning 26.8% net margin versus 2.3% for PDF Solutions, Inc. — meaning it keeps 26.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PTC leads at 35.9% versus -0.3% for PDFS. At the gross margin level — before operating expenses — ADSK leads at 96.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is PDFS or CDNS or ADSK or PTC or BSY more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, PTC Inc. (PTC) is the more undervalued stock at a PEG of 0.48x versus Cadence Design Systems, Inc.'s 2.67x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, PTC Inc. (PTC) trades at 19.3x forward P/E versus 37.3x for Cadence Design Systems, Inc. — 18.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ADSK: 44.6% to $355.61.
07Which pays a better dividend — PDFS or CDNS or ADSK or PTC or BSY?
In this comparison, BSY (0.7% yield) pays a dividend. PDFS, CDNS, ADSK, PTC do not pay a meaningful dividend and should not be held primarily for income.
08Is PDFS or CDNS or ADSK or PTC or BSY better for a retirement portfolio?
For long-horizon retirement investors, Bentley Systems, Incorporated (BSY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.79), 0.7% yield). PDF Solutions, Inc. (PDFS) carries a higher beta of 1.58 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BSY: +12.1%, PDFS: +197.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between PDFS and CDNS and ADSK and PTC and BSY?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. BSY pays a dividend while PDFS, CDNS, ADSK, PTC do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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