Cadence Design Systems, Inc. (CDNS) 10-Year Financial Performance & Capital Metrics

CDNS •

TechnologyApplication SoftwareEngineering design and simulation software

AboutCadence Design Systems, Inc. provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification. The company also provides digital IC design and sign off products, including Genus logic synthesis and Joules RTL power solutions, as well as Modus software solution to reduce systems-on-chip design-for-test time; physical implementation tools, such as place and route, optimization, and multiple patterning preparation; and signoff products to signoff the design as ready for silicon manufacturing. In addition, it offers custom IC design and simulation products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and radio frequency designs; and system design and analysis products to develop printed circuit boards and IC packages, as well as to analyze electromagnetic, electro-thermal, and other multi-physics effects. Further, the company provides intellectual property (IP) products comprising pre-verified and customizable functional blocks to integrate into customer's ICs; and verification IP and memory models to emulate and model the expected behavior and interaction of standard industry system interface protocols. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company serves 5G communications, aerospace and defense, automotive, industrial and healthcare, mobile, consumer, and hyperscale computing markets. Cadence Design Systems, Inc. was incorporated in 1987 and is headquartered in San Jose, California.Show more

Revenue $5.3B +14.1%
EBITDA $1.88B +21.5%
Net Income $1.11B +5.1%
EPS (Diluted) 4.06 +5.5%
Gross Margin 85.61% -0.5%
EBITDA Margin 35.45% +6.4%
Operating Margin 31.15% +7.0%
Net Margin 20.94% -7.9%
ROE 21.85% -16.4%
ROIC 25.86% -0.7%
Debt/Equity 0.45 -18.1%
Interest Coverage 14.16 -20.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.3%
✓FCF machine: 30.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%
✓Healthy 5Y average net margin of 23.3%

✗Weaknesses

✗Expensive at 15.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.02%

5Y14.57%

3Y14.14%

TTM14.12%

Profit (Net Income) CAGR

10Y15.95%

5Y13.43%

3Y9.31%

TTM5.06%

EPS CAGR

10Y17.49%

5Y13.99%

3Y9.53%

TTM5.18%

ROCE

10Y Avg23%

5Y Avg25.78%

3Y Avg25.13%

Latest20.47%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.82B	1.94B	2.14B	2.34B	2.68B	2.99B	3.56B	4.09B	4.64B	5.3B
Revenue Growth %	6.7%	6.99%	10.04%	9.27%	14.83%	11.38%	19.19%	14.83%	13.48%	14.12%
Cost of Goods Sold+	256.49M	237.39M	258.75M	266.36M	305.5M	307.01M	371.62M	435.04M	647.5M	762.19M
COGS % of Revenue	14.12%	12.22%	12.1%	11.4%	11.39%	10.27%	10.43%	10.64%	13.95%	14.39%
Gross Profit+	1.56B	1.71B	1.88B	2.07B	2.38B	2.68B	3.19B	3.65B	3.99B	4.53B
Gross Margin %	85.88%	87.78%	87.9%	88.6%	88.61%	89.73%	89.57%	89.36%	86.05%	85.61%
Gross Profit Growth %	6.56%	9.36%	10.18%	10.15%	14.85%	12.78%	18.98%	14.57%	9.27%	13.54%
Operating Expenses+	1.27B	1.37B	1.48B	1.57B	1.73B	1.9B	2.12B	2.4B	2.64B	2.88B
OpEx % of Revenue	70.14%	70.63%	69.37%	67.18%	64.55%	63.65%	59.42%	58.77%	56.95%	54.46%
Selling, General & Admin	520.3M	553.34M	573.08M	621.48M	670.88M	749.28M	846.34M	932.75M	1.04B	1.12B
SG&A % of Revenue	28.65%	28.48%	26.8%	26.6%	25.01%	25.07%	23.76%	22.81%	22.4%	21.07%
Research & Development	735.34M	804.22M	884.82M	935.94M	1.03B	1.13B	1.25B	1.44B	1.55B	1.77B
R&D % of Revenue	40.49%	41.39%	41.38%	40.06%	38.53%	37.96%	35.14%	35.25%	33.38%	33.39%
Other Operating Expenses	15.92M	16.75M	25.18M	12.13M	27.22M	18.59M	18.52M	29.18M	54.14M	0
Operating Income+	244.9M	323.95M	396.21M	491.8M	645.55M	779.09M	1.07B	1.25B	1.35B	1.65B
Operating Margin %	13.49%	16.67%	18.53%	21.05%	24.06%	26.07%	30.15%	30.59%	29.1%	31.15%
Operating Income Growth %	-14.2%	32.28%	22.3%	24.13%	31.26%	20.69%	37.81%	16.54%	7.96%	22.14%
EBITDA+	364.49M	439.48M	514.93M	614.59M	795.69M	909.79M	1.21B	1.4B	1.55B	1.88B
EBITDA Margin %	20.07%	22.62%	24.08%	26.31%	29.66%	30.45%	33.95%	34.16%	33.31%	35.45%
EBITDA Growth %	-9.69%	20.57%	17.17%	19.35%	29.47%	14.34%	32.9%	15.54%	10.65%	21.47%
D&A (Non-Cash Add-back)	119.59M	115.52M	118.72M	122.79M	150.14M	130.7M	135.43M	145.74M	195.01M	227.83M
EBIT	286.96M	333.36M	407.3M	497.8M	653.5M	785.41M	1.07B	1.32B	1.47B	1.65B
Net Interest Income+	-20.75M	-21.79M	-15.07M	-9.32M	-16.93M	-14.35M	-12.84M	-6.55M	-13.52M	-116.54M
Interest Income	2.92M	3.88M	8.07M	9.51M	3.82M	2.63M	10.1M	29.64M	62.48M	0
Interest Expense	23.67M	25.66M	23.14M	18.83M	20.75M	16.98M	22.93M	36.19M	76M	116.54M
Other Income/Expense	-7.75M	-8.91M	-19.82M	-12.83M	-12.8M	-10.65M	-28.32M	30.7M	45.06M	-127.74M
Pretax Income+	237.15M	315.05M	376.39M	478.97M	632.75M	768.43M	1.05B	1.28B	1.4B	1.52B
Pretax Margin %	13.06%	16.21%	17.6%	20.5%	23.58%	25.72%	29.35%	31.34%	30.07%	28.74%
Income Tax+	34.07M	110.94M	30.61M	-510.01M	42.1M	72.48M	196.41M	240.78M	340.33M	413.15M
Effective Tax Rate %	85.63%	64.78%	91.87%	206.48%	93.35%	90.57%	81.21%	81.22%	75.62%	72.86%
Net Income+	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Net Margin %	11.18%	10.5%	16.17%	42.33%	22.02%	23.29%	23.84%	25.46%	22.74%	20.94%
Net Income Growth %	-19.54%	0.5%	69.41%	186.02%	-40.28%	17.83%	21.98%	22.64%	1.38%	5.06%
Net Income (Continuing)	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.70	0.73	1.23	3.53	2.11	2.50	3.09	3.82	3.85	4.06
EPS Growth %	-13.58%	4.29%	68.49%	186.99%	-40.23%	18.48%	23.6%	23.62%	0.79%	5.45%
EPS (Basic)	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89	4.09
Diluted Shares Outstanding	291.26M	280.22M	281.14M	280.51M	279.64M	278.86M	275.01M	272.75M	273.83M	273.31M
Basic Shares Outstanding	284.5M	272.1M	273.73M	273.24M	273.73M	273.5M	271.2M	269.38M	271.21M	271.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	702.03M	979.99M	951.09M	1.17B	1.48B	1.72B	1.71B	1.98B	4.02B	4.67B
Cash & Short-Term Investments	468.29M	692.54M	533.3M	705.21M	928.43M	1.09B	886.82M	1.14B	2.78B	3B
Cash Only	465.23M	688.09M	533.3M	705.21M	928.43M	1.09B	882.33M	1.01B	2.64B	3B
Short-Term Investments	3.06M	4.46M	0	0	0	0	4.49M	130.36M	140.63M	0
Accounts Receivable	157.17M	190.43M	297.08M	304.55M	348.2M	344.41M	486.71M	489.22M	680.46M	944.94M
Days Sales Outstanding	31.59	35.77	50.72	47.58	47.37	42.07	49.88	43.66	53.51	65.12
Inventory	39.48M	33.21M	28.16M	55.8M	75.96M	115.72M	128M	181.66M	257.71M	303.55M
Days Inventory Outstanding	56.17	51.06	39.73	76.47	90.75	137.58	125.72	152.41	145.27	145.36
Other Current Assets	0	0	0	0	126M	81.38M	135.74M	0	0	419.87M
Total Non-Current Assets+	1.39B	1.44B	1.52B	2.19B	2.47B	2.67B	3.43B	3.69B	4.96B	5.48B
Property, Plant & Equipment	238.61M	251.34M	252.63M	376.2M	444.48M	436.04M	541.83M	554.01M	604.39M	517M
Fixed Asset Turnover	7.61x	7.73x	8.46x	6.21x	6.04x	6.85x	6.57x	7.38x	7.68x	10.25x
Goodwill	572.76M	666.01M	662.27M	661.86M	782.09M	928.36M	1.37B	1.54B	2.38B	2.75B
Intangible Assets	258.81M	278.83M	225.46M	172.38M	210.59M	233.26M	354.62M	336.84M	594.73M	718.22M
Long-Term Investments	0	2.99M	118.73M	138.21M	132.23M	127.5M	120M	138.32M	124.09M	0
Other Non-Current Assets	68.14M	87.05M	103.58M	106.87M	170.53M	181.6M	185.9M	248.25M	274.46M	581.37M
Total Assets+	2.1B	2.42B	2.47B	3.36B	3.95B	4.39B	5.14B	5.67B	8.97B	10.15B
Asset Turnover	0.87x	0.80x	0.87x	0.70x	0.68x	0.68x	0.69x	0.72x	0.52x	0.52x
Asset Growth %	-10.81%	15.35%	2.06%	35.99%	17.68%	11.02%	17.12%	10.36%	58.29%	13.13%
Total Current Liabilities+	585.56M	642.4M	708.98M	672.39M	796.81M	971.23M	1.35B	1.59B	1.37B	1.64B
Accounts Payable	4.37M	4.83M	5.48M	0	0	0	47.11M	91.19M	5.55M	856.86M
Days Payables Outstanding	6.21	7.42	7.74	-	-	-	46.27	76.51	3.13	410.34
Short-Term Debt	50M	85M	100M	0	0	0	100M	349.29M	0	0
Deferred Revenue (Current)	296.07M	336.3M	352.46M	355.48M	474.75M	618.06M	745.11M	665.02M	737.41M	778.43M
Other Current Liabilities	0	0	-5.48M	0	0	0	0	0	0	0
Current Ratio	1.20x	1.53x	1.34x	1.74x	1.86x	1.77x	1.27x	1.24x	2.93x	2.86x
Quick Ratio	1.13x	1.47x	1.30x	1.66x	1.76x	1.65x	1.17x	1.13x	2.74x	2.67x
Cash Conversion Cycle	81.55	79.41	82.71	-	-	-	129.33	119.56	195.65	-199.86
Total Non-Current Liabilities+	769.58M	787.11M	471.27M	581.94M	660.96M	674.4M	1.04B	674.35M	2.93B	3.04B
Long-Term Debt	643.49M	644.37M	345.29M	346.02M	346.79M	347.59M	648.08M	299.77M	2.48B	2.48B
Capital Lease Obligations	0	0	0	84.78M	113.92M	107.12M	139.34M	115.36M	108.89M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	59.31M	81.23M	77.26M	77.74M	93.19M	118.54M	165.32M	160.29M	230.56M	407.53M
Total Liabilities	1.36B	1.43B	1.18B	1.25B	1.46B	1.65B	2.39B	2.27B	4.3B	4.68B
Total Debt+	693.49M	729.37M	445.29M	430.8M	460.71M	454.71M	887.41M	764.41M	2.59B	2.48B
Net Debt	228.26M	41.28M	-88.01M	-274.41M	-467.72M	-634.23M	5.09M	-243.74M	-58.95M	-521.17M
Debt / Equity	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x	0.45x
Debt / EBITDA	1.90x	1.66x	0.86x	0.70x	0.58x	0.50x	0.73x	0.55x	1.67x	1.32x
Net Debt / EBITDA	0.63x	0.09x	-0.17x	-0.45x	-0.59x	-0.70x	0.00x	-0.17x	-0.04x	-0.28x
Interest Coverage	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x	14.16x
Total Equity+	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B	5.47B
Equity Growth %	-46.1%	33.36%	30.25%	63.22%	18.55%	9.93%	0.16%	24.01%	37.29%	17.13%
Book Value per Share	2.55	3.53	4.58	7.50	8.92	9.83	9.98	12.48	17.07	20.03
Total Shareholders' Equity	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B	5.47B
Common Stock	1.82B	1.83B	1.94B	2.05B	2.22B	2.47B	2.77B	3.17B	4.18B	0
Retained Earnings	136.9M	341M	772.71M	1.76B	2.35B	3.05B	3.9B	4.94B	5.99B	0
Treasury Stock	-1.19B	-1.18B	-1.4B	-1.67B	-2.06B	-2.74B	-3.82B	-4.6B	-5.31B	0
Accumulated OCI	-25.16M	-3.63M	-24.78M	-36.93M	-17.43M	-33.31M	-91.64M	-94.75M	-190.45M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	444.88M	470.74M	604.75M	729.6M	904.92M	1.1B	1.24B	1.35B	1.26B	1.73B
Operating CF Margin %	24.5%	24.23%	28.29%	31.23%	33.73%	36.84%	34.87%	32.99%	27.16%	32.64%
Operating CF Growth %	17.63%	5.81%	28.47%	20.64%	24.03%	21.66%	12.8%	8.64%	-6.57%	37.14%
Net Income	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Depreciation & Amortization	119.59M	115.52M	118.72M	123.35M	150.14M	130.7M	135.43M	140.37M	195.01M	233.84M
Stock-Based Compensation	109.22M	130.02M	167.72M	181.55M	197.27M	210.09M	270.44M	325.61M	391.22M	455.18M
Deferred Taxes	-4.87M	79.93M	-11.68M	-576.74M	-26.12M	-43.18M	-107.61M	-36.51M	0	66.05M
Other Non-Cash Items	-552K	-7.59M	6.17M	6.15M	8.41M	1.59M	7.13M	-22.66M	-172.19M	-61.92M
Working Capital Changes	18.41M	-51.25M	-21.96M	6.31M	-15.42M	105.8M	87.55M	-98.78M	-208.97M	-73.25M
Change in Receivables	-3.3M	-28.41M	-87.08M	-4.72M	-25.93M	2.01M	-138.47M	-11.75M	-180.29M	-274.89M
Change in Inventory	4.93M	5.03M	752K	-33.02M	-25.68M	-39.03M	-23.07M	-65.89M	-82.77M	-91.03M
Change in Payables	2.65M	-25.99M	1.55M	33.91M	18.39M	67.36M	113.94M	5.42M	0	184.9M
Cash from Investing+	1.36M	-191.21M	-173.84M	-105.71M	-292.16M	-292.95M	-738.63M	-412.25M	-837.12M	-460.52M
Capital Expenditures	-53.71M	-57.9M	-61.5M	-74.61M	-94.81M	-66.88M	-124.22M	-102.34M	-142.54M	-141.87M
CapEx % of Revenue	2.96%	2.98%	2.88%	3.19%	3.53%	2.24%	3.49%	2.5%	3.07%	2.68%
Acquisitions	-41.63M	-143.25M	0	-338K	-197.56M	-226.2M	-613.78M	-198.35M	-737.57M	-429.54M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	923K	0	0	0	-197.34M	-1.58M	0	-166K	0	11.5M
Cash from Financing+	-592.7M	-70.15M	-567.94M	-443.89M	-415.29M	-643.79M	-657.05M	-803.57M	1.24B	-948.98M
Debt Issued (Net)	300M	38.87M	-288.87M	-100M	0	0	300M	-100M	1.85B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-960.29M	-157.19M	-319.98M	-396.73M	-490.09M	-730.28M	-1.16B	-836.53M	-787.76M	-925.03M
Other Financing	104.82M	-793K	-69.92M	-90.58M	0	-1.28M	204.91M	0	-23.83M	-169.84M
Net Change in Cash	-151.45M	222.85M	-154.79M	171.91M	223.22M	160.51M	-206.62M	125.83M	1.64B	357.29M
Free Cash Flow+	391.17M	412.84M	543.25M	655M	810.11M	1.03B	1.12B	1.25B	1.12B	1.59B
FCF Margin %	21.54%	21.25%	25.41%	28.04%	30.2%	34.6%	31.38%	30.48%	24.09%	29.96%
FCF Growth %	17.33%	5.54%	31.59%	20.57%	23.68%	27.65%	8.08%	11.54%	-10.32%	41.94%
FCF per Share	1.34	1.47	1.93	2.33	2.90	3.71	4.06	4.57	4.08	5.81
FCF Conversion (FCF/Net Income)	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x	1.56x
Interest Paid	21.02M	24.16M	23.02M	17.84M	19.78M	15.95M	21.12M	34.93M	43.22M	0
Taxes Paid	36.82M	59.07M	68.04M	41.95M	105.92M	146.42M	233.24M	253.7M	509.98M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	19.18%	23.58%	30.36%	58.32%	25.7%	26.6%	30.95%	33.86%	26.13%	21.85%
Return on Invested Capital (ROIC)	17.68%	24.29%	26.64%	24.36%	25.13%	28.28%	33.16%	31.75%	26.06%	25.86%
Gross Margin	85.88%	87.78%	87.9%	88.6%	88.61%	89.73%	89.57%	89.36%	86.05%	85.61%
Net Margin	11.18%	10.5%	16.17%	42.33%	22.02%	23.29%	23.84%	25.46%	22.74%	20.94%
Debt / Equity	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x	0.45x
Interest Coverage	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x	14.16x
FCF Conversion	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x	1.56x
Revenue Growth	6.7%	6.99%	10.04%	9.27%	14.83%	11.38%	19.19%	14.83%	13.48%	14.12%

US Stock Screener

...

Cadence Design Systems, Inc. (CDNS) 10-Year Financial Performance & Capital Metrics

CDNS •

TechnologyApplication SoftwareEngineering design and simulation software

Revenue $5.3B +14.1%
EBITDA $1.88B +21.5%
Net Income $1.11B +5.1%
EPS (Diluted) 4.06 +5.5%
Gross Margin 85.61% -0.5%
EBITDA Margin 35.45% +6.4%
Operating Margin 31.15% +7.0%
Net Margin 20.94% -7.9%
ROE 21.85% -16.4%
ROIC 25.86% -0.7%
Debt/Equity 0.45 -18.1%
Interest Coverage 14.16 -20.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.3%
✓FCF machine: 30.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%
✓Healthy 5Y average net margin of 23.3%

✗Weaknesses

✗Expensive at 15.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.02%

5Y14.57%

3Y14.14%

TTM14.12%

Profit (Net Income) CAGR

10Y15.95%

5Y13.43%

3Y9.31%

TTM5.06%

EPS CAGR

10Y17.49%

5Y13.99%

3Y9.53%

TTM5.18%

ROCE

10Y Avg23%

5Y Avg25.78%

3Y Avg25.13%

Latest20.47%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.82B	1.94B	2.14B	2.34B	2.68B	2.99B	3.56B	4.09B	4.64B	5.3B
Revenue Growth %	6.7%	6.99%	10.04%	9.27%	14.83%	11.38%	19.19%	14.83%	13.48%	14.12%
Cost of Goods Sold+	256.49M	237.39M	258.75M	266.36M	305.5M	307.01M	371.62M	435.04M	647.5M	762.19M
COGS % of Revenue	14.12%	12.22%	12.1%	11.4%	11.39%	10.27%	10.43%	10.64%	13.95%	14.39%
Gross Profit+	1.56B	1.71B	1.88B	2.07B	2.38B	2.68B	3.19B	3.65B	3.99B	4.53B
Gross Margin %	85.88%	87.78%	87.9%	88.6%	88.61%	89.73%	89.57%	89.36%	86.05%	85.61%
Gross Profit Growth %	6.56%	9.36%	10.18%	10.15%	14.85%	12.78%	18.98%	14.57%	9.27%	13.54%
Operating Expenses+	1.27B	1.37B	1.48B	1.57B	1.73B	1.9B	2.12B	2.4B	2.64B	2.88B
OpEx % of Revenue	70.14%	70.63%	69.37%	67.18%	64.55%	63.65%	59.42%	58.77%	56.95%	54.46%
Selling, General & Admin	520.3M	553.34M	573.08M	621.48M	670.88M	749.28M	846.34M	932.75M	1.04B	1.12B
SG&A % of Revenue	28.65%	28.48%	26.8%	26.6%	25.01%	25.07%	23.76%	22.81%	22.4%	21.07%
Research & Development	735.34M	804.22M	884.82M	935.94M	1.03B	1.13B	1.25B	1.44B	1.55B	1.77B
R&D % of Revenue	40.49%	41.39%	41.38%	40.06%	38.53%	37.96%	35.14%	35.25%	33.38%	33.39%
Other Operating Expenses	15.92M	16.75M	25.18M	12.13M	27.22M	18.59M	18.52M	29.18M	54.14M	0
Operating Income+	244.9M	323.95M	396.21M	491.8M	645.55M	779.09M	1.07B	1.25B	1.35B	1.65B
Operating Margin %	13.49%	16.67%	18.53%	21.05%	24.06%	26.07%	30.15%	30.59%	29.1%	31.15%
Operating Income Growth %	-14.2%	32.28%	22.3%	24.13%	31.26%	20.69%	37.81%	16.54%	7.96%	22.14%
EBITDA+	364.49M	439.48M	514.93M	614.59M	795.69M	909.79M	1.21B	1.4B	1.55B	1.88B
EBITDA Margin %	20.07%	22.62%	24.08%	26.31%	29.66%	30.45%	33.95%	34.16%	33.31%	35.45%
EBITDA Growth %	-9.69%	20.57%	17.17%	19.35%	29.47%	14.34%	32.9%	15.54%	10.65%	21.47%
D&A (Non-Cash Add-back)	119.59M	115.52M	118.72M	122.79M	150.14M	130.7M	135.43M	145.74M	195.01M	227.83M
EBIT	286.96M	333.36M	407.3M	497.8M	653.5M	785.41M	1.07B	1.32B	1.47B	1.65B
Net Interest Income+	-20.75M	-21.79M	-15.07M	-9.32M	-16.93M	-14.35M	-12.84M	-6.55M	-13.52M	-116.54M
Interest Income	2.92M	3.88M	8.07M	9.51M	3.82M	2.63M	10.1M	29.64M	62.48M	0
Interest Expense	23.67M	25.66M	23.14M	18.83M	20.75M	16.98M	22.93M	36.19M	76M	116.54M
Other Income/Expense	-7.75M	-8.91M	-19.82M	-12.83M	-12.8M	-10.65M	-28.32M	30.7M	45.06M	-127.74M
Pretax Income+	237.15M	315.05M	376.39M	478.97M	632.75M	768.43M	1.05B	1.28B	1.4B	1.52B
Pretax Margin %	13.06%	16.21%	17.6%	20.5%	23.58%	25.72%	29.35%	31.34%	30.07%	28.74%
Income Tax+	34.07M	110.94M	30.61M	-510.01M	42.1M	72.48M	196.41M	240.78M	340.33M	413.15M
Effective Tax Rate %	85.63%	64.78%	91.87%	206.48%	93.35%	90.57%	81.21%	81.22%	75.62%	72.86%
Net Income+	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Net Margin %	11.18%	10.5%	16.17%	42.33%	22.02%	23.29%	23.84%	25.46%	22.74%	20.94%
Net Income Growth %	-19.54%	0.5%	69.41%	186.02%	-40.28%	17.83%	21.98%	22.64%	1.38%	5.06%
Net Income (Continuing)	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.70	0.73	1.23	3.53	2.11	2.50	3.09	3.82	3.85	4.06
EPS Growth %	-13.58%	4.29%	68.49%	186.99%	-40.23%	18.48%	23.6%	23.62%	0.79%	5.45%
EPS (Basic)	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89	4.09
Diluted Shares Outstanding	291.26M	280.22M	281.14M	280.51M	279.64M	278.86M	275.01M	272.75M	273.83M	273.31M
Basic Shares Outstanding	284.5M	272.1M	273.73M	273.24M	273.73M	273.5M	271.2M	269.38M	271.21M	271.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	702.03M	979.99M	951.09M	1.17B	1.48B	1.72B	1.71B	1.98B	4.02B	4.67B
Cash & Short-Term Investments	468.29M	692.54M	533.3M	705.21M	928.43M	1.09B	886.82M	1.14B	2.78B	3B
Cash Only	465.23M	688.09M	533.3M	705.21M	928.43M	1.09B	882.33M	1.01B	2.64B	3B
Short-Term Investments	3.06M	4.46M	0	0	0	0	4.49M	130.36M	140.63M	0
Accounts Receivable	157.17M	190.43M	297.08M	304.55M	348.2M	344.41M	486.71M	489.22M	680.46M	944.94M
Days Sales Outstanding	31.59	35.77	50.72	47.58	47.37	42.07	49.88	43.66	53.51	65.12
Inventory	39.48M	33.21M	28.16M	55.8M	75.96M	115.72M	128M	181.66M	257.71M	303.55M
Days Inventory Outstanding	56.17	51.06	39.73	76.47	90.75	137.58	125.72	152.41	145.27	145.36
Other Current Assets	0	0	0	0	126M	81.38M	135.74M	0	0	419.87M
Total Non-Current Assets+	1.39B	1.44B	1.52B	2.19B	2.47B	2.67B	3.43B	3.69B	4.96B	5.48B
Property, Plant & Equipment	238.61M	251.34M	252.63M	376.2M	444.48M	436.04M	541.83M	554.01M	604.39M	517M
Fixed Asset Turnover	7.61x	7.73x	8.46x	6.21x	6.04x	6.85x	6.57x	7.38x	7.68x	10.25x
Goodwill	572.76M	666.01M	662.27M	661.86M	782.09M	928.36M	1.37B	1.54B	2.38B	2.75B
Intangible Assets	258.81M	278.83M	225.46M	172.38M	210.59M	233.26M	354.62M	336.84M	594.73M	718.22M
Long-Term Investments	0	2.99M	118.73M	138.21M	132.23M	127.5M	120M	138.32M	124.09M	0
Other Non-Current Assets	68.14M	87.05M	103.58M	106.87M	170.53M	181.6M	185.9M	248.25M	274.46M	581.37M
Total Assets+	2.1B	2.42B	2.47B	3.36B	3.95B	4.39B	5.14B	5.67B	8.97B	10.15B
Asset Turnover	0.87x	0.80x	0.87x	0.70x	0.68x	0.68x	0.69x	0.72x	0.52x	0.52x
Asset Growth %	-10.81%	15.35%	2.06%	35.99%	17.68%	11.02%	17.12%	10.36%	58.29%	13.13%
Total Current Liabilities+	585.56M	642.4M	708.98M	672.39M	796.81M	971.23M	1.35B	1.59B	1.37B	1.64B
Accounts Payable	4.37M	4.83M	5.48M	0	0	0	47.11M	91.19M	5.55M	856.86M
Days Payables Outstanding	6.21	7.42	7.74	-	-	-	46.27	76.51	3.13	410.34
Short-Term Debt	50M	85M	100M	0	0	0	100M	349.29M	0	0
Deferred Revenue (Current)	296.07M	336.3M	352.46M	355.48M	474.75M	618.06M	745.11M	665.02M	737.41M	778.43M
Other Current Liabilities	0	0	-5.48M	0	0	0	0	0	0	0
Current Ratio	1.20x	1.53x	1.34x	1.74x	1.86x	1.77x	1.27x	1.24x	2.93x	2.86x
Quick Ratio	1.13x	1.47x	1.30x	1.66x	1.76x	1.65x	1.17x	1.13x	2.74x	2.67x
Cash Conversion Cycle	81.55	79.41	82.71	-	-	-	129.33	119.56	195.65	-199.86
Total Non-Current Liabilities+	769.58M	787.11M	471.27M	581.94M	660.96M	674.4M	1.04B	674.35M	2.93B	3.04B
Long-Term Debt	643.49M	644.37M	345.29M	346.02M	346.79M	347.59M	648.08M	299.77M	2.48B	2.48B
Capital Lease Obligations	0	0	0	84.78M	113.92M	107.12M	139.34M	115.36M	108.89M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	59.31M	81.23M	77.26M	77.74M	93.19M	118.54M	165.32M	160.29M	230.56M	407.53M
Total Liabilities	1.36B	1.43B	1.18B	1.25B	1.46B	1.65B	2.39B	2.27B	4.3B	4.68B
Total Debt+	693.49M	729.37M	445.29M	430.8M	460.71M	454.71M	887.41M	764.41M	2.59B	2.48B
Net Debt	228.26M	41.28M	-88.01M	-274.41M	-467.72M	-634.23M	5.09M	-243.74M	-58.95M	-521.17M
Debt / Equity	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x	0.45x
Debt / EBITDA	1.90x	1.66x	0.86x	0.70x	0.58x	0.50x	0.73x	0.55x	1.67x	1.32x
Net Debt / EBITDA	0.63x	0.09x	-0.17x	-0.45x	-0.59x	-0.70x	0.00x	-0.17x	-0.04x	-0.28x
Interest Coverage	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x	14.16x
Total Equity+	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B	5.47B
Equity Growth %	-46.1%	33.36%	30.25%	63.22%	18.55%	9.93%	0.16%	24.01%	37.29%	17.13%
Book Value per Share	2.55	3.53	4.58	7.50	8.92	9.83	9.98	12.48	17.07	20.03
Total Shareholders' Equity	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B	5.47B
Common Stock	1.82B	1.83B	1.94B	2.05B	2.22B	2.47B	2.77B	3.17B	4.18B	0
Retained Earnings	136.9M	341M	772.71M	1.76B	2.35B	3.05B	3.9B	4.94B	5.99B	0
Treasury Stock	-1.19B	-1.18B	-1.4B	-1.67B	-2.06B	-2.74B	-3.82B	-4.6B	-5.31B	0
Accumulated OCI	-25.16M	-3.63M	-24.78M	-36.93M	-17.43M	-33.31M	-91.64M	-94.75M	-190.45M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	444.88M	470.74M	604.75M	729.6M	904.92M	1.1B	1.24B	1.35B	1.26B	1.73B
Operating CF Margin %	24.5%	24.23%	28.29%	31.23%	33.73%	36.84%	34.87%	32.99%	27.16%	32.64%
Operating CF Growth %	17.63%	5.81%	28.47%	20.64%	24.03%	21.66%	12.8%	8.64%	-6.57%	37.14%
Net Income	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B	1.11B
Depreciation & Amortization	119.59M	115.52M	118.72M	123.35M	150.14M	130.7M	135.43M	140.37M	195.01M	233.84M
Stock-Based Compensation	109.22M	130.02M	167.72M	181.55M	197.27M	210.09M	270.44M	325.61M	391.22M	455.18M
Deferred Taxes	-4.87M	79.93M	-11.68M	-576.74M	-26.12M	-43.18M	-107.61M	-36.51M	0	66.05M
Other Non-Cash Items	-552K	-7.59M	6.17M	6.15M	8.41M	1.59M	7.13M	-22.66M	-172.19M	-61.92M
Working Capital Changes	18.41M	-51.25M	-21.96M	6.31M	-15.42M	105.8M	87.55M	-98.78M	-208.97M	-73.25M
Change in Receivables	-3.3M	-28.41M	-87.08M	-4.72M	-25.93M	2.01M	-138.47M	-11.75M	-180.29M	-274.89M
Change in Inventory	4.93M	5.03M	752K	-33.02M	-25.68M	-39.03M	-23.07M	-65.89M	-82.77M	-91.03M
Change in Payables	2.65M	-25.99M	1.55M	33.91M	18.39M	67.36M	113.94M	5.42M	0	184.9M
Cash from Investing+	1.36M	-191.21M	-173.84M	-105.71M	-292.16M	-292.95M	-738.63M	-412.25M	-837.12M	-460.52M
Capital Expenditures	-53.71M	-57.9M	-61.5M	-74.61M	-94.81M	-66.88M	-124.22M	-102.34M	-142.54M	-141.87M
CapEx % of Revenue	2.96%	2.98%	2.88%	3.19%	3.53%	2.24%	3.49%	2.5%	3.07%	2.68%
Acquisitions	-41.63M	-143.25M	0	-338K	-197.56M	-226.2M	-613.78M	-198.35M	-737.57M	-429.54M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	923K	0	0	0	-197.34M	-1.58M	0	-166K	0	11.5M
Cash from Financing+	-592.7M	-70.15M	-567.94M	-443.89M	-415.29M	-643.79M	-657.05M	-803.57M	1.24B	-948.98M
Debt Issued (Net)	300M	38.87M	-288.87M	-100M	0	0	300M	-100M	1.85B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-960.29M	-157.19M	-319.98M	-396.73M	-490.09M	-730.28M	-1.16B	-836.53M	-787.76M	-925.03M
Other Financing	104.82M	-793K	-69.92M	-90.58M	0	-1.28M	204.91M	0	-23.83M	-169.84M
Net Change in Cash	-151.45M	222.85M	-154.79M	171.91M	223.22M	160.51M	-206.62M	125.83M	1.64B	357.29M
Free Cash Flow+	391.17M	412.84M	543.25M	655M	810.11M	1.03B	1.12B	1.25B	1.12B	1.59B
FCF Margin %	21.54%	21.25%	25.41%	28.04%	30.2%	34.6%	31.38%	30.48%	24.09%	29.96%
FCF Growth %	17.33%	5.54%	31.59%	20.57%	23.68%	27.65%	8.08%	11.54%	-10.32%	41.94%
FCF per Share	1.34	1.47	1.93	2.33	2.90	3.71	4.06	4.57	4.08	5.81
FCF Conversion (FCF/Net Income)	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x	1.56x
Interest Paid	21.02M	24.16M	23.02M	17.84M	19.78M	15.95M	21.12M	34.93M	43.22M	0
Taxes Paid	36.82M	59.07M	68.04M	41.95M	105.92M	146.42M	233.24M	253.7M	509.98M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	19.18%	23.58%	30.36%	58.32%	25.7%	26.6%	30.95%	33.86%	26.13%	21.85%
Return on Invested Capital (ROIC)	17.68%	24.29%	26.64%	24.36%	25.13%	28.28%	33.16%	31.75%	26.06%	25.86%
Gross Margin	85.88%	87.78%	87.9%	88.6%	88.61%	89.73%	89.57%	89.36%	86.05%	85.61%
Net Margin	11.18%	10.5%	16.17%	42.33%	22.02%	23.29%	23.84%	25.46%	22.74%	20.94%
Debt / Equity	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x	0.45x
Interest Coverage	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x	14.16x
FCF Conversion	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x	1.56x
Revenue Growth	6.7%	6.99%	10.04%	9.27%	14.83%	11.38%	19.19%	14.83%	13.48%	14.12%

Cadence Design Systems, Inc. (CDNS) 10-Year Financial Performance & Capital Metrics

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Growth Metrics

Revenue CAGR

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Cadence Design Systems, Inc. (CDNS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CDNS vs Peers

vs ADSK

vs PTC

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios