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

CDNS • • Industrial / General

TechnologyApplication SoftwareDesign & Engineering SoftwareCAD/Engineering Design

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 $4.64B +13.5%
EBITDA $1.55B +10.7%
Net Income $1.06B +1.4%
EPS (Diluted) 3.85 +0.8%
Gross Margin 86.05% -3.7%
EBITDA Margin 33.31% -2.5%
Operating Margin 29.1% -4.9%
Net Margin 22.74% -10.7%
ROE 26.13% -22.8%
ROIC 26.06% -17.9%
Debt/Equity 0.55 +146.3%
Interest Coverage 17.77 -48.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.3%
✓FCF machine: 24.1% free cash flow margin
✓Strong 5Y sales CAGR of 14.7%
✓Healthy 5Y average net margin of 23.5%

✗Weaknesses

✗Expensive at 18.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.37%

5Y14.72%

3Y15.81%

TTM19.72%

Profit (Net Income) CAGR

10Y20.85%

5Y1.31%

3Y14.89%

TTM2.1%

EPS CAGR

10Y22.16%

5Y1.75%

3Y15.48%

TTM1.84%

ROCE

10Y Avg22.53%

5Y Avg26.11%

3Y Avg28.25%

Latest23.12%

Peer Comparison

CAD/Engineering Design

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.37B	34.79	347.90	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	87.27B	320.60	83.27	13.48%	20.35%	20.41%	1.28%	0.55
ADSKAutodesk, Inc.	55.6B	262.26	51.22	12.7%	16.14%	38.4%	2.71%	0.98
PTCPTC Inc.	19.85B	166.89	27.18	19.18%	27.05%	19.37%	4.32%	0.36
MTLSMaterialise N.V.	330.19M	5.59	24.30	4.15%	1.73%	1.89%	1.54%	0.17
ORKTOrangekloud Technology Inc.	1.65M	0.79	-0.45	-33.61%	-98.25%	-73.44%		0.04
SVCOSilvaco Group, Inc. Common Stock	140.94M	4.60	-3.01	10.02%	-47.59%	-37.71%		0.02
AZA2Z Cust2Mate Solutions Corp.	303.52M	7.24	-9.05	-37%	-483.62%	-44.37%		0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.7B	1.82B	1.94B	2.14B	2.34B	2.68B	2.99B	3.56B	4.09B	4.64B
Revenue Growth %	0.08%	0.07%	0.07%	0.1%	0.09%	0.15%	0.11%	0.19%	0.15%	0.13%
Cost of Goods Sold+	238.45M	256.49M	237.39M	258.75M	266.36M	305.5M	307.01M	371.62M	435.04M	647.5M
COGS % of Revenue	0.14%	0.14%	0.12%	0.12%	0.11%	0.11%	0.1%	0.1%	0.11%	0.14%
Gross Profit+	1.46B	1.56B	1.71B	1.88B	2.07B	2.38B	2.68B	3.19B	3.65B	3.99B
Gross Margin %	0.86%	0.86%	0.88%	0.88%	0.89%	0.89%	0.9%	0.9%	0.89%	0.86%
Gross Profit Growth %	0.08%	0.07%	0.09%	0.1%	0.1%	0.15%	0.13%	0.19%	0.15%	0.09%
Operating Expenses+	1.17B	1.27B	1.37B	1.48B	1.57B	1.73B	1.9B	2.12B	2.4B	2.64B
OpEx % of Revenue	0.69%	0.7%	0.71%	0.69%	0.67%	0.65%	0.64%	0.59%	0.59%	0.57%
Selling, General & Admin	512.41M	520.3M	553.34M	573.08M	621.48M	670.88M	749.28M	846.34M	932.75M	1.04B
SG&A % of Revenue	0.3%	0.29%	0.28%	0.27%	0.27%	0.25%	0.25%	0.24%	0.23%	0.22%
Research & Development	637.57M	735.34M	804.22M	884.82M	935.94M	1.03B	1.13B	1.25B	1.44B	1.55B
R&D % of Revenue	0.37%	0.4%	0.41%	0.41%	0.4%	0.39%	0.38%	0.35%	0.35%	0.33%
Other Operating Expenses	10.48M	15.92M	16.75M	25.18M	12.13M	27.22M	18.59M	18.52M	29.18M	54.14M
Operating Income+	285.43M	244.9M	323.95M	396.21M	491.8M	645.55M	779.09M	1.07B	1.25B	1.35B
Operating Margin %	0.17%	0.13%	0.17%	0.19%	0.21%	0.24%	0.26%	0.3%	0.31%	0.29%
Operating Income Growth %	0.38%	-0.14%	0.32%	0.22%	0.24%	0.31%	0.21%	0.38%	0.17%	0.08%
EBITDA+	403.6M	364.49M	439.48M	514.93M	614.59M	795.69M	909.79M	1.21B	1.4B	1.55B
EBITDA Margin %	0.24%	0.2%	0.23%	0.24%	0.26%	0.3%	0.3%	0.34%	0.34%	0.33%
EBITDA Growth %	0.25%	-0.1%	0.21%	0.17%	0.19%	0.29%	0.14%	0.33%	0.16%	0.11%
D&A (Non-Cash Add-back)	118.17M	119.59M	115.52M	118.72M	122.79M	150.14M	130.7M	135.43M	145.74M	195.01M
EBIT	290.64M	286.96M	333.36M	407.3M	497.8M	653.5M	785.41M	1.07B	1.32B	1.47B
Net Interest Income+	-25.64M	-20.75M	-21.79M	-15.07M	-9.32M	-16.93M	-14.35M	-12.84M	-6.55M	-13.52M
Interest Income	2.67M	2.92M	3.88M	8.07M	9.51M	3.82M	2.63M	10.1M	29.64M	62.48M
Interest Expense	28.31M	23.67M	25.66M	23.14M	18.83M	20.75M	16.98M	22.93M	36.19M	76M
Other Income/Expense	-17.83M	-7.75M	-8.91M	-19.82M	-12.83M	-12.8M	-10.65M	-28.32M	30.7M	45.06M
Pretax Income+	267.6M	237.15M	315.05M	376.39M	478.97M	632.75M	768.43M	1.05B	1.28B	1.4B
Pretax Margin %	0.16%	0.13%	0.16%	0.18%	0.21%	0.24%	0.26%	0.29%	0.31%	0.3%
Income Tax+	15.18M	34.07M	110.94M	30.61M	-510.01M	42.1M	72.48M	196.41M	240.78M	340.33M
Effective Tax Rate %	0.94%	0.86%	0.65%	0.92%	2.06%	0.93%	0.91%	0.81%	0.81%	0.76%
Net Income+	252.42M	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B
Net Margin %	0.15%	0.11%	0.11%	0.16%	0.42%	0.22%	0.23%	0.24%	0.25%	0.23%
Net Income Growth %	0.59%	-0.2%	0%	0.69%	1.86%	-0.4%	0.18%	0.22%	0.23%	0.01%
Net Income (Continuing)	252.42M	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B
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)+	0.81	0.70	0.73	1.23	3.53	2.11	2.50	3.09	3.82	3.85
EPS Growth %	0.56%	-0.14%	0.04%	0.68%	1.87%	-0.4%	0.18%	0.24%	0.24%	0.01%
EPS (Basic)	0.88	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89
Diluted Shares Outstanding	312.3M	291.26M	280.22M	281.14M	280.51M	279.64M	278.86M	275.01M	272.75M	273.83M
Basic Shares Outstanding	288.02M	284.5M	272.1M	273.73M	273.24M	273.73M	273.5M	271.2M	269.38M	271.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	964.24M	702.03M	979.99M	951.09M	1.17B	1.48B	1.72B	1.71B	1.98B	4.02B
Cash & Short-Term Investments	711.18M	468.29M	692.54M	533.3M	705.21M	928.43M	1.09B	886.82M	1.14B	2.78B
Cash Only	616.69M	465.23M	688.09M	533.3M	705.21M	928.43M	1.09B	882.33M	1.01B	2.64B
Short-Term Investments	94.5M	3.06M	4.46M	0	0	0	0	4.49M	130.36M	140.63M
Accounts Receivable	164.85M	157.17M	190.43M	297.08M	304.55M	348.2M	344.41M	486.71M	489.22M	680.46M
Days Sales Outstanding	35.35	31.59	35.77	50.72	47.58	47.37	42.07	49.88	43.66	53.51
Inventory	56.76M	39.48M	33.21M	28.16M	55.8M	75.96M	115.72M	128M	181.66M	257.71M
Days Inventory Outstanding	86.89	56.17	51.06	39.73	76.47	90.75	137.58	125.72	152.41	145.27
Other Current Assets	0	0	0	0	0	126M	81.38M	135.74M	0	0
Total Non-Current Assets+	1.39B	1.39B	1.44B	1.52B	2.19B	2.47B	2.67B	3.43B	3.69B	4.96B
Property, Plant & Equipment	228.6M	238.61M	251.34M	252.63M	376.2M	444.48M	436.04M	541.83M	554.01M	604.39M
Fixed Asset Turnover	7.45x	7.61x	7.73x	8.46x	6.21x	6.04x	6.85x	6.57x	7.38x	7.68x
Goodwill	551.77M	572.76M	666.01M	662.27M	661.86M	782.09M	928.36M	1.37B	1.54B	2.38B
Intangible Assets	296.48M	258.81M	278.83M	225.46M	172.38M	210.59M	233.26M	354.62M	336.84M	594.73M
Long-Term Investments	0	0	2.99M	118.73M	138.21M	132.23M	127.5M	120M	138.32M	124.09M
Other Non-Current Assets	58.78M	68.14M	87.05M	103.58M	106.87M	170.53M	181.6M	185.9M	248.25M	274.46M
Total Assets+	2.35B	2.1B	2.42B	2.47B	3.36B	3.95B	4.39B	5.14B	5.67B	8.97B
Asset Turnover	0.72x	0.87x	0.80x	0.87x	0.70x	0.68x	0.68x	0.69x	0.72x	0.52x
Asset Growth %	-0.27%	-0.11%	0.15%	0.02%	0.36%	0.18%	0.11%	0.17%	0.1%	0.58%
Total Current Liabilities+	536.31M	585.56M	642.4M	708.98M	672.39M	796.81M	971.23M	1.35B	1.59B	1.37B
Accounts Payable	25.15M	4.37M	4.83M	5.48M	0	0	0	47.11M	91.19M	5.55M
Days Payables Outstanding	38.5	6.21	7.42	7.74	-	-	-	46.27	76.51	3.13
Short-Term Debt	0	50M	85M	100M	0	0	0	100M	349.29M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	-5.48M	0	0	0	0	0	0
Current Ratio	1.80x	1.20x	1.53x	1.34x	1.74x	1.86x	1.77x	1.27x	1.24x	2.93x
Quick Ratio	1.69x	1.13x	1.47x	1.30x	1.66x	1.76x	1.65x	1.17x	1.13x	2.74x
Cash Conversion Cycle	83.74	81.55	79.41	82.71	-	-	-	129.33	119.56	195.65
Total Non-Current Liabilities+	433.09M	769.58M	787.11M	471.27M	581.94M	660.96M	674.4M	1.04B	674.35M	2.93B
Long-Term Debt	348.79M	643.49M	644.37M	345.29M	346.02M	346.79M	347.59M	648.08M	299.77M	2.48B
Capital Lease Obligations	0	0	0	0	84.78M	113.92M	107.12M	139.34M	115.36M	108.89M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	59.6M	59.31M	81.23M	77.26M	77.74M	93.19M	118.54M	165.32M	160.29M	230.56M
Total Liabilities	974.9M	1.36B	1.43B	1.18B	1.25B	1.46B	1.65B	2.39B	2.27B	4.3B
Total Debt+	348.79M	693.49M	729.37M	445.29M	430.8M	460.71M	454.71M	887.41M	764.41M	2.59B
Net Debt	-267.9M	228.26M	41.28M	-88.01M	-274.41M	-467.72M	-634.23M	5.09M	-243.74M	-58.95M
Debt / Equity	0.25x	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x
Debt / EBITDA	0.86x	1.90x	1.66x	0.86x	0.70x	0.58x	0.50x	0.73x	0.55x	1.67x
Net Debt / EBITDA	-0.66x	0.63x	0.09x	-0.17x	-0.45x	-0.59x	-0.70x	0.00x	-0.17x	-0.04x
Interest Coverage	10.08x	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x
Total Equity+	1.38B	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B
Equity Growth %	0.03%	-0.46%	0.33%	0.3%	0.63%	0.19%	0.1%	0%	0.24%	0.37%
Book Value per Share	4.41	2.55	3.53	4.58	7.50	8.92	9.83	9.98	12.48	17.07
Total Shareholders' Equity	1.38B	741.77M	989.2M	1.29B	2.1B	2.49B	2.74B	2.75B	3.4B	4.67B
Common Stock	1.86B	1.82B	1.83B	1.94B	2.05B	2.22B	2.47B	2.77B	3.17B	4.18B
Retained Earnings	-73.99M	136.9M	341M	772.71M	1.76B	2.35B	3.05B	3.9B	4.94B	5.99B
Treasury Stock	-400.56M	-1.19B	-1.18B	-1.4B	-1.67B	-2.06B	-2.74B	-3.82B	-4.6B	-5.31B
Accumulated OCI	-12.43M	-25.16M	-3.63M	-24.78M	-36.93M	-17.43M	-33.31M	-91.64M	-94.75M	-190.45M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	378.2M	444.88M	470.74M	604.75M	729.6M	904.92M	1.1B	1.24B	1.35B	1.26B
Operating CF Margin %	0.22%	0.24%	0.24%	0.28%	0.31%	0.34%	0.37%	0.35%	0.33%	0.27%
Operating CF Growth %	0.19%	0.18%	0.06%	0.28%	0.21%	0.24%	0.22%	0.13%	0.09%	-0.07%
Net Income	252.42M	203.09M	204.1M	345.78M	988.98M	590.64M	695.96M	848.95M	1.04B	1.06B
Depreciation & Amortization	118.17M	119.59M	115.52M	118.72M	123.35M	150.14M	130.7M	135.43M	140.37M	195.01M
Stock-Based Compensation	92.34M	109.22M	130.02M	167.72M	181.55M	197.27M	210.09M	270.44M	325.61M	391.22M
Deferred Taxes	-13.15M	-4.87M	79.93M	-11.68M	-576.74M	-26.12M	-43.18M	-107.61M	-36.51M	0
Other Non-Cash Items	7.92M	-552K	-7.59M	6.17M	6.15M	8.41M	1.59M	7.13M	-22.66M	-172.19M
Working Capital Changes	-79.5M	18.41M	-51.25M	-21.96M	6.31M	-15.42M	105.8M	87.55M	-98.78M	-208.97M
Change in Receivables	-44.73M	-3.3M	-28.41M	-87.08M	-4.72M	-25.93M	2.01M	-138.47M	-11.75M	-180.29M
Change in Inventory	-1.12M	4.93M	5.03M	752K	-33.02M	-25.68M	-39.03M	-23.07M	-65.89M	-82.77M
Change in Payables	15.32M	2.65M	-25.99M	1.55M	33.91M	18.39M	67.36M	113.94M	5.42M	0
Cash from Investing+	-44.5M	1.36M	-191.21M	-173.84M	-105.71M	-292.16M	-292.95M	-738.63M	-412.25M	-837.12M
Capital Expenditures	-44.81M	-53.71M	-57.9M	-61.5M	-74.61M	-94.81M	-66.88M	-124.22M	-102.34M	-142.54M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.02%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	923K	0	0	0	-197.34M	-1.58M	0	-166K	0
Cash from Financing+	-626.31M	-592.7M	-70.15M	-567.94M	-443.89M	-415.29M	-643.79M	-657.05M	-803.57M	1.24B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	15.59M	104.82M	-793K	-69.92M	-90.58M	0	-1.28M	204.91M	0	-23.83M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	333.39M	391.17M	412.84M	543.25M	655M	810.11M	1.03B	1.12B	1.25B	1.12B
FCF Margin %	0.2%	0.22%	0.21%	0.25%	0.28%	0.3%	0.35%	0.31%	0.3%	0.24%
FCF Growth %	0.2%	0.17%	0.06%	0.32%	0.21%	0.24%	0.28%	0.08%	0.12%	-0.1%
FCF per Share	1.07	1.34	1.47	1.93	2.33	2.90	3.71	4.06	4.57	4.08
FCF Conversion (FCF/Net Income)	1.50x	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x
Interest Paid	19.92M	21.02M	24.16M	23.02M	17.84M	19.78M	15.95M	21.12M	34.93M	43.22M
Taxes Paid	29.49M	36.82M	59.07M	68.04M	41.95M	105.92M	146.42M	233.24M	253.7M	509.98M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.63%	19.18%	23.58%	30.36%	58.32%	25.7%	26.6%	30.95%	33.86%	26.13%
Return on Invested Capital (ROIC)	19.45%	17.68%	24.29%	26.64%	24.36%	25.13%	28.28%	33.16%	31.75%	26.06%
Gross Margin	85.99%	85.88%	87.78%	87.9%	88.6%	88.61%	89.73%	89.57%	89.36%	86.05%
Net Margin	14.83%	11.18%	10.5%	16.17%	42.33%	22.02%	23.29%	23.84%	25.46%	22.74%
Debt / Equity	0.25x	0.93x	0.74x	0.35x	0.20x	0.18x	0.17x	0.32x	0.22x	0.55x
Interest Coverage	10.08x	10.35x	12.62x	17.12x	26.12x	31.11x	45.88x	46.82x	34.58x	17.77x
FCF Conversion	1.50x	2.19x	2.31x	1.75x	0.74x	1.53x	1.58x	1.46x	1.30x	1.19x
Revenue Growth	7.66%	6.7%	6.99%	10.04%	9.27%	14.83%	11.38%	19.19%	14.83%	13.48%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product and maintenance	-	-	-	2B	2.2B	2.54B	2.81B	3.34B	3.83B	4.21B
Product and maintenance Growth	-	-	-	-	10.35%	15.06%	10.89%	18.74%	14.79%	9.89%
Technology Service	-	-	-	140.13M	131.7M	146.27M	175.3M	221.52M	255.63M	427.75M
Technology Service Growth	-	-	-	-	-6.02%	11.06%	19.84%	26.37%	15.40%	67.34%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	1.03B	1.14B	1.34B	1.63B	1.76B	2.25B
Americas Growth	-	-	-	-	-	11.12%	17.12%	22.16%	7.90%	28.02%
Asia	413.59M	445.5M	526.2M	605.41M	700.5M	894.01M	944.93M	1.15B	1.45B	1.43B
Asia Growth	-	7.72%	18.11%	15.05%	15.71%	27.62%	5.70%	21.81%	25.62%	-1.17%
EMEA	316.68M	346.7M	385.7M	406.88M	433.31M	469.8M	523.39M	582.35M	655.08M	699.24M
EMEA Growth	-	9.48%	11.25%	5.49%	6.50%	8.42%	11.41%	11.27%	12.49%	6.74%
JAPAN	163.44M	160M	166.62M	168.56M	176.65M	179.16M	184.8M	197.32M	229.17M	260.2M
JAPAN Growth	-	-2.10%	4.14%	1.16%	4.80%	1.42%	3.15%	6.78%	16.14%	13.54%

Frequently Asked Questions

Valuation & Price

Cadence Design Systems, Inc. (CDNS) has a price-to-earnings (P/E) ratio of 83.3x. This suggests investors expect higher future growth.

Growth & Financials

Cadence Design Systems, Inc. (CDNS) reported $5.21B in revenue for fiscal year 2024. This represents a 353% increase from $1.15B in 2011.

Cadence Design Systems, Inc. (CDNS) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Cadence Design Systems, Inc. (CDNS) is profitable, generating $1.06B in net income for fiscal year 2024 (22.7% net margin).

Dividend & Returns

Cadence Design Systems, Inc. (CDNS) has a return on equity (ROE) of 26.1%. This is excellent, indicating efficient use of shareholder capital.

Cadence Design Systems, Inc. (CDNS) generated $1.48B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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