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Cadence Design Systems (CDNS) Financials

Cadence Design Systems logo
$324.82 +1.05 (+0.32%)
Closing price 08/14/2026 04:00 PM Eastern
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$324.45 -0.37 (-0.11%)
As of 08/14/2026 08:00 PM Eastern
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Annual Income Statements for Cadence Design Systems

Annual Income Statements for Cadence Design Systems

This table shows Cadence Design Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 252 203 204 346 989 591 696 849 1,041 1,055 1,109
Consolidated Net Income / (Loss)		 252 203 204 346 989 591 696 849 1,041 1,055 1,109
Net Income / (Loss) Continuing Operations		 252 203 204 346 989 591 696 849 1,041 1,055 1,109
Total Pre-Tax Income 		268 237 315 376 479 633 768 1,045 1,282 1,396 1,522
Total Operating Income		 285 245 324 396 492 646 779 1,074 1,251 1,351 1,492
Total Gross Profit		 1,464 1,560 1,706 1,879 2,070 2,377 2,681 3,190 3,655 3,994 4,575
Total Revenue		 1,702 1,816 1,943 2,138 2,336 2,683 2,988 3,562 4,090 4,641 5,297
Total Cost of Revenue		 238 256 237 259 266 305 307 372 435 648 722
Operating Cost of Revenue		 238 256 237 259 266 305 307 372 435 648 722
Total Operating Expenses		 1,178 1,315 1,382 1,483 1,578 1,732 1,902 2,116 2,404 2,635 3,082
Selling, General & Admin Expense		 110 125 134 133 140 154 189 242 242 274 313
Marketing Expense		 402 395 419 440 482 516 560 604 690 757 803
Research & Development Expense		 638 735 804 885 936 1,034 1,134 1,252 1,442 1,549 1,769
Amortization Expense		 24 18 15 14 12 18 20 18 18 30 40
Restructuring Charge		 4.51 41 9.41 11 8.62 9.22 -1.05 0.06 11 24 29
Other Special Charges / (Income)		 - - - - - - - - - - 129
Total Other Income / (Expense), net		 -18 -7.75 -8.91 -20 -13 -13 -11 -28 31 45 30
Interest Expense		 28 24 26 23 19 21 17 23 36 76 117
Other Income / (Expense), net		 10 16 17 3.32 6.00 7.95 6.33 -5.39 67 121 147
Income Tax Expense		 15 34 111 31 -510 42 72 196 241 340 413
Basic Earnings per Share		 $0.88 $0.71 $0.75 $1.26 $3.62 $2.16 $2.54 $3.13 $3.86 $3.89 $4.09
Weighted Average Basic Shares Outstanding		 288.02M 284.50M 272.10M 273.73M 273.24M 273.73M 273.50M 271.20M 269.38M 271.21M 271.33M
Diluted Earnings per Share		 $0.81 $0.70 $0.73 $1.23 $3.53 $2.11 $2.50 $3.09 $3.82 $3.85 $4.06
Weighted Average Diluted Shares Outstanding		 312.30M 291.26M 280.22M 281.14M 280.52M 279.64M 278.86M 275.01M 272.75M 273.83M 273.31M
Weighted Average Basic & Diluted Shares Outstanding		 286.80M 286M 272.10M 270.10M 280.17M 278.97M 277.34M 272.94M 272.24M 274.11M 272.65M

Quarterly Income Statements for Cadence Design Systems

This table shows Cadence Design Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 324 248 230 238 340 274 160 287 388 336 367
Consolidated Net Income / (Loss)		 324 248 230 238 340 274 160 287 388 336 367
Net Income / (Loss) Continuing Operations		 324 248 230 238 340 274 160 287 388 336 367
Total Pre-Tax Income 		362 310 316 333 437 356 281 393 493 428 510
Total Operating Income		 337 250 294 350 457 362 242 425 463 431 450
Total Gross Profit		 964 884 921 1,052 1,136 1,075 1,091 1,157 1,251 1,260 1,345
Total Revenue		 1,069 1,009 1,061 1,215 1,356 1,242 1,275 1,339 1,440 1,474 1,584
Total Cost of Revenue		 104 125 139 163 220 167 184 182 189 215 239
Operating Cost of Revenue		 104 125 139 163 220 167 184 182 189 215 239
Total Operating Expenses		 628 634 628 702 679 714 849 731 788 828 895
Selling, General & Admin Expense		 76 69 63 72 79 63 69 78 103 88 89
Marketing Expense		 180 181 187 190 200 203 201 193 207 211 241
Research & Development Expense		 367 379 371 407 392 439 442 423 465 508 531
Amortization Expense		 4.98 5.41 6.67 9.15 9.15 8.92 9.20 10 12 20 34
Restructuring Charge		 -0.57 0.28 -0.03 25 -1.02 -0.11 0.05 27 1.86 -0.01 -0.35
Other Special Charges / (Income)		 - - 0.00 0.00 - - 129 0.00 - - 0.00
Total Other Income / (Expense), net		 26 60 22 -17 -20 -5.83 39 -33 30 -3.23 60
Interest Expense		 8.99 8.69 13 24 30 29 29 29 29 32 35
Other Income / (Expense), net		 35 69 35 7.85 9.68 23 68 -3.57 59 28 95
Income Tax Expense		 38 62 86 95 96 82 121 106 105 92 143
Basic Earnings per Share		 $1.20 $0.92 $0.85 $0.87 $1.25 $1.01 $0.59 $1.06 $1.43 $1.23 $1.34
Weighted Average Basic Shares Outstanding		 269.38M 269.61M 270.91M 272.24M 271.21M 271.97M 271.29M 271.15M 271.33M 272.06M 273.96M
Diluted Earnings per Share		 $1.19 $0.91 $0.84 $0.87 $1.23 $1.00 $0.59 $1.05 $1.42 $1.23 $1.33
Weighted Average Diluted Shares Outstanding		 272.75M 273.54M 273.52M 273.96M 273.83M 273.63M 272.90M 273.80M 273.31M 273.73M 276.16M
Weighted Average Basic & Diluted Shares Outstanding		 272.24M 272.13M 273.82M 274.26M 274.11M 273.04M 272.49M 272.20M 272.65M 275.82M 275.39M

Annual Cash Flow Statements for Cadence Design Systems

This table details how cash moves in and out of Cadence Design Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -315 -151 223 -155 172 223 161 -207 126 1,636 357
Net Cash From Operating Activities		 378 445 471 605 730 905 1,101 1,242 1,349 1,261 1,729
Net Cash From Continuing Operating Activities		 378 445 471 605 730 905 1,101 1,242 1,349 1,261 1,729
Net Income / (Loss) Continuing Operations		 252 203 204 346 989 591 696 849 1,041 1,055 1,109
Consolidated Net Income / (Loss)		 252 203 204 346 989 591 696 849 1,041 1,055 1,109
Depreciation Expense		 118 120 116 119 123 146 142 132 145 197 228
Amortization Expense		 9.40 1.07 1.21 1.20 1.56 5.54 -10 4.48 0.45 -1.92 6.02
Non-Cash Adjustments To Reconcile Net Income		 91 108 124 173 187 205 210 276 298 348 393
Changes in Operating Assets and Liabilities, net		 -93 13 26 -34 -570 -42 63 -20 -135 -338 -7.20
Net Cash From Investing Activities		 -45 1.36 -191 -174 -106 -292 -293 -739 -412 -837 -461
Net Cash From Continuing Investing Activities		 -45 1.36 -191 -174 -106 -292 -293 -739 -412 -837 -461
Purchase of Property, Plant & Equipment		 -45 -54 -58 -62 -75 -95 -65 -123 -102 -143 -142
Acquisitions		 0.00 -42 -143 0.00 -0.34 -198 -228 -615 -199 -738 -430
Purchase of Investments		 -97 -21 0.00 -116 -34 0.00 0.00 -1.00 -176 -4.98 -41
Sale of Property, Plant & Equipment		 0.00 0.92 - - - - - - 0.00 0.00 12
Sale and/or Maturity of Investments		 97 116 9.94 3.50 2.95 0.22 0.13 0.37 65 48 140
Net Cash From Financing Activities		 -626 -593 -70 -568 -444 -415 -644 -657 -804 1,239 -949
Net Cash From Continuing Financing Activities		 -626 -593 -70 -568 -444 -415 -644 -657 -804 1,239 -949
Repayment of Debt		 -350 -66 -101 -385 -250 -350 -1.29 -485 -150 -1,374 0.00
Repurchase of Common Equity		 -333 -960 -100 -250 -306 -380 -612 -1,050 -700 -550 -925
Issuance of Debt		 0.00 415 135 100 150 350 0.00 885 50 3,197 0.00
Issuance of Common Equity		 75 55 49 41 53 75 88 105 133 204 146
Other Financing Activities, net		 -18 -37 -53 -74 -91 -110 -118 -112 -136 -238 -170
Effect of Exchange Rate Changes		 -23 -4.99 13 -18 -8.09 26 -3.70 -53 -7.53 -27 38
Cash Interest Paid		 20 21 24 23 18 20 16 21 35 43 112

Quarterly Cash Flow Statements for Cadence Design Systems

This table details how cash moves in and out of Cadence Design Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 46 4.27 47 1,727 -142 134 45 -70 248 -1,595 34
Net Cash From Operating Activities		 272 253 156 410 441 487 378 311 553 356 635
Net Cash From Continuing Operating Activities		 272 253 156 410 441 487 378 311 553 356 635
Net Income / (Loss) Continuing Operations		 324 248 230 238 340 274 160 287 388 336 367
Consolidated Net Income / (Loss)		 324 248 230 238 340 274 160 287 388 336 367
Depreciation Expense		 39 40 48 55 55 53 54 57 65 85 117
Amortization Expense		 3.46 -0.92 -0.13 2.01 0.27 -1.45 4.08 -0.93 4.31 -0.25 1.32
Non-Cash Adjustments To Reconcile Net Income		 66 33 63 126 123 110 83 132 69 126 77
Changes in Operating Assets and Liabilities, net		 -160 -66 -184 -11 -76 52 77 -164 28 -190 72
Net Cash From Investing Activities		 -99 -80 -678 -39 -40 -22 -176 -174 -89 -2,112 26
Net Cash From Continuing Investing Activities		 -99 -80 -678 -39 -40 -22 -176 -174 -89 -2,112 26
Purchase of Property, Plant & Equipment		 -34 -50 -29 -27 -37 -23 -44 -34 -41 -49 -53
Acquisitions		 -35 -71 -649 -15 -2.25 0.00 -122 -129 -179 -2,075 -33
Purchase of Investments		 -31 -2.10 - - -2.89 -11 -10 -14 -5.71 -29 -11
Sale and/or Maturity of Investments		 0.60 43 0.49 1.79 2.32 1.25 0.74 1.50 137 40 122
Net Cash From Financing Activities		 -138 -159 575 1,335 -511 -346 -195 -194 -214 175 -626
Net Cash From Continuing Financing Activities		 -138 -159 575 1,335 -511 -346 -195 -194 -214 175 -626
Repurchase of Common Equity		 -125 -125 -125 -150 -150 -350 -175 -200 -200 -200 -200
Issuance of Debt		 - - 700 2,497 - 0.00 - - - 425 175
Issuance of Common Equity		 1.62 117 17 61 10 77 1.53 60 7.83 73 16
Other Financing Activities, net		 -14 -151 -16 -51 -20 -73 -22 -54 -22 -123 -18
Effect of Exchange Rate Changes		 10 -9.79 -6.16 21 -32 14 38 -12 -2.73 -13 -1.02
Cash Interest Paid		 13 4.90 16 14 7.90 56 0.24 56 0.24 57 6.40
Cash Income Taxes Paid		 149 24 174 99 214 30 125 44 - 35 299

Annual Balance Sheets for Cadence Design Systems

This table presents Cadence Design Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,346 2,097 2,419 2,469 3,357 3,951 4,386 5,137 5,669 8,974 10,153
Total Current Assets		 964 702 980 951 1,169 1,479 1,716 1,707 1,976 4,016 4,670
Cash & Equivalents		 617 465 688 533 705 928 1,089 882 1,008 2,644 3,001
Accounts Receivable		 165 157 190 297 305 338 338 487 489 680 945
Inventories, net		 57 39 33 28 56 76 116 128 182 258 304
Prepaid Expenses		 31 37 68 93 104 136 174 210 297 434 420
Plant, Property, & Equipment, net		 229 239 251 253 276 311 306 371 403 458 517
Total Noncurrent Assets		 1,153 1,156 1,187 1,265 1,912 2,161 2,365 3,059 3,290 4,500 4,966
Goodwill		 552 573 666 662 662 782 928 1,374 1,536 2,379 2,749
Intangible Assets		 296 259 279 225 172 211 233 355 337 595 718
Noncurrent Deferred & Refundable Income Taxes		 - - - 155 732 732 764 854 880 982 918
Other Noncurrent Operating Assets		 300 312 230 222 345 436 439 476 537 545 581
Total Liabilities & Shareholders' Equity		 2,346 2,097 2,419 2,469 3,357 3,951 4,386 5,137 5,669 8,974 10,153
Total Liabilities		 969 1,355 1,430 1,180 1,254 1,458 1,646 2,392 2,265 4,301 4,679
Total Current Liabilities		 536 586 642 709 672 797 971 1,348 1,591 1,370 1,635
Accounts Payable		 238 239 221 257 317 350 417 557 577 633 857
Current Deferred Revenue		 298 296 336 352 355 447 554 691 665 737 778
Total Noncurrent Liabilities		 433 770 787 471 582 661 674 1,044 674 2,931 3,044
Long-Term Debt		 343 643 644 345 346 347 348 648 300 2,476 2,480
Noncurrent Deferred Revenue		 30 67 62 49 73 107 101 92 99 115 156
Other Noncurrent Operating Liabilities		 60 59 81 77 163 207 226 305 276 339 408
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,376 742 989 1,288 2,103 2,493 2,741 2,745 3,404 4,674 5,474
Total Preferred & Common Equity		 1,376 742 989 1,288 2,103 2,493 2,741 2,745 3,404 4,674 5,474
Total Common Equity		 1,376 742 989 1,288 2,103 2,493 2,741 2,745 3,404 4,674 5,474
Common Stock		 1,863 1,820 1,830 1,936 2,046 2,218 2,468 2,766 3,167 4,182 4,719
Retained Earnings		 -74 137 341 773 1,762 2,350 3,046 3,895 4,936 5,992 7,101
Treasury Stock		 -401 -1,190 -1,178 -1,396 -1,668 -2,058 -2,740 -3,824 -4,604 -5,310 -6,344
Accumulated Other Comprehensive Income / (Loss)		 -12 -25 -3.63 -25 -37 -17 -33 -92 -95 -190 -1.81

Quarterly Balance Sheets for Cadence Design Systems

This table presents Cadence Design Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 5,431 5,669 5,722 7,226 9,167 8,974 9,013 9,509 9,599 12,098 12,080
Total Current Assets		 1,824 1,976 1,930 2,196 4,100 4,016 3,998 4,223 4,287 3,180 3,222
Cash & Equivalents		 962 1,008 1,012 1,059 2,786 2,644 2,778 2,823 2,753 1,407 1,440
Accounts Receivable		 427 489 390 565 561 680 581 670 755 1,034 1,065
Inventories, net		 164 182 186 172 293 258 226 226 286 318 390
Prepaid Expenses		 272 297 342 401 460 434 414 503 492 422 326
Plant, Property, & Equipment, net		 380 403 433 449 449 458 466 482 495 537 560
Total Noncurrent Assets		 3,227 3,290 3,359 4,580 4,618 4,500 4,549 4,804 4,818 8,381 8,298
Goodwill		 1,500 1,536 1,575 2,418 2,493 2,379 2,420 2,600 2,645 4,930 4,915
Intangible Assets		 348 337 335 664 662 595 584 619 673 1,933 1,874
Noncurrent Deferred & Refundable Income Taxes		 875 880 887 893 890 982 986 980 893 843 833
Other Noncurrent Operating Assets		 504 537 563 605 573 545 559 605 608 675 676
Total Liabilities & Shareholders' Equity		 5,431 5,669 5,722 7,226 9,167 8,974 9,013 9,509 9,599 12,098 12,080
Total Liabilities		 2,317 2,265 2,155 2,965 4,604 4,301 4,237 4,502 4,400 5,537 5,222
Total Current Liabilities		 1,264 1,591 1,466 1,534 1,675 1,370 1,301 1,497 1,407 2,163 1,849
Accounts Payable		 598 577 457 505 627 633 570 767 631 864 824
Current Deferred Revenue		 666 665 660 679 698 737 731 730 775 874 1,025
Total Noncurrent Liabilities		 1,053 674 689 1,431 2,929 2,931 2,936 3,006 2,994 3,374 3,374
Long-Term Debt		 649 300 300 999 2,475 2,476 2,477 2,478 2,479 2,481 2,482
Noncurrent Deferred Revenue		 101 99 87 89 102 115 111 154 130 147 144
Other Noncurrent Operating Liabilities		 304 276 302 343 351 339 349 373 385 747 747
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561 6,858
Total Preferred & Common Equity		 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561 6,858
Total Common Equity		 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561 6,858
Common Stock		 3,078 3,167 3,332 3,928 4,068 4,182 4,327 4,446 4,605 5,701 5,866
Retained Earnings		 4,612 4,936 5,184 5,414 5,652 5,992 6,265 6,425 6,713 7,436 7,803
Treasury Stock		 -4,463 -4,604 -4,840 -4,972 -5,142 -5,310 -5,693 -5,889 -6,126 -6,536 -6,755
Accumulated Other Comprehensive Income / (Loss)		 -113 -95 -108 -109 -14 -190 -123 24 7.30 -40 -56

Annual Metrics And Ratios for Cadence Design Systems

This table displays calculated financial ratios and metrics derived from Cadence Design Systems' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.66% 6.70% 6.99% 10.04% 9.27% 14.83% 11.38% 19.19% 14.83% 13.48% 14.12%
EBITDA Growth		 20.55% -9.92% 19.91% 13.55% 19.77% 29.34% 14.00% 31.34% 21.60% 14.01% 12.33%
EBIT Growth		 37.55% -11.86% 30.63% 17.26% 24.60% 31.28% 20.19% 36.02% 23.38% 11.66% 11.33%
NOPAT Growth		 48.42% -22.11% 0.07% 73.43% 178.99% -40.66% 17.09% 23.58% 16.54% 0.51% 6.42%
Net Income Growth		 58.85% -19.54% 0.50% 69.41% 186.02% -40.28% 17.83% 21.98% 22.64% 1.38% 5.06%
EPS Growth		 55.77% -13.58% 4.29% 68.49% 186.99% -40.23% 18.48% 23.60% 23.62% 0.79% 5.45%
Operating Cash Flow Growth		 19.41% 17.63% 5.81% 28.47% 20.64% 24.03% 21.66% 12.80% 8.64% -6.57% 37.14%
Free Cash Flow Firm Growth		 869.34% -4.63% -41.68% 32.60% 143.29% -7.89% 42.02% -57.84% 123.46% -175.47% 245.68%
Invested Capital Growth		 0.61% -4.09% 6.57% 16.49% 45.26% 9.62% 4.60% 30.59% 16.63% 47.96% 9.93%
Revenue Q/Q Growth		 1.07% 1.56% 1.71% 3.29% 1.29% 6.36% 0.44% 3.69% 4.30% 6.60% 1.61%
EBITDA Q/Q Growth		 -0.22% -6.38% 5.57% 6.14% -0.85% 13.36% -1.09% 3.06% 11.83% 6.95% 3.73%
EBIT Q/Q Growth		 1.96% -8.99% 7.94% 7.91% -0.66% 14.23% 0.93% 2.03% 12.98% 6.94% 3.53%
NOPAT Q/Q Growth		 3.68% -17.07% -19.85% 48.07% 130.52% -45.75% 0.77% 7.98% 6.55% 5.55% 1.09%
Net Income Q/Q Growth		 6.47% -17.10% -20.59% 48.46% 131.22% -45.14% 0.41% 8.13% 8.72% 1.57% 4.52%
EPS Q/Q Growth		 5.19% -14.63% -20.65% 50.00% 132.24% -45.19% 0.81% 8.42% 8.83% 1.05% 4.91%
Operating Cash Flow Q/Q Growth		 -2.38% 19.96% -12.95% 0.84% 3.90% -2.56% 7.87% 4.00% 0.63% 15.51% 6.94%
Free Cash Flow Firm Q/Q Growth		 -0.52% 33.65% -61.14% 17.07% 46.57% -12.28% 18.52% -10.97% -8.06% 47.35% -15.03%
Invested Capital Q/Q Growth		 -1.36% -11.06% 5.97% 14.05% 48.92% 7.04% 1.76% 5.28% 8.73% -2.10% 0.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 85.99% 85.88% 87.78% 87.90% 88.60% 88.61% 89.73% 89.57% 89.36% 86.05% 86.36%
EBITDA Margin		 24.88% 21.01% 23.54% 24.30% 26.63% 29.99% 30.70% 33.83% 35.82% 35.99% 35.35%
Operating Margin		 16.77% 13.49% 16.67% 18.53% 21.05% 24.06% 26.07% 30.15% 30.59% 29.10% 28.17%
EBIT Margin		 17.38% 14.36% 17.54% 18.69% 21.31% 24.36% 26.28% 29.99% 32.23% 31.71% 30.94%
Profit (Net Income) Margin		 14.83% 11.18% 10.50% 16.17% 42.33% 22.02% 23.29% 23.84% 25.46% 22.74% 20.94%
Tax Burden Percent		 94.33% 85.64% 64.78% 91.87% 206.48% 93.35% 90.57% 81.21% 81.22% 75.62% 72.86%
Interest Burden Percent		 90.43% 90.92% 92.47% 94.21% 96.22% 96.82% 97.84% 97.85% 97.25% 94.84% 92.89%
Effective Tax Rate		 5.67% 14.37% 35.22% 8.13% -106.48% 6.65% 9.43% 18.79% 18.78% 24.38% 27.14%
Return on Invested Capital (ROIC)		 26.79% 21.24% 21.01% 32.63% 68.98% 32.97% 36.09% 37.83% 35.93% 27.05% 22.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 31.60% 30.54% 16.68% 110.56% 80.83% 35.51% 37.54% 43.08% 25.83% 14.12% 16.64%
Return on Net Nonoperating Assets (RNNOA)		 -8.15% -2.06% 2.57% -2.27% -10.66% -7.27% -9.49% -6.88% -2.07% -0.92% -1.13%
Return on Equity (ROE)		 18.63% 19.18% 23.58% 30.36% 58.32% 25.70% 26.60% 30.95% 33.86% 26.13% 21.85%
Cash Return on Invested Capital (CROIC)		 26.18% 25.41% 14.65% 17.40% 32.07% 23.80% 31.59% 11.30% 20.58% -11.63% 13.53%
Operating Return on Assets (OROA)		 10.65% 11.74% 15.09% 16.35% 17.09% 17.88% 18.84% 22.44% 24.39% 20.10% 17.13%
Return on Assets (ROA)		 9.09% 9.14% 9.04% 14.15% 33.95% 16.16% 16.70% 17.83% 19.27% 14.42% 11.59%
Return on Common Equity (ROCE)		 18.63% 19.18% 23.58% 30.36% 58.32% 25.70% 26.60% 30.95% 33.86% 26.13% 21.85%
Return on Equity Simple (ROE_SIMPLE)		 18.34% 27.38% 20.63% 26.84% 47.03% 23.69% 25.39% 30.93% 30.58% 22.58% 0.00%
Net Operating Profit after Tax (NOPAT)		 269 210 210 364 1,015 603 706 872 1,016 1,021 1,087
NOPAT Margin		 15.82% 11.55% 10.80% 17.02% 43.46% 22.46% 23.61% 24.48% 24.85% 22.01% 20.52%
Net Nonoperating Expense Percent (NNEP)		 -4.81% -9.30% 4.33% -77.93% -11.85% -2.54% -1.46% -5.25% 10.11% 12.93% 6.34%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 24.96% 25.07% 14.29% 13.67%
Cost of Revenue to Revenue		 14.01% 14.12% 12.22% 12.10% 11.40% 11.39% 10.27% 10.43% 10.64% 13.95% 13.64%
SG&A Expenses to Revenue		 6.46% 6.89% 6.91% 6.24% 5.98% 5.76% 6.33% 6.80% 5.93% 6.08% 5.92%
R&D to Revenue		 37.46% 40.49% 41.39% 41.38% 40.06% 38.53% 37.96% 35.14% 35.25% 33.38% 33.39%
Operating Expenses to Revenue		 69.22% 72.39% 71.11% 69.37% 67.55% 64.55% 63.65% 59.42% 58.77% 56.95% 58.20%
Earnings before Interest and Taxes (EBIT)		 296 261 341 400 498 653 785 1,068 1,318 1,472 1,639
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 423 381 457 519 622 805 917 1,205 1,465 1,670 1,872
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.50 9.75 11.94 9.49 9.38 15.26 18.84 16.05 21.77 17.63 15.54
Price to Tangible Book Value (P/TBV)		 11.73 0.00 266.20 30.52 15.55 25.36 32.71 43.36 48.38 48.47 42.40
Price to Revenue (P/Rev)		 3.64 3.98 6.08 5.72 8.44 14.18 17.28 12.37 18.12 17.75 16.06
Price to Earnings (P/E)		 24.53 35.61 57.86 35.36 19.94 64.43 74.21 51.91 71.17 78.07 76.73
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.08% 2.81% 1.73% 2.83% 5.01% 1.55% 1.35% 1.93% 1.41% 1.28% 1.30%
Enterprise Value to Invested Capital (EV/IC)		 5.78 7.71 11.50 10.11 11.10 19.61 25.46 16.83 24.22 18.25 17.07
Enterprise Value to Revenue (EV/Rev)		 3.42 4.11 6.10 5.68 8.29 13.97 17.03 12.33 18.03 17.72 15.97
Enterprise Value to EBITDA (EV/EBITDA)		 13.75 19.55 25.90 23.37 31.12 46.57 55.49 36.46 50.33 49.23 45.16
Enterprise Value to EBIT (EV/EBIT)		 19.68 28.59 34.78 30.39 38.90 57.34 64.81 41.12 55.95 55.87 51.61
Enterprise Value to NOPAT (EV/NOPAT)		 21.63 35.55 56.46 33.35 19.07 62.19 72.14 50.38 72.57 80.51 77.79
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.40 16.76 25.17 20.07 26.54 41.41 46.24 35.37 54.66 65.24 48.92
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.13 29.71 80.96 62.55 41.01 86.16 82.41 168.70 126.73 0.00 132.18
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.25 0.93 0.74 0.35 0.16 0.14 0.13 0.27 0.19 0.53 0.45
Long-Term Debt to Equity		 0.25 0.87 0.65 0.27 0.16 0.14 0.13 0.24 0.09 0.53 0.45
Financial Leverage		 -0.26 -0.07 0.15 -0.02 -0.13 -0.20 -0.25 -0.16 -0.08 -0.07 -0.07
Leverage Ratio		 2.05 2.10 2.61 2.15 1.72 1.59 1.59 1.74 1.76 1.81 1.88
Compound Leverage Factor		 1.85 1.91 2.41 2.02 1.65 1.54 1.56 1.70 1.71 1.72 1.75
Debt to Total Capital		 19.97% 48.32% 42.44% 25.68% 14.13% 12.21% 11.26% 21.42% 16.01% 34.63% 31.18%
Short-Term Debt to Total Capital		 0.00% 3.48% 4.95% 5.77% 0.00% 0.00% 0.00% 2.86% 8.62% 0.00% 0.00%
Long-Term Debt to Total Capital		 19.97% 44.83% 37.49% 19.92% 14.13% 12.21% 11.26% 18.55% 7.40% 34.63% 31.18%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 80.03% 51.68% 57.56% 74.32% 85.87% 87.79% 88.74% 78.58% 83.99% 65.37% 68.82%
Debt to EBITDA		 0.81 1.82 1.59 0.86 0.56 0.43 0.38 0.62 0.44 1.48 1.32
Net Debt to EBITDA		 -0.87 0.59 0.09 -0.17 -0.58 -0.72 -0.81 -0.11 -0.25 -0.10 -0.28
Long-Term Debt to EBITDA		 0.81 1.69 1.41 0.66 0.56 0.43 0.38 0.54 0.20 1.48 1.32
Debt to NOPAT		 1.28 3.31 3.48 1.22 0.34 0.58 0.49 0.86 0.64 2.42 2.28
Net Debt to NOPAT		 -1.37 1.07 0.20 -0.24 -0.35 -0.97 -1.05 -0.15 -0.35 -0.16 -0.48
Long-Term Debt to NOPAT		 1.28 3.07 3.07 0.95 0.34 0.58 0.49 0.74 0.30 2.42 2.28
Altman Z-Score		 5.15 4.64 6.59 8.17 11.53 17.93 21.28 13.58 22.42 13.84 13.30
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.80 1.20 1.53 1.34 1.74 1.86 1.77 1.27 1.24 2.93 2.86
Quick Ratio		 1.63 1.07 1.37 1.17 1.50 1.59 1.47 1.02 0.94 2.43 2.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 263 251 146 194 472 435 618 260 582 -439 640
Operating Cash Flow to CapEx		 844.05% 842.75% 813.01% 983.29% 977.95% 954.43% 1,686.05% 1,007.91% 1,318.37% 884.34% 1,326.05%
Free Cash Flow to Firm to Interest Expense		 9.30 10.60 5.70 8.39 25.08 20.96 36.38 11.35 16.08 -5.78 5.49
Operating Cash Flow to Interest Expense		 13.36 18.80 18.34 26.14 38.75 43.61 64.84 54.15 37.29 16.59 14.83
Operating Cash Flow Less CapEx to Interest Expense		 11.78 16.56 16.09 23.48 34.79 39.04 60.99 48.78 34.46 14.71 13.72
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.61 0.82 0.86 0.87 0.80 0.73 0.72 0.75 0.76 0.63 0.55
Accounts Receivable Turnover		 11.85 11.28 11.18 8.77 7.77 8.34 8.84 8.64 8.38 7.94 6.52
Inventory Turnover		 4.21 5.33 6.53 8.43 6.34 4.64 3.20 3.05 2.81 2.95 2.57
Fixed Asset Turnover		 7.42 7.77 7.93 8.48 8.84 9.14 9.69 10.52 10.56 10.78 10.86
Accounts Payable Turnover		 1.03 1.07 1.03 1.08 0.93 0.92 0.80 0.76 0.77 1.07 0.97
Days Sales Outstanding (DSO)		 30.81 32.36 32.65 41.61 47.00 43.74 41.29 42.24 43.55 45.99 56.00
Days Inventory Outstanding (DIO)		 86.60 68.47 55.88 43.29 57.53 78.71 113.94 119.69 129.91 123.84 141.82
Days Payable Outstanding (DPO)		 354.66 339.77 354.10 336.88 392.90 398.37 456.08 478.54 475.59 340.83 376.38
Cash Conversion Cycle (CCC)		 -237.25 -238.93 -265.57 -251.98 -288.37 -275.92 -300.85 -316.61 -302.14 -171.00 -178.56
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,008 967 1,030 1,200 1,744 1,911 1,999 2,611 3,045 4,506 4,953
Invested Capital Turnover		 1.69 1.84 1.95 1.92 1.59 1.47 1.53 1.55 1.45 1.23 1.12
Increase / (Decrease) in Invested Capital		 6.08 -41 64 170 543 168 88 612 434 1,461 447
Enterprise Value (EV)		 5,823 7,456 11,850 12,140 19,364 37,473 50,904 43,932 73,742 82,237 84,563
Market Capitalization		 6,191 7,231 11,808 12,228 19,723 38,055 51,645 44,066 74,102 82,405 85,085
Book Value per Share		 $4.63 $2.59 $3.50 $4.57 $7.49 $8.94 $9.89 $10.01 $12.51 $17.04 $20.11
Tangible Book Value per Share		 $1.77 ($0.31) $0.16 $1.42 $4.52 $5.38 $5.70 $3.70 $5.63 $6.20 $7.37
Total Capital		 1,719 1,435 1,719 1,734 2,449 2,840 3,088 3,493 4,053 7,150 7,954
Total Debt		 343 693 729 445 346 347 348 748 649 2,476 2,480
Total Long-Term Debt		 343 643 644 345 346 347 348 648 300 2,476 2,480
Net Debt		 -368 225 41 -88 -359 -582 -741 -134 -359 -168 -521
Capital Expenditures (CapEx)		 45 53 58 62 75 95 65 123 102 143 130
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -283 -302 -265 -191 -208 -247 -344 -423 -274 1.94 33
Debt-free Net Working Capital (DFNWC)		 428 166 423 342 497 682 745 459 735 2,646 3,034
Net Working Capital (NWC)		 428 116 338 242 497 682 745 359 385 2,646 3,034
Net Nonoperating Expense (NNE)		 17 6.64 5.77 18 26 12 9.65 23 -25 -34 -22
Net Nonoperating Obligations (NNO)		 -368 225 41 -88 -359 -582 -741 -134 -359 -168 -521
Total Depreciation and Amortization (D&A)		 128 121 117 120 124 151 132 137 147 198 234
Debt-free, Cash-free Net Working Capital to Revenue		 -16.64% -16.62% -13.66% -8.94% -8.91% -9.19% -11.53% -11.88% -6.69% 0.04% 0.62%
Debt-free Net Working Capital to Revenue		 25.14% 9.17% 21.75% 16.00% 21.27% 25.41% 24.92% 12.89% 17.96% 57.01% 57.29%
Net Working Capital to Revenue		 25.14% 6.41% 17.37% 11.32% 21.27% 25.41% 24.92% 10.08% 9.42% 57.01% 57.29%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.88 $0.71 $0.75 $1.26 $3.62 $0.00 $2.54 $3.13 $3.86 $3.89 $4.09
Adjusted Weighted Average Basic Shares Outstanding		 288.02M 284.50M 272.10M 273.73M 273.24M 0.00 273.50M 271.20M 269.38M 271.21M 271.33M
Adjusted Diluted Earnings per Share		 $0.81 $0.70 $0.73 $1.23 $3.53 $0.00 $2.50 $3.09 $3.82 $3.85 $4.06
Adjusted Weighted Average Diluted Shares Outstanding		 312.30M 291.26M 280.22M 281.14M 280.52M 0.00 278.86M 275.01M 272.75M 273.83M 273.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 305.36M 278.77M 282.87M 280.39M 280.17M 0.00 277.34M 272.94M 272.24M 274.11M 272.65M
Normalized Net Operating Profit after Tax (NOPAT)		 273 245 216 374 350 611 705 872 1,025 1,039 1,202
Normalized NOPAT Margin		 16.07% 13.48% 11.11% 17.50% 14.99% 22.78% 23.58% 24.48% 25.07% 22.39% 22.69%
Pre Tax Income Margin		 15.72% 13.06% 16.21% 17.60% 20.50% 23.58% 25.72% 29.35% 31.34% 30.07% 28.74%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.45 11.02 13.28 17.27 26.44 31.50 46.26 46.58 36.43 19.37 14.06
NOPAT to Interest Expense		 9.51 8.86 8.18 15.73 53.93 29.04 41.56 38.02 28.08 13.44 9.33
EBIT Less CapEx to Interest Expense		 8.87 8.79 11.02 14.61 22.48 26.93 42.41 41.21 33.60 17.49 12.94
NOPAT Less CapEx to Interest Expense		 7.93 6.63 5.92 13.07 49.97 24.47 37.71 32.65 25.26 11.56 8.21
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 132.00% 472.85% 49.01% 72.32% 30.96% 64.35% 87.98% 123.69% 67.25% 52.11% 83.42%

Quarterly Metrics And Ratios for Cadence Design Systems

This table displays calculated financial ratios and metrics derived from Cadence Design Systems' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 275,816,000.00 275,393,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 275,816,000.00 275,393,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.22 1.33
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.75% -1.23% 8.61% 18.81% 26.89% 23.12% 20.25% 10.15% 6.20% 18.66% 24.23%
EBITDA Growth		 60.04% -1.75% 10.14% 19.75% 26.27% 22.08% -2.25% 15.56% 13.61% 24.71% 80.69%
EBIT Growth		 68.96% -3.63% 6.94% 15.82% 25.74% 20.73% -5.80% 17.86% 11.97% 19.47% 76.18%
NOPAT Growth		 24.88% -17.68% -3.67% 0.66% 18.24% 39.28% -35.45% 24.39% 2.48% 21.62% 134.91%
Net Income Growth		 34.74% 2.41% 3.80% -6.37% 5.04% 10.47% -30.27% 20.58% 14.09% 22.69% 129.35%
EPS Growth		 35.23% 2.25% 3.70% -6.45% 3.36% 9.89% -29.76% 20.69% 15.45% 23.00% 125.42%
Operating Cash Flow Growth		 3.21% -5.30% -62.31% 3.56% 62.21% 92.32% 142.11% -24.23% 25.41% -26.95% 68.15%
Free Cash Flow Firm Growth		 64.03% 37.79% -219.52% -2,040.65% -728.94% -228.19% 101.61% 99.26% 92.53% -226.93% -11,055.17%
Invested Capital Growth		 16.63% 18.59% 69.60% 64.33% 47.96% 39.67% 2.45% 7.01% 9.93% 80.10% 69.45%
Revenue Q/Q Growth		 4.45% -5.57% 5.11% 14.60% 11.56% -8.38% 2.66% 4.97% 7.56% 2.37% 7.48%
EBITDA Q/Q Growth		 19.18% -13.39% 5.15% 10.32% 25.68% -16.34% -15.81% 30.02% 23.81% -7.98% 21.98%
EBIT Q/Q Growth		 20.08% -14.10% 3.10% 8.91% 30.36% -17.52% -19.56% 36.27% 23.85% -12.00% 18.63%
NOPAT Q/Q Growth		 21.22% -33.68% 7.01% 17.01% 42.39% -21.89% -50.40% 125.47% 17.32% -7.30% -4.21%
Net Income Q/Q Growth		 27.36% -23.54% -7.32% 3.74% 42.88% -19.59% -41.50% 79.39% 35.18% -13.52% 9.36%
EPS Q/Q Growth		 27.96% -23.53% -7.69% 3.57% 41.38% -18.70% -41.00% 77.97% 35.24% -13.38% 8.13%
Operating Cash Flow Q/Q Growth		 -31.28% -6.93% -38.41% 162.88% 7.65% 10.35% -22.47% -17.73% 78.17% -35.72% 78.46%
Free Cash Flow Firm Q/Q Growth		 -83.82% -127.11% -446.51% 6.17% 28.82% 10.09% 102.68% -143.06% -620.13% -3,837.08% 10.26%
Invested Capital Q/Q Growth		 8.73% 5.23% 42.01% 1.14% -2.10% -0.67% 4.16% 5.64% 0.57% 62.75% -2.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.26% 87.59% 86.87% 86.59% 83.78% 86.55% 85.56% 86.39% 86.89% 85.45% 84.90%
EBITDA Margin		 38.65% 35.45% 35.46% 34.14% 38.46% 35.12% 28.80% 35.67% 41.06% 36.91% 41.89%
Operating Margin		 31.49% 24.77% 27.71% 28.80% 33.69% 29.10% 18.96% 31.77% 32.17% 29.26% 28.42%
EBIT Margin		 34.72% 31.59% 30.98% 29.45% 34.41% 30.97% 24.27% 31.51% 36.28% 31.18% 34.42%
Profit (Net Income) Margin		 30.31% 24.54% 21.64% 19.59% 25.09% 22.02% 12.55% 21.45% 26.95% 22.77% 23.17%
Tax Burden Percent		 89.46% 79.87% 72.70% 71.42% 77.91% 76.91% 57.04% 73.10% 78.74% 78.41% 71.94%
Interest Burden Percent		 97.58% 97.27% 96.07% 93.16% 93.59% 92.43% 90.65% 93.12% 94.36% 93.12% 93.56%
Effective Tax Rate		 10.54% 20.13% 27.30% 28.58% 22.09% 23.09% 42.96% 26.90% 21.26% 21.59% 28.06%
Return on Invested Capital (ROIC)		 40.74% 27.31% 23.18% 24.19% 32.27% 28.41% 11.95% 25.41% 28.37% 20.23% 19.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 31.48% 11.36% 72.52% 32.87% 38.25% 29.76% -68.69% 45.70% 21.60% 19.81% 31.37%
Return on Net Nonoperating Assets (RNNOA)		 -2.53% -1.05% 0.65% -1.17% -2.50% -2.37% 0.41% -1.10% -1.47% 2.10% 1.84%
Return on Equity (ROE)		 38.22% 26.26% 23.83% 23.02% 29.78% 26.04% 12.35% 24.31% 26.90% 22.33% 20.85%
Cash Return on Invested Capital (CROIC)		 20.58% 15.88% -25.05% -22.53% -11.63% -4.54% 19.61% 15.81% 13.53% -38.90% -30.26%
Operating Return on Assets (OROA)		 26.28% 23.64% 20.83% 17.56% 21.81% 20.49% 14.76% 17.50% 20.09% 16.33% 18.61%
Return on Assets (ROA)		 22.94% 18.37% 14.55% 11.69% 15.90% 14.57% 7.63% 11.91% 14.93% 11.93% 12.53%
Return on Common Equity (ROCE)		 38.22% 26.26% 23.83% 23.02% 29.78% 26.04% 12.35% 24.31% 26.90% 22.33% 20.85%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 29.35% 24.77% 22.77% 0.00% 22.64% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 301 200 214 250 356 278 138 311 365 338 324
NOPAT Margin		 28.17% 19.78% 20.14% 20.57% 26.25% 22.38% 10.81% 23.23% 25.33% 22.94% 20.45%
Net Nonoperating Expense Percent (NNEP)		 9.26% 15.95% -49.34% -8.67% -5.98% -1.35% 80.63% -20.29% 6.77% 0.42% -12.37%
Return On Investment Capital (ROIC_SIMPLE)		 7.43% - - - 4.98% 3.83% 1.84% 4.05% 4.59% 3.57% 3.47%
Cost of Revenue to Revenue		 9.74% 12.41% 13.13% 13.41% 16.22% 13.45% 14.44% 13.61% 13.11% 14.55% 15.10%
SG&A Expenses to Revenue		 7.09% 6.81% 5.98% 5.89% 5.79% 5.08% 5.41% 5.83% 7.17% 5.98% 5.59%
R&D to Revenue		 34.38% 37.55% 34.95% 33.51% 28.91% 35.34% 34.66% 31.60% 32.26% 34.49% 33.53%
Operating Expenses to Revenue		 58.76% 62.82% 59.16% 57.79% 50.08% 57.45% 66.60% 54.62% 54.72% 56.19% 56.48%
Earnings before Interest and Taxes (EBIT)		 371 319 329 358 467 385 310 422 522 460 545
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 413 358 376 415 522 436 367 478 591 544 664
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 21.77 23.74 19.66 16.26 17.63 14.60 16.81 18.41 15.54 11.55 15.09
Price to Tangible Book Value (P/TBV)		 48.38 51.08 71.03 52.73 48.47 39.34 47.06 50.87 42.40 0.00 1,506.39
Price to Revenue (P/Rev)		 18.12 20.77 20.12 17.05 17.75 14.30 16.53 18.36 16.06 13.70 17.73
Price to Earnings (P/E)		 71.17 80.89 79.35 71.42 78.07 64.47 83.14 90.22 76.73 64.70 75.12
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.41% 1.24% 1.26% 1.40% 1.28% 1.55% 1.20% 1.11% 1.30% 1.55% 1.33%
Enterprise Value to Invested Capital (EV/IC)		 24.22 26.31 18.47 16.13 18.25 15.51 17.97 19.38 17.07 9.58 13.24
Enterprise Value to Revenue (EV/Rev)		 18.03 20.68 20.19 17.05 17.72 14.24 16.46 18.31 15.97 13.97 17.91
Enterprise Value to EBITDA (EV/EBITDA)		 50.33 57.81 56.27 47.54 49.23 39.68 48.14 52.87 45.16 39.02 45.93
Enterprise Value to EBIT (EV/EBIT)		 55.95 64.56 63.31 53.95 55.87 45.14 55.17 60.30 51.61 45.09 53.64
Enterprise Value to NOPAT (EV/NOPAT)		 72.57 86.81 87.40 76.73 80.51 63.27 82.58 88.75 77.79 67.36 78.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 54.66 63.16 78.02 68.04 65.24 46.45 48.83 59.04 48.92 48.36 56.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 126.73 179.76 0.00 0.00 0.00 0.00 92.75 126.76 132.18 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.19 0.18 0.32 0.62 0.53 0.52 0.50 0.48 0.45 0.44 0.36
Long-Term Debt to Equity		 0.09 0.08 0.23 0.54 0.53 0.52 0.50 0.48 0.45 0.38 0.36
Financial Leverage		 -0.08 -0.09 0.01 -0.04 -0.07 -0.08 -0.01 -0.02 -0.07 0.11 0.06
Leverage Ratio		 1.76 1.67 1.73 1.90 1.81 1.77 1.81 1.92 1.88 1.86 1.82
Compound Leverage Factor		 1.71 1.63 1.66 1.77 1.70 1.63 1.64 1.79 1.78 1.73 1.70
Debt to Total Capital		 16.01% 15.40% 24.04% 38.24% 34.63% 34.15% 33.11% 32.29% 31.18% 30.70% 26.58%
Short-Term Debt to Total Capital		 8.62% 8.29% 6.23% 4.74% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49% 0.00%
Long-Term Debt to Total Capital		 7.40% 7.11% 17.81% 33.50% 34.63% 34.15% 33.11% 32.29% 31.18% 26.21% 26.58%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 83.99% 84.60% 75.96% 61.76% 65.37% 65.85% 66.89% 67.71% 68.82% 69.30% 73.42%
Debt to EBITDA		 0.44 0.45 0.90 1.81 1.48 1.42 1.42 1.37 1.32 1.47 1.09
Net Debt to EBITDA		 -0.25 -0.25 0.19 0.03 -0.10 -0.17 -0.20 -0.15 -0.28 0.76 0.46
Long-Term Debt to EBITDA		 0.20 0.21 0.67 1.58 1.48 1.42 1.42 1.37 1.32 1.25 1.09
Debt to NOPAT		 0.64 0.67 1.40 2.92 2.42 2.26 2.44 2.31 2.28 2.53 1.86
Net Debt to NOPAT		 -0.35 -0.37 0.30 0.04 -0.16 -0.27 -0.34 -0.25 -0.48 1.31 0.78
Long-Term Debt to NOPAT		 0.30 0.31 1.04 2.56 2.42 2.26 2.44 2.31 2.28 2.16 1.86
Altman Z-Score		 21.87 25.85 18.83 11.46 13.47 11.89 13.15 15.08 12.94 9.75 13.57
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.24 1.32 1.43 2.45 2.93 3.07 2.82 3.05 2.86 1.47 1.74
Quick Ratio		 0.94 0.96 1.06 2.00 2.43 2.58 2.33 2.49 2.41 1.13 1.36
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -133 -303 -1,654 -1,552 -1,105 -993 27 -11 -82 -3,247 -2,914
Operating Cash Flow to CapEx		 807.32% 510.54% 534.15% 1,544.82% 1,186.39% 4,212.62% 856.53% 922.28% 1,348.64% 728.76% 1,206.45%
Free Cash Flow to Firm to Interest Expense		 -14.82 -34.82 -128.16 -63.35 -36.93 -34.11 0.92 -0.39 -2.80 -102.71 -82.93
Operating Cash Flow to Interest Expense		 30.27 29.13 12.09 16.74 14.76 16.73 13.04 10.70 18.80 11.25 18.07
Operating Cash Flow Less CapEx to Interest Expense		 26.52 23.43 9.82 15.65 13.51 16.33 11.52 9.54 17.41 9.71 16.57
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.76 0.75 0.67 0.60 0.63 0.66 0.61 0.56 0.55 0.52 0.54
Accounts Receivable Turnover		 8.38 9.29 8.28 8.82 7.94 10.04 8.24 7.92 6.52 6.85 6.73
Inventory Turnover		 2.81 2.78 3.07 2.33 2.95 3.35 3.69 2.60 2.57 2.83 2.68
Fixed Asset Turnover		 10.56 10.12 10.15 10.51 10.78 10.84 10.93 11.05 10.86 11.02 11.20
Accounts Payable Turnover		 0.77 0.98 0.94 0.87 1.07 1.34 1.15 1.20 0.97 1.07 1.04
Days Sales Outstanding (DSO)		 43.55 39.30 44.11 41.39 45.99 36.34 44.29 46.08 56.00 53.30 54.25
Days Inventory Outstanding (DIO)		 129.91 131.23 118.73 156.89 123.84 108.90 98.83 140.37 141.82 128.89 136.42
Days Payable Outstanding (DPO)		 475.59 371.37 387.53 420.67 340.83 271.80 316.13 304.81 376.38 340.05 351.89
Cash Conversion Cycle (CCC)		 -302.14 -200.84 -224.70 -222.39 -171.00 -126.56 -173.01 -118.36 -178.56 -157.86 -161.22
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,045 3,204 4,551 4,602 4,506 4,476 4,662 4,925 4,953 8,061 7,900
Invested Capital Turnover		 1.45 1.38 1.15 1.18 1.23 1.27 1.10 1.09 1.12 0.88 0.93
Increase / (Decrease) in Invested Capital		 434 502 1,868 1,802 1,461 1,271 111 322 447 3,585 3,238
Enterprise Value (EV)		 73,742 84,324 84,039 74,253 82,237 69,413 83,793 95,441 84,563 77,261 104,561
Market Capitalization		 74,102 84,687 83,749 74,213 82,405 69,714 84,138 95,715 85,085 75,762 103,519
Book Value per Share		 $12.51 $13.23 $15.66 $16.67 $17.04 $17.42 $18.34 $19.08 $20.11 $24.07 $24.86
Tangible Book Value per Share		 $5.63 $6.15 $4.33 $5.14 $6.20 $6.47 $6.55 $6.91 $7.37 ($1.11) $0.25
Total Capital		 4,053 4,217 5,610 7,389 7,150 7,253 7,485 7,678 7,954 9,468 9,340
Total Debt		 649 649 1,349 2,825 2,476 2,477 2,478 2,479 2,480 2,906 2,482
Total Long-Term Debt		 300 300 999 2,475 2,476 2,477 2,478 2,479 2,480 2,481 2,482
Net Debt		 -359 -363 290 39 -168 -301 -345 -274 -521 1,500 1,042
Capital Expenditures (CapEx)		 34 50 29 27 37 12 44 34 41 49 53
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -274 -199 -47 -11 1.94 -80 -97 127 33 36 -67
Debt-free Net Working Capital (DFNWC)		 735 814 1,012 2,775 2,646 2,697 2,726 2,880 3,034 1,443 1,373
Net Working Capital (NWC)		 385 464 663 2,425 2,646 2,697 2,726 2,880 3,034 1,018 1,373
Net Nonoperating Expense (NNE)		 -23 -48 -16 12 16 4.48 -22 24 -23 2.53 -43
Net Nonoperating Obligations (NNO)		 -359 -363 290 39 -168 -301 -345 -274 -521 1,500 1,042
Total Depreciation and Amortization (D&A)		 42 39 48 57 55 51 58 56 69 84 118
Debt-free, Cash-free Net Working Capital to Revenue		 -6.69% -4.87% -1.12% -0.26% 0.04% -1.65% -1.90% 2.44% 0.62% 0.66% -1.15%
Debt-free Net Working Capital to Revenue		 17.96% 19.96% 24.33% 63.73% 57.01% 55.34% 53.56% 55.26% 57.29% 26.10% 23.52%
Net Working Capital to Revenue		 9.42% 11.38% 15.92% 55.70% 57.01% 55.34% 53.56% 55.26% 57.29% 18.41% 23.52%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.20 $0.92 $0.85 $0.87 $1.25 $1.01 $0.59 $1.06 $1.43 $1.23 $1.34
Adjusted Weighted Average Basic Shares Outstanding		 269.38M 269.61M 270.91M 272.24M 271.21M 271.97M 271.29M 271.15M 271.33M 272.06M 273.96M
Adjusted Diluted Earnings per Share		 $1.19 $0.91 $0.84 $0.87 $1.23 $1.00 $0.59 $1.05 $1.42 $1.23 $1.33
Adjusted Weighted Average Diluted Shares Outstanding		 272.75M 273.54M 273.52M 273.96M 273.83M 273.63M 272.90M 273.80M 273.31M 273.73M 276.16M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 272.24M 272.13M 273.82M 274.26M 274.11M 273.04M 272.49M 272.20M 272.65M 275.82M 275.39M
Normalized Net Operating Profit after Tax (NOPAT)		 301 200 214 268 355 278 211 331 366 338 324
Normalized NOPAT Margin		 28.12% 19.81% 20.14% 22.01% 26.19% 22.37% 16.56% 24.72% 25.43% 22.94% 20.43%
Pre Tax Income Margin		 33.88% 30.72% 29.76% 27.43% 32.20% 28.63% 22.00% 29.34% 34.23% 29.04% 32.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 41.28 36.67 25.46 14.61 15.60 13.22 10.69 14.53 17.74 14.54 15.52
NOPAT to Interest Expense		 33.49 22.97 16.56 10.21 11.90 9.55 4.76 10.71 12.39 10.70 9.22
EBIT Less CapEx to Interest Expense		 37.53 30.96 23.20 13.53 14.36 12.82 9.17 13.37 16.35 13.00 14.02
NOPAT Less CapEx to Interest Expense		 29.74 17.26 14.29 9.12 10.66 9.15 3.24 9.55 11.00 9.15 7.72
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 67.25% 66.87% 47.38% 50.52% 52.11% 71.67% 81.53% 82.48% 83.42% 66.19% 58.06%

Financials Breakdown Chart

Key Financial Trends

Cadence Design Systems (NASDAQ: CDNS) showed solid operating performance in Q1 2026, but the quarter was heavily affected by a large acquisition and related financing activity. Revenue rose to $1.47 billion from $1.44 billion in Q4 2025 and $1.24 billion in Q1 2025, while net income improved year over year to $335.7 million. Operating cash flow remained strong at $355.8 million, but investing cash flow was deeply negative due to $2.07 billion in acquisitions, which drove a sharp quarterly cash decline.

Over the last four years, Cadence has consistently delivered strong revenue growth and profitability. Quarterly revenue has climbed from about $1.02 billion in Q1 2023 to $1.47 billion in Q1 2026, while quarterly net income has generally trended higher as well. Gross margins remain very healthy, and the company continues to convert earnings into cash at a solid rate.

  • Revenue increased to $1.47 billion in Q1 2026, up meaningfully from $1.24 billion in Q1 2025 and $1.02 billion in Q1 2023.
  • Gross profit remained very strong at $1.26 billion in Q1 2026, showing the business still has attractive margins.
  • Operating income was $431.3 million in Q1 2026, indicating the core business remains highly profitable.
  • Operating cash flow was $355.8 million in Q1 2026, supporting ongoing earnings quality.
  • Diluted EPS held at $1.23 in Q1 2026, above the $1.00 level in Q1 2025 and well above Q1 2023.
  • Cash and equivalents were $1.41 billion at the end of Q1 2026, giving the company a sizable liquidity cushion.
  • Deferred revenue remains substantial, with current deferred revenue of $873.6 million, which can help support future recognized revenue.
  • The company has maintained a consistent pattern of share repurchases, which can support EPS but also uses cash.
  • R&D spending remains elevated at $508.4 million in Q1 2026, reflecting continued investment in product development.
  • The company’s balance sheet includes a large amount of goodwill and intangible assets following acquisitions, which adds accounting risk if those deals underperform.
  • Cadence spent $2.07 billion on acquisitions in Q1 2026, a very large outflow that pressured cash generation for the quarter.
  • Net change in cash and equivalents was negative $1.59 billion in Q1 2026, driven mainly by acquisition activity.
  • Debt increased with $425 million of new issuance in Q1 2026, and total debt remains significant.
  • Interest expense was $31.6 million in Q1 2026, which adds to financial obligations.
  • Other operating capital changes were a drag in Q1 2026, with a $190.1 million negative impact on operating cash flow.

Bottom line: Cadence appears to be a fundamentally strong software company with consistent revenue growth, high margins, and durable cash generation. The main near-term concern is balance sheet pressure from acquisition spending and debt, but the underlying business trend remains positive.

08/15/26 11:40 PM ETAI Generated. May Contain Errors.

Cadence Design Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cadence Design Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cadence Design Systems' net income appears to be on an upward trend, with a most recent value of $1.11 billion in 2025, rising from $252.42 million in 2015. The previous period was $1.06 billion in 2024. See where experts think Cadence Design Systems is headed by visiting Cadence Design Systems' forecast page.

Cadence Design Systems' total operating income in 2025 was $1.49 billion, based on the following breakdown:
  • Total Gross Profit: $4.57 billion
  • Total Operating Expenses: $3.08 billion

Over the last 10 years, Cadence Design Systems' total revenue changed from $1.70 billion in 2015 to $5.30 billion in 2025, a change of 211.2%.

Cadence Design Systems' total liabilities were at $4.68 billion at the end of 2025, a 8.8% increase from 2024, and a 382.7% increase since 2015.

In the past 10 years, Cadence Design Systems' cash and equivalents has ranged from $465.23 million in 2016 to $3.00 billion in 2025, and is currently $3.00 billion as of their latest financial filing in 2025.

Over the last 10 years, Cadence Design Systems' book value per share changed from 4.63 in 2015 to 20.11 in 2025, a change of 334.8%.


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Financial statements for NASDAQ:CDNS last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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