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Cadence Design Systems (CDNS) Financials

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$358.76 +3.86 (+1.09%)
As of 12:37 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 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 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 254 324 248 230 238 340 274 160 287 388 336
Consolidated Net Income / (Loss)		 254 324 248 230 238 340 274 160 287 388 336
Net Income / (Loss) Continuing Operations		 254 324 248 230 238 340 274 160 287 388 336
Total Pre-Tax Income 		300 362 310 316 333 437 356 281 393 493 428
Total Operating Income		 293 337 250 294 350 457 362 242 425 463 431
Total Gross Profit		 914 964 884 921 1,052 1,136 1,075 1,091 1,157 1,251 1,260
Total Revenue		 1,023 1,069 1,009 1,061 1,215 1,356 1,242 1,275 1,339 1,440 1,474
Total Cost of Revenue		 110 104 125 139 163 220 167 184 182 189 215
Operating Cost of Revenue		 110 104 125 139 163 220 167 184 182 189 215
Total Operating Expenses		 621 628 634 628 702 679 714 849 731 788 828
Selling, General & Admin Expense		 59 76 69 63 72 79 63 69 78 103 88
Marketing Expense		 176 180 181 187 190 200 203 201 193 207 211
Research & Development Expense		 370 367 379 371 407 392 439 442 423 465 508
Amortization Expense		 4.61 4.98 5.41 6.67 9.15 9.15 8.92 9.20 10 12 20
Restructuring Charge		 12 -0.57 0.28 -0.03 25 -1.02 -0.11 0.05 27 1.86 -0.01
Total Other Income / (Expense), net		 7.05 26 60 22 -17 -20 -5.83 39 -33 30 -3.23
Interest Expense		 9.06 8.99 8.69 13 24 30 29 29 29 29 32
Other Income / (Expense), net		 16 35 69 35 7.85 9.68 23 68 -3.57 59 28
Income Tax Expense		 46 38 62 86 95 96 82 121 106 105 92
Basic Earnings per Share		 $0.94 $1.20 $0.92 $0.85 $0.87 $1.25 $1.01 $0.59 $1.06 $1.43 $1.23
Weighted Average Basic Shares Outstanding		 269.23M 269.38M 269.61M 270.91M 272.24M 271.21M 271.97M 271.29M 271.15M 271.33M 272.06M
Diluted Earnings per Share		 $0.93 $1.19 $0.91 $0.84 $0.87 $1.23 $1.00 $0.59 $1.05 $1.42 $1.23
Weighted Average Diluted Shares Outstanding		 272.43M 272.75M 273.54M 273.52M 273.96M 273.83M 273.63M 272.90M 273.80M 273.31M 273.73M
Weighted Average Basic & Diluted Shares Outstanding		 272.06M 272.24M 272.13M 273.82M 274.26M 274.11M 273.04M 272.49M 272.20M 272.65M 275.82M

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 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 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 88 46 4.27 47 1,727 -142 134 45 -70 248 -1,595
Net Cash From Operating Activities		 396 272 253 156 410 441 487 378 311 553 356
Net Cash From Continuing Operating Activities		 396 272 253 156 410 441 487 378 311 553 356
Net Income / (Loss) Continuing Operations		 254 324 248 230 238 340 274 160 287 388 336
Consolidated Net Income / (Loss)		 254 324 248 230 238 340 274 160 287 388 336
Depreciation Expense		 36 39 40 48 55 55 53 54 57 65 85
Amortization Expense		 1.18 3.46 -0.92 -0.13 2.01 0.27 -1.45 4.08 -0.93 4.31 -0.25
Non-Cash Adjustments To Reconcile Net Income		 76 66 33 63 126 123 110 83 132 69 126
Changes in Operating Assets and Liabilities, net		 28 -160 -66 -184 -11 -76 52 77 -164 28 -190
Net Cash From Investing Activities		 -184 -99 -80 -678 -39 -40 -22 -176 -174 -89 -2,112
Net Cash From Continuing Investing Activities		 -184 -99 -80 -678 -39 -40 -22 -176 -174 -89 -2,112
Purchase of Property, Plant & Equipment		 -22 -34 -50 -29 -27 -37 -23 -44 -34 -41 -49
Acquisitions		 -109 -35 -71 -649 -15 -2.25 0.00 -122 -129 -179 -2,075
Purchase of Investments		 -116 -31 -2.10 - - -2.89 -11 -10 -14 -5.71 -29
Sale of Property, Plant & Equipment		 - - 0.00 - - - 12 - - - 0.00
Sale and/or Maturity of Investments		 63 0.60 43 0.49 1.79 2.32 1.25 0.74 1.50 137 40
Net Cash From Financing Activities		 -114 -138 -159 575 1,335 -511 -346 -195 -194 -214 175
Net Cash From Continuing Financing Activities		 -114 -138 -159 575 1,335 -511 -346 -195 -194 -214 175
Repurchase of Common Equity		 -125 -125 -125 -125 -150 -150 -350 -175 -200 -200 -200
Issuance of Debt		 - - - 700 2,497 - 0.00 - - - 425
Issuance of Common Equity		 54 1.62 117 17 61 10 77 1.53 60 7.83 73
Other Financing Activities, net		 -43 -14 -151 -16 -51 -20 -73 -22 -54 -22 -123
Effect of Exchange Rate Changes		 -9.66 10 -9.79 -6.16 21 -32 14 38 -12 -2.73 -13
Cash Interest Paid		 4.66 13 4.90 16 14 7.90 56 0.24 56 0.24 57
Cash Income Taxes Paid		 43 149 24 174 99 214 30 125 44 - 35

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
Short-Term Debt		 0.00 50 85 100 0.00 - 0.00 100 349 - 0.00
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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 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
Total Assets		 5,155 5,431 5,669 5,722 7,226 9,167 8,974 9,013 9,509 9,599 12,098
Total Current Assets		 1,643 1,824 1,976 1,930 2,196 4,100 4,016 3,998 4,223 4,287 3,180
Cash & Equivalents		 874 962 1,008 1,012 1,059 2,786 2,644 2,778 2,823 2,753 1,407
Accounts Receivable		 441 427 489 390 565 561 680 581 670 755 1,034
Inventories, net		 140 164 182 186 172 293 258 226 226 286 318
Prepaid Expenses		 189 272 297 342 401 460 434 414 503 492 422
Plant, Property, & Equipment, net		 370 380 403 433 449 449 458 466 482 495 537
Total Noncurrent Assets		 3,142 3,227 3,290 3,359 4,580 4,618 4,500 4,549 4,804 4,818 8,381
Goodwill		 1,429 1,500 1,536 1,575 2,418 2,493 2,379 2,420 2,600 2,645 4,930
Intangible Assets		 341 348 337 335 664 662 595 584 619 673 1,933
Noncurrent Deferred & Refundable Income Taxes		 872 875 880 887 893 890 982 986 980 893 843
Other Noncurrent Operating Assets		 500 504 537 563 605 573 545 559 605 608 675
Total Liabilities & Shareholders' Equity		 5,155 5,431 5,669 5,722 7,226 9,167 8,974 9,013 9,509 9,599 12,098
Total Liabilities		 2,247 2,317 2,265 2,155 2,965 4,604 4,301 4,237 4,502 4,400 5,537
Total Current Liabilities		 1,196 1,264 1,591 1,466 1,534 1,675 1,370 1,301 1,497 1,407 2,163
Short-Term Debt		 0.00 0.00 349 350 350 350 0.00 - - - 425
Accounts Payable		 510 598 577 457 505 627 633 570 767 631 864
Current Deferred Revenue		 686 666 665 660 679 698 737 731 730 775 874
Total Noncurrent Liabilities		 1,050 1,053 674 689 1,431 2,929 2,931 2,936 3,006 2,994 3,374
Long-Term Debt		 649 649 300 300 999 2,475 2,476 2,477 2,478 2,479 2,481
Noncurrent Deferred Revenue		 97 101 99 87 89 102 115 111 154 130 147
Other Noncurrent Operating Liabilities		 305 304 276 302 343 351 339 349 373 385 747
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		 2,908 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561
Total Preferred & Common Equity		 2,908 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561
Total Common Equity		 2,908 3,114 3,404 3,568 4,261 4,563 4,674 4,776 5,007 5,199 6,561
Common Stock		 2,898 3,078 3,167 3,332 3,928 4,068 4,182 4,327 4,446 4,605 5,701
Retained Earnings		 4,358 4,612 4,936 5,184 5,414 5,652 5,992 6,265 6,425 6,713 7,436
Treasury Stock		 -4,257 -4,463 -4,604 -4,840 -4,972 -5,142 -5,310 -5,693 -5,889 -6,126 -6,536
Accumulated Other Comprehensive Income / (Loss)		 -91 -113 -95 -108 -109 -14 -190 -123 24 7.30 -40

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 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 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 275,816,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 275,816,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.36% 18.75% -1.23% 8.61% 18.81% 26.89% 23.12% 20.25% 10.15% 6.20% 18.66%
EBITDA Growth		 21.22% 60.04% -1.75% 10.14% 19.75% 26.27% 22.08% -2.25% 15.56% 13.61% 24.71%
EBIT Growth		 19.90% 68.96% -3.63% 6.94% 15.82% 25.74% 20.73% -5.80% 17.86% 11.97% 19.47%
NOPAT Growth		 28.97% 24.88% -17.68% -3.67% 0.66% 18.24% 39.28% -35.45% 24.39% 2.48% 21.62%
Net Income Growth		 36.51% 34.74% 2.41% 3.80% -6.37% 5.04% 10.47% -30.27% 20.58% 14.09% 22.69%
EPS Growth		 36.76% 35.23% 2.25% 3.70% -6.45% 3.36% 9.89% -29.76% 20.69% 15.45% 23.00%
Operating Cash Flow Growth		 24.85% 3.21% -5.30% -62.31% 3.56% 62.21% 92.32% 142.11% -24.23% 25.41% -26.95%
Free Cash Flow Firm Growth		 77.52% 64.03% 37.79% -219.52% -2,040.65% -728.94% -228.19% 101.61% 99.26% 92.53% -226.93%
Invested Capital Growth		 12.94% 16.63% 18.59% 69.60% 64.33% 47.96% 39.67% 2.45% 7.01% 9.93% 80.10%
Revenue Q/Q Growth		 4.76% 4.45% -5.57% 5.11% 14.60% 11.56% -8.38% 2.66% 4.97% 7.56% 2.37%
EBITDA Q/Q Growth		 1.48% 19.18% -13.39% 5.15% 10.32% 25.68% -16.34% -15.81% 30.02% 23.81% -7.98%
EBIT Q/Q Growth		 0.56% 20.08% -14.10% 3.10% 8.91% 30.36% -17.52% -19.56% 36.27% 23.85% -12.00%
NOPAT Q/Q Growth		 11.97% 21.22% -33.68% 7.01% 17.01% 42.39% -21.89% -50.40% 125.47% 17.32% -7.30%
Net Income Q/Q Growth		 15.01% 27.36% -23.54% -7.32% 3.74% 42.88% -19.59% -41.50% 79.39% 35.18% -13.52%
EPS Q/Q Growth		 14.81% 27.96% -23.53% -7.69% 3.57% 41.38% -18.70% -41.00% 77.97% 35.24% -13.38%
Operating Cash Flow Q/Q Growth		 -4.32% -31.28% -6.93% -38.41% 162.88% 7.65% 10.35% -22.47% -17.73% 78.17% -35.72%
Free Cash Flow Firm Q/Q Growth		 86.00% -83.82% -127.11% -446.51% 6.17% 28.82% 10.09% 102.68% -143.06% -620.13% -3,837.08%
Invested Capital Q/Q Growth		 4.38% 8.73% 5.23% 42.01% 1.14% -2.10% -0.67% 4.16% 5.64% 0.57% 62.75%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 89.29% 90.26% 87.59% 86.87% 86.59% 83.78% 86.55% 85.56% 86.39% 86.89% 85.45%
EBITDA Margin		 33.87% 38.65% 35.45% 35.46% 34.14% 38.46% 35.12% 28.80% 35.67% 41.06% 36.91%
Operating Margin		 28.63% 31.49% 24.77% 27.71% 28.80% 33.69% 29.10% 18.96% 31.77% 32.17% 29.26%
EBIT Margin		 30.20% 34.72% 31.59% 30.98% 29.45% 34.41% 30.97% 24.27% 31.51% 36.28% 31.18%
Profit (Net Income) Margin		 24.86% 30.31% 24.54% 21.64% 19.59% 25.09% 22.02% 12.55% 21.45% 26.95% 22.77%
Tax Burden Percent		 84.79% 89.46% 79.87% 72.70% 71.42% 77.91% 76.91% 57.04% 73.10% 78.74% 78.41%
Interest Burden Percent		 97.07% 97.58% 97.27% 96.07% 93.16% 93.59% 92.43% 90.65% 93.12% 94.36% 93.12%
Effective Tax Rate		 15.21% 10.54% 20.13% 27.30% 28.58% 22.09% 23.09% 42.96% 26.90% 21.26% 21.59%
Return on Invested Capital (ROIC)		 36.05% 40.74% 27.31% 23.18% 24.19% 32.27% 28.41% 11.95% 25.41% 28.37% 20.23%
ROIC Less NNEP Spread (ROIC-NNEP)		 33.84% 31.48% 11.36% 72.52% 32.87% 38.25% 29.76% -68.69% 45.70% 21.60% 19.81%
Return on Net Nonoperating Assets (RNNOA)		 -3.15% -2.53% -1.05% 0.65% -1.17% -2.50% -2.37% 0.41% -1.10% -1.47% 2.10%
Return on Equity (ROE)		 32.90% 38.22% 26.26% 23.83% 23.02% 29.78% 26.04% 12.35% 24.31% 26.90% 22.33%
Cash Return on Invested Capital (CROIC)		 23.97% 20.58% 15.88% -25.05% -22.53% -11.63% -4.54% 19.61% 15.81% 13.53% -38.90%
Operating Return on Assets (OROA)		 22.78% 26.28% 23.64% 20.83% 17.56% 21.81% 20.49% 14.76% 17.50% 20.09% 16.33%
Return on Assets (ROA)		 18.75% 22.94% 18.37% 14.55% 11.69% 15.90% 14.57% 7.63% 11.91% 14.93% 11.93%
Return on Common Equity (ROCE)		 32.90% 38.22% 26.26% 23.83% 23.02% 29.78% 26.04% 12.35% 24.31% 26.90% 22.33%
Return on Equity Simple (ROE_SIMPLE)		 30.75% 0.00% 29.35% 24.77% 22.77% 0.00% 22.64% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 248 301 200 214 250 356 278 138 311 365 338
NOPAT Margin		 24.27% 28.17% 19.78% 20.14% 20.57% 26.25% 22.38% 10.81% 23.23% 25.33% 22.94%
Net Nonoperating Expense Percent (NNEP)		 2.21% 9.26% 15.95% -49.34% -8.67% -5.98% -1.35% 80.63% -20.29% 6.77% 0.42%
Return On Investment Capital (ROIC_SIMPLE)		 - 7.43% - - - 4.98% 3.83% 1.84% 4.05% 4.59% 3.57%
Cost of Revenue to Revenue		 10.71% 9.74% 12.41% 13.13% 13.41% 16.22% 13.45% 14.44% 13.61% 13.11% 14.55%
SG&A Expenses to Revenue		 5.72% 7.09% 6.81% 5.98% 5.89% 5.79% 5.08% 5.41% 5.83% 7.17% 5.98%
R&D to Revenue		 36.13% 34.38% 37.55% 34.95% 33.51% 28.91% 35.34% 34.66% 31.60% 32.26% 34.49%
Operating Expenses to Revenue		 60.66% 58.76% 62.82% 59.16% 57.79% 50.08% 57.45% 66.60% 54.62% 54.72% 56.19%
Earnings before Interest and Taxes (EBIT)		 309 371 319 329 358 467 385 310 422 522 460
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 347 413 358 376 415 522 436 367 478 591 544
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 20.45 21.77 23.74 19.66 16.26 17.63 14.60 16.81 18.41 15.54 11.55
Price to Tangible Book Value (P/TBV)		 50.31 48.38 51.08 71.03 52.73 48.47 39.34 47.06 50.87 42.40 0.00
Price to Revenue (P/Rev)		 16.24 18.12 20.77 20.12 17.05 17.75 14.30 16.53 18.36 16.06 13.70
Price to Earnings (P/E)		 66.50 71.17 80.89 79.35 71.42 78.07 64.47 83.14 90.22 76.73 64.70
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		 1.50% 1.41% 1.24% 1.26% 1.40% 1.28% 1.55% 1.20% 1.11% 1.30% 1.55%
Enterprise Value to Invested Capital (EV/IC)		 22.63 24.22 26.31 18.47 16.13 18.25 15.51 17.97 19.38 17.07 9.58
Enterprise Value to Revenue (EV/Rev)		 16.16 18.03 20.68 20.19 17.05 17.72 14.24 16.46 18.31 15.97 13.97
Enterprise Value to EBITDA (EV/EBITDA)		 48.37 50.33 57.81 56.27 47.54 49.23 39.68 48.14 52.87 45.16 39.02
Enterprise Value to EBIT (EV/EBIT)		 54.31 55.95 64.56 63.31 53.95 55.87 45.14 55.17 60.30 51.61 45.09
Enterprise Value to NOPAT (EV/NOPAT)		 66.44 72.57 86.81 87.40 76.73 80.51 63.27 82.58 88.75 77.79 67.36
Enterprise Value to Operating Cash Flow (EV/OCF)		 47.26 54.66 63.16 78.02 68.04 65.24 46.45 48.83 59.04 48.92 48.36
Enterprise Value to Free Cash Flow (EV/FCFF)		 100.12 126.73 179.76 0.00 0.00 0.00 0.00 92.75 126.76 132.18 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.21 0.19 0.18 0.32 0.62 0.53 0.52 0.50 0.48 0.45 0.44
Long-Term Debt to Equity		 0.21 0.09 0.08 0.23 0.54 0.53 0.52 0.50 0.48 0.45 0.38
Financial Leverage		 -0.09 -0.08 -0.09 0.01 -0.04 -0.07 -0.08 -0.01 -0.02 -0.07 0.11
Leverage Ratio		 1.79 1.76 1.67 1.73 1.90 1.81 1.77 1.81 1.92 1.88 1.86
Compound Leverage Factor		 1.73 1.71 1.63 1.66 1.77 1.70 1.63 1.64 1.79 1.78 1.73
Debt to Total Capital		 17.24% 16.01% 15.40% 24.04% 38.24% 34.63% 34.15% 33.11% 32.29% 31.18% 30.70%
Short-Term Debt to Total Capital		 0.00% 8.62% 8.29% 6.23% 4.74% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49%
Long-Term Debt to Total Capital		 17.24% 7.40% 7.11% 17.81% 33.50% 34.63% 34.15% 33.11% 32.29% 31.18% 26.21%
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		 82.76% 83.99% 84.60% 75.96% 61.76% 65.37% 65.85% 66.89% 67.71% 68.82% 69.30%
Debt to EBITDA		 0.50 0.44 0.45 0.90 1.81 1.48 1.42 1.42 1.37 1.32 1.47
Net Debt to EBITDA		 -0.24 -0.25 -0.25 0.19 0.03 -0.10 -0.17 -0.20 -0.15 -0.28 0.76
Long-Term Debt to EBITDA		 0.50 0.20 0.21 0.67 1.58 1.48 1.42 1.42 1.37 1.32 1.25
Debt to NOPAT		 0.68 0.64 0.67 1.40 2.92 2.42 2.26 2.44 2.31 2.28 2.53
Net Debt to NOPAT		 -0.33 -0.35 -0.37 0.30 0.04 -0.16 -0.27 -0.34 -0.25 -0.48 1.31
Long-Term Debt to NOPAT		 0.68 0.30 0.31 1.04 2.56 2.42 2.26 2.44 2.31 2.28 2.16
Altman Z-Score		 18.71 21.87 25.85 18.83 11.46 13.47 11.89 13.15 15.08 12.94 9.75
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		 1.44 1.24 1.32 1.43 2.45 2.93 3.07 2.82 3.05 2.86 1.47
Quick Ratio		 1.10 0.94 0.96 1.06 2.00 2.43 2.58 2.33 2.49 2.41 1.13
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -72 -133 -303 -1,654 -1,552 -1,105 -993 27 -11 -82 -3,247
Operating Cash Flow to CapEx		 1,801.33% 807.32% 510.54% 534.15% 1,544.82% 1,186.39% 4,212.62% 856.53% 922.28% 1,348.64% 728.76%
Free Cash Flow to Firm to Interest Expense		 -8.00 -14.82 -34.82 -128.16 -63.35 -36.93 -34.11 0.92 -0.39 -2.80 -102.71
Operating Cash Flow to Interest Expense		 43.70 30.27 29.13 12.09 16.74 14.76 16.73 13.04 10.70 18.80 11.25
Operating Cash Flow Less CapEx to Interest Expense		 41.28 26.52 23.43 9.82 15.65 13.51 16.33 11.52 9.54 17.41 9.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.75 0.76 0.75 0.67 0.60 0.63 0.66 0.61 0.56 0.55 0.52
Accounts Receivable Turnover		 9.59 8.38 9.29 8.28 8.82 7.94 10.04 8.24 7.92 6.52 6.85
Inventory Turnover		 3.05 2.81 2.78 3.07 2.33 2.95 3.35 3.69 2.60 2.57 2.83
Fixed Asset Turnover		 10.77 10.56 10.12 10.15 10.51 10.78 10.84 10.93 11.05 10.86 11.02
Accounts Payable Turnover		 0.81 0.77 0.98 0.94 0.87 1.07 1.34 1.15 1.20 0.97 1.07
Days Sales Outstanding (DSO)		 38.06 43.55 39.30 44.11 41.39 45.99 36.34 44.29 46.08 56.00 53.30
Days Inventory Outstanding (DIO)		 119.53 129.91 131.23 118.73 156.89 123.84 108.90 98.83 140.37 141.82 128.89
Days Payable Outstanding (DPO)		 452.76 475.59 371.37 387.53 420.67 340.83 271.80 316.13 304.81 376.38 340.05
Cash Conversion Cycle (CCC)		 -295.18 -302.14 -200.84 -224.70 -222.39 -171.00 -126.56 -173.01 -118.36 -178.56 -157.86
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,801 3,045 3,204 4,551 4,602 4,506 4,476 4,662 4,925 4,953 8,061
Invested Capital Turnover		 1.49 1.45 1.38 1.15 1.18 1.23 1.27 1.10 1.09 1.12 0.88
Increase / (Decrease) in Invested Capital		 321 434 502 1,868 1,802 1,461 1,271 111 322 447 3,585
Enterprise Value (EV)		 63,367 73,742 84,324 84,039 74,253 82,237 69,413 83,793 95,441 84,563 77,261
Market Capitalization		 63,680 74,102 84,687 83,749 74,213 82,405 69,714 84,138 95,715 85,085 75,762
Book Value per Share		 $11.46 $12.51 $13.23 $15.66 $16.67 $17.04 $17.42 $18.34 $19.08 $20.11 $24.07
Tangible Book Value per Share		 $4.66 $5.63 $6.15 $4.33 $5.14 $6.20 $6.47 $6.55 $6.91 $7.37 ($1.11)
Total Capital		 3,763 4,053 4,217 5,610 7,389 7,150 7,253 7,485 7,678 7,954 9,468
Total Debt		 649 649 649 1,349 2,825 2,476 2,477 2,478 2,479 2,480 2,906
Total Long-Term Debt		 649 300 300 999 2,475 2,476 2,477 2,478 2,479 2,480 2,481
Net Debt		 -313 -359 -363 290 39 -168 -301 -345 -274 -521 1,500
Capital Expenditures (CapEx)		 22 34 50 29 27 37 12 44 34 41 49
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -402 -274 -199 -47 -11 1.94 -80 -97 127 33 36
Debt-free Net Working Capital (DFNWC)		 560 735 814 1,012 2,775 2,646 2,697 2,726 2,880 3,034 1,443
Net Working Capital (NWC)		 560 385 464 663 2,425 2,646 2,697 2,726 2,880 3,034 1,018
Net Nonoperating Expense (NNE)		 -5.97 -23 -48 -16 12 16 4.48 -22 24 -23 2.53
Net Nonoperating Obligations (NNO)		 -313 -359 -363 290 39 -168 -301 -345 -274 -521 1,500
Total Depreciation and Amortization (D&A)		 38 42 39 48 57 55 51 58 56 69 84
Debt-free, Cash-free Net Working Capital to Revenue		 -10.24% -6.69% -4.87% -1.12% -0.26% 0.04% -1.65% -1.90% 2.44% 0.62% 0.66%
Debt-free Net Working Capital to Revenue		 14.29% 17.96% 19.96% 24.33% 63.73% 57.01% 55.34% 53.56% 55.26% 57.29% 26.10%
Net Working Capital to Revenue		 14.29% 9.42% 11.38% 15.92% 55.70% 57.01% 55.34% 53.56% 55.26% 57.29% 18.41%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.94 $1.20 $0.92 $0.85 $0.87 $1.25 $1.01 $0.59 $1.06 $1.43 $1.23
Adjusted Weighted Average Basic Shares Outstanding		 269.23M 269.38M 269.61M 270.91M 272.24M 271.21M 271.97M 271.29M 271.15M 271.33M 272.06M
Adjusted Diluted Earnings per Share		 $0.93 $1.19 $0.91 $0.84 $0.87 $1.23 $1.00 $0.59 $1.05 $1.42 $1.23
Adjusted Weighted Average Diluted Shares Outstanding		 272.43M 272.75M 273.54M 273.52M 273.96M 273.83M 273.63M 272.90M 273.80M 273.31M 273.73M
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		 272.06M 272.24M 272.13M 273.82M 274.26M 274.11M 273.04M 272.49M 272.20M 272.65M 275.82M
Normalized Net Operating Profit after Tax (NOPAT)		 258 301 200 214 268 355 278 211 331 366 338
Normalized NOPAT Margin		 25.23% 28.12% 19.81% 20.14% 22.01% 26.19% 22.37% 16.56% 24.72% 25.43% 22.94%
Pre Tax Income Margin		 29.32% 33.88% 30.72% 29.76% 27.43% 32.20% 28.63% 22.00% 29.34% 34.23% 29.04%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 34.11 41.28 36.67 25.46 14.61 15.60 13.22 10.69 14.53 17.74 14.54
NOPAT to Interest Expense		 27.41 33.49 22.97 16.56 10.21 11.90 9.55 4.76 10.71 12.39 10.70
EBIT Less CapEx to Interest Expense		 31.68 37.53 30.96 23.20 13.53 14.36 12.82 9.17 13.37 16.35 13.00
NOPAT Less CapEx to Interest Expense		 24.99 29.74 17.26 14.29 9.12 10.66 9.15 3.24 9.55 11.00 9.15
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		 91.39% 67.25% 66.87% 47.38% 50.52% 52.11% 71.67% 81.53% 82.48% 83.42% 66.19%

Financials Breakdown Chart

Key Financial Trends

The following bullets summarize Cadence Design Systems (CDNS) based on the latest four years of quarterly statements provided (focusing on 2025 and nearby periods). Items are grouped by potential impact on the stock, with positives shown first, then neutral, then negatives.

  • Revenue continued to trend higher in 2025, with Q4 2025 revenue at $1.440B, up from $1.356B in Q4 2024 (roughly +6% year over year).
  • Gross margin remains very strong, with Q4 2025 gross margin around 87% (gross profit of about $1.251B on $1.440B revenue).
  • Net income and earnings power improved in Q4 2025, with net income attributable to common shareholders of $388.1M and earnings per share of $1.43 (basic) / $1.42 (diluted).
  • Operating cash flow was robust, with net cash from continuing operating activities about $553.5M in Q4 2025, higher than prior year periods, signaling durable cash generation.
  • Solid balance sheet liquidity and scale: cash & equivalents around $2.75B; total assets about $9.60B; total equity around $5.20B; long-term debt near $2.48B, indicating a strong capital base and manageable leverage.
  • R&D and SG&A remain elevated as a share of revenue, consistent with a continued heavy investment profile (R&D around $464.6M and SG&A around $103.2M in Q4 2025), which supports future product development and competitiveness.
  • Capital expenditure is modest relative to cash flow (Q4 2025 PPE purchases around $41M), suggesting steady investment without material cash-bleeding capex in the period.
  • Balance sheet includes substantial goodwill and intangible assets (goodwill around $2.64B to $2.70B and intangibles around $0.67B–$0.69B across recent quarters), a common feature for a tech/IP-heavy company and a factor to monitor for impairment if growth slows.
  • In Q4 2025, total operating expenses rose more quickly than revenue (operating expenses about $788.0M vs prior-year quarter, vs 679.1M in Q4 2024), implying margin pressure from cost growth.
  • Financing activity trended cash-out in several quarters (for example, net cash from continuing financing activities around -$214M in Q4 2025 due to share repurchases and other financing actions), which reduces cash build-up despite operating strength.
05/07/26 11:54 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cadence Design Systems' Financials

When does Cadence Design Systems' fiscal year end?

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

How has Cadence Design Systems' net income changed over the last 10 years?

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. View Cadence Design Systems' forecast to see where analysts expect Cadence Design Systems to go next.

What is Cadence Design Systems' operating income?
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
How has Cadence Design Systems' revenue changed over the last 10 years?

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%.

How much debt does Cadence Design Systems have?

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.

How much cash does Cadence Design Systems have?

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.

How has Cadence Design Systems' book value per share changed over the last 10 years?

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 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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