— Know what they know.
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Not Investment Advice

CDNS

NASDAQ · USD
Cadence Design Systems, Inc.
Technology · Software - Application
CEO Anirudh Devgan Employees 13,800 R&D / revenue 33.4%
Last price
$319.51−1.50%last session
Market cap
$88.0B
P/E (TTM)
63.1x
From 52w high
−23.3%
From 52w low
+21.6%
1-year return
−1.5%
RSI 14 · vs SMA200
44.1 · −2.3%
IS score
75.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CDNS   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116CDNS 99

Score DNA

Each bar is a 0-100 score within the scored universe
87
Profitability
70
Growth
19
Value
94
Momentum
100
Risk (safety)
87
Quality
77
Balance sheet
73
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Wide, Intangible AssetsPiotroski 6 / 9Altman Z 14.0Beta 1.143 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
75 open-market sales, $70.3M
Form 144 notices (12m): 30, $104.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+101
218 new holders, 99 closed
1,513 filers hold 89.5% · 620 added, 525 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+283
1,654 funds adding shares
1,371 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
31.3%
20-day avg 56.5%, 50-day avg 51.6%
Latest 25.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.3B
Revenue growth YoY+14.1%
Gross margin86.4%
Operating income$1.6B
Operating margin31.1%
Net income$1.1B
Net margin20.9%
EPS (diluted)$4.06
Cash flow
Operating cash flow$1.7B
Capital expenditure$141.9M
Free cash flow$1.6B
FCF conversion (FCF / OCF)91.8%
Stock-based compensation$455.2M
FCF less SBC$1.1B
Buybacks$925.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$3.0B
Total debt$2.5B
Net cash$521.2M
Shareholders' equity$5.5B
Goodwill & intangibles$3.5B
Debt / equity0.36
ROE (TTM)22.9%
ROIC (TTM)13.3%
Operating margin by fiscal year
26.1%FY202130.1%FY202230.6%FY202329.1%FY202428.7%FY2025
Revenue $3.0B (FY2021) to $5.3B (FY2025), a 15.4% CAGR.

Valuation

P/E (TTM)63.1x
EV / EBITDA39.1x
Price / sales15.07x
Price / FCF52.4x
FCF yield1.91%
Buyback yield1.05%
SBC / revenue8.8%
Price / book12.76x
Forward P/E FY202639.2x
Forward P/E FY202733.5x
Forward P/E FY202829.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $377.33 across 6 analysts last quarter is theirs, not ours.

CDNS vs industry median

831 companies in Software - Application
Gross margin 85.9% 59.6% Operating margin 30.8% -6.6% Net margin 23.6% -9.7% ROIC 13.3% 3.5%
CDNS (TTM)Industry median Asset turnover 0.48 vs industry 0.57 · financial leverage 1.76

Earnings delivery

Next report 2026-10-26 · consensus EPS $2.04
100%
beat rate, 12 of 12 quarters
+4.1%
median EPS surprise
12
longest beat streak
+4+4+4+4+12+3+5+6+8+4+3+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-23 to 2026-07-27. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CDNS Cadence Design Systems, Inc. $88.0B63.1x22.9%23.6%+14.1% −1.5%
DDOG Datadog, Inc. $88.7B497.0x4.7%4.0%+31.5% +63.5%
INTU Intuit Inc. $86.9B19.7x23.6%8.3%+13.9% −49.0%
APP AppLovin Corporation $89.4B20.4x203.7%65.8%+37.9% −56.1%
ADBE Adobe Inc. $95.4B13.7x61.9%27.0%+12.0% −25.5%
SNOW Snowflake Inc. $108.3Bn/m-48.2%-12.4%+32.0% —
ADP Automatic Data Processing, I $114.5B26.3x72.2%17.9%+6.7% —
MSTR Strategy Inc $55.1Bn/m-31.2%—+6.8% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-07-27Earnings Release; Exhibits
2026-05-12Officer/Director Change; Shareholder Vote
2026-05-12Officer/Director Change
2026-04-27Earnings Release; Exhibits
2026-02-23Unregistered Sales of Equity Securities
2026-02-17Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding275,393,000
Free float99.6%
Institutional ownership89.5%
Beta1.14
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$320.16 / $326.97
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CDNS sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCDNSIndustry medianIndustry percentileSector median
P/E (TTM) 63.9x 30.6x
79th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 4.18 1.20
85th		 1.36
Price / sales 15.1x 4.5x
92nd		 3.9x
Price / book 12.8x 4.7x
86th		 4.4x
Price / tangible book —
Price / free cash flow 52.4x 17.2x
91st		 20.3x
Price / operating cash flow 47.4x 16.1x
91st		 17.9x
Enterprise value $89.0B $3.8B
94th		 $5.5B
EV / sales 15.3x 4.2x
93rd		 4.1x
EV / EBITDA 39.1x 19.1x
73rd		 18.9x
EV / EBIT 45.7x 27.7x
70th		 26.7x
EV / free cash flow 53.0x 18.6x
90th		 21.9x
Earnings yield 1.6% 1.4%
52nd		 2.0%
FCF yield 1.9% 4.8%
23rd		 3.3%
Operating cash flow yield 2.1% 5.1%
21st		 4.4%
Graham number (per share) $52.80 $20.79
76th		 $28.08

Profitability (TTM)

MeasureCDNSIndustry medianIndustry percentileSector median
Gross margin 85.9% 71.1%
93rd		 55.7%
EBITDA margin 39.0% 13.6%
86th		 13.7%
Operating margin 30.8% 7.3%
90th		 8.2%
EBIT margin 33.4% 7.1%
87th		 8.6%
Net margin 23.6% 4.7%
86th		 5.7%
NOPAT margin 23.3% 5.9%
87th		 7.0%
FCF margin 28.8% 20.3%
77th		 15.0%
Operating cash flow margin 31.8% 22.5%
79th		 18.4%
R&D / revenue 33.0% 18.2%
90th		 12.9%
SG&A / revenue 20.7% 38.6%
13th		 25.6%
Stock comp / revenue 8.8% 7.8%
58th		 4.4%
Effective tax rate 24.5% 21.0%
80th		 21.0%

Returns on capital

MeasureCDNSIndustry medianIndustry percentileSector median
ROE (on average equity) 23.2% 7.9%
77th		 9.4%
ROA 12.8% 3.0%
82nd		 4.1%
ROIC 17.2% 6.6%
69th		 9.0%
ROCE 19.1% 5.7%
79th		 8.6%
Return on tangible assets 18.1% 4.6%
90th		 5.9%
Cash ROIC (OCF / invested capital) 23.5% 29.6%
41st		 20.7%
Gross profitability (GP / assets) 42.8% 37.6%
60th		 30.0%
ROIC, 3-yr average 18.3% 4.8%
76th		 7.4%
ROIC, 5-yr average 33.4% -1.1%
91st		 7.9%
ROE, 5-yr average 25.0% -2.6%
90th		 6.9%
Incremental ROIC 32.1% 13.7%
60th		 15.3%

Growth

MeasureCDNSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 14.7% 15.1%
50th		 14.3%
Revenue growth (QoQ) 7.5% 4.6%
69th		 6.6%
Revenue CAGR, 3 yr 15.4% 13.7%
59th		 9.6%
Revenue CAGR, 5 yr 15.1% 16.6%
43rd		 11.5%
Gross profit CAGR, 3 yr 15.0% 14.9%
52nd		 10.9%
Operating income CAGR, 3 yr 18.1% 20.6%
41st		 11.3%
Net income growth (TTM YoY) 36.2% 27.2%
53rd		 21.6%
Net income CAGR, 3 yr 15.7% 20.3%
42nd		 9.9%
EPS growth (TTM YoY) 34.7% 30.6%
52nd		 22.3%
EPS CAGR, 3 yr 15.3% 20.2%
34th		 11.2%
EPS CAGR, 5 yr 15.4% 15.4%
50th		 12.0%
FCF growth (TTM YoY) 5.9% 28.9%
18th		 24.6%
FCF CAGR, 3 yr 14.0% 31.3%
19th		 19.3%
Operating cash flow CAGR, 3 yr 13.7% 28.0%
26th		 17.9%
Book value CAGR, 3 yr 32.6% 4.5%
91st		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 23.2% 15.5%
68th		 14.2%

Margin history & stability

MeasureCDNSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 87.5% 71.3%
94th		 53.2%
Operating margin, 3-yr average 28.9% 4.7%
92nd		 6.6%
Net margin, 3-yr average 22.9% 5.1%
90th		 5.2%
FCF margin, 3-yr average 27.5% 19.8%
77th		 12.7%
Revenue stability (0-1) 0.97 0.97
47th		 0.87
Earnings stability (0-1) 0.90 0.56
89th		 0.45
Margin stability (0-1) 0.98 0.97
83rd		 0.95

Liquidity (latest quarter)

MeasureCDNSIndustry medianIndustry percentileSector median
Cash & short-term investments $1.4B $434.8M
80th		 $494.1M
Net cash (− = net debt) −$1.0B $57.2M
19th		 $49.8M
Working capital $1.4B $247.5M
85th		 $391.0M
Current ratio 1.74 1.74
50th		 1.92
Quick ratio 1.53 1.72
45th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.78 1.13
43rd		 0.95
Defensive interval (days) 272 days 370 days
37th		 521 days

Leverage & solvency (latest quarter)

MeasureCDNSIndustry medianIndustry percentileSector median
Total debt $2.5B $237.5M
84th		 $349.3M
Debt / equity 0.36 0.30
53rd		 0.29
Net debt / equity 0.15 −0.22
72nd		 −0.13
Debt / assets 20.5% 15.2%
60th		 16.9%
Debt / capital 26.6% 23.1%
53rd		 22.3%
Debt / EBITDA 1.09 2.26
39th		 1.78
Net debt / EBITDA 0.46 −0.32
64th		 −0.18
Interest coverage (EBIT / interest) 15.6x 5.3x
75th		 5.8x
Cash interest coverage 14.8x 15.8x
47th		 12.8x
Debt payback (years of OCF) 1.3 yrs 1.0 yrs
55th		 1.6 yrs
Liabilities / assets 43.2% 50.2%
40th		 48.7%
IS credit model rating AA — —
Implied credit spread (bps) 80 225
17th		 175

Efficiency

MeasureCDNSIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.59
44th		 0.62
Fixed asset turnover 10.42 12.05
42nd		 9.25
Inventory turnover 2.2 13.2
0th		 3.8
Receivables turnover 8.2 6.5
67th		 6.2
Days sales outstanding 44 days 55 days
35th		 59 days
Days inventory outstanding 168 days 23 days
100th		 94 days
Days payables outstanding 303 days 31 days
96th		 46 days
Cash conversion cycle (days) −91 days 22 days
8th		 50 days
Capex / revenue 3.0% 1.3%
71st		 2.3%
Capex / depreciation 0.54 0.41
63rd		 0.56
Operating expense ratio 56.5% 62.8%
43rd		 44.3%

Cash flow & earnings quality

MeasureCDNSIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.35 1.89
26th		 1.61
FCF / net income 1.22 1.70
27th		 1.33
FCF / operating cash flow 90.5% 94.0%
34th		 88.0%
Capex / operating cash flow 9.5% 6.0%
66th		 12.0%
Accruals ratio -4.4% -10.9%
77th		 -6.3%
Sloan accruals ratio -15.6% -4.7%
20th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
80th		 0.75

Dividends & buybacks

MeasureCDNSIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.9% 2.7%
34th		 1.2%
Shareholder yield (dividends + buybacks) 0.9% 3.1%
29th		 1.7%
Share count change (YoY) 1.1% -1.9%
65th		 0.1%
Buybacks, last 5 years $4.3B $309.1M
90th		 $215.3M

Scores & forensic checks

MeasureCDNSIndustry medianIndustry percentileSector median
IS score 76 56
86th		 56
IS profitability 87 37
96th		 40
IS growth 70 66
58th		 65
IS value 19 38
2nd		 39
IS momentum 94 80
85th		 78
IS risk (safety) 100 80
61st		 100
IS quality 87 63
94th		 67
IS balance sheet 77 69
57th		 72
IS earnings quality 73 52
86th		 61
IS cash flow 79 72
65th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 14.0 3.0
92nd		 4.0
Beneish M-score −1.97 −2.74
85th		 −2.58
Ohlson O-score −9.28 −7.88
22nd		 −8.00
IS credit score 90 62
83rd		 69

Per share

MeasureCDNSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.99 $0.32
85th		 $0.84
Book value per share $24.83 $6.15
81st		 $9.77
Tangible book per share $0.25 $1.97
33rd		 $3.22
Revenue per share $21.14 $7.54
74th		 $13.00
FCF per share $6.08 $1.56
74th		 $1.78
Operating cash flow per share $6.72 $1.77
76th		 $2.40
Cash per share $5.22 $3.77
62nd		 $4.50

Size (TTM)

MeasureCDNSIndustry medianIndustry percentileSector median
Market cap $88.0B $3.9B
93rd		 $4.7B
Revenue $5.8B $872.9M
88th		 $1.2B
EBITDA $2.3B $101.2M
92nd		 $185.8M
Net income $1.4B $34.8M
91st		 $84.9M
Free cash flow $1.7B $198.7M
89th		 $170.6M
Total assets $12.1B $1.8B
85th		 $2.4B
Shareholders' equity $6.9B $907.0M
89th		 $1.1B
Employees 13,800 1,988
90th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Cunningham Paul
Sr. Vice President
 Option exercise 1,000$138.02$138,020121,612
2026-10-15Cunningham Paul
Sr. Vice President
 Open-market sale 2,000$324.13$648,260119,612
2026-10-15Cunningham Paul
Sr. Vice President
 Option exercise 1,000$138.02$138,0205,328
2026-10-01Sangiovanni Vincentelli Alberto
Director
 Open-market sale 1,250$350.07$437,59039,544
2026-09-17Scannell Paul
Sr. Vice President
 Tax withholding 937$280.76$263,07230,783
2026-09-17Devgan Anirudh
Director, President and CEO
 Tax withholding 3,779$280.76$1.1M247,201
2026-09-17Teng Chin-Chi
Sr. Vice President
 Tax withholding 1,181$280.76$331,578136,075
2026-09-17Wall John M
Sr. VP & CFO
 Tax withholding 1,433$280.76$402,32979,459
2026-09-17Cunningham Paul
Sr. Vice President
 Tax withholding 1,181$280.76$331,578120,612
2026-09-15Teng Chin-Chi
Sr. Vice President
 Tax withholding 793$273.96$217,250137,256
2026-09-15Devgan Anirudh
Director, President and CEO
 Tax withholding 2,539$273.96$695,584250,980
2026-09-15Wall John M
Sr. VP & CFO
 Tax withholding 983$273.96$269,30380,892

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired107,140—
GiftDisposed52,639$25,553
GiftAcquired21,558—
Open-market saleDisposed75186,249$70.3M
Option exerciseAcquired1141,081$5.5M
Option exerciseDisposed1141,081$5.5M
Tax withholdingDisposed1417,293$5.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 30 notices · 293,475 shares · $104.8M
FiledFilerShares proposedEst. proceeds
2026-10-01Sangiovanni Vincentelli Alberto1,250$437,590
2026-09-15Paul Cunningham6,000$1.7M
2026-08-25Sangiovanni Vincentelli Alberto1,250$401,095
2026-06-15Paul Cunningham6,000$2.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 18 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-14Kevin HernHouseSale$15,001 - $50,0002026-09-28
2026-09-14Kevin HernHouseSale$15,001 - $50,0002026-09-25
2026-09-14Kevin HernHouseSale (Partial)$15,001 - $50,0002026-09-25
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2022-03-30Tommy TubervilleSenatePurchase$1,001 - $15,0002022-04-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.26,660,845$10.0B9.68%
VANGUARD CAPITAL MANAGEMENT LLC18,016,381$6.8B6.54%
STATE STREET CORP13,031,391$4.9B4.73%
FMR LLC9,554,947$3.6B3.47%
Invesco Ltd.8,980,518$3.4B3.26%
GEODE CAPITAL MANAGEMENT, LLC7,184,139$2.7B2.61%
JPMORGAN CHASE & CO7,023,233$2.6B2.55%
VANGUARD PORTFOLIO MANAGEMENT LLC6,961,873$2.6B2.53%
VAN ECK ASSOCIATES CORP4,889,765$1.8B1.78%
Capital International Investors4,886,202$1.8B1.77%
WELLINGTON MANAGEMENT GROUP LLP4,880,334$1.8B1.77%
JENNISON ASSOCIATES LLC4,503,061$1.7B1.64%
GOLDMAN SACHS GROUP INC4,243,582$1.6B1.54%
NORGES BANK3,395,031$1.3B1.23%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/2,921,983$1.1B1.06%

Institutional ownership by quarter

2023-092026-0689.5%
% of shares held by 13F filers
2023-092026-061,513
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,51389.5%21862052599
2026-03-311,41285.1%156538568166
2025-12-311,44787.4%218569503124
2025-09-301,38685.0%180560469105
2025-06-301,33585.0%20950447190
2025-03-311,23686.8%126478498150
2024-12-311,28486.6%219503420109
2024-09-301,20785.2%127475463179
2024-06-301,27486.0%138539435109
2024-03-311,25985.6%17249044387
2023-12-311,19085.0%22841641663
2023-09-301,04385.4%11939739396

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.4%20,518,994
2026-01-07SCHEDULE 13G/AThe Vanguard Group10.0%27,230,987
2025-04-24SCHEDULE 13G/ABlackRock, Inc.8.0%21,898,161
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.12%$2.9B
VSMPX0.12%$2.9B
VTSAX0.12%$2.9B
VTI0.12%$2.9B
VFINX0.14%$2.4B
VOO0.14%$2.4B

Share structure

Shares outstanding275,393,000
Float274,173,009
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.0B$3.6B$4.1B$4.6B$5.3B
Cost of revenue$307.0M$371.6M$435.0M$647.5M$722.2M
Gross profit$2.7B$3.2B$3.7B$4.0B$4.6B
R&D$1.1B$1.3B$1.4B$1.5B$1.8B
SG&A$749.3M$846.3M$932.7M$1.0B$1.1B
Operating income$779.1M$1.1B$1.3B$1.4B$1.6B
EBITDA$916.1M$1.2B$1.5B$1.7B$1.9B
Pretax income$768.4M$1.0B$1.3B$1.4B$1.5B
Income tax$72.5M$196.4M$240.8M$340.3M$413.2M
Net income$696.0M$849.0M$1.0B$1.1B$1.1B
EPS, diluted$2.50$3.09$3.82$3.85$4.06
Diluted shares278.9M275.0M272.7M273.8M273.3M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.1B$886.8M$1.1B$2.8B$3.0B
Receivables$344.4M$486.7M$489.2M$680.5M$944.9M
Inventory$115.7M$128.0M$181.7M$257.7M$303.5M
Total current assets$1.7B$1.7B$2.0B$4.0B$4.7B
PP&E, net$436.0M$541.8M$554.0M$604.4M$517.0M
Goodwill & intangibles$1.2B$1.7B$1.9B$3.0B$3.5B
Total assets$4.4B$5.1B$5.7B$9.0B$10.2B
Accounts payable$0$47.1M$91.2M$5.6M$856.9M
Total current liabilities$971.2M$1.3B$1.6B$1.4B$1.6B
Long-term debt$347.6M$648.1M$299.8M$2.5B$2.5B
Total liabilities$1.6B$2.4B$2.3B$4.3B$4.7B
Shareholders' equity$2.7B$2.7B$3.4B$4.7B$5.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$696.0M$849.0M$1.0B$1.1B$1.1B
Depreciation & amortization$130.7M$135.4M$140.4M$195.0M$233.8M
Stock-based compensation$210.1M$270.4M$325.6M$391.2M$455.2M
Change in working capital$105.8M$87.5M−$98.8M−$209.0M−$73.3M
Operating cash flow$1.1B$1.2B$1.3B$1.3B$1.7B
Capital expenditure−$66.9M−$124.2M−$102.5M−$142.5M−$141.9M
Free cash flow$1.0B$1.1B$1.2B$1.1B$1.6B
Investing cash flow−$293.0M−$738.6M−$412.2M−$837.1M−$460.5M
Net debt issued / repaid$0$300.0M−$100.0M$1.8B$0
Buybacks−$730.3M−$1.2B−$836.5M−$787.8M−$925.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin89.7%89.6%89.4%86.0%86.4%
Operating margin26.1%30.1%30.6%29.1%28.7%
Net margin23.3%23.8%25.5%22.7%20.9%
FCF margin34.6%31.4%30.5%24.1%30.0%
ROE26.6%31.0%33.9%26.1%21.9%
ROIC33.5%31.8%33.5%22.8%22.4%
ROA16.7%17.8%19.3%14.4%11.6%
Debt / equity0.170.320.220.550.45
Interest coverage46.3x46.6x36.4x19.4x14.1x
Current ratio1.771.271.242.932.86
Revenue growth+11.4%+19.2%+14.8%+13.5%+14.1%
EPS growth+18.6%+24.3%+22.9%+0.7%+5.6%
P/E at year end74.5x51.7x71.3x78.1x76.9x
EV / EBITDA at year end55.9x36.4x50.4x49.3x45.3x
FCF yield at year end1.99%2.55%1.68%1.36%1.86%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Product and maintenance$2.8B$3.3B$3.8B$4.2B$4.8B
Technology Service$175.3M$221.5M$255.6M$427.8M$475.2M

Revenue by region · FY2025

Americas$2.5B · 26%
UNITED STATES$2.3B · 24%
Asia$1.7B · 18%
Other Asia$1.0B · 11%
EMEA$790.6M · 8%
CHINA$680.0M · 7%
JAPAN$341.7M · 4%
Other America$168.3M · 2%

Street estimates by fiscal year

Next report 2026-10-26 · consensus EPS $2.04 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.3B$6.3B – $6.4B$8.15$8.07 – $8.331139.2x
2027$7.2B$6.9B – $7.4B$9.55$8.86 – $10.161533.5x
2028$8.0B$7.6B – $8.5B$10.98$9.14 – $14.16829.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-27$2.05$2.11+2.9%$1.6B$1.6B+0.5%
2026-04-27$1.91$1.96+2.6%$1.5B$1.5B+1.2%
2026-02-17$1.91$1.99+4.2%$1.4B$1.4B+1.1%
2025-10-27$1.79$1.93+7.8%$1.3B$1.3B+1.2%
2025-07-28$1.56$1.65+5.8%$1.2B$1.3B+2.0%
2025-04-28$1.49$1.57+5.4%$1.2B$1.2B+0.2%
2025-02-18$1.82$1.88+3.3%$1.3B$1.4B+0.7%
2024-10-28$1.46$1.64+12.3%$1.2B$1.2B+2.9%
2024-07-22$1.23$1.28+4.1%$1.0B$1.1B+1.7%
2024-04-22$1.13$1.17+3.5%$1.0B$1.0B+0.7%
2024-02-12$1.33$1.38+3.8%$1.1B$1.1B+0.7%
2023-10-23$1.21$1.26+4.1%$1.0B$1.0B+2.1%
2023-07-24$1.18$1.22+3.4%$974.9M$976.6M+0.2%
2023-04-24$1.25$1.29+3.2%$1.0B$1.0B+1.3%
2023-02-13$0.92$0.96+4.3%$884.8M$899.9M+1.7%
2022-10-24$0.97$1.06+9.3%$871.2M$902.6M+3.6%
2022-07-25$0.97$1.08+11.3%$834.9M$857.5M+2.7%
2022-04-25$1.01$1.17+15.8%$857.3M$901.8M+5.2%
2022-02-22$0.76$0.82+7.9%$757.2M$773.0M+2.1%
2021-10-25$0.75$0.80+6.7%$744.3M$750.9M+0.9%
2021-07-26$0.75$0.86+14.7%$742.4M$728.3M−1.9%
2021-04-26$0.75$0.83+10.7%$732.0M$736.0M+0.5%
2021-02-22$0.75$0.83+10.7%—$759.9M—
2020-10-19$0.61$0.70+14.8%$549.3M$666.6M+21.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.206-220.906-290.707-061.307-131.207-201.807-270.808-031.008-100.908-171.108-241.208-31
Week ofNotionalSharesTrades
2026-08-31$1.2B3,886,99799,502
2026-08-24$1.1B3,424,02489,825
2026-08-17$858.1M2,692,86185,294
2026-08-10$1.0B3,207,56689,002
2026-08-03$825.6M2,434,44882,695
2026-07-27$1.8B5,412,238132,781

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1531.3%
DateShort shareShort volumeTotal volume
2026-10-1531.3%296,452946,068
2026-10-1438.4%382,442994,665
2026-10-1342.0%371,967886,353
2026-10-1260.0%235,045392,032
2026-10-0948.1%253,494526,469
2026-10-0859.5%322,456541,852
2026-10-0766.6%396,742596,094
2026-10-0669.7%397,295569,764
2026-10-0562.5%437,268699,492
2026-10-0263.8%471,171738,761
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.2Jan+3.9Feb+2.2Mar+4.4Apr+2.2May+0.9Jun+2.6Jul+1.4Aug+0.1Sep-0.1Oct+1.2Nov+1.2Dec
MonthAvg returnUp yearsYears
Jan−1.2%50%20
Feb+3.9%70%20
Mar+2.2%52%21
Apr+4.4%70%20
May+2.2%70%20
Jun+0.9%50%20
Jul+2.6%50%20
Aug+1.4%60%20
Sep+0.1%50%20
Oct−0.1%60%20
Nov+1.2%65%20
Dec+1.2%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1444.1
MFI43.8
ADX24.8
Stochastic %K / %D21.8 / 36.7
Williams %R-88.5
CCI-47
TSI / signal12.2 / 15.1
Chaikin money flow0.12
ATR$11.19
Bollinger width21.9%
Volume vs 20-day avg1.07x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$333.25 (−4.1%)
SMA 50$319.78 (−0.1%)
SMA 200$326.99 (−2.3%)
EMA 21$330.67 (−3.4%)
EMA 50$327.98 (−2.6%)
EMA 200$329.68 (−3.1%)
Bollinger upper$369.81 (−13.6%)
Bollinger lower$296.70 (+7.7%)
Parabolic SAR$357.29 (−10.6%)
Open the live chart, 110+ indicators

About Cadence Design Systems, Inc.

Cadence Design Systems, Inc. operates globally, delivering a comprehensive suite of solutions that includes software, specialized hardware, professional services, and pre-designed integrated circuit (IC) building blocks. The company's robust functional verification offerings feature dedicated emulation and prototyping hardware. This portfolio encompasses JasperGold for formal verification, Xcelium for parallel logic simulation, Palladium as an enterprise-grade emulation platform, and Protium, a prototyping platform designed for thorough chip verification. Cadence additionally provides extensive products for digital IC design and final sign-off. These include the Genus logic synthesis solution, Joules for RTL power analysis, and the Modus software solution, which streamlines design-for-test (DFT) processes for systems-on-chip. Their tools further extend to physical implementation, covering place and route, optimization, and multiple patterning preparation, alongside essential sign-off products for validating designs prior to silicon manufacturing. Moreover, the company furnishes custom IC design and simulation tools capable of generating both schematic and physical representations of circuits down to the transistor level. These tools support a wide array of applications, such as analog, mixed-signal, custom digital, memory, and radio frequency (RF) designs. Cadence also offers system design and analysis products crucial for developing printed circuit boards (PCBs) and integrated circuit packages, along with capabilities to analyze complex multi-physics effects like electromagnetic and electro-thermal interactions. Furthermore, Cadence supplies intellectual property (IP) products, consisting of pre-verified, customizable functional blocks ready for integration into customer ICs. This includes verification IP and memory models used to simulate and characterize the behavior and interactions of standard industry system interface protocols. Complementing its product portfolio, Cadence provides a range of services, including methodology consulting, educational programs, hosted design solutions, and ongoing technical support and maintenance. Its diverse clientele spans sectors such as 5G communications, aerospace and defense, automotive, industrial and healthcare, mobile technology, consumer electronics, and hyperscale computing. Established in 1987, Cadence Design Systems, Inc. is headquartered in San Jose, California.

https://www.cadence.com

Key executives

NameTitlePayBorn
Anirudh DevganChief Executive Officer, President & Director$2.3M1970
John WallSenior Vice President & Chief Financial Officer$1.4M1971
Paul ScannellSenior Vice President of Global Customer Success Team$1.2M1966
Paul CunninghamSenior VP & GM of the System Verification Group$1.1M1978
Chin-Chi TengSenior Vice President and GM of the Digital & Signoff Group$1.1M1966
Thomas BeckleySenior Vice President of Strategic Technology Programs$983,7261958
Nimish H. ModiSenior Vice President & GM of Strategy and New Ventures$636,8781963
Marc TaxaySenior Vice President, General Counsel & Corporate Secretary—1969

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Anirudh Devgan President and Chief Executive Officer2025$800,000$54.4M$1.5M$56.7M
John M. Wall Senior Vice President and Chief Financial Officer2025$600,000$15.7M$769,614$17.1M
Paul Scannell Senior Vice President, Customer Success Team2025$525,000$14.5M$672,916$15.7M
Paul Cunningham Senior Vice President, GM, System Verification Group2025$500,000$14.1M$623,903$15.2M
Chin-Chi Teng Senior Vice President, GM, Digital & Signoff Group2025$500,000$14.1M$599,346$15.2M

Employees

8k20188k20199k20219k202210k202211k202313k202414k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Intangible Assets · 2026-06-30
Cost advantage79
Intangibles87
Switching costs58
Network effect80
Efficient scale76
Our component scores (0-100) and overall 75.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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