Cadence Design Systems Inc (CDNS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$2.06	$2.11	+2.4%	—	—	—
Q2 26	$1.89	$1.96	+3.7%	—	—	—
Q1 26	$1.91	$1.99	+4.2%	—	—	—
Q4 25	$1.79	$1.93	+7.8%	—	—	—
Q3 25	$1.56	$1.65	+5.8%	—	—	—
Q2 25	$1.5	$1.57	+4.7%	—	—	—
Q1 25	$1.82	$1.88	+3.3%	—	—	—
Q4 24	$1.44	$1.64	+13.9%	—	—	—
Q3 24	$1.23	$1.28	+4.1%	—	—	—
Q2 24	$1.13	$1.17	+3.5%	—	—	—
Q1 24	$1.33	$1.38	+3.8%	—	—	—
Q4 23	$1.2	$1.26	+5.0%	—	—	—
Q3 23	$1.18	$1.22	+3.4%	—	—	—
Q2 23	$1.26	$1.29	+2.4%	—	—	—
Q1 23	$0.92	$0.96	+4.3%	—	—	—
Q4 22	$0.97	$1.06	+9.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.09	—	—	$5.3B	—
FY24	—	$3.89	—	—	$4.6B	—
FY23	—	$3.86	—	—	$4.1B	—
FY22	—	$3.13	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$1.9B	$2.1B	$2.3B	$2.7B	$3B	$3.6B	$4.1B	$4.6B	$5.3B
YoY change	+6.7%	+6.99%	+10%	+9.27%	+14.8%	+11.4%	+19.2%	+14.8%	+13.5%	+14.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	1.9B	2.1B	2.3B	2.7B	3B	3.6B	4.1B	4.6B	5.3B
Cost of revenue	256.5M	237.4M	258.7M	266.4M	305.5M	307M	371.6M	435M	647.5M	722.2M
Gross profit	1.6B	1.7B	1.9B	2.1B	2.4B	2.7B	3.2B	3.7B	4B	4.6B
Gross margin	85.9%	87.8%	87.9%	88.6%	88.6%	89.7%	89.6%	89.4%	86%	86.4%
Research & development	735.3M	804.2M	884.8M	935.9M	1B	1.1B	1.3B	1.4B	1.5B	1.8B
Selling, general & administrative	520.3M	553.3M	573.1M	621.5M	670.9M	749.3M	846.3M	932.7M	1B	1.1B
Operating expenses	1.3B	1.4B	1.5B	1.6B	1.7B	1.9B	2.1B	2.4B	2.6B	2.9B
Operating income	285.9M	333.4M	407.3M	500.4M	654.8M	778M	1.1B	1.3B	1.4B	1.6B
Operating margin	15.7%	17.2%	19.1%	21.4%	24.4%	26%	30.1%	30.9%	29.6%	31.1%
Non-operating income, net	-27.9M	3.5M	-15.8M	-12.1M	-5.1M	4.7M	-15.5M	26.2M	34.8M	-112.8M
Pretax income	237.2M	315M	376.4M	479M	632.7M	768.4M	1B	1.3B	1.4B	1.5B
Income tax	34.1M	110.9M	30.6M	-510M	42.1M	72.5M	196.4M	240.8M	340.3M	413.2M
Net income	203.1M	204.1M	345.8M	989M	590.6M	696M	849M	1B	1.1B	1.1B
Net margin	11.2%	10.5%	16.2%	42.3%	22%	23.3%	23.8%	25.5%	22.7%	20.9%
EBITDA	408.9M	453M	533.6M	632.6M	808.5M	911.1M	1.2B	1.4B	1.6B	2B
EPS	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89	4.09
Diluted EPS	0.7	0.73	1.23	3.53	2.11	2.5	3.09	3.82	3.85	4.06

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	1.1B	1B	1.1B	1.2B	1.4B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B
Cost of revenue	109.6M	104.1M	125.2M	139.3M	163M	220M	167.1M	184.2M	182.2M	188.7M	214.5M	239.3M
Gross profit	913.5M	964.5M	883.9M	921.4M	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.3B
Gross margin	89.3%	90.3%	87.6%	86.9%	86.6%	83.8%	86.5%	85.6%	86.4%	86.9%	85.4%	84.9%
Research & development	369.6M	367.4M	379M	370.7M	407.4M	392M	439.1M	442.1M	423M	464.6M	508.4M	531.3M
Selling, general & administrative	234.8M	256.1M	249.3M	250.2M	261.3M	279M	265.8M	269.6M	270.6M	310M	299.7M	329.6M
Operating expenses	604.4M	623.6M	628.3M	620.9M	668.7M	671M	704.9M	711.7M	693.6M	774.6M	808.1M	860.9M
Operating income	304.5M	336M	250.2M	293.8M	374.6M	455.9M	361.4M	370.4M	452.8M	465.2M	431.3M	450M
Operating margin	29.8%	31.4%	24.8%	27.7%	30.8%	33.6%	29.1%	29%	33.8%	32.3%	29.3%	28.4%
Non-operating income, net	-3.9M	27.7M	59M	25.9M	-33.6M	-16.4M	-2.8M	-86.8M	-55.6M	32.4M	10.1M	85.5M
Pretax income	300M	362.1M	310M	315.7M	333.4M	436.7M	355.7M	280.6M	392.8M	493M	428.1M	510.2M
Income tax	45.6M	38.2M	62.4M	86.2M	95.3M	96.4M	82.1M	120.6M	105.7M	104.8M	92.4M	143.2M
Net income	254.3M	323.9M	247.6M	229.5M	238.1M	340.2M	273.6M	160.1M	287.1M	388.1M	335.7M	367.1M
Net margin	24.9%	30.3%	24.5%	21.6%	19.6%	25.1%	22%	12.5%	21.4%	27%	22.8%	23.2%
EBITDA	349.8M	384.8M	298M	349.5M	446.6M	536.7M	438.7M	453.8M	532.7M	557.8M	533.4M	579.1M
EPS	0.94	1.2	0.92	0.85	0.87	1.25	1.01	0.59	1.06	1.43	1.23	1.34
Diluted EPS	0.93	1.19	0.91	0.84	0.87	1.24	1	0.59	1.05	1.42	1.23	1.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.2B	11.4B	11.9B	19B	37.3B	51B	43.6B	73.4B	81.5B	84.8B	90.1B
Enterprise value	7.4B	11.4B	11.8B	18.7B	36.9B	50.3B	43.6B	73B	81.3B	84.3B	90.9B
Shares outstanding	284.5M	272.1M	273.7M	273.2M	273.7M	273.5M	271.2M	269.4M	271.2M	271.3M	271.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	35.3	55.8	34.4	19.2	63.2	73.2	51.3	70.5	77.2	76.5	65.3
P/S	3.95	5.86	5.57	8.11	13.9	17.1	12.2	17.9	17.6	16	15.5
P/B	9.67	11.5	9.24	9.01	15	18.6	15.9	21.6	17.4	15.5	13.2
EV/EBITDA	18.1	25.2	22.1	29.5	45.6	55.2	35.8	50.9	49.8	42.5	42.2
EV/Sales	4.07	5.88	5.53	7.99	13.7	16.8	12.2	17.8	17.5	15.9	15.6
Earnings yield	2.83%	1.79%	2.91%	5.22%	1.58%	1.37%	1.95%	1.42%	1.3%	1.31%	1.53%
FCF yield	5.45%	3.63%	4.56%	3.46%	2.17%	2.03%	2.57%	1.7%	1.37%	1.87%	1.79%
PEG	—	—	—	—	—	—	—	—	—	—	0.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	85.9%	87.8%	87.9%	88.6%	88.6%	89.7%	89.6%	89.4%	86%	86.4%	84.9%
Operating margin	15.7%	17.2%	19.1%	21.4%	24.4%	26%	30.1%	30.9%	29.6%	31.1%	28.6%
Net margin	11.2%	10.5%	16.2%	42.3%	22%	23.3%	23.8%	25.5%	22.7%	20.9%	23.6%
ROE	27.4%	20.6%	26.8%	47%	23.7%	25.4%	30.9%	30.6%	22.6%	20.3%	23.2%
ROA	9.69%	8.44%	14%	29.5%	15%	15.9%	16.5%	18.4%	11.8%	10.9%	10.6%
ROIC	25.3%	21%	31.2%	27.4%	30.2%	33.5%	31.8%	33.8%	23.2%	24.4%	16.8%
Return on tangible assets	46.8%	38.6%	49.9%	58.6%	30.1%	33.7%	50.6%	54.1%	34.9%	34.5%	-92%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.53	1.34	1.74	1.86	1.77	1.27	1.24	2.93	2.86	1.74
Quick ratio	1.13	1.47	1.3	1.66	1.76	1.65	1.17	1.13	2.74	2.67	1.53
Debt / equity	0.93	0.74	0.35	0.2	0.18	0.17	0.32	0.22	0.55	0.48	0.39
Debt / assets	0.33	0.3	0.18	0.13	0.12	0.1	0.17	0.13	0.29	0.26	0.22
Net debt / EBITDA	0.55	0.08	-0.16	-0.43	-0.58	-0.7	0	-0.26	-0.12	-0.27	0.55
Interest coverage	11	13.3	17.3	26.4	31.5	46.3	46.6	36.4	19.4	14.1	15.6
Effective tax rate	14.4%	35.2%	8.13%	0%	6.65%	9.43%	18.8%	18.8%	24.4%	27.1%	24.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.38	7.14	7.81	8.55	9.8	10.9	13.1	15.2	17.1	19.5	21.5
EPS (basic)	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89	4.09	4.09
EPS (diluted)	0.7	0.73	1.23	3.53	2.11	2.5	3.09	3.82	3.85	4.06	5.02
Book value per share	2.61	3.64	4.71	7.7	9.11	10	10.1	12.6	17.2	20.2	24.9
FCF per share	1.37	1.52	1.98	2.4	2.96	3.78	4.12	4.63	4.12	5.85	6.05
Cash per share	1.65	2.55	1.95	2.58	3.39	3.98	3.27	4.23	10.3	11.6	5.56
Capex per share	0.19	0.21	0.22	0.27	0.35	0.24	0.45	0.38	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.91%	2.98%	2.88%	3.19%	3.53%	2.19%	3.46%	2.5%	3.07%	—	—
Capex / operating cash flow	11.6%	10.9%	9.91%	10.6%	10.4%	6.11%	10.6%	7.66%	10.5%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$1.1B	$1B	$1.1B	$1.2B	$1.4B	$1.2B	$1.3B	$1.3B	$1.4B	$1.5B	$1.6B
YoY change	+13.4%	+18.8%	-1.23%	+8.61%	+18.8%	+26.9%	+23.1%	+20.2%	+10.1%	+6.2%	+18.7%	+24.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	468.3M	692.5M	533.3M	705.2M	928.4M	1.1B	886.8M	1.1B	2.8B	3.2B
Receivables	85.6M	119.3M	164.2M	179.3M	197M	185.6M	314.7M	299.8M	393M	492.8M
Inventory	39.5M	33.2M	28.2M	55.8M	76M	115.7M	128M	181.7M	257.7M	303.5M
Total current assets	702M	980M	951.1M	1.2B	1.5B	1.7B	1.7B	2B	4B	4.7B
Property, plant & equipment	112.6M	123.9M	125.7M	249.4M	317.8M	309.5M	409.9M	422.1M	466.6M	555.4M
Goodwill & intangibles	1.7B	1.9B	1.8B	1.7B	2B	2.3B	3.5B	3.7B	5.9B	6.9B
Total assets	2.1B	2.4B	2.5B	3.4B	4B	4.4B	5.1B	5.7B	9B	10.2B
Accounts payable	4.4M	4.8M	5.5M	—	—	—	47.1M	91.2M	5.6M	93.5M
Short-term debt	50M	85M	100M	—	—	—	100M	349.3M	—	—
Total current liabilities	585.6M	642.4M	709M	672.4M	796.8M	971.2M	1.3B	1.6B	1.4B	1.6B
Long-term debt	643.5M	644.4M	345.3M	430.8M	460.7M	454.7M	787.4M	415.1M	2.6B	2.6B
Total liabilities	1.4B	1.4B	1.2B	1.3B	1.5B	1.6B	2.4B	2.3B	4.3B	4.7B
Shareholders' equity	741.8M	989.2M	1.3B	2.1B	2.5B	2.7B	2.7B	3.4B	4.7B	5.5B
Total debt	693.5M	729.4M	445.3M	430.8M	460.7M	454.7M	887.4M	764.4M	2.6B	2.6B
Net debt	228.3M	41.3M	-88M	-274.4M	-467.7M	-634.2M	5.1M	-243.7M	-59M	-384.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	962M	1.1B	1B	1.1B	2.8B	2.8B	2.8B	2.8B	2.8B	3.2B	1.4B	1.4B
Receivables	264.6M	299.8M	219.9M	386.7M	322.4M	393M	315M	359.1M	383.8M	492.8M	516.3M	504.4M
Inventory	163.7M	181.7M	185.8M	171.5M	293.4M	257.7M	225.6M	226.2M	286.2M	303.5M	318M	390.4M
Total current assets	1.8B	2B	1.9B	2.2B	4.1B	4B	4B	4.2B	4.3B	4.7B	3.2B	3.2B
Property, plant & equipment	—	422.1M	—	—	—	466.6M	—	—	—	555.4M	—	—
Goodwill & intangibles	3.7B	3.7B	3.8B	6.2B	6.3B	5.9B	6B	6.4B	6.6B	6.9B	13.7B	13.6B
Total assets	5.4B	5.7B	5.7B	7.2B	9.2B	9B	9B	9.5B	9.6B	10.2B	12.1B	12.1B
Accounts payable	—	91.2M	—	—	—	5.6M	—	291.8M	87.3M	93.5M	88.2M	—
Short-term debt	—	349.3M	349.5M	349.7M	350M	—	—	—	—	—	425M	—
Total current liabilities	1.3B	1.6B	1.5B	1.5B	1.7B	1.4B	1.3B	1.5B	1.4B	1.6B	2.2B	1.8B
Long-term debt	648.8M	415.1M	299.8M	998.9M	2.5B	2.6B	2.5B	2.5B	2.5B	2.6B	2.7B	2.7B
Total liabilities	2.3B	2.3B	2.2B	3B	4.6B	4.3B	4.2B	4.5B	4.4B	4.7B	5.5B	5.2B
Shareholders' equity	3.1B	3.4B	3.6B	4.3B	4.6B	4.7B	4.8B	5B	5.2B	5.5B	6.6B	6.9B
Total debt	648.8M	764.4M	649.3M	1.3B	2.8B	2.6B	2.5B	2.5B	2.5B	2.6B	3.1B	2.7B
Net debt	-313.2M	-243.7M	-363.1M	289.7M	39.1M	-59M	-300.5M	-344.6M	-274.1M	-384.9M	1.7B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	203.1M	204.1M	345.8M	989M	590.6M	696M	849M	1B	1.1B	1.1B
Depreciation & amortization	119.6M	115.5M	118.7M	123.4M	150.1M	130.7M	135.4M	145.7M	195M	233.8M
Stock-based compensation	109.2M	130M	167.7M	181.5M	197.3M	210.1M	270.4M	325.6M	391.2M	455.2M
Change in working capital	22.3M	-2.1M	-3.9M	-16.6M	-2.6M	72.8M	12.5M	-143.2M	-161.1M	-301.5M
Operating cash flow	454.5M	529.4M	620.5M	702M	911.1M	1.1B	1.2B	1.3B	1.4B	1.7B
Capital expenditure	-52.8M	-57.9M	-61.5M	-74.6M	-94.8M	-65.3M	-123.2M	-102.3M	-142.5M	—
Investing cash flow	1.4M	-191.2M	-173.8M	-105.7M	-292.2M	-291.4M	-737.6M	-412.1M	-837.1M	-330.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-997.5M	-157.2M	-320M	-396.7M	-490.1M	-730.3M	-1.2B	-836.5M	-787.8M	-1.1B
Financing cash flow	-657.7M	-170.1M	-726.7M	-784.5M	-875.3M	-643.8M	-1.1B	-953.6M	1.2B	-949M
Net change in cash	-201.9M	168M	-280.1M	-188.2M	-256.4M	132.8M	-718.4M	-29.6M	1.8B	449.7M
Free cash flow	391.2M	412.8M	543.2M	655M	810.1M	1B	1.1B	1.2B	1.1B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	254.3M	323.9M	247.6M	229.5M	238.1M	340.2M	273.6M	160.1M	287.1M	388.1M	335.7M	367.1M
Depreciation & amortization	37.2M	41.6M	38.6M	47.2M	55.4M	53.9M	51.5M	57.8M	55.8M	68.9M	84.4M	118.3M
Stock-based compensation	88M	86.7M	88.1M	87.6M	109M	106.5M	107.6M	118.3M	116.1M	113.2M	138.2M	146.9M
Change in working capital	-31.1M	-115.2M	67.5M	-175.5M	-55.4M	2.2M	112.9M	-78.5M	-121.1M	-214.8M	-39.8M	44.9M
Operating cash flow	345.6M	324.3M	440.8M	181.3M	352.7M	380.5M	544.5M	265.3M	310.7M	553.5M	355.8M	634.9M
Capital expenditure	-22M	-33.7M	-49.6M	-29.2M	-26.5M	-37.2M	-23.1M	-44.1M	—	—	—	—
Investing cash flow	-183.8M	-98.5M	-79.8M	-678.1M	-39.3M	-40M	-33.3M	-175.6M	-140.6M	-47.8M	-2.1B	85.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-168.2M	-139.2M	-125M	-291.9M	-200.6M	-170.3M	-422.6M	-196.8M	-253.8M	-221.7M	-323.1M	-217.6M
Financing cash flow	-114.4M	-137.6M	-159.4M	574.8M	1.3B	-511.1M	-345.8M	-195.2M	-194.1M	-213.9M	174.5M	-26.4M
Net change in cash	47.4M	88.2M	201.7M	78M	1.6B	-170.7M	165.5M	-105.5M	-24M	291.8M	-1.5B	694.4M
Free cash flow	373.9M	238.2M	203.6M	126.8M	383.5M	404.2M	464M	333.5M	277M	512.5M	307M	575.3M

Cadence Design Systems Inc Financials

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Condensed cash flow statement