NASDAQ : CDNS
Cadence Design Systems, Inc. — Financial statements
Technology · Software - Application · United States
Last price 324.86 USD (Oct 30, 2026, 3:05 PM EDT) · Market cap 89.13B
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Financial statements
Cadence Design Systems, Inc. (CDNS) reported revenue of 6.13B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.13B | 5.30B | 4.64B | 4.09B | 3.56B | 2.99B |
| Cost of Revenue | 878.24M | 722.25M | 647.50M | 435.04M | 371.62M | 307.01M |
| Gross Profit | 5.25B | 4.57B | 3.99B | 3.65B | 3.19B | 2.68B |
| Selling, General & Admin | 1.28B | 1.09B | 1.02B | 920.65M | 836.24M | 746.68M |
| Research & Development | 2.04B | 1.77B | 1.55B | 1.44B | 1.25B | 1.13B |
| Amortization of Goodwill & Intangibles | 99.88M | 39.94M | 30.38M | 18.16M | 18.47M | 19.64M |
| Operating Expenses | 3.42B | 2.89B | 2.60B | 2.38B | 2.11B | 1.90B |
| Operating Income | 1.84B | 1.68B | 1.40B | 1.27B | 1.08B | 780.64M |
| Interest Expense | -126.56M | -116.54M | -76.00M | -36.19M | -22.93M | -16.98M |
| Interest & Investment Income | 62.17M | 101.58M | 62.48M | 29.64M | 10.10M | 2.63M |
| Currency Exchange Gain (Loss) | -14.93M | -36.09M | -965.00K | -5.49M | -459.00K | -2.79M |
| Other Non Operating Income (Expenses) | -936.00K | -2.07M | -1.20M | -2.71M | -860.00K | 5.90M |
| EBT Excluding Unusual Items | 1.76B | 1.63B | 1.38B | 1.26B | 1.07B | 769.41M |
| Merger & Restructuring Charges | -62.06M | -59.69M | -38.37M | -23.11M | -10.15M | -1.55M |
| Gain (Loss) on Sale of Investments | 146.19M | 71.62M | 60.74M | 45.45M | -14.17M | 580.00K |
| Gain (Loss) on Sale of Assets | 11.50M | |||||
| Legal Settlements | -128.54M | -8.32M | ||||
| Pretax Income | 1.84B | 1.52B | 1.40B | 1.28B | 1.05B | 768.43M |
| Income Tax Expense | 459.01M | 413.15M | 340.33M | 240.78M | 196.41M | 72.48M |
| Net Income | 1.38B | 1.11B | 1.06B | 1.04B | 848.95M | 695.96M |
| Net Income to Common | 1.38B | 1.11B | 1.06B | 1.04B | 848.95M | 695.96M |
| Shares Outstanding (Basic) | 272.67M | 271.33M | 271.21M | 269.38M | 271.20M | 273.50M |
| Shares Outstanding (Diluted) | 274.53M | 273.31M | 273.83M | 272.75M | 275.01M | 278.86M |
| EPS (Basic) | 5.06 | 4.09 | 3.89 | 3.86 | 3.13 | 2.54 |
| EPS (Diluted) | 5.03 | 4.06 | 3.85 | 3.82 | 3.09 | 2.50 |
| Free Cash Flow | 1.76B | 1.59B | 1.12B | 1.25B | 1.12B | 1.04B |
| Free Cash Flow Per Share | 6.42 | 5.81 | 4.08 | 4.57 | 4.07 | 3.71 |
| Gross Margin | 85.68% | 86.36% | 86.05% | 89.36% | 89.57% | 89.73% |
| Operating Margin | 29.94% | 31.72% | 30.11% | 31.16% | 30.43% | 26.12% |
| Profit Margin | 22.52% | 20.94% | 22.74% | 25.46% | 23.84% | 23.29% |
| Free Cash Flow Margin | 28.76% | 29.96% | 24.09% | 30.48% | 31.41% | 34.66% |
| EBITDA | 2.22B | 1.91B | 1.59B | 1.42B | 1.22B | 922.95M |
| EBITDA Margin | 36.21% | 36.02% | 34.35% | 34.71% | 34.14% | 30.89% |
| D&A For EBITDA | 384.72M | 227.83M | 196.94M | 145.29M | 132.09M | 142.31M |
| EBIT | 1.84B | 1.68B | 1.40B | 1.27B | 1.08B | 780.64M |
| EBIT Margin | 29.94% | 31.72% | 30.11% | 31.16% | 30.43% | 26.12% |
| Effective Tax Rate | 24.95% | 27.15% | 24.38% | 18.78% | 18.79% | 9.43% |
| Revenue as Reported | 6.13B | 5.30B | 4.64B | 4.09B | 3.56B | 2.99B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.45B | 3.00B | 2.64B | 1.01B | 882.33M | 1.09B |
| Short-Term Investments | 91.19M | 154.21M | 140.62M | 130.36M | 4.49M | 5.96M |
| Cash & Short-Term Investments | 1.54B | 3.16B | 2.78B | 1.14B | 886.82M | 1.09B |
| Receivables | 1.15B | 944.94M | 680.46M | 489.22M | 509.48M | 344.41M |
| Inventory | 448.82M | 303.55M | 257.71M | 181.66M | 128.00M | 115.72M |
| Prepaid Expenses | 208.74M | 265.66M | 293.25M | 166.82M | 112.97M | 75.42M |
| Other Current Assets | 69.50M | 85.32M | ||||
| Total Current Assets | 3.35B | 4.67B | 4.02B | 1.98B | 1.71B | 1.72B |
| Property, Plant & Equipment | 824.67M | 692.97M | 604.39M | 554.01M | 541.83M | 436.04M |
| Long-Term Investments | 145.04M | 67.52M | 124.09M | 138.32M | 120.00M | 127.50M |
| Goodwill | 4.93B | 2.75B | 2.38B | 1.54B | 1.37B | 928.36M |
| Other Intangible Assets | 1.79B | 718.22M | 594.73M | 336.84M | 354.62M | 233.26M |
| Long-Term Deferred Tax Assets | 789.08M | 917.73M | 982.06M | 880.00M | 853.69M | 763.77M |
| Long-Term Deferred Charges | 43.90M | |||||
| Other Long-Term Assets | 393.14M | 337.89M | 274.46M | 248.25M | 185.90M | 137.70M |
| Total Assets | 12.22B | 10.15B | 8.97B | 5.67B | 5.14B | 4.39B |
| Accounts Payable | 762.97M | 93.49M | 5.55M | 91.19M | 47.11M | |
| Accrued Expenses | 713.48M | 585.58M | 443.75M | 418.74M | 327.89M | |
| Short-Term Debt | 150.00M | 100.00M | ||||
| Current Portion of Long-Term Debt | 498.81M | 349.29M | ||||
| Current Portion of Leases | 49.89M | 41.55M | 41.62M | 36.74M | 25.27M | |
| Current Unearned Revenue | 1.01B | 778.43M | 737.41M | 665.02M | 745.11M | 618.06M |
| Total Current Liabilities | 2.47B | 1.64B | 1.37B | 1.59B | 1.35B | 971.23M |
| Long-Term Debt | 1.98B | 2.48B | 2.48B | 299.77M | 648.08M | 347.59M |
| Long-Term Leases | 179.28M | 136.29M | 108.89M | 115.36M | 139.34M | 107.12M |
| Long-Term Unearned Revenue | 138.23M | 156.00M | 115.17M | 98.93M | 91.52M | 101.15M |
| Other Long-Term Liabilities | 233.61M | 271.24M | 230.56M | 160.29M | 165.32M | 118.54M |
| Total Liabilities | 5.35B | 4.68B | 4.30B | 2.27B | 2.39B | 1.65B |
| Common Stock | 6.04B | 4.72B | 4.18B | 3.17B | 2.77B | 2.47B |
| Retained Earnings | 8.09B | 7.10B | 5.99B | 4.94B | 3.90B | 3.05B |
| Treasury Stock | -7.19B | -6.34B | -5.31B | -4.60B | -3.82B | -2.74B |
| Comprehensive Income & Other | -68.70M | -1.80M | -190.45M | -94.75M | -91.64M | -33.31M |
| Shareholders' Equity | 6.88B | 5.47B | 4.67B | 3.40B | 2.75B | 2.74B |
| Total Liabilities & Equity | 12.22B | 10.15B | 8.97B | 5.67B | 5.14B | 4.39B |
| Total Debt | 2.81B | 2.67B | 2.63B | 806.03M | 924.15M | 479.98M |
| Net Cash (Debt) | -1.27B | 489.20M | 158.03M | 332.48M | -37.34M | 614.92M |
| Net Cash Per Share | -4.62 | 1.79 | 0.58 | 1.22 | -0.14 | 2.21 |
| Filing Date Shares Outstanding | 274.38M | 272.65M | 274.11M | 272.24M | 272.94M | 277.34M |
| Total Common Shares Outstanding | 274.38M | 271.80M | 273.85M | 271.71M | 272.68M | 276.80M |
| Working Capital | 887.41M | 3.03B | 2.65B | 385.35M | 359.07M | 744.54M |
| Book Value Per Share | 25.06 | 20.14 | 17.07 | 12.53 | 10.07 | 9.90 |
| Tangible Book Value | 156.29M | 2.01B | 1.70B | 1.53B | 1.02B | 1.58B |
| Tangible Book Value Per Share | 0.57 | 7.38 | 6.21 | 5.64 | 3.73 | 5.70 |
| Land | 57.41M | 57.69M | 56.64M | 56.61M | 55.84M | |
| Buildings | 137.60M | 137.78M | 131.88M | 131.95M | 126.56M | |
| Machinery | 1.04B | 918.92M | 821.68M | 761.75M | 704.47M | |
| Construction In Progress | 3.19M | 14.88M | 17.94M | 21.67M | 13.83M | |
| Leasehold Improvements | 298.42M | 245.67M | 211.85M | 176.41M | 137.78M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.38B | 1.11B | 1.06B | 1.04B | 848.95M | 695.96M |
| Depreciation & Amortization | 389.03M | 233.84M | 196.94M | 145.74M | 135.43M | 142.31M |
| Other Amortization | 1.13M | 1.22M | ||||
| Loss (Gain) From Sale of Assets | -46.95M | -69.09M | -49.59M | -34.60M | ||
| Loss (Gain) From Sale of Investments | -88.61M | 5.42M | -580.00K | |||
| Stock-Based Compensation | 543.00M | 455.18M | 391.22M | 325.61M | 270.44M | 210.09M |
| Provision & Write-off of Bad Debts | 204.00K | 525.00K | ||||
| Other Operating Activities | 102.59M | 73.21M | -124.52M | -29.94M | -107.23M | -54.36M |
| Change in Accounts Receivable | -268.51M | -274.89M | -180.29M | -11.75M | -138.47M | 2.01M |
| Change in Inventory | -203.10M | -91.03M | -82.77M | -65.89M | -23.07M | -39.03M |
| Change in Accounts Payable | -54.89M | 184.90M | 33.68M | 5.42M | 113.94M | 67.36M |
| Change in Unearned Revenue | 173.79M | 69.41M | 66.48M | -21.58M | 131.46M | 100.73M |
| Change in Other Net Operating Assets | 40.97M | 38.36M | -46.07M | -4.97M | 3.68M | -25.28M |
| Operating Cash Flow | 1.97B | 1.73B | 1.26B | 1.35B | 1.24B | 1.10B |
| Capital Expenditures | -204.29M | -141.87M | -142.54M | -102.34M | -123.22M | -65.30M |
| Cash Acquisitions | -2.32B | -429.54M | -737.57M | -198.35M | -613.78M | -226.20M |
| Sale (Purchase) of Intangibles | -6.97M | 11.50M | -166.00K | -1.00M | -1.58M | |
| Investment in Securities | 199.12M | 99.39M | 43.00M | -111.39M | -634.00K | 128.00K |
| Investing Cash Flow | -2.33B | -460.52M | -837.12M | -412.25M | -738.63M | -292.95M |
| Short-Term Debt Issued | 50.00M | 585.00M | ||||
| Long-Term Debt Issued | 3.20B | 300.00M | ||||
| Total Debt Issued | 875.00M | 3.20B | 50.00M | 885.00M | ||
| Short-Term Debt Repaid | -150.00M | -485.00M | ||||
| Long-Term Debt Repaid | -1.35B | |||||
| Total Debt Repaid | -725.00M | -1.35B | -150.00M | -485.00M | ||
| Net Debt Issued (Repaid) | 150.00M | 1.85B | -100.00M | 400.00M | ||
| Issuance of Common Stock | 146.91M | 145.90M | 204.24M | 132.96M | 105.33M | 87.77M |
| Repurchase of Common Stock | -1.22B | -1.09B | -787.76M | -836.53M | -1.16B | -730.28M |
| Other Financing Activities | -23.83M | -425.00K | -1.28M | |||
| Financing Cash Flow | -920.45M | -948.98M | 1.24B | -803.57M | -657.05M | -643.79M |
| Foreign Exchange Rate Adjustments | -14.29M | 38.00M | -26.80M | -7.53M | -52.83M | -3.70M |
| Net Cash Flow | -1.30B | 357.29M | 1.64B | 125.83M | -206.62M | 160.51M |
| Free Cash Flow | 1.76B | 1.59B | 1.12B | 1.25B | 1.12B | 1.04B |
| Free Cash Flow Margin | 28.76% | 29.96% | 24.09% | 30.48% | 31.41% | 34.66% |
| Free Cash Flow Per Share | 6.42 | 5.81 | 4.08 | 4.57 | 4.07 | 3.71 |
| Levered Free Cash Flow | 1.75B | 1.51B | 1.01B | 1.11B | 1.01B | 871.92M |
| Unlevered Free Cash Flow | 1.83B | 1.58B | 1.05B | 1.14B | 1.02B | 881.31M |
| Cash Interest Paid | 120.23M | 111.95M | 43.22M | 34.93M | 21.12M | 15.95M |
| Cash Income Tax Paid | 497.20M | 247.37M | 510.00M | 253.70M | 233.24M | 146.42M |
| Change in Working Capital | -311.75M | -73.25M | -208.97M | -98.78M | 87.55M | 105.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 89.97B | 85.08B | 82.41B | 74.10B | 44.07B | 51.65B |
| Enterprise Value | 91.24B | 84.63B | 82.29B | 73.79B | 43.84B | 50.98B |
| Last Close Price | 327.89 | 312.58 | 300.46 | 272.37 | 160.64 | 186.35 |
| PE Ratio | 65.19 | 76.73 | 78.07 | 71.17 | 51.91 | 74.21 |
| Forward PE | 34.80 | 40.58 | 44.38 | 48.22 | 37.24 | 54.88 |
| PS Ratio | 14.67 | 16.06 | 17.75 | 18.12 | 12.37 | 17.28 |
| PB Ratio | 13.09 | 15.54 | 17.63 | 21.77 | 16.05 | 18.84 |
| P/TBV Ratio | 575.64 | 42.40 | 48.47 | 48.38 | 43.36 | 32.71 |
| P/FCF Ratio | 51.01 | 53.62 | 73.71 | 59.43 | 39.39 | 49.87 |
| P/OCF Ratio | 45.72 | 49.22 | 65.37 | 54.92 | 35.48 | 46.91 |
| PEG Ratio | 2.00 | 2.85 | 3.13 | 2.80 | 2.00 | 4.01 |
| EV/Sales Ratio | 14.88 | 15.98 | 17.73 | 18.04 | 12.31 | 17.06 |
| EV/EBITDA Ratio | 41.09 | 44.35 | 51.61 | 51.98 | 36.05 | 55.23 |
| EV/EBIT Ratio | 49.70 | 50.37 | 58.88 | 57.90 | 40.45 | 65.30 |
| EV/FCF Ratio | 51.73 | 53.33 | 73.60 | 59.18 | 39.19 | 49.22 |
| Debt / Equity Ratio | 0.41 | 0.49 | 0.56 | 0.24 | 0.34 | 0.17 |
| Debt / EBITDA Ratio | 1.20 | 1.35 | 1.59 | 0.55 | 0.73 | 0.50 |
| Debt / FCF Ratio | 1.59 | 1.68 | 2.35 | 0.65 | 0.83 | 0.46 |
| Net Debt / Equity Ratio | 0.18 | -0.09 | -0.03 | -0.10 | 0.01 | -0.22 |
| Net Debt / EBITDA Ratio | 0.57 | -0.26 | -0.10 | -0.23 | 0.03 | -0.67 |
| Net Debt / FCF Ratio | 0.72 | -0.31 | -0.14 | -0.27 | 0.03 | -0.59 |
| Asset Turnover | 0.56 | 0.55 | 0.63 | 0.76 | 0.75 | 0.72 |
| Inventory Turnover | 2.39 | 2.57 | 2.95 | 2.81 | 3.05 | 3.20 |
| Quick Ratio | 1.09 | 2.51 | 2.53 | 1.02 | 1.04 | 1.48 |
| Current Ratio | 1.36 | 2.86 | 2.93 | 1.24 | 1.27 | 1.77 |
| Return on Equity (ROE) | 22.87% | 21.86% | 26.13% | 33.86% | 30.95% | 26.60% |
| Return on Assets (ROA) | 10.51% | 10.98% | 11.93% | 14.74% | 14.23% | 11.70% |
| Return on Invested Capital (ROIC) | 17.09% | 25.77% | 27.86% | 35.36% | 35.87% | 33.82% |
| Return on Capital Employed (ROCE) | 18.80% | 19.70% | 18.40% | 31.20% | 28.60% | 22.90% |
| Earnings Yield | 1.53% | 1.30% | 1.28% | 1.41% | 1.93% | 1.35% |
| FCF Yield | 1.96% | 1.86% | 1.36% | 1.68% | 2.54% | 2.00% |
| Buyback Yield / Dilution | -0.32% | 0.19% | -0.40% | 0.82% | 1.38% | 0.28% |