Cadence Design Systems

Information Technology Application Software San Jose, California Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.3B
                    3y CAGR +14.1%
                    
                    P77
                    
                    +14.1%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +20.9%
                    
                    P69
                    
                    +5.1%
                    
                    Total assets
                    FY2025
                
$10.2B
                    ROA +10.9%
                    
                    P62
                    
                    +13.1%
                    
                    Operating cash flow
                    FY2025
                
$1.7B
                    FCF margin +30.0%
                    
                    P75
                    
                    +37.1%

18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

23 accounts · 3 years

Total assets $10.2B

Total liabilities ~$4.7B

Shareholders equity $5.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	56.7%	57.0%	24.6%
Accounts Receivable	17.8%	14.7%	12.0%
Inventory	5.7%	5.6%	4.4%
Prepaid Expenses	7.9%	9.3%	7.3%
Total Current Assets	88.2%	86.5%	48.3%
Property,Plant and Equipment	9.8%	9.9%	9.9%
Goodwill	51.9%	51.3%	37.6%
Intangible Assets	13.6%	12.8%	8.2%
Deferred Tax Assets	17.3%	21.2%	21.5%
Other Noncurrent Assets	11.0%	11.7%	13.1%
Total Assets	191.7%	193.4%	138.6%
Liabilities
Accounts Payable	16.2%	13.6%	14.1%
Deferred Revenue	14.7%	15.9%	16.3%
Total Current Liabilities	30.9%	29.5%	38.9%
Deferred Revenue Noncurrent	2.9%	2.5%	2.4%
Other Noncurrent Liabilities	54.5%	60.7%	14.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	89.1%	90.1%	77.4%
Retained Earnings	134.1%	129.1%	120.7%
Treasury Stock	119.8%	114.4%	112.6%
Accumulated Other Comprehensive Income	-0.0%	-4.1%	-2.3%
Total Stockholders Equity	103.3%	100.7%	83.2%
Total Liabilitiesand Equity	191.7%	193.4%	138.6%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $5.3B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Research and Development	33.4%	33.4%	35.3%
Expenses Selling,General and Administrative	21.1%	22.2%	22.8%
Expenses Depreciation and Amortization	0.8%	0.7%	0.4%
Expenses Restructuring and Asset Impairment	0.6%	0.5%	0.3%
Expenses Other Operating Expenses	2.4%	0.2%	0.0%
Other Income Expense Operating Income	28.2%	29.1%	30.6%
Other Income Expense Interest Expense	2.2%	1.6%	0.9%
Other Income Expense Other Income/expense	2.8%	2.6%	1.6%
Other Income Expense Income Before Tax	28.7%	30.1%	31.3%
Income Tax Income Tax Expense	7.8%	7.3%	5.9%
net Income net Income	20.9%	22.7%	25.5%
net Income Comprehensive Income	24.5%	20.7%	25.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	5.2%	5.9%	6.7%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $1.7B

Investing cash flow $-460.5M

Financing cash flow $-949.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	20.9%	22.7%	25.5%
Operating Activities Depreciation and Amortization	4.3%	4.2%	3.6%
Operating Activities Stock Based Compensation	8.6%	8.4%	8.0%
Operating Activities Deferred Income Taxes	1.2%	-2.8%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	-1.4%	-4.5%	-2.4%
Operating Activities Other Non Cash Items	-1.1%	-1.0%	-0.7%
Operating Activities net Cash From Operating Activities	32.6%	27.2%	33.0%
Investing Activities Capital Expenditures	-2.7%	-3.1%	-2.5%
Investing Activities Business Acquisitions	-8.1%	-15.9%	-4.8%
Investing Activities Purchases of Investments	-0.8%	-0.1%	-4.3%
Investing Activities Proceeds From Sale of Investments	2.6%	1.0%	1.6%
Investing Activities Other Investing Activities	0.2%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-8.7%	-18.0%	-10.1%
Financing Activities Proceeds From Debt	0.0%	68.9%	1.2%
Financing Activities Repayment of Debt	0.0%	-29.1%	-3.7%
Financing Activities Repurchase of Common Stock	-17.5%	-11.9%	-17.1%
Financing Activities Proceeds From Stock Issuance	2.8%	4.4%	3.3%
Financing Activities Tax Withholding On Stock Based Compensation	-3.2%	-5.1%	-3.3%
Financing Activities Other Financing Activities	0.0%	-0.5%	0.0%
Financing Activities net Cash From Financing Activities	-17.9%	26.7%	-19.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.7%	-0.6%	-0.2%
Cash Reconciliation net Change In Cash	6.7%	35.2%	3.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+28.2%	+29.1%	+30.6%
Net margin	+20.9%	+22.7%	+25.5%
FCF margin	+30.0%	+24.1%	+30.5%
Growth
Revenue CAGR (3y)	+14.1%	+15.8%	+15.1%
Returns
ROE	+20.3%	+22.6%	+30.6%
ROA	+10.9%	+11.8%	+18.4%
ROIC	—	—	+37.0%
Liquidity
Current ratio	2.86x	2.93x	1.24x
Quick ratio	2.41x	2.43x	0.94x
Leverage
D/E	0.85x	0.92x	0.67x
Interest coverage	12.80x	17.77x	34.58x
Efficiency
Asset turnover	0.52x	0.52x	0.72x
Cash conversion cycle	—	—	—

Valuation

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Cadence Design Systems

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