Cadence Design Systems

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

                    Revenue
                    FY2025
                
$5.3B
                    3y CAGR +14.1%
                    
                    P79
                    
                    +14.1%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +20.9%
                    
                    P68
                    
                    +5.1%
                    
                    Total assets
                    FY2025
                
$10.2B
                    ROA +10.9%
                    
                    P59
                    
                    +13.1%
                    
                    Operating cash flow
                    FY2025
                
$1.7B
                    FCF margin +30.0%
                    
                    P78
                    
                    +37.1%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $10.2B

Total liabilities ~$4.7B

Shareholders equity $5.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$3.0B 13.5%	$2.6B 162.3%	$1.0B
Short Term Investments	$83.2M -40.8%	$140.6M 7.9%	$130.4M
Accounts Receivable	$1.0B 40.9%	$710.4M 45.2%	$489.2M
Inventory	$303.5M 17.8%	$257.7M 41.9%	$181.7M
Prepaid Expenses	$419.9M -3.2%	$433.9M 46.0%	$297.2M
Total Current Assets	$4.7B 16.3%	$4.0B 103.2%	$2.0B
Property,Plant and Equipment	$517.0M 12.8%	$458.2M 13.6%	$403.2M
Goodwill	$2.7B 15.6%	$2.4B 54.9%	$1.5B
Intangible Assets	$718.2M 20.8%	$594.7M 76.6%	$336.8M
Long Term Investments	$71.0M 41.2%	$50.3M -63.7%	$138.3M
Deferred Tax Assets	$917.7M -6.5%	$982.1M 11.6%	$880.0M
Other Noncurrent Assets	$917.7M 234.4%	$274.5M 10.6%	$248.3M
Total Assets	$10.2B 13.1%	$9.0B 58.3%	$5.7B
Liabilities
Accounts Payable	$856.9M 35.4%	$632.7M 9.7%	$576.6M
Accrued Liabilities	$378.9M 29.8%	$291.9M 69.3%	$172.5M
Other Current Liabilities	$407.5M 20.1%	$339.4M 23.1%	$275.7M
Total Current Liabilities	$1.6B 19.4%	$1.4B -13.9%	$1.6B
Operating Lease Liabilities Noncurrent	$136.3M 25.2%	$108.9M -5.6%	$115.4M
Deferred Tax Liabilities	$0 -100.0%	$107.3M 28.7%	$83.3M
Other Noncurrent Liabilities	$407.5M 20.1%	$339.4M 23.1%	$275.7M
Equity
Preferred Stock	$0	$0	$0
Common Stock	$0 -100.0%	$1.1B 0.4%	$1.1B
Additional Paid In Capital	$455.2M 16.3%	$391.2M 20.1%	$325.6M
Retained Earnings	$7.1B 18.5%	$6.0B 21.4%	$4.9B
Treasury Stock	$6.3B 19.5%	$5.3B 15.3%	$4.6B
Accumulated Other Comprehensive Income	$-1.8M 99.1%	$-190.4M -101.0%	$-94.8M
Total Stockholders Equity	$5.5B 17.1%	$4.7B 37.3%	$3.4B
Total Liabilitiesand Equity	$10.2B 13.1%	$9.0B 58.3%	$5.7B

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $5.3B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$5.3B 14.1%	$4.6B 13.5%	$4.1B
Expenses Cost of Revenue	$3.8B 15.6%	$3.3B 15.9%	$2.8B
Expenses Selling,General and Administrative	$313.4M 14.4%	$274.0M 13.0%	$242.4M
Expenses Depreciation and Amortization	$227.8M 15.7%	$196.9M 35.5%	$145.3M
Expenses Share Based Compensation	$455.2M 16.3%	$391.2M 20.1%	$325.6M
Expenses Restructuring and Asset Impairment	$29.2M 22.8%	$23.8M 115.8%	$11.0M
Expenses Operating Expenses	$3.8B 15.6%	$3.3B 15.9%	$2.8B
Other Income Expense Operating Income	$1.5B 10.5%	$1.4B 8.0%	$1.3B
Other Income Expense Interest Income	$101.6M 62.6%	$62.5M 110.8%	$29.6M
Other Income Expense Interest Expense	$116.5M 53.3%	$76.0M 110.0%	$36.2M
Other Income Expense Other Income/expense	$146.5M 21.1%	$121.1M 81.0%	$66.9M
Other Income Expense Income Before Tax	$1.5B 9.0%	$1.4B 8.9%	$1.3B
Income Tax Income Tax Expense	$413.2M 21.4%	$340.3M 41.3%	$240.8M
net Income net Income	$1.1B 5.1%	$1.1B 1.4%	$1.0B
net Income Comprehensive Income	$1.3B 35.2%	$959.8M -7.5%	$1.0B
Earnings Per Share Basic Eps	$4 5.1%	$4 0.8%	$4
Earnings Per Share Diluted Eps	$4 5.5%	$4 0.8%	$4
Earnings Per Share Weighted Average Shares Basic	$271.3M 0.0%	$271.2M 0.7%	$269.4M
Earnings Per Share Weighted Average Shares Diluted	$273.3M -0.2%	$273.8M 0.4%	$272.7M

Cash Flow Statement

Operating, investing, and financing flows

20 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	$1.1B 5.1%	$1.1B 1.4%	$1.0B
Operating Activities Depreciation and Amortization	$227.8M 15.7%	$196.9M 35.5%	$145.3M
Operating Activities Stock Based Compensation	$455.2M 16.3%	$391.2M 20.1%	$325.6M
Operating Activities Deferred Income Taxes	$66.0M 151.3%	$-128.7M -252.6%	$-36.5M
Operating Activities Changes In Operating Assets and Liabilities	$117.1M -49.3%	$230.8M 4256.8%	$5.3M
Operating Activities net Cash From Operating Activities	$1.7B 37.1%	$1.3B -6.6%	$1.3B
Investing Activities Capital Expenditures	$141.9M -0.5%	$142.5M 39.3%	$102.3M
Investing Activities Business Acquisitions	$429.5M -41.8%	$737.6M 271.9%	$198.4M
Investing Activities Purchases of Investments	$40.9M 720.9%	$5.0M -97.2%	$176.2M
Investing Activities net Cash From Investing Activities	$-460.5M 45.0%	$-837.1M -103.1%	$-412.2M
Financing Activities Proceeds From Debt	$0	$0 -100.0%	$50.0M
Financing Activities Repayment of Debt	$0	$0 -100.0%	$150.0M
Financing Activities Repurchase of Common Stock	$925.0M 68.2%	$550.0M -21.4%	$700.1M
Financing Activities Proceeds From Stock Issuance	$27.1M -69.5%	$88.9M 187.3%	$30.9M
Financing Activities Tax Withholding On Stock Based Compensation	$169.8M -28.6%	$237.7M 74.3%	$136.4M
Financing Activities net Cash From Financing Activities	$-949.0M -176.6%	$1.2B 254.2%	$-803.6M
Cash Reconciliation Effect of Exchange Rate On Cash	$38.0M 241.8%	$-26.8M -256.0%	$-7.5M
Cash Reconciliation net Change In Cash	$357.3M -78.2%	$1.6B 1200.1%	$125.8M
Cash Reconciliation Cash At Beginning of Period	$3.0B 13.5%	$2.6B 162.3%	$1.0B
Cash Reconciliation Cash At End of Period	$3.0B 13.5%	$2.6B 162.3%	$1.0B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+28.2%	+29.1%	+30.6%
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%	—
Returns
ROE	+20.3%	+22.6%	+30.6%
ROA	+10.9%	+11.8%	+18.4%
ROIC	—	—	—
Liquidity
Current ratio	2.86x	2.93x	1.24x
Quick ratio	2.45x	2.45x	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	+16d	+14d	-7d

Valuation

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FY2025 fundamentals · no price

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Cadence Design Systems

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