CDNSCadence Design Systems
We urge you to consider these factors carefully in evaluating the forward-looking statements contained in this Annual Report. 10-K, Item 1
- Employees
- 13,800
- Headquarters
- San Jose, CA
- CEO
- Anirudh Devgan
- Next results
- around Feb 16, 2027
All key numbers (40) From EDGAR
| EPS (ttm) | 5.03 | Sales (ttm) | 6.1B | Net income (ttm) | 1.4B | Sales growth | +14.1% | EPS growth | +5.5% | Sales Q/Q | +22.0% |
| Free cash flow | 1.8B | Gross margin | - | Oper. margin | 28.9% | Net margin | 22.5% | FCF margin | 28.8% | ROE | 20.1% |
| ROA | 11.3% | R&D / sales | - | Dividend | - | Debt/Eq | 0.36 | Curr. ratio | 1.36 | Cash | 1.5B |
| Op. cash flow (ttm) | 2.0B | EBITDA | 1.7B | EBITDA margin | 32.5% | Net debt | 1.0B | Quick ratio | 1.24 | Interest cover | 12.80 |
| ROIC | 11.6% | Tax rate | 27.1% | Stock pay / sales | 8.6% | Shares out. | 274.4M | Shares Y/Y | -0.2% | Book / share | 25.06 |
| Cash / share | 5.29 | Sales / share | 22.35 | Asset turnover | 0.50 | Days sales out. | 65 | Sales 3Y CAGR | +14.1% | Sales 5Y CAGR | +14.6% |
| EPS 3Y CAGR | +9.5% | EPS 5Y CAGR | +14.0% | Employees | 13,800 | Sales / employee | 444K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Free cash flow rose 42%$1.1B → $1.6B · Cash from operations − capital expenditure · 10-K ↗
CDNS against Technology peers
Ten years, side by side → · All 75 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| CDNS Cadence Design Systems | $6.1B | +14.1% | - | 22.5% | 20.1% | 28.8% | 0.36 |
| IT Gartner | $6.4B | +3.7% | 70.6% | 14.8% | - | - | - |
| ON ON Semiconductor | $6.4B | -15.3% | 38.7% | 10.8% | 9.1% | 25.4% | 0.60 |
| ZBRA Zebra Technologies | $6.1B | +8.3% | 48.9% | 9.8% | 16.9% | 16.1% | 0.72 |
| CIEN Ciena | $6.0B | +18.8% | 44.1% | 10.9% | 21.4% | 13.5% | 1.06 |
| TWLO Twilio | $5.8B | +13.7% | 48.6% | 21.8% | 13.9% | - | 0.11 |
Profitability
3 of 3- ✓Net margin above the peer median22.5% vs 19.1%
- ✓Return on equity above 15%20.1%
- ✓A profit in every one of 10 years
Balance sheet
4 of 4- ✓Interest covered more than 5 timesOperating income is 12.8× interest expense
- ✓Debt smaller than equityDebt / equity 0.36 on the latest balance sheet (peer median 0.46)
- ✓Current assets cover current liabilitiesCurrent ratio 1.36
- ✓Net debt under 3 years of free cash flow$877.0M net debt, 0.5 years
Cash and shareholders
3 of 3- ✓Free cash flow positive in every one of 10 years$1.6B last year
- ✓Share count down over 5 years−2.3%
- ✓Cash from operations above net income$1.7B vs $1.1B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Sep 30, 2026The debt note's own lines, 2024-09-10
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Senior Notes Due Twenty-Twenty Nine (Senior Notes) | Notes and bonds | 4.30% | not stated | $989.8M |
| Senior Notes Due Twenty-Thirty Four (Senior Notes) | Notes and bonds | 4.70% | not stated | $988.8M |
| Senior Notes Due Twenty-Twenty Seven (Senior Notes) | Notes and bonds | 4.20% | not stated | $496.5M |
From the debt note in the 10-K's XBRL (0000813672-26-000016), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2025
Revenue 5.3B Net income 1.1BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $5.3B of revenue came from
by product, year to Dec 31, 2025- Product and maintenance $4.8B · 91%
- Services $475.2M · 9%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
CDNS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Product and maintenance | 4.8B | 91.0% | +14.4% |
| Services | 475.2M | 9.0% | +11.1% |
10-K 0000813672-26-000016, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Americas | 2.5B | 46.8% | +10.1% |
| United States | 2.3B | 43.6% | +7.0% |
| Asia | 1.7B | 31.8% | +17.9% |
| Other Asia | 1.0B | 19.0% | +17.4% |
| Europe, Middle East and Africa | 790.6M | 14.9% | +13.1% |
| China | 680.0M | 12.8% | +18.6% |
| Japan | 341.7M | 6.5% | +31.3% |
| Other Americas | 168.3M | 3.2% | +80.8% |
10-K 0000813672-26-000016, segment and revenue notes (XBRL).
Income statement
From EDGARBalance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 465.2M | 688.1M | 533.3M | 705.2M | 928.4M | 1.1B | 882.3M | 1.0B | 2.6B | 3.0B |
| Short-term investments | 3.1M | 4.5M | - | - | - | - | 4.5M | 130.4M | 140.6M | 154.2M |
| Receivables | 157.2M | 190.4M | 297.1M | 304.5M | 338.5M | 337.6M | 486.7M | 489.2M | 680.5M | 944.9M |
| Inventory | 39.5M | 33.2M | 28.2M | 55.8M | 76.0M | 115.7M | 128.0M | 181.7M | 257.7M | 303.5M |
| Current assets | 702.0M | 980.0M | 951.1M | 1.2B | 1.5B | 1.7B | 1.7B | 2.0B | 4.0B | 4.7B |
| Property & equipment | 238.6M | 251.3M | 252.6M | 275.9M | 311.1M | 305.9M | 371.5M | 403.2M | 458.2M | 517.0M |
| Goodwill | 572.8M | 666.0M | 662.3M | 661.9M | 782.1M | 928.4M | 1.4B | 1.5B | 2.4B | 2.7B |
| Total assets | 2.1B | 2.4B | 2.5B | 3.4B | 4.0B | 4.4B | 5.1B | 5.7B | 9.0B | 10.2B |
| Accounts payable | 4.4M | 4.8M | 5.5M | - | - | - | - | - | - | - |
| Current liabilities | 585.6M | 642.4M | 709.0M | 672.4M | 796.8M | 971.2M | 1.3B | 1.6B | 1.4B | 1.6B |
| Total debt | - | - | - | - | - | - | - | - | - | 2.5B |
| Shareholders' equity | 741.8M | 989.2M | 1.3B | 2.1B | 2.5B | 2.7B | 2.7B | 3.4B | 4.7B | 5.5B |
| Retained earnings | 136.9M | 341.0M | 772.7M | 1.8B | 2.4B | 3.0B | 3.9B | 4.9B | 6.0B | 7.1B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 444.9M | 470.7M | 604.8M | 729.6M | 904.9M | 1.1B | 1.2B | 1.3B | 1.3B | 1.7B |
| Capital spending | 53.7M | 57.9M | 61.5M | 74.6M | 94.8M | 65.3M | 123.2M | 102.3M | 142.5M | 141.9M |
| Free cash flow | 391.2M | 412.8M | 543.2M | 655.0M | 810.1M | 1.0B | 1.1B | 1.2B | 1.1B | 1.6B |
| Stock-based pay (added back) | 109.2M | 130.0M | 167.7M | 181.5M | 197.3M | 210.1M | 270.4M | 325.6M | 391.2M | 455.2M |
| Buybacks | 960.3M | 100.0M | 250.1M | 306.1M | 380.1M | 612.3M | 1.1B | 700.1M | 550.0M | 925.0M |
| Acquisitions | 41.6M | 143.2M | 0 | 338K | 197.6M | 226.2M | 613.8M | 198.4M | 737.6M | 429.5M |
| Investing cash flow | 1.4M | -191.2M | -173.8M | -105.7M | -292.2M | -293.0M | -738.6M | -412.2M | -837.1M | -460.5M |
| Financing cash flow | -592.7M | -70.1M | -567.9M | -443.9M | -415.3M | -643.8M | -657.0M | -803.6M | 1.2B | -949.0M |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 109.2M | 130.0M | 167.7M | 181.5M | 197.3M | 210.1M | 270.4M | 325.6M | 391.2M | 455.2M |
| Stock-based pay / revenue | 6.0% | 6.7% | 7.8% | 7.8% | 7.4% | 7.0% | 7.6% | 8.0% | 8.4% | 8.6% |
| Operating lease cost | - | 32.1M | 33.7M | 34.7M | 39.7M | 43.2M | 49.2M | 56.8M | 61.8M | 70.8M |
| Operating lease cash paid | - | - | - | 35.0M | 34.7M | 50.2M | 34.3M | 46.1M | 50.0M | 55.2M |
| Right-of-use assets | - | - | 0 | 100.3M | 133.4M | 130.1M | 170.4M | 150.8M | 146.2M | 176.0M |
| Operating lease liabilities | - | - | - | 110.3M | 147.8M | 132.4M | 176.1M | 157.0M | 150.4M | 186.2M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on CDNS in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CDNS/export.csv") into a cell.