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Cadence Design Systems, Inc. develops computational, AI-driven software, hardware, and silicon intellectual property products and solutions. The company offers functional verification services, such as Jasper, a formal verification platform; Xcelium, a parallel logic simulation platform; Verisium, a generative AI solution; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification, as well as digital IC design and sign off products, including Innovus platform; and custom IC design and simulation product include Virtuoso, a platform to design and verify analog. It also provides Xcelium logic simulator and other front-end verification and virtual prototyping technologies; controllers and physical interfaces; PCI express, universal accelerator and compute express links, and multiple memory interfaces; and Tensilica, a digital signal processor. In addition, the company's design IP portfolio includes serializer/deserializer, peripheral component interconnect, USB, and other standard protocols; and Secure-IC, a solution for embedded security IP. Additionally, it provides System Design and Analysis (SD&A) platform, a solution that enables end-to-end system-level design and verification across chips, packages, PCBs, and electronic systems; Allegro X and OrCAD X platforms for PCB and advanced packaging; Sigrity X for signal and power integrity; AWR for RF design; Fidelity for computational fluid dynamics; Celsius for thermal and airflow analysis; Clarity 3D solver for electromagnetic and power electronics analysis and simulation; Integrity 3D-IC solution for 3D-IC and multi-chiplet designs; the Optimality Intelligent System Explorer, Reality digital twin, and Millennium enterprise multiphysics platforms; Allegro system design platform; and molecular modeling and simulation solutions and services. The company has a strategic collaboration with NVIDIA for the development of engineering solutions tailored for agentic AI chip and system design. The company was incorporated in 1987 a
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Cadence Design Systems provides electronic design automation software, silicon intellectual property and verification hardware used to design and test integrated circuits and systems. Long-term growth is supported by rising chip complexity, AI/ML, automotive and 5G demand and broader cloud-based design adoption, which could support recurring subscription and services revenue and stable customer relationships.
Key risks are semiconductor cyclicality, strong competition from Synopsys and others, high R&D and execution demands to serve advanced nodes, customer concentration and potential geopolitical/export-control constraints.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 1522.04M | 1395.82M | 1281.93M | 1045.36M | 768.43M |
| Net income | 1108.89M | 1055.48M | 1041.14M | 848.95M | 695.96M |
| Selling general administrative | 313.39M | 273.96M | 242.43M | 242.12M | 189.02M |
| Selling and marketing expenses | 802.63M | 757.48M | 690.32M | 604.22M | 560.26M |
| Gross profit | 4574.51M | 3993.76M | 3654.95M | 3190.09M | 2681.24M |
| Reconciled depreciation | 233.84M | 195.01M | 142.23M | 135.43M | 130.70M |
| Ebit | 1638.58M | 1471.82M | 1318.11M | 1073.69M | 779.09M |
| Ebitda | 1872.43M | 1666.83M | 1463.85M | 1203.78M | 915.07M |
| Depreciation and amortization | 233.84M | 195.01M | 145.74M | 130.10M | 135.98M |
| Non operating income net other | - | - | - | -5.39M | 6.33M |
| Operating income | 1649.78M | 1350.76M | 1251.22M | 1073.69M | 779.09M |
| Other operating expenses | 3646.98M | 3290.50M | 2838.76M | 2487.98M | 2210.20M |
| Interest expense | 116.54M | 76.00M | 36.19M | 22.93M | 16.98M |
| Tax provision | 413.15M | 340.33M | 172.75M | 196.41M | 72.48M |
| Interest income | 101.58M | 62.48M | 27.41M | 10.10M | 2.63M |
| Net interest income | -14.96M | -13.52M | -8.87M | -12.84M | -14.35M |
| Non recurring | - | - | - | 0.06M | -1.05M |
| Income tax expense | 413.15M | 340.33M | 240.78M | 196.41M | 72.48M |
| Total revenue | 5296.76M | 4641.26M | 4089.99M | 3561.72M | 2988.24M |
| Total operating expenses | 2924.73M | 2643.00M | 2403.72M | 2116.35M | 1903.20M |
| Cost of revenue | 722.25M | 647.50M | 435.04M | 371.62M | 307.01M |
| Total other income expense net | -127.74M | 45.06M | 30.70M | -28.32M | -10.65M |
| Net income from continuing ops | 1108.89M | 1055.48M | 957.64M | 848.95M | 695.96M |
| Net income applicable to common shares | - | - | - | 848.95M | 695.96M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 10153.15M | 8974.48M | 5669.49M | 5137.07M | 4386.30M |
| Intangible assets | 718.22M | 594.73M | 336.84M | 354.62M | 233.26M |
| Other current assets | 419.87M | 293.25M | 149.27M | 209.73M | 173.51M |
| Total liab | 4678.97M | 4300.90M | 2265.22M | 2391.96M | 1645.62M |
| Total stockholder equity | 5474.18M | 4673.58M | 3404.27M | 2745.11M | 2740.68M |
| Deferred long term liab | - | - | - | 91.52M | 101.15M |
| Other current liab | - | 627.14M | 443.75M | 557.16M | 417.28M |
| Common stock | - | 4181.74M | 3166.96M | 2765.67M | 2467.70M |
| Capital stock | 4719.44M | 4181.74M | 3166.96M | 2765.67M | 2467.70M |
| Retained earnings | 7100.76M | 5991.87M | 4936.38M | 3895.24M | 3046.29M |
| Other liab | - | - | - | 256.85M | 326.81M |
| Good will | 2749.14M | 2378.67M | 1535.85M | 1374.27M | 928.36M |
| Other assets | - | - | - | 1039.59M | 1203.00M |
| Cash | 3001.32M | 2644.03M | 1008.15M | 882.33M | 1088.94M |
| Total current liabilities | 1635.29M | 1370.11M | 1590.87M | 1347.70M | 971.23M |
| Current deferred revenue | 778.43M | 737.41M | 665.02M | 690.54M | 553.94M |
| Net debt | -521.17M | -58.95M | -202.12M | -134.25M | -741.35M |
| Short term debt | - | - | 390.90M | 100.00M | - |
| Short long term debt | - | - | 349.29M | 100.00M | - |
| Short long term debt total | 2480.15M | 2585.08M | 806.03M | 748.08M | 347.59M |
| Other stockholder equity | 5474.18M | -5309.58M | -4604.32M | -3824.16M | -2740.00M |
| Property plant equipment | - | - | - | 371.45M | 305.91M |
| Total current assets | 4669.67M | 4016.08M | 1976.22M | 1706.77M | 1715.77M |
| Long term investments | 67.52M | 124.09M | 138.32M | 120.00M | 127.50M |
| Net tangible assets | - | - | - | 1016.23M | 1579.05M |
| Short term investments | 154.21M | 140.62M | 130.36M | - | - |
| Net receivables | 944.94M | 680.46M | 506.78M | 486.71M | 337.60M |
| Long term debt | 2480.15M | 2476.18M | 299.77M | 648.08M | 347.59M |
| Inventory | 303.55M | 257.71M | 181.66M | 128.00M | 115.72M |
| Accounts payable | 856.86M | 5.55M | 91.19M | 557.16M | 417.28M |
| Accumulated other comprehensive income | - | -190.45M | -94.75M | -91.64M | -33.31M |
| Common stock total equity | - | - | - | 2765.67M | 2467.70M |
| Retained earnings total equity | - | - | - | 3895.24M | 3046.29M |
| Treasury stock | - | - | - | -3824.16M | -2740.00M |
| Non currrent assets other | 581.37M | 274.46M | 137.15M | 356.28M | 311.73M |
| Non current assets total | 5483.47M | 4958.40M | 3693.27M | 3430.30M | 2670.53M |
| Capital lease obligations | 136.29M | 108.89M | 115.36M | 139.34M | 107.12M |
| Long term debt total | - | - | - | 648.08M | 347.59M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 99.39M | -837.12M | -377.75M | -738.63M | 0.13M |
| Change to liabilities | - | - | - | 288.95M | 168.09M |
| Total cashflows from investing activities | -460.52M | -837.12M | -412.25M | -738.63M | -292.95M |
| Net borrowings | 0.00M | 1846.60M | -100.00M | 399.57M | -1.28M |
| Total cash from financing activities | -948.98M | 1239.24M | -803.57M | -657.05M | -643.79M |
| Change to operating activities | - | - | - | 3.68M | -25.28M |
| Net income | 1108.89M | 1055.48M | 1041.14M | 848.95M | 695.96M |
| Change in cash | 357.29M | 1635.88M | 125.83M | -206.62M | 160.51M |
| Begin period cash flow | 2644.03M | 1008.15M | 882.33M | 1088.94M | 928.43M |
| End period cash flow | 3001.32M | 2644.03M | 1008.15M | 882.33M | 1088.94M |
| Total cash from operating activities | 1728.78M | 1260.55M | 1349.18M | 1241.89M | 1100.96M |
| Issuance of capital stock | 145.90M | 204.24M | 132.99M | 105.33M | 87.77M |
| Depreciation | 233.84M | 195.01M | 140.37M | 135.43M | 130.70M |
| Other cashflows from investing activities | 11.50M | - | -0.17M | -614.78M | -227.78M |
| Change to inventory | -91.03M | -82.77M | -65.89M | -23.07M | -39.03M |
| Change to account receivables | -274.89M | -180.29M | -11.75M | -138.47M | 2.01M |
| Sale purchase of stock | -925.03M | -787.76M | -836.53M | -1161.95M | -730.28M |
| Other cashflows from financing activities | -169.84M | -23.83M | -100.00M | 884.58M | -1.28M |
| Change to netincome | - | - | - | 168.83M | 167.28M |
| Capital expenditures | 141.87M | 142.54M | 102.50M | 124.22M | 66.88M |
| Change receivables | - | - | - | -138.47M | 2.01M |
| Cash flows other operating | - | - | - | -36.52M | -53.08M |
| Exchange rate changes | - | - | - | - | -3.70M |
| Cash and cash equivalents changes | - | - | - | -153.79M | 160.51M |
| Change in working capital | -73.25M | -208.97M | -98.78M | 87.55M | 105.80M |
| Stock based compensation | 455.18M | 391.22M | 325.61M | 270.44M | 210.09M |
| Other non cash items | -61.92M | -172.19M | -22.66M | 7.13M | 1.59M |
| Free cash flow | 1586.91M | 1118.01M | 1246.67M | 1117.68M | 1034.08M |
Sector: Technology Industry: Software - Application
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CDNS Cadence Design Systems Inc |
-14.86 4.34% |
327.89 | 80.65 | 40.16 | 16.98 | 16.43 | 16.88 | 47.76 |
| SAP SAP SE ADR |
0.95 0.41% |
235.02 | 28.16 | 22.42 | 6.52 | 4.85 | 5.60 | 16.61 |
| CRM Salesforce.com Inc |
-1.73 0.75% |
229.17 | 23.41 | 15.55 | 4.79 | 5.56 | 5.55 | 14.88 |
| SAPGF SAP SE |
1.13 0.48% |
235.03 | 76.28 | 22.88 | 5.61 | 3.84 | 5.59 | 26.18 |
| SHOP Shopify Inc |
-9.40 5.63% |
157.49 | 90.18 | 53.19 | 12.70 | 13.17 | 12.23 | 67.86 |
Cadence Design Systems, Inc. develops computational, AI-driven software, hardware, and silicon intellectual property products and solutions. The company offers functional verification services, such as Jasper, a formal verification platform; Xcelium, a parallel logic simulation platform; Verisium, a generative AI solution; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification, as well as digital IC design and sign off products, including Innovus platform; and custom IC design and simulation product include Virtuoso, a platform to design and verify analog. It also provides Xcelium logic simulator and other front-end verification and virtual prototyping technologies; controllers and physical interfaces; PCI express, universal accelerator and compute express links, and multiple memory interfaces; and Tensilica, a digital signal processor. In addition, the company's design IP portfolio includes serializer/deserializer, peripheral component interconnect, USB, and other standard protocols; and Secure-IC, a solution for embedded security IP. Additionally, it provides System Design and Analysis (SD&A) platform, a solution that enables end-to-end system-level design and verification across chips, packages, PCBs, and electronic systems; Allegro X and OrCAD X platforms for PCB and advanced packaging; Sigrity X for signal and power integrity; AWR for RF design; Fidelity for computational fluid dynamics; Celsius for thermal and airflow analysis; Clarity 3D solver for electromagnetic and power electronics analysis and simulation; Integrity 3D-IC solution for 3D-IC and multi-chiplet designs; the Optimality Intelligent System Explorer, Reality digital twin, and Millennium enterprise multiphysics platforms; Allegro system design platform; and molecular modeling and simulation solutions and services. The company has a strategic collaboration with NVIDIA for the development of engineering solutions tailored for agentic AI chip and system design. The company was incorporated in 1987 a
| Name | Title | Year Born |
|---|---|---|
| Mr. Lip-Bu Tan | Exec. Chair of the Board | 1959 |
| Dr. Anirudh Devgan Ph.D. | CEO, Pres & Director | 1970 |
| Mr. John M. Wall | Sr. VP & CFO | 1971 |
| Mr. Thomas P. Beckley | Sr. VP and GM of Custom IC & PCB Group | 1958 |
| Mr. Aneel Zaman | Sr. VP & Chief Revenue Officer | 1969 |
| Dr. Chin-Chi Teng Ph.D. | Sr. VP and GM of the Digital & Signoff Group | 1966 |
| Mr. Ariel Sella | Co-Founder | NA |
| Mr. James Haddad | Corp. VP of Corp. Fin. & Treasurer | NA |
| Mr. Richard Gu | VP of Investor Relations | NA |
| Ms. Karna Nisewaner | Corp. VP, Gen. Counsel & Sec. | NA |
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