CADENCE DESIGN SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CADENCE DESIGN SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,816	1,943	2,138	2,336	2,683	2,988	3,562	4,090	4,641	5,297
Selling and marketing	395	419	440	482	516	560	604	690	757	803
General and administrative	125	134	133	140	154	189	242	242	274	313
Operating income	245	324	396	492	646	779	1,074	1,251	1,351	1,492
Interest expense	23.7	25.7	23.1	18.8	20.7	17	22.9	36.2	76	117
Interest income	2.92	3.88	8.07	9.51	3.82	2.63	10.1	29.6	62.5	102
Other non-operating income	15.9	16.8	3.32	6	7.95	6.33	-5.39	66.9	121	147
Pre-tax income	237	315	376	479	633	768	1,045	1,282	1,396	1,522
Income tax	34.1	111	30.6	-510	42.1	72.5	196	241	340	413
Net income	203	204	346	989	591	696	849	1,041	1,055	1,109
EBITDA	364	439	515	615	791	921	1,206	1,397	1,548	1,720
EPS, basic	0.71	0.75	1.26	3.62	2.16	2.54	3.13	3.86	3.89	4.09
EPS, diluted	0.70	0.73	1.23	3.53	2.11	2.50	3.09	3.82	3.85	4.06
Shares, basic (weighted)	285	272	274	273	274	274	271	269	271	271
Shares, diluted (weighted)	291	280	281	281	280	279	275	273	274	273

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	465	688	533	705	928	1,089	882	1,008	2,644	3,001
Short-term investments	3.06	4.46					4.49	130	141	154
Receivables	157	190	297	305	338	338	487	489	680	945
Inventory	39.5	33.2	28.2	55.8	76	116	128	182	258	304
Other current assets	37.1	68.3	92.6	104	136	174	210	297	434	420
Total current assets	702	980	951	1,169	1,479	1,716	1,707	1,976	4,016	4,670
Property, plant and equipment	239	251	253	276	311	306	371	403	458	517
Lease right-of-use assets			0	100	133	130	170	151	146	176
Goodwill	573	666	662	662	782	928	1,374	1,536	2,379	2,749
Intangible assets	259	279	225	172	211	233	355	337	595	718
Long-term investments									124	67.5
Other non-current assets	312	74.8	104	107	171	182	186	248	274	338
Total assets	2,097	2,419	2,469	3,357	3,951	4,386	5,137	5,669	8,974	10,153
Accounts payable	4.37	4.83	5.48	317	350	417	557	577	633	857
Accrued liabilities	175	164	193	200	219	254	295	294	335	384
Deferred revenue	296	336	352	355	447	554	691	665	737	778
Short-term debt		0
Total current liabilities	586	642	709	672	797	971	1,348	1,591	1,370	1,635
Lease liabilities			0	84.8	114	107	139	115	109	136
Other non-current liabilities	59.3	81.2	77.3	163	207	226	305	276	339	408
Total liabilities	1,355	1,430	1,180	1,254	1,458	1,646	2,392	2,265	4,301	4,679
Total debt		0
Paid-in capital	1,820	1,830	1,936	2,046	2,218	2,468	2,766	3,167	4,182	4,719
Retained earnings	137	341	773	1,762	2,350	3,046	3,895	4,936	5,992	7,101
Treasury stock	-1,190	-1,178	-1,396	-1,668	-2,058	-2,740	-3,824	-4,604	-5,310	-6,344
Other comprehensive income	-25.2	-3.63	-24.8	-36.9	-17.4	-33.3	-91.6	-94.8	-190	-1.81
Shareholders' equity	742	989	1,288	2,103	2,493	2,741	2,745	3,404	4,674	5,474
Total equity	742	989	1,288	2,103	2,493	2,741	2,745	3,404	4,674	5,474
Total liabilities and equity	2,097	2,419	2,469	3,357	3,951	4,386	5,137	5,669	8,974	10,153
Shares outstanding	278	282	280	280	279	277	273	272	274	272

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	203	204	346	989	591	696	849	1,041	1,055	1,109
Depreciation and amortization	120	116	119	123	146	142	132	145	197	228
Stock-based compensation	109	130	168	182	197	210	270	326	391	455
Deferred income tax	-4.87	79.9	-11.7	-577	-26.1	-43.2	-108	-36.5	-129	66
Change in inventory	4.93	5.03	0.75	-33	-25.7	-39	-23.1	-65.9	-82.8	-91
Change in payables	2.66	-26	1.55	33.9	18.4	67.4	114	5.42	33.7	185
Cash from operations	445	471	605	730	905	1,101	1,242	1,349	1,261	1,729
Capital expenditures	-53.7	-57.9	-61.5	-74.6	-94.8	-65.3	-123	-102	-143	-142
Acquisitions	-41.6	-143	0	-0.34	-198	-226	-614	-198	-738	-430
Purchases of investments	0	0	-116	-33.7	0	0	-1	-176	-4.98	-40.9
Sales and maturities of investments	57.8	0	0
Cash from investing	1.36	-191	-174	-106	-292	-293	-739	-412	-837	-461
Stock issued	55.4	49	40.9	52.8	74.8	87.8	105	133	204	146
Share buybacks	-960	-100	-250	-306	-380	-612	-1,050	-700	-550	-925
Cash from financing	-593	-70.1	-568	-444	-415	-644	-657	-804	1,239	-949
Exchange rate effect	-4.99	13.5	-17.8	-8.09	25.7	-3.7	-52.8	-7.53	-26.8	38
Net change in cash	-151	223	-155	172	223	161	-207	126	1,636	357
Free cash flow	391	413	543	655	810	1,036	1,119	1,247	1,118	1,587
Interest paid	21	24.2	23	17.8	19.8	16	21.1	34.9	43.2	112
Income taxes paid	36.8	59.1	68	41.9	106	146	233	254	510	247

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $326.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	28.3%	Operating income / revenue.
EBITDA margin	32.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.8%	Pre-tax income / revenue.
Net margin	21.2%	Net income / revenue.
FCF margin	25.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.9%	Cash from operations / revenue.
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.7%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	8.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	5.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	41.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.47x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.65x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.8%	Total liabilities / total assets.
Interest coverage	13.1x	Operating income / interest expense.
Working capital	$1.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	56.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$301.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	10.3x	Revenue / average property, plant and equipment.
Receivables turnover	5.35x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
FCF conversion	122.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.20	Revenue / diluted weighted shares.
FCF per share	$5.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.84	Cash from operations / diluted weighted shares.
Book value per share	$23.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.10	Tangible book value / shares outstanding.
Cash per share	$5.14	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	54.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$89.81B	Share price x shares outstanding.
Enterprise value	$88.41B	Market cap + total debt - cash - short-term investments.
P/E	76.7x	Market cap / net income. Only when net income is positive.
P/S	16.2x	Market cap / revenue.
P/B	13.7x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	62.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	56.2x	Market cap / cash from operations, when positive.
EV/Sales	16.0x	Enterprise value / revenue.
EV/EBIT	56.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	48.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	61.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.
PEG	8.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CADENCE DESIGN SYSTEMS INC's revenue in fiscal 2025?

CADENCE DESIGN SYSTEMS INC reported revenue of $5.30B for fiscal 2025, 14.1% higher than the year before.

Was CADENCE DESIGN SYSTEMS INC profitable in fiscal 2025?

Yes. Net income was $1.11B, a net margin of 20.9%.

How much free cash flow did CADENCE DESIGN SYSTEMS INC generate in fiscal 2025?

Cash from operations of $1.73B minus capital expenditures of $141.9M left free cash flow of $1.59B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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