Cadence Design Systems, Inc. (CDNS)
SurévaluéFondamental
64
Prix
$346.31
Capitalisation boursière
$88.81B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Cadence sells the software chip designers use to design, simulate and verify a semiconductor before it is manufactured — a step nearly every advanced chip made today passes through, since a mistake caught after production means scrapping an entire batch of wafers. It also licenses pre-built circuit blocks that customers can drop into their own chip designs, and has expanded into simulation software for physical systems beyond chips, such as vehicles and aircraft.
Comment l'entreprise gagne de l'argent
Most revenue is ratable: customers pay recurring licence and maintenance fees to keep using the software and receive updates, rather than a one-time purchase, which makes revenue relatively predictable from quarter to quarter. A smaller portion comes from hardware emulation systems and services sold up-front. No single customer accounted for 10% or more of revenue in 2025, since the customer base spans nearly every chip designer in the world.
Chiffre d'affaires par segment
The software and hardware used to design and verify semiconductors — Cadence's original and still dominant business.
Simulation software for physical electronic systems beyond the chip itself, expanded through recent acquisitions like BETA CAE.
Pre-built, pre-verified circuit blocks that customers license instead of designing from scratch, saving development time.
Avantage concurrentiel
Coûts de changement · LargeA chip design team standardizes its entire workflow, training and file formats around one vendor's tools, and re-platforming to a competitor mid-project risks a failed chip that costs tens of millions of dollars to fix. Combined with an industry structure where essentially only Cadence and Synopsys can offer a full tool suite at the leading edge, this makes customer relationships extremely sticky once established.
Ce qui stimule la demande
Modérément cycliqueBecause most revenue is recurring licence and maintenance fees rather than one-time hardware sales, Cadence's results are steadier than the semiconductor industry it serves. But the underlying driver is still customer R&D spending, which slows when chipmakers cut budgets in a downturn, and China's 13% share of 2025 revenue has already shown how quickly export rules can disrupt demand in one region.
Principaux risques
- China export controls — China generated 13% of 2025 revenue. A temporary US licence requirement in 2025 already cut deliveries of software to Chinese customers before being rescinded, and similar restrictions could be reimposed without warning.
- Export control settlement and compliance obligations — In July 2025 Cadence pleaded guilty to a conspiracy charge and settled with the DOJ and BIS over export violations that occurred between 2015 and 2021, and now carries ongoing audit and compliance obligations under a three-year probationary agreement.
- Cyclicality of customer R&D spending — Even with recurring revenue, a downturn in semiconductor company budgets slows new licence sales and can delay renewals, since Cadence's growth ultimately tracks its customers' willingness to invest in new chip designs.
- Emerging domestic competitors in China — China's stated policy to become self-sufficient in semiconductors is funding domestic EDA vendors such as Huada Empyrean, which could erode Cadence's position in that market over time even without further export restrictions.
Concentration des clients
No single customer accounted for 10% or more of total revenue in fiscal 2025, 2024 or 2023 — the customer base is broad, spread across the semiconductor and electronic-systems industries.
Les arguments en faveur
Buyers point to a duopoly-like industry structure alongside Synopsys, deep switching costs once a chip team standardizes on a toolchain, and a growing System Design and Analysis business diversifying beyond core EDA through acquisitions.
Les arguments contre
Sellers note that China already accounts for 13% of revenue and already suffered a temporary export-license shock in 2025, that the company pleaded guilty to an export-control violation with ongoing compliance obligations, and that further US-China trade restrictions could recur without warning.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Cadence names Synopsys as the competitor it meets most often: both sell the full chip design, verification and sign-off software stack, plus design IP blocks, to the same semiconductor and systems companies, and Synopsys widened the overlap into simulation and analysis by absorbing Ansys in July 2025.
Keysight's design and simulation software for radio-frequency, high-speed and electromagnetic circuits competes directly with Cadence's own RF and system analysis tools for communications and aerospace engineering teams.
Siemens' EDA division, built on Mentor Graphics, sells competing verification, physical implementation, PCB and IC test tools to the same chip and electronics makers Cadence serves.
Zuken sells PCB and electrical wiring design software that competes with Cadence's Allegro and OrCAD board design line, mainly among Japanese and European electronics and automotive manufacturers.
China's largest domestic EDA vendor, named by Cadence in its own annual report, sells analog and display chip design tools to Chinese customers that Cadence would otherwise serve, with government policy pushing those customers toward local suppliers.
Bilan & Liquidités
Chiffre d'affaires
$5.53B
12 derniers mois (au 31/03/2026)
Résultat net
$1.17B
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$1.59B
Capitaux propres totaux
$5.47B
Passif total
$4.68B
Ratio de liquidité général
1.47
Couverture des intérêts
13.12
Dette/EBITDA
0.35
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$227.29
Prix actuel
$346.31
Marge de sécurité
-52.4%
Fourchette de juste valeur
$147.74 - $306.84
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
76.97
ROE
20.3%
Ratio P/B
13.88
P/FCF
63.69
Marge brute
-
ROIC
12.4%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
12.4%
WACC
10.6%
ROIC − WACC
+1.8 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (17)
- EPS shows upward trend
- Price CAGR 28.48%
- ROIC 12.4%
- Debt/Equity ratio
- Operating Margin 28.3%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 22.9%
- Revenue Growth 5Y 14.6%
- Analyst Consensus 91% Buy
- Earnings Quality (OCF/NI) 1.36
- Share Dilution -0.4%
- Piotroski F-Score 6/9
Échoué (8)
- P/FCF 63.69
- P/B Ratio 13.88
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 2.4%
- PEG Ratio 4.43
- Net Margin Trend 21.2% vs 22.2%
Indisponible (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Dr. Anirudh Devgan Ph.D. | CEO, President & Director | 55 |
| Mr. John M. Wall | Senior VP & CFO | 54 |
| Dr. Chin-Chi Teng Ph.D. | Senior VP and GM of the Digital & Signoff Group | 59 |
| Dr. Paul Cunningham Ph.D. | Senior VP & GM of the System and Verification Group | 47 |
| Mr. Paul Scannell | Senior Vice President of Global Customer Success Team | 59 |
| Mr. Ariel Sella | Co-Founder | - |
| Mr. Tarak Ray | Chief Information Officer & Senior VP | - |
| Mr. Richard Gu | Vice President of Investor Relations | - |
| Mr. Marc Taxay J.D. | Senior VP, General Counsel & Corporate Secretary | 56 |
| Ms. Yoon Kim | Corporate VP of Global Human Resources | - |
Risque d'audit
3
Risque du conseil
2
Risque de rémunération
3
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-19
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-29
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-07-27
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for CDNS, sourced from Markets Gazette.
- 4/27/2026NEUTRALCadence Design Systems Q1 2026 Earnings Call Transcript
Cadence Design Systems reported its Q1 2026 earnings, with the full transcript available for analysis. While specific financial figures and forward-looking guidance are detailed within the transcript, the provided information does not include a summary of key performance indicators or management outlook. Investors should consult the complete transcript for a comprehensive understanding of the company's financial health, strategic initiatives, and future prospects. The earnings call is a crucial event for assessing the company's performance against expectations and its trajectory in the electronic design automation market.
- 4/27/2026POSITIVECadence Design Systems Beats Q1 Estimates During 'Accelerating' AI Demand
Cadence Design Systems Inc. reported first-quarter 2026 results that surpassed analyst expectations, driven by robust demand from the artificial intelligence sector. The company's performance indicates strong momentum, with AI applications continuing to fuel growth in its core business segments. Investors will be closely watching the company's guidance for the upcoming quarters, as sustained AI demand could translate into significant revenue upside and further stock appreciation. The positive earnings report suggests Cadence is well-positioned to capitalize on the ongoing technological shift.
- 4/24/2026NEUTRALCadence Design Systems Targets Faster Chip Design Cycles To Keep Pace With AI
Cadence Design Systems is set to release its first-quarter financial results, with analyst expectations leaning towards a revenue beat but an earnings miss. Rosenblatt Securities maintains a 'Buy' rating on the stock. This mixed outlook suggests potential upside in top-line growth, possibly driven by strong demand for AI-related chip design tools, but also hints at potential margin pressures or higher operating costs impacting profitability. Investors will be closely watching the guidance for the upcoming quarters to gauge the company's trajectory in the rapidly evolving semiconductor landscape.
- 4/23/2026NEUTRALThe chip exec who powered the AI boom says America’s $39 trillion debt is the same mistake that kills great companies
Anirudh Devgan, CEO of Cadence Design Systems, a key player in AI chip design software, has voiced concerns regarding the United States' substantial national debt, equating it to a fiscal error that can cripple even strong companies. Devgan highlighted the paradox of a nation with immense strengths yet operating at a deficit. While his company is a direct beneficiary of the AI boom, his commentary points to broader macroeconomic risks that could indirectly impact the tech sector and overall market stability. Investors should monitor the national debt situation for potential long-term implications on economic growth and corporate profitability.
- 4/20/2026POSITIVEWhy Cadence’s ‘ChatGPT moment’ may have already arrived
Cadence Design Systems is poised for significant growth driven by the burgeoning field of agentic AI, according to a recent analyst report. The company's electronic design automation (EDA) systems are crucial for developing complex AI models, positioning Cadence to benefit directly from increased demand in this rapidly expanding sector. This 'ChatGPT moment' suggests a substantial uplift in revenue and market share for Cadence as AI development accelerates. Investors should monitor Cadence's ability to capitalize on this trend, as it represents a key inflection point for the company's future valuation.
- 4/14/2026POSITIVE$100 Invested In Cadence Design Systems 15 Years Ago Would Be Worth This Much Today
An investment of $100 in Cadence Design Systems (CDNS) 15 years ago would have yielded a significant return, illustrating the company's strong long-term growth trajectory. While specific figures are not provided in the title, such a statement implies substantial outperformance against market benchmarks. This sustained growth likely stems from Cadence's critical role in the semiconductor design ecosystem, providing essential electronic design automation (EDA) software and services. Investors looking at the company's history may find its consistent performance a compelling reason for future investment, especially given the ongoing demand for advanced chip designs.
via Markets Gazette