Cadence Design Systems, Inc. (CDNS)
被高估基本面
64
价格
$346.31
市值
$88.81B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
转换成本 · 宽阔A 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.
需求驱动因素
中度周期性Because 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.
主要风险
- 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 A temporary US licence requirement in 2025 already cut deliveries of software to Chinese customers before being rescinded, and similar restrictions could be reimposed without warning.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.
客户集中度
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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
资产负债表与流动性
营收
$5.53B
最近12个月（截至2026/3/31）
净利润
$1.17B
最近12个月（截至2026/3/31）
自由现金流
$1.59B
股东权益合计
$5.47B
负债合计
$4.68B
流动比率
1.47
利息覆盖率
13.12
债务/EBITDA
0.35
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$227.29
当前价格
$346.31
安全边际
-52.4%
公允价值区间
$147.74 - $306.84
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
76.97
ROE
20.3%
市净率（P/B）
13.88
P/FCF
63.69
毛利率
-
ROIC
12.4%
盈利能力雷达图
价值创造（经济护城河）
ROIC
12.4%
WACC
10.6%
ROIC − WACC
+1.8 pp
ROIC 超过资本成本：公司正在为股东创造价值。
基本面分析标准
通过（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
未通过（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%
不可用（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
3
董事会风险
2
薪酬风险
3
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
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