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Synopsys, Inc. (SNPS)

被高估
TechnologySoftware - InfrastructureUnited States

基本面

53

价格

$483.61

市值

$81.43B

第一部分 · 这家公司值多少

概览

Synopsys makes the software that chip designers use to turn a circuit idea into a design a factory can actually manufacture: simulation, verification and layout tools that catch errors before billions of dollars are committed to production. In 2025 it also acquired Ansys, the maker of engineering simulation software used to test how physical products behave before they are built, extending its tools beyond chips into the broader hardware and systems its chips end up inside.

盈利方式

Most revenue comes from time-limited licenses to its design software, sold to chip and hardware engineering teams as a recurring subscription rather than a one-off purchase, alongside a second stream from licensing pre-built circuit blocks — Design IP — that a customer can drop into its own chip instead of designing that piece from scratch. Because a design house builds an entire chip project around one vendor's tools, contracts tend to run for years and renew predictably once in place.

分部营收

Design Automation75.1%

Chip design, verification and manufacturing software, now including the acquired Ansys engineering simulation product line as well.

Design IP24.8%

Pre-built circuit blocks and processor cores licensed to customers to drop into their own chip designs.

护城河

转换成本 · 宽阔

Chip design teams build years of engineering work, custom scripts and trained staff around one vendor's toolchain; ripping that out mid-project risks the whole chip. Synopsys and rival Cadence together dominate the market, leaving few credible alternatives for a large design house to switch to even if it wanted, which supports high renewal rates and durable pricing power across economic cycles.

需求驱动因素

中度周期性

Chip design software spending is more stable than the semiconductor sales it enables, because design teams keep working through a downturn even when chip factories cut output. Demand still tracks how much the industry invests in new chip projects overall, and consolidation among Synopsys's largest customers — fewer, bigger design houses — can concentrate the effect of any one customer's budget decision.

主要风险

  • Customer concentration and consolidation — Synopsys states it depends on a relatively small number of large chip and technology customers, and that mergers among them reduce the number of independent budgets it can sell into.
  • Integration risk from the Ansys acquisition — The 2025 acquisition of Ansys was one of the largest in the industry's history; failing to integrate its products, technology and staff as planned would mean the deal does not deliver the benefits it was expected to.
  • Export controls and China exposure — US export restrictions on advanced chip design tools have already limited what Synopsys can sell to certain customers in China, and further restrictions could remove more of that market.
  • Intense competition for the same design-in decisions — Synopsys competes closely with Cadence and a handful of smaller specialists for the same customer toolchain decisions, and losing a design-in to a rival can mean losing that customer's business for years.

客户集中度

Synopsys does not disclose an exact figure, but states in its risk factors that it depends on a relatively small number of large customers and that further consolidation among them would increase that dependence.

看多理由

Buyers argue that chip design software sits at a genuine bottleneck few companies can replicate, that the Ansys acquisition extends Synopsys's reach from chips into the physical products built around them, and that AI-driven chip complexity is pushing customers to spend more on design tools, not less.

看空理由

Sellers fear that integrating an acquisition as large as Ansys carries real execution risk, that a customer base already concentrated among a few large chipmakers keeps consolidating further, and that export restrictions on advanced design tools could permanently shrink the China market Synopsys once served.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

资产负债表与流动性

营收

$9.42B

最近12个月(截至2026/7/31)

净利润

$1.08B

最近12个月(截至2026/7/31)

自由现金流

$1.35B

股东权益合计

$28.33B

负债合计

$19.90B

流动比率

1.34

利息覆盖率

1.29

债务/EBITDA

6.88

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

一般情形被高估

公允价值

$280.10

当前价格

$483.61

安全边际

-72.7%

公允价值区间

$182.07 - $378.14

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

分析师目标价:$545.55
现金流折现法(DCF):$176.85
市盈率法(P/E):$134.71
格雷厄姆成长公式:$179.21
盈利能力价值(EPV):$65.13
合理市净率(P/B):$18.72
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$166.37
周期中段收益:$163.55
市销率法(P/S):$249.92
分析师共识:强力买入 (26B / 5H / 1S)
最近财报超预期:+4.56%

估值指标

市盈率(P/E)

76.17

ROE

4.7%

市净率(P/B)

2.68

P/FCF

30.33

毛利率

72.4%

ROIC

1.5%

盈利能力雷达图

价值创造(经济护城河)

ROIC

1.5%

WACC

10.3%

ROIC − WACC

-8.8 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(15)

  • EPS shows upward trend
  • EPS CAGR 11.36%
  • Price CAGR 21.52%
  • Gross Margin 72.4%
  • P/B Ratio 2.68
  • Debt/Equity ratio
  • Operating Margin 8.5%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Return on Tangible Assets
  • Revenue Growth 5Y 13.9%
  • Analyst Consensus 81% Buy
  • Earnings Surprise avg 3.7%
  • Earnings Quality (OCF/NI) 2.73

未通过(12)

  • ROIC 1.5%
  • P/FCF 30.33
  • Interest Coverage
  • Debt/EBITDA
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 3.6%
  • PEG Ratio 5.42
  • Share Dilution 6.2%
  • Net Margin Trend 11.4% vs 31.0%
  • Piotroski F-Score 3/9

不可用(1)

  • Dividend Payout NaN%

Piotroski F-评分

3/9

存在严重财务隐患

score
criteria

盈利质量

2.73

高质量:盈利有现金流支撑

股权稀释

6.2%

正在发行新股,稀释所有权

机构持股

公司治理

管理团队

姓名职位年龄
Dr. Aart J. de Geus Ph.D.Co-Founder & Executive Chairman71
Mr. Sassine GhaziCEO, President & Director54
Ms. Shelagh GlaserChief Financial Officer61
Ms. Janet LeeGeneral Counsel & Corporate Secretary61
Ms. Alessandra CostaSenior Vice President of Operations-
Mr. Sudhindra KankanwadiChief Accounting Officer54
Mr. Tushar JainHead of Investor Relations-
Ms. Ann MinookaChief Marketing Officer-
Ms. Jill LarsenChief People Officer51
Mr. Antonio VarasChief Strategy Officer-

审计风险

1

董事会风险

7

薪酬风险

7

股东权利风险

4

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。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2025-12-22

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-26

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-26

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for SNPS, sourced from Markets Gazette.

  • 35m agoPOSITIVE
    Synopsys balza del 13% dopo accordi con OpenAI e AWS

    Synopsys Inc. shares surged 13% following the announcement of multi-year agreements with OpenAI and Amazon Web Services, coupled with a robust fiscal year 2027 revenue forecast of $11.1 billion to $11.2 billion, exceeding analyst expectations. The chip design software provider highlighted strong demand for its tools, driven by escalating investments in artificial intelligence and the subsequent need for increasingly complex semiconductor development. This strategic expansion into AI-driven chip design positions Synopsys for significant long-term growth, signaling a positive outlook for investors.

  • 8/27/2026NEUTRAL
    Nasdaq-100® Inside the Index: Synopsys (SNPS)

    Synopsys (SNPS), a key player in semiconductor design software, is highlighted for its integral role in the chip manufacturing process. The company's tools are essential for designing and testing semiconductors prior to production, positioning it to benefit from sustained industry investments in technological innovation. As a leader in its niche, Synopsys is well-placed to capitalize on the ongoing demand for advanced chip technologies, though this article provides an overview rather than specific financial performance data.

  • 5/27/2026POSITIVE
    Synopsys Settles with Elliott, Names Firm’s Jesse Cohn to Board

    Synopsys Inc. has reached a settlement with activist investor Elliott Investment Management, agreeing to appoint Jesse Cohn of Elliott to its board of directors. This resolution likely signals an end to potential proxy battles and a period of uncertainty for the chip-design software company. The appointment of Cohn suggests a potential shift in strategic focus or governance, which could unlock shareholder value. Investors may view this as a positive development, anticipating improved operational performance or strategic initiatives aimed at enhancing profitability and market position.

  • 5/27/2026NEUTRAL
    Synopsys Q2 2026 Earnings Call Transcript

    Synopsys Inc. released its Q2 2026 earnings call transcript on May 27, 2026. While the transcript itself is informational, it does not contain specific financial results or forward-looking guidance that would immediately impact the stock price. Investors will need to analyze the details within the transcript, such as management commentary on product cycles, R&D investments, and market trends in electronic design automation (EDA), to form an opinion on the company's future performance. The lack of immediate quantifiable data in the title suggests a neutral stance until further analysis of the transcript's content is performed.

  • 5/27/2026NEGATIVE
    Synopsys Stock Slips Despite Q2 Earnings Beat

    Synopsys Inc. reported Q2 earnings that surpassed analyst expectations, with earnings per share coming in at $3.10 against a consensus of $2.95. Despite this beat, the stock experienced a decline. The company's revenue for the quarter was $1.45 billion, slightly above the projected $1.43 billion. While the headline numbers were positive, investors may be reacting to forward guidance or other details within the report not immediately apparent in the earnings beat itself. This divergence between earnings performance and stock movement warrants close observation for potential underlying concerns.

  • 5/26/2026POSITIVE
    Synopsys Q2 Preview: Ansys, AI Tool Adoption To Drive Results

    Synopsys is poised to release its Q2 results, with analysts anticipating strong performance driven by the recent acquisition of Ansys and robust demand for its Electronic Design Automation (EDA) tools. The company's strategic expansion into AI chip development programs is also a key factor expected to contribute significantly to revenue growth. Recent analyst ratings, including 'Overweight' from Keybanc and 'Buy' from Rosenblatt and Needham, suggest a positive outlook. Investors will be closely watching for confirmation of these growth drivers and any updated guidance that could further support the stock's trajectory.

  • 4/15/2026POSITIVE
    If You Invested $1000 In Synopsys Stock 20 Years Ago, You Would Have This Much Today

    An investment of $1,000 in Synopsys Inc. (SNPS) stock 20 years ago would have yielded a substantial return, illustrating the company's long-term growth trajectory. While the exact final value is not provided, the premise of the article highlights significant capital appreciation, likely driven by consistent revenue growth, strategic acquisitions, and its dominant position in the electronic design automation (EDA) market. For investors, this historical performance underscores Synopsys's potential as a long-term growth stock, particularly within the semiconductor and technology sectors.

  • 3/25/2026POSITIVE
    Here's How Much $1000 Invested In Synopsys 10 Years Ago Would Be Worth Today

    An investment of $1000 in Synopsys Inc. (SNPS) a decade ago would have grown to approximately $13,000 by March 2026, representing a remarkable 13x return. This performance underscores the company's sustained growth and market leadership in electronic design automation (EDA) and semiconductor IP. Investors who held Synopsys stock over the past ten years have benefited from its consistent innovation, strategic acquisitions, and strong demand for its solutions in the rapidly evolving semiconductor industry. The significant appreciation highlights Synopsys's robust business model and its ability to generate substantial shareholder value.

  • 3/23/2026POSITIVE
    Synopsys Stock Climbs After Elliott Builds Multibillion-Dollar Stake

    Synopsys Inc. (SNPS) shares experienced a notable increase following news that activist investor Elliott Capital Management has acquired a significant multibillion-dollar stake in the company. This strategic investment by a prominent activist fund often signals a belief in undervalued assets or a catalyst for operational improvements and shareholder value enhancement. Investors will be closely watching for potential strategic shifts or corporate actions initiated by Elliott, which could further influence Synopsys's stock performance and long-term outlook.

via Markets Gazette