CDNS.US: EDA + system analysis

Snapshot

Price

USD 340

Mkt cap

USD 94.0B

Revenue

USD 4.6B

Bookings/recurring

1.15

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Cadence Design Systems EDA duopoly name; design complexity + AI chips drive long-term demand; cycle and customer concentration add volatility.

Business

Model: EDA licenses/subscriptions + IP. Flagships: digital/custom IC; system analysis; verification. Edge: toolchain lock-in. Strategy: system design + AI-assisted design.

Value chain

Chip design tools; upstream talent; downstream foundries/IDM/fabless. Risks: export controls; customer CapEx; Synopsys rivalry.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 340	CDNS · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

High-quality semi software; long compounding narrative.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: seats/projects; price: suites; cost: R&D intensity.

Key financials

Key financials

Item	Value	YoY	Note
Revenue (approx)	~$4.5B+	+low-teens	Recurring heavy
Gross margin	~85%+	—	Software
R&D	High	—	Moat investment
Op. margin	High	—	Operating leverage

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Cadence (self)	EDA	~88% GM	Custom/system	Customer concentration
Synopsys	EDA+IP	High GM	Broader IP	Overlap
Keysight	Design/test	Mid-high	Measurement	Different mix
ASML	Lithography	Equip	Ecosystem	Not software

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Anirudh Devgan	2021+	No material change
CFO	John Wall	long-tenured	No material change
CTO / products	Product leads	ongoing	AI design tools

Stability: Steady.

Outlook

Track semi design spend, China/export compliance, AI tool adoption.

Scenarios

Risks

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

References

1. CDNS IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=CDNS
3. Cross-links in body [[article:]] refs

Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.