Cadence Design Systems, Inc. (CDNS) Key Metrics
CDNS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $88.13B
- Enterprise value
- $86.33B
- P/E (TTM)
- 63.5 10-yr median 61.0
- Forward P/E
- 31.5
- PEG ratio
- 2.31
- Price / sales
- 15.1 10-yr median 13.3
- Price / book
- 12.2 10-yr median 15.5
- EV / EBITDA
- 37.2 10-yr median 41.0
- Dividend yield
- —
- Beta
- 1.13
CDNS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCDNS valuation Price multiples at each fiscal year-end price.
CDNS returns How much profit the business earns on the capital it uses.
CDNS per-share figures Results divided by the shares outstanding at year-end.
CDNS financial health Debt, liquidity and how easily interest is covered.
CDNS efficiency & capital use Working capital cycle and where the cash goes.
CDNS valuation history
CDNS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CDNS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CDNS cash returned to shareholders
CDNS price vs earnings per share
CDNS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $85.43B | $82.28B | $74.29B | $44.18B | $51.97B | $38.15B | $19.46B | $12.22B | $11.72B | $7.35B |
| Enterprise value | $84.91B | $82.08B | $73.91B | $44.18B | $51.25B | $37.60B | $19.12B | $12.14B | $11.76B | $7.57B |
| P/E ratio | 77.0 | 78.0 | 71.4 | 52.0 | 74.7 | 64.6 | 19.7 | 35.4 | 57.4 | 36.2 |
| Price / sales | 16.1 | 17.7 | 18.2 | 12.4 | 17.4 | 14.2 | 8.3 | 5.7 | 6.0 | 4.0 |
| Price / book | 15.6 | 17.6 | 21.8 | 16.1 | 19.0 | 15.3 | 9.3 | 9.5 | 11.8 | 9.9 |
| Price / free cash flow | 53.8 | 73.6 | 59.6 | 39.5 | 50.3 | 47.1 | 29.7 | 22.5 | 28.4 | 18.8 |
| Price / operating cash flow | 49.4 | 65.3 | 55.1 | 35.6 | 47.2 | 42.2 | 26.7 | 20.2 | 24.9 | 16.5 |
| EV / sales | 16.0 | 17.7 | 18.1 | 12.4 | 17.2 | 14.0 | 8.2 | 5.7 | 6.1 | 4.2 |
| EV / EBITDA | 45.3 | 49.2 | 50.5 | 36.7 | 55.9 | 46.8 | 30.8 | 23.1 | 26.2 | 18.6 |
| EV / free cash flow | 53.5 | 73.4 | 59.3 | 39.5 | 49.6 | 46.4 | 29.2 | 22.3 | 28.5 | 19.4 |
| Earnings yield | 1.3% | 1.3% | 1.4% | 1.9% | 1.3% | 1.5% | 5.1% | 2.8% | 1.7% | 2.8% |
| Free cash flow yield | 1.9% | 1.4% | 1.7% | 2.5% | 2.0% | 2.1% | 3.4% | 4.4% | 3.5% | 5.3% |
| Dividend yield | — | — | — | — | — | 1.2% | 1.2% | 1.4% | 1.2% | 5.6% |
| Shareholder yield (dividends + buybacks) | 1.1% | 1.0% | 0.9% | 2.6% | 1.4% | 2.5% | 3.3% | 4.0% | 2.5% | 18.7% |
| Share price at fiscal year-end | $312.58 | $300.46 | $272.37 | $160.64 | $186.35 | $136.43 | $69.36 | $43.48 | $41.82 | $25.22 |
| Per share | ||||||||||
| Revenue per share | $19.38 | $16.95 | $15.00 | $12.95 | $10.72 | $9.59 | $8.33 | $7.60 | $6.93 | $6.24 |
| Earnings per share | $4.06 | $3.85 | $3.82 | $3.09 | $2.50 | $2.11 | $3.53 | $1.23 | $0.73 | $0.70 |
| Operating cash flow per share | $6.33 | $4.60 | $4.95 | $4.52 | $3.95 | $3.24 | $2.60 | $2.15 | $1.68 | $1.53 |
| Free cash flow per share | $5.81 | $4.08 | $4.57 | $4.06 | $3.71 | $2.90 | $2.33 | $1.93 | $1.47 | $1.34 |
| Cash per share | $10.98 | $10.17 | $4.17 | $3.22 | $3.90 | $3.32 | $2.51 | $1.90 | $2.47 | $1.61 |
| Book value per share | $20.03 | $17.07 | $12.48 | $9.98 | $9.83 | $8.92 | $7.50 | $4.58 | $3.53 | $2.55 |
| Tangible book value per share | $7.34 | $6.21 | $5.62 | $3.70 | $5.66 | $5.37 | $4.52 | $1.43 | $0.16 | −$0.31 |
| Dividends per share | — | — | — | — | — | $1.65 | $0.86 | $0.60 | $0.50 | $1.42 |
| Capex per share | $0.52 | $0.52 | $0.38 | $0.45 | $0.24 | $0.34 | $0.27 | $0.22 | $0.21 | $0.18 |
| Debt per share | $9.07 | $9.44 | $2.80 | $3.23 | $1.34 | $1.36 | $1.32 | $1.58 | $2.60 | $2.38 |
| Shares outstanding | 273.3M | 273.8M | 272.7M | 275.0M | 278.9M | 279.6M | 280.5M | 281.1M | 280.2M | 291.3M |
| Change in shares outstanding | −0.2% | +0.4% | −0.8% | −1.4% | −0.3% | −0.3% | −0.2% | +0.3% | −3.8% | −6.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.9% | 26.1% | 33.9% | 31.0% | 26.6% | 25.7% | 58.3% | 30.4% | 23.6% | 19.2% |
| Return on invested capital (ROIC) | 25.5% | 27.2% | 35.2% | 36.6% | 35.5% | 32.4% | 33.1% | 32.7% | 21.1% | 21.1% |
| Return on assets (ROA) | 11.6% | 14.4% | 19.3% | 17.8% | 16.7% | 16.2% | 34.0% | 14.1% | 9.0% | 9.1% |
| Return on tangible assets | 16.6% | 17.6% | 27.4% | 24.9% | 21.6% | 20.0% | 39.2% | 21.9% | 13.8% | 16.1% |
| Free cash flow margin | 30.0% | 24.1% | 30.5% | 31.4% | 34.6% | 30.2% | 28.0% | 25.4% | 21.2% | 21.5% |
| Income quality (OCF / net income) | 1.56 | 1.19 | 1.30 | 1.46 | 1.58 | 1.53 | 0.74 | 1.75 | 2.31 | 2.19 |
| Financial health | ||||||||||
| Total debt | $2.48B | $2.59B | $764.4M | $887.4M | $372.9M | $380.7M | $371.6M | $445.3M | $729.4M | $693.5M |
| Cash & short-term investments | $3.00B | $2.78B | $1.14B | $886.8M | $1.09B | $928.4M | $705.2M | $533.3M | $692.5M | $468.3M |
| Net debt | −$521.2M | −$199.6M | −$374.1M | $600,000 | −$716.1M | −$547.7M | −$333.6M | −$88.0M | $36.8M | $225.2M |
| Debt / equity | 0.45 | 0.55 | 0.22 | 0.32 | 0.14 | 0.15 | 0.18 | 0.35 | 0.74 | 0.93 |
| Debt / assets | 0.24 | 0.29 | 0.13 | 0.17 | 0.09 | 0.10 | 0.11 | 0.18 | 0.30 | 0.33 |
| Net debt / EBITDA | −0.28 | −0.12 | −0.26 | 0.00 | −0.78 | −0.68 | −0.54 | −0.17 | 0.08 | 0.55 |
| Current ratio | 2.86 | 2.93 | 1.24 | 1.27 | 1.77 | 1.86 | 1.74 | 1.34 | 1.53 | 1.20 |
| Quick ratio | 2.67 | 2.74 | 1.13 | 1.17 | 1.65 | 1.76 | 1.66 | 1.30 | 1.47 | 1.13 |
| Interest coverage | 14.2 | 17.8 | 34.6 | 46.8 | 45.9 | 31.1 | 26.1 | 17.1 | 12.6 | 10.3 |
| Working capital | $3.03B | $2.65B | $385.4M | $359.1M | $744.5M | $681.8M | $497.0M | $242.1M | $337.6M | $116.5M |
| Invested capital | $4.95B | $4.47B | $3.03B | $2.75B | $2.02B | $1.95B | $1.77B | $1.20B | $1.03B | $967.0M |
| Tangible asset value | $2.01B | $1.70B | $1.53B | $1.02B | $1.58B | $1.50B | $1.27B | $400.7M | $44.4M | −$89.8M |
| Net current asset value | −$9.3M | −$284.8M | −$289.0M | −$685.2M | $70.1M | $20.8M | −$85.0M | −$229.2M | −$449.5M | −$653.1M |
| Graham number | $42.76 | $38.47 | $32.74 | $26.33 | $23.49 | $20.58 | $24.39 | $11.26 | $7.61 | $6.32 |
| Graham net-net per share | −$2.99 | −$3.20 | −$2.40 | −$3.91 | −$0.88 | −$0.85 | −$1.04 | −$1.46 | −$2.06 | −$2.57 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | $460.0M | $240.6M | $169.9M | $138.9M | $415.0M |
| Share buybacks (net) | $925.0M | $787.8M | $700.1M | $1.16B | $730.3M | $490.1M | $396.7M | $320.0M | $157.2M | $960.3M |
| Dividend payout ratio | — | — | — | — | — | 77.9% | 24.3% | 49.1% | 68.0% | 204.3% |
| Dividends + buybacks / free cash flow | 58.3% | 70.5% | 56.2% | 104.0% | 70.6% | 117.3% | 97.3% | 90.2% | 71.7% | 351.6% |
| Capex / revenue | 2.7% | 3.1% | 2.5% | 3.5% | 2.2% | 3.5% | 3.2% | 2.9% | 3.0% | 3.0% |
| Capex / operating cash flow | 8.2% | 11.3% | 7.6% | 10.0% | 6.1% | 10.5% | 10.2% | 10.2% | 12.3% | 12.1% |
| Capex / depreciation | 0.61 | 0.73 | 0.71 | 0.92 | 0.51 | 0.63 | 0.60 | 0.52 | 0.50 | 0.45 |
| Stock-based compensation / revenue | 8.6% | 8.4% | 8.0% | 7.6% | 7.0% | 7.4% | 7.8% | 7.8% | 6.7% | 6.0% |
| R&D / revenue | 33.4% | 33.4% | 35.3% | 35.1% | 38.0% | 38.5% | 40.1% | 41.4% | 41.4% | 40.5% |
| SG&A / revenue | 21.1% | 22.2% | 22.8% | 23.8% | 25.1% | 25.0% | 26.6% | 26.8% | 28.5% | 28.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.0 | 46.7 | 44.3 | 42.2 | 41.3 | 43.7 | 47.0 | 41.6 | 32.6 | 32.4 |
| Days of inventory on hand | 141.8 | 123.8 | 129.9 | 119.7 | 113.9 | 78.7 | 57.5 | 43.3 | 55.9 | 68.5 |
| Days payables outstanding | 217.9 | 27.3 | 58.0 | 10.7 | -35.2 | -35.5 | -13.8 | 7.3 | 7.1 | 21.0 |
| Cash conversion cycle (days) | -20.1 | 143.3 | 116.2 | 151.2 | 190.4 | 158.0 | 118.3 | 77.6 | 81.5 | 79.8 |
| Receivables turnover | 6.52 | 7.82 | 8.23 | 8.64 | 8.84 | 8.34 | 7.77 | 8.77 | 11.18 | 11.28 |
| Payables turnover | 1.67 | 13.39 | 6.29 | 34.03 | — | — | — | 50.20 | 51.65 | 17.38 |
| Inventory turnover | 2.57 | 2.95 | 2.81 | 3.05 | 3.20 | 4.64 | 6.34 | 8.43 | 6.53 | 5.33 |
| Asset turnover | 0.55 | 0.63 | 0.76 | 0.75 | 0.72 | 0.73 | 0.80 | 0.87 | 0.86 | 0.82 |
| Average receivables | $812.7M | $593.6M | $496.7M | $412.2M | $338.0M | $321.5M | $300.8M | $243.8M | $173.8M | $161.0M |
| Average payables | $431.2M | $48.4M | $69.2M | $10.9M | −$29.6M | −$29.7M | −$10.0M | $5.2M | $4.6M | $14.8M |
| Average inventory | $280.6M | $219.7M | $154.8M | $121.9M | $95.8M | $65.9M | $42.0M | $30.7M | $36.3M | $48.1M |
| Intangibles / total assets | 34.2% | 33.1% | 33.0% | 33.7% | 26.5% | 25.1% | 24.8% | 36.0% | 39.1% | 39.7% |
Computed from CDNS's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CDNS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cadence traded at 77.0 times earnings, against a 10-year median of 61.0. Based on the latest twelve months, the trailing P/E is 63.5 and the forward P/E is 31.5. Cadence earned a return on equity of 21.9% and a return on invested capital of 25.5% in fiscal 2025. It ended the year with $2.5 billion of debt and $3.0 billion in cash and short-term investments, a net cash position of $521.2 million. It returned $925.0 million to shareholders: $0 in dividends and $925.0 million in share buybacks, 58% of free cash flow. The share count fell 6.2% from 291.3M to 273.3M over 9 years.
See the CDNS income statement, the CDNS chart for price history, or the CDNS stock overview for the latest quote and news.
CDNS key metrics FAQ
What is Cadence's P/E ratio?
Cadence's trailing P/E ratio is 63.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 31.5. At the end of fiscal 2025 it was 77.0, compared with a 10-year median of 61.0.
What is Cadence's EV/EBITDA?
Cadence's enterprise value was 45.3 times EBITDA at the end of fiscal 2025 (enterprise value $84.9 billion, EBITDA $1.9 billion); the current EV/EBITDA is 37.2.
What is Cadence's return on equity?
Cadence's return on equity (ROE) was 21.9% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $5.1 billion.
What is Cadence's ROIC?
Cadence's return on invested capital was 25.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cadence have?
Cadence had total debt of $2.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.45 and more cash than debt.
Does Cadence buy back its shares?
Yes. Cadence spent $925.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.2% over the year, to 273.3M..
What is Cadence's free cash flow yield?
Cadence generated $1.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 1.9% on its market value at year-end ($85.4 billion).
What is Cadence's current ratio?
Cadence's current ratio was 2.86 at the end of fiscal 2025: current assets were 2.86 times current liabilities.