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Cadence Design Systems

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Analysis

CDNS 10-K Analysis: Four Surfaces of Earnings Reveal Hidden Operating Leverage

Cadence Design Systems reported a 93 basis point operating margin decline in its FY2025 10-K — but the same filing reveals that adjusted margins expanded 200+ basis points to 31.1%. A four-surface earnings decomposition shows the widest GAAP/non-GAAP gap in company history (16.4 pp), a $151M legislative tax windfall inflating FCF, and a China 'recovery' that merely returned to FY2023 levels. With $7.8B in backlog and 6.8% ROIIC, the Hexagon acquisition is the swing factor.

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15 min

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