Analysis of Debt
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
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Total Debt (Carrying Amount)
Cadence Design Systems Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total outstanding debt exhibited a fluctuating pattern over the five-year period. Initially, a substantial increase is observed, followed by a decrease and then a significant rise, concluding with a period of relative stability.
- Overall Trend
- Total outstanding debt began at 347,588 US$ in thousands in 2021. It increased significantly to 748,078 US$ in thousands in 2022, representing a growth of approximately 115%. A subsequent decrease was noted in 2023, with the total falling to 649,056 US$ in thousands. However, a dramatic increase occurred in 2024, reaching 2,476,183 US$ in thousands, and remained relatively stable at 2,480,150 US$ in thousands in 2025.
- Revolving Credit Facility
- A revolving credit facility of 100,000 US$ in thousands was utilized in 2022, but was not in use during the other reported years.
- Current Portion of Long-Term Debt
- The current portion of long-term debt was not reported in 2021 or 2022. It appeared in 2023 at 349,285 US$ in thousands, but was absent in the 2024 and 2025 reports.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, started at 347,588 US$ in thousands in 2021. It increased to 648,078 US$ in thousands in 2022, then decreased to 299,771 US$ in thousands in 2023. A substantial increase was then recorded in 2024, reaching 2,476,183 US$ in thousands, and remained consistent at 2,480,150 US$ in thousands in 2025.
The most significant change in the debt structure occurred between 2023 and 2024, with a considerable increase in long-term debt. The stability observed between 2024 and 2025 suggests a potential stabilization of the debt level following the substantial increase.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Revolving Credit Facility | |
| 2024 Notes | |
| 2025 Term Loan | |
| 2027 Notes | |
| 2029 Notes | |
| 2034 Notes | |
| Total outstanding debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =