Stock Analysis on Net
Stock Analysis on Net

Cadence Design Systems Inc. (NASDAQ:CDNS)

Common-Size Balance Sheet: Assets 

Cadence Design Systems Inc., common-size consolidated balance sheet: assets

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents 29.46 17.78 17.18 24.83 23.50
Receivables, net 7.58 8.63 9.47 7.70 8.57
Inventories 2.87 3.20 2.49 2.64 1.92
Short-term investments 1.57 2.30 0.09 0.14 0.11
Other prepaid expenses and other assets 3.27 2.94 4.00 3.82 3.32
Prepaid expenses and other 4.83% 5.24% 4.08% 3.96% 3.44%
Current assets 44.75% 34.86% 33.22% 39.12% 37.43%
Property, plant and equipment, net 5.11 7.11 7.23 6.97 7.88
Goodwill 26.50 27.09 26.75 21.16 19.80
Acquired intangibles, net 6.63 5.94 6.90 5.32 5.33
Deferred taxes 10.94 15.52 16.62 17.41 18.54
Non-marketable investments 1.38 2.44 2.34 2.91 3.35
ROU operating lease assets 1.63 2.66 3.32 2.97 3.38
Other long-term assets 3.06 4.38 3.62 4.14 4.32
Other assets 6.07% 9.48% 9.27% 10.01% 11.04%
Long-term assets 55.25% 65.14% 66.78% 60.88% 62.57%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-12-31).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets initially rose from 23.5% in 2020 to 24.83% in 2021, then declined sharply to 17.18% in 2022 and remained relatively steady in 2023 at 17.78%. A notable increase occurred in 2024, reaching 29.46%, the highest level in the observed period.
Receivables, net
The net receivables as a percentage of total assets fluctuated moderately, decreasing from 8.57% in 2020 to 7.7% in 2021, then peaking at 9.47% in 2022, followed by a gradual decline to 8.63% in 2023 and further down to 7.58% in 2024.
Inventories
Inventories showed a general increasing trend from 1.92% in 2020 to 3.2% in 2023, with a slight reduction to 2.87% in 2024. This indicates a moderate accumulation of inventory over time with a small correction in the latest period.
Short-term Investments
Short-term investments were minimal, starting at 0.11% in 2020 and maintaining low levels through 2022. A significant rise occurred in 2023 to 2.3%, followed by a reduction to 1.57% in 2024, suggesting some variability in short-term investment positioning.
Prepaid Expenses and Other Related Assets
Combined categories relating to prepaid expenses and other assets showed small variations. "Other prepaid expenses and other assets" increased from 3.32% in 2020 to a peak of 4% in 2022 before declining to 2.94% in 2023 and partially recovering to 3.27% in 2024. "Prepaid expenses and other" rose steadily from 3.44% in 2020 to a high of 5.24% in 2023, then decreased slightly to 4.83% in 2024.
Current Assets
Current assets as a proportion of total assets increased from 37.43% in 2020 to a high of 39.12% in 2021, then dropped to 33.22% in 2022. They experienced a moderate rise again in 2023 to 34.86%, followed by a substantial jump to 44.75% in 2024, indicating a growing liquidity or short-term resource base in the latest year.
Property, Plant and Equipment, Net
The net property, plant, and equipment figure steadily declined from 7.88% in 2020 to 5.11% in 2024, showing a gradual reduction in fixed asset intensity compared to total assets over the period.
Goodwill
Goodwill increased considerably from 19.8% in 2020 to 27.09% in 2023 and slightly decreased to 26.5% in 2024. This trend suggests ongoing acquisitions or intangible asset recognition contributing significantly to asset composition.
Acquired Intangibles, Net
After stability around 5.3% in 2020 and 2021, acquired intangibles rose to 6.9% in 2022, dipped to 5.94% in 2023, and increased again to 6.63% in 2024. This indicates fluctuations in intangible asset valuations or amortization patterns.
Deferred Taxes
Deferred tax assets steadily decreased from 18.54% in 2020 to 10.94% in 2024, representing a significant reduction in this asset category relative to total assets, which could reflect changes in tax positions or accounting estimates.
Non-marketable Investments
There was a continuous decline in non-marketable investments, dropping from 3.35% in 2020 to 1.38% in 2024, indicating divestitures or write-downs in this asset segment.
ROU Operating Lease Assets
Right-of-use lease assets decreased from 3.38% in 2020 to 1.63% in 2024, showing diminishing lease asset balances or lease expirations over time.
Other Long-term Assets
Other long-term assets fluctuated moderately, declining from 4.32% in 2020 to 3.06% in 2024, with intermediate variability suggesting slight asset reclassifications or disposals.
Other Assets
Other assets consistently decreased from 11.04% in 2020 to 6.07% in 2024, indicating a significant reduction in miscellaneous asset components within the company's total asset base.
Long-term Assets
The total proportion of long-term assets showed a downward trend after peaking at 66.78% in 2022, declining to 55.25% in 2024. This overall decrease reflects shifts toward more current asset holdings or asset base simplification.
Total Assets
Total assets consistently sum to 100% by definition for each year, serving as the denominator for all calculations.