Common-Size Balance Sheet: Assets
Quarterly Data
Cadence Design Systems Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03).
The asset composition reflects a strategic shift in capital allocation, transitioning from a period of high liquidity into a phase of significant intangible asset growth. The overall balance sheet structure evolves from a relatively balanced distribution between current and long-term assets to one heavily weighted toward goodwill and acquired intangibles by the end of the period.
- Liquidity and Current Asset Dynamics
- Current assets maintained a range of 30% to 40% of total assets between 2021 and early 2024. A notable expansion occurred from June 2024 through December 2025, during which current assets rose to a peak of 45.99%. This growth was driven primarily by cash and cash equivalents, which surged from approximately 14.66% in March 2024 to over 30% for much of 2024 and 2025. This trend reversed abruptly in March 2026, as current assets fell to 26.29% and cash dropped to 11.63%, suggesting a major liquidity event or large-scale investment.
- Intangible Assets and Goodwill Trends
- Goodwill and acquired intangibles demonstrate a long-term upward trajectory, pointing toward an acquisition-driven growth strategy. Goodwill remained between 21% and 27% for the first several years before rising to 33.46% in June 2024. A more dramatic increase is observed in early 2026, where goodwill climbed to 40.75% of total assets. Simultaneously, acquired intangibles, which historically fluctuated between 5% and 9%, spiked to 15.98% in March 2026. The correlation between the sharp decline in cash and the surge in these accounts suggests a significant acquisition concluded in early 2026.
- Fixed and Other Non-Current Assets
- Property, plant, and equipment (PPE) show a consistent downward trend in relative terms, decreasing from 7.63% in April 2021 to 4.93% by September 2026. This indicates that the growth of the total asset base is outpacing investments in physical infrastructure. Similarly, deferred taxes exhibit a steady decline, falling from 18.24% in early 2021 to 6.45% by late 2026. Other assets also followed a reductive trend, moving from 10.94% to approximately 6% over the analyzed period.
- Long-Term Asset Concentration
- Long-term assets generally constituted the majority of the balance sheet, typically ranging between 60% and 70%. A temporary dip to approximately 54-55% occurred during the high-cash period of 2024 and 2025. This was followed by a sharp increase to 73.71% in March 2026, driven by the aforementioned increase in goodwill and intangible assets, cementing a shift toward a more asset-light, intellectual-property-heavy balance sheet.
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