Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Cadence Design Systems Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Revenue Composition
- The proportion of revenue from product and maintenance consistently dominates, ranging mostly above 90%, but shows a slight declining trend from around 94% in 2020 to approximately 89–91% by 2025. Conversely, services as a percentage of revenue display a gradual increase, rising from under 6% in early 2020 to over 10% by the end of the projection period, indicating a strategic shift or growth in service-related activities.
- Cost Structure
- The cost of product and maintenance exhibits variability without a clear directional trend, fluctuating between approximately -6% to -11% of revenue across the periods. The cost of services remains relatively stable, mostly between -2.3% and -4.9% of revenue, though with some upticks in later periods. Overall, the combined cost of revenue as a percentage of revenue oscillates but shows an increase in later quarters, moving from about -9.7% to as low as -16.2%, which may signal rising cost pressures.
- Gross Margin
- Gross margin as a percentage of revenue remains robust, predominantly staying in the high 80s to low 90s percentile range throughout the examined periods. A slight downward trend is noticeable toward the end, with margins dropping from a peak near 90.3% down to approximately 83.8% in the last forecasted quarter, reflecting increased costs or pricing pressures.
- Operating Expenses
- Marketing and sales expenses fluctuate significantly, with a general downward trend from around -20% to roughly -14.8% of revenue in later periods, suggesting improved efficiency or altered marketing strategies. Research and development expenses maintain a substantial share of revenue, starting near -39%, then showing a gradual decline toward approximately -29% by 2024 before a slight uptick projected later. General and administrative costs vary modestly but remain mostly below -8%, with some spikes noted around certain periods, indicating episodic increases in fixed or discretionary expenses.
- Amortization and Restructuring
- Amortization of acquired intangibles stays relatively stable and low, typically below -0.75% of revenue. Restructuring costs present minimal impact overall, mostly close to zero with intermittent small positive or negative effects, suggesting infrequent organizational changes.
- Profitability Metrics
- Income from operations shows strength and resilience, generally maintaining above 20%, peaking over 35% during select periods, then stabilizing around 29–33% in projected quarters. Interest expense remains a small but increasing cost burden, rising modestly over time from about -0.75% to -2.34% of revenue by the latest periods. Other income and expense net fluctuates, showing mostly positive contributions especially in later periods, which supports overall profitability.
- Income Before Taxes and Tax Provision
- Income before provision for income taxes largely mirrors operating income trends, remaining robust and fluctuating mainly between 21% and 34% of revenue. The provision for income taxes exhibits considerable volatility, with occasional quarters showing negative values (which might indicate tax benefits or credits) and others with significant charges up to around -10% of revenue, potentially reflecting changes in tax regimes or effective tax rates.
- Net Income
- Net income as a percentage of revenue is consistently strong, ranging from about 20% to over 30%, with some fluctuations aligned with the patterns seen in operating income and tax provision. Overall, net income maintains an upward momentum in some periods, suggesting effective earnings management despite cost fluctuations.