Cadence Design Systems vs Snowflake
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The short version
- Cadence Design Systems is the larger business, with $5.3B of revenue in fiscal 2025 against $4.7B for Snowflake.
- Snowflake grew revenue faster (29.2%, against 14.1%).
- Cadence Design Systems kept more of each dollar of sales as operating profit (28.2% operating margin, against −30.6%).
- Cadence Design Systems turned more of its sales into free cash flow (30.0% FCF margin, against 23.9%).
| Latest fiscal year | CDNS · FY25 | SNOW · FY26 |
|---|---|---|
| Size | ||
| Market cap | $86.6B | $113.7B |
| Revenue | $5.3B | $4.7B |
| Free cash flow | $1.6B | $1.1B |
| Net income | $1.1B | −$1.3B |
| Growth | ||
| Revenue growth | 14.1% | 29.2% |
| 5-year growth | 14.6% | 51.2% |
| Share count change | −0.2% | 1.4% |
| Profitability | ||
| Gross margin | — | 67.2% |
| Operating margin | 28.2% | −30.6% |
| Net margin | 20.9% | −28.4% |
| FCF margin | 30.0% | 23.9% |
| Return on capital | 23.7% | — |
| Return on equity | 21.9% | −54.1% |
| Balance sheet | ||
| Net debt | −$675M | −$1.7B |
| Net debt / EBITDA | −0.4x | — |
| Dividends and buybacks | $925M | $874M |
| Valuation & quality | ||
| P/E | 73.8x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY17
CDNS $1.9B
SNOW —
FY18
CDNS $2.1B
SNOW —
FY19
CDNS $2.3B
SNOW $96.7M
FY20
CDNS $2.7B
SNOW $265M
FY21
CDNS $3.0B
SNOW $592M
FY22
CDNS $3.6B
SNOW $1.2B
FY23
CDNS $4.1B
SNOW $2.1B
FY24
CDNS $4.6B
SNOW $2.8B
FY25
CDNS $5.3B
SNOW $3.6B
FY26
CDNS —
SNOW $4.7B
CDNS
SNOW
Operating margin
FY17
CDNS 16.7%
SNOW —
FY18
CDNS 18.5%
SNOW —
FY19
CDNS 21.1%
SNOW −191.9%
FY20
CDNS 24.1%
SNOW −135.3%
FY21
CDNS 26.1%
SNOW −91.9%
FY22
CDNS 30.2%
SNOW −58.6%
FY23
CDNS 30.6%
SNOW −40.8%
FY24
CDNS 29.1%
SNOW −39.0%
FY25
CDNS 28.2%
SNOW −40.2%
FY26
CDNS —
SNOW −30.6%
CDNS
SNOW
Free cash flow
FY17
CDNS $413M
SNOW —
FY18
CDNS $543M
SNOW —
FY19
CDNS $655M
SNOW −$146M
FY20
CDNS $810M
SNOW −$195M
FY21
CDNS $1.0B
SNOW −$80.5M
FY22
CDNS $1.1B
SNOW $94.0M
FY23
CDNS $1.2B
SNOW $521M
FY24
CDNS $1.1B
SNOW $813M
FY25
CDNS $1.6B
SNOW $913M
FY26
CDNS —
SNOW $1.1B
CDNS
SNOW
Return on capital
FY17
CDNS 22.6%
SNOW —
FY18
CDNS 35.7%
SNOW —
FY19
CDNS 34.6%
SNOW —
FY20
CDNS 33.0%
SNOW —
FY21
CDNS 36.1%
SNOW —
FY22
CDNS 38.7%
SNOW —
FY23
CDNS 37.5%
SNOW —
FY24
CDNS 28.1%
SNOW —
FY25
CDNS 23.7%
SNOW −115.9%
FY26
CDNS —
SNOW —
CDNS
SNOW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.