Cadence Design Systems sells the software without which no advanced semiconductor gets designed, and it has grown revenue in every one of the last sixteen years to do it — compounding at 12.1% since fiscal 2009 to $5,296.8 million, on a gross margin above 86%, capital expenditure of 2.7% of revenue and a free cash flow margin of 30%. In the quarter ended 30 June 2026 revenue grew 24%, all three product categories grew double digits, and the backlog reached a record $8.1 billion. It also spent six weeks in 2025 unable to ship to China after the Bureau of Industry and Security imposed a licence requirement and then rescinded it, paid $140.6 million to settle export-control violations dating to 2015, and pleaded guilty to one count of conspiracy — with three years of probation still to run, and its continued ability to export conditional on compliance. This is a full institutional-grade equity research report on Cadence Design Systems, Inc. (Nasdaq: CDNS), built from SEC XBRL company facts, seven Forms 10-K, the June 2026 Form 10-Q and every quarterly earnings release through 27 July 2026 into eight structured chapters and 48 rebuilt charts, with a strategic assessment built on thirty-five expert interviews with the people who built and sold these tools.
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