Cadence Design Systems

As of September 30, 2025 Cadence held about 2.75 billion dollars in cash and equivalents versus 2.50 billion dollars of fixed‑rate senior notes due 2027/2029/2034, and maintained an undrawn 1.25 billion dollar revolver. TTM FCF is about 1.48 billion dollars, reflecting strong cash conversion on an asset‑light base.

Pro forma leverage will rise if the Hexagon D&E acquisition closes (cash plus stock), but the business should remain comfortably financed given recurring cash flows. Export‑control settlements totaling 140.6 million dollars were paid in Q3 2025; Cadence is on a three‑year probation and has additional compliance obligations.

Net exposure to China remains a watch‑item, but the balance sheet and liquidity position are solid.