Cadence Design Systems

CEO Anirudh Devgan and CFO John Wall have executed well on AI‑first product roadmaps, hardware upgrades, and ecosystem partnerships.

That said, the 2025 DOJ/BIS settlements for historical export‑control violations (2015‑2021) are a clear governance blemish; Cadence agreed to plead guilty, pay more than 140 million dollars, and operate under a three‑year probation with enhanced compliance.

Management responsiveness appears strong post‑settlement, with explicit program enhancements and disclosures. Execution on the larger Hexagon D&E deal will be a key test of integration discipline and culture transfer.