ADBE vs CDNS: Adobe Systems and Cadence Design Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Adobe Systems is the larger company, worth $102.7B, close to Cadence Design Systems's $95.3B.
- Cadence Design Systems grew revenue faster over the last year (+18.7% vs +12.9%).
- Adobe Systems keeps more of each dollar of revenue as operating profit (35.7% vs 28.2%).
- On earnings, Adobe Systems is the cheaper stock (14.8x vs 80.2x).
- Cadence Design Systems's price assumes faster free cash flow growth: about 19% a year, against -4% for Adobe Systems (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADBE | CDNS |
|---|---|---|
| Market cap | $102.7B | $95.3B |
| Share price | $242.27 | $352.84 |
| Revenue (last fiscal year) | $23.8B | $5.3B |
| Free cash flow (last fiscal year) | $9.9B | $1.6B |
| Revenue growth, last year | +12.9% | +18.7% |
| Revenue growth per year, last 5 fiscal years | +10.8% | +15.4% |
| Operating margin | 35.7% | 28.2% |
| Net margin | 28.1% | 21.2% |
| Return on equity | 61.9% | 17.9% |
| P/E (trailing) | 14.8x | 80.2x |
| Price / free cash flow | 10.4x | 60.1x |
| EV / EBITDA | 10.2x | 51.3x |
| FCF growth the price implies | -3.6% | 19.5% |
| Dividend yield | — | — |
| Debt / equity | 1.55x | 0.84x |
| Fundamental grade | B | C |
| Superinvestors holding it | 8 | 5 |
| Insider purchases, last 12 months | 10 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Adobe Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.8B | $6.9B | 36.8% |
| 2022 | $17.6B | $7.4B | 34.6% |
| 2023 | $19.4B | $6.9B | 34.3% |
| 2024 | $21.5B | $7.9B | 31.3% |
| 2025 | $23.8B | $9.9B | 36.6% |
Cadence Design Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.0B | $1.0B | 26.1% |
| 2022 | $3.6B | $1.1B | 30.1% |
| 2023 | $4.1B | $1.2B | 30.6% |
| 2024 | $4.6B | $1.1B | 29.1% |
| 2025 | $5.3B | $1.6B | 28.2% |
Where the revenue comes from
Adobe Systems · by segments, 2025
Digital Media$17.6B74%
Digital Experience$5.9B25%
Publishing and Advertising$256M1%
Cadence Design Systems · by products, 2025
Product and maintenance$4.8B91%
Technology Service$475M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADBE in InvestinglyQuestions
Which is bigger, Adobe Systems or Cadence Design Systems?
Adobe Systems (ADBE), at $102.7B against $95.3B.
Is ADBE or CDNS cheaper?
By trailing P/E, Adobe Systems (14.8x) is cheaper than Cadence Design Systems (80.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADBE or CDNS?
Cadence Design Systems: revenue grew +18.7% over the last year, against +12.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.