−10% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue12.0×five-year median 11.8× · +1%
Median Rule of 405320 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 26, 2026 · TTM through Sep 30, 2026
Against the line
growth + FCF margin, in points
line 40score 46
growth 18 ptFCF margin 29 pt
Growth +18% plus FCF margin +29% is 46 points, 6 above the line at 40. Counting the stock as an expense: 38 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Dec 31, 2021 → Sep 30, 2026
Five-year median 16.3×, middle half 14.3–17.7×, range 12.3–20.8×. Now 14.6×: −10% below its own median, higher than 30% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Sep 30, 2026 · $B
FCF 1.76B − SBC 0.54B = 1.22B ex-SBC · operating income 1.78B is the GAAP figure after SBC
Against its scale group
CDNS (blue) vs. the other Large companies on the board (14), grey
Revenue growth+18% vs. +27%
Gross margin91% vs. 74%
FCF margin+29% vs. +33%
SBC / revenue9% vs. 15%
Rule of 4046 vs. 60
EV / revenue14.6× vs. 20.9×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter