Cadence Design Systems vs Toast
Toast is the larger business, with $6.15bn of revenue in fiscal 2025 against $5.30bn for Cadence Design Systems (1.2 times as much). Toast grew faster (24.1% against 14.1%). Cadence Design Systems kept more of each dollar of sales as profit: a net margin of 20.9% against 5.6%.
| Latest fiscal year | Cadence Design SystemsCDNS, 2025 | ToastTOST, 2025 |
|---|---|---|
| Revenue | $5.30bn | $6.15bn |
| Revenue growth | 14.1% | 24.1% |
| Net income | $1.11bn | $342m |
| Operating margin | 28.2% | — |
| Net margin | 20.9% | 5.6% |
| Return on equity | 21.9% | 18.6% |
| Free cash flow | $1.59bn | $608m |
| Cash | $3.00bn | $1.35bn |
| Total debt | $2.50bn | $0 |
| Debt to equity | 45.7% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $925m | $107m |
| Employees | 13,800 | 6,500 |
| Market value | $89.40bn | $20.05bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 69 (Moderate) | 36 (Weak) |
| Insider trades, 12 months | 0 buys, 116 sales | 0 buys, 57 sales |