Tearsheet

Synopsys (SNPS)

Market Price (4/15/2026): $420.02 | Market Cap: $79.6 Bil
Sector: Information Technology | Industry: Application Software

Synopsys (SNPS)

Market Price (4/15/2026): $420.02
Market Cap: $79.6 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.4 Bil, FCF LTM is 2.3 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Electric Vehicles & Autonomous Driving, Show more.

Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -58%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%

Key risks
SNPS key risks include [1] securities class action lawsuits over underperformance in its Design IP business and [2] significant challenges in successfully integrating the Ansys merger.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 2.4 Bil, FCF LTM is 2.3 Bil
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Electric Vehicles & Autonomous Driving, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -60%, 3Y Excs Rtn is -58%
4	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
6	Key risks SNPS key risks include [1] securities class action lawsuits over underperformance in its Design IP business and [2] significant challenges in successfully integrating the Ansys merger.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$420.02	$428.85	$571.50	$386.25	$333.27
Market Cap CYE ($ Bil)	79.6	66.4	87.4	58.8	51.0
Total Debt ($ Bil)	10.9	10.7	0.6	0.7	0.7
Total Cash ($ Bil)	2.2	14.3	1.7	1.7	1.7
Enterprise Value ($ Bil)	88.3	77.1	88.0	59.5	51.7
Valuation Ratios
P/S TTM	9.9	10.7	15.1	12.5	10.7
P/EBIT TTM	44.8	43.3	56.8	58.0	47.1
P/E TTM	72.3	30.7	61.3	63.9	50.6
P/FCF TTM	34.9	62.1	79.7	39.5	32.3
Sector Ratios
P/S TTM (Sector)	3.7	3.1	3.5	3.2	4.5
P/EBIT TTM (Sector)	8.0	7.2	5.0	-0.0	5.5
P/E TTM (Sector)	5.6	-0.0	-0.1	-0.3	5.2
P/FCF TTM (Sector)	12.7	15.3	15.4	13.0	15.4

	4/15/26	2025	2024
Share Price CYE	$420.02	$428.85	$571.50
Market Cap CYE ($ Bil)	79.6	66.4	87.4
Total Debt ($ Bil)	10.9	10.7	0.6
Total Cash ($ Bil)	2.2	14.3	1.7
Enterprise Value ($ Bil)	88.3	77.1	88.0
Valuation Ratios
P/S TTM	9.9	10.7	15.1
P/EBIT TTM	44.8	43.3	56.8
P/E TTM	72.3	30.7	61.3
P/FCF TTM	34.9	62.1	79.7
Sector Ratios
P/S TTM (Sector)	3.7	3.1	3.5
P/EBIT TTM (Sector)	8.0	7.2	5.0
P/E TTM (Sector)	5.6	-0.0	-0.1
P/FCF TTM (Sector)	12.7	15.3	15.4

	SNPS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	8.0
Rev Chg Q	65.5%	7.5%
Rev Chg LTM	31.9%	6.8%
Rev Chg 3Y Avg	19.8%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.0
CFO LTM ($ Bil)	2.4
Net Inc LTM ($ Bil)	1.1
Op Mgn LTM	12.3%	18.6%
CFO/Rev LTM	30.5%	20.6%
Net Inc Mgn	13.8%	12.8%
VALUATION	VERY HIGH
P/S	9.9	3.3
P/CFO	32.6	15.5
P/FCF	34.9	20.1
P/E	72.3	24.3
STABILITY	GOOD
Debt/Equity	0.14	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Backlog	$10.1 billion	9092025	Link
Number of Patents and Patent Applications	5313	2182025	Link
Recurring Revenue Percentage	90.6%	12042024	Link

Upcoming
5/27/2026	Earnings Release	Rev: $2.0 Bil (E) EPS: $3.17 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Synopsys (SNPS) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Lowered Full-Year GAAP EPS Guidance: Synopsys lowered its full-year fiscal 2026 GAAP EPS guidance from a range of $2.49-$2.90 to $2.21-$2.62, which was below analysts' estimates. Despite reporting Q1 2026 revenue of $2.409 billion and non-GAAP EPS of $3.77 that exceeded expectations, the revised full-year outlook contributed to the stock's decline of about 2% immediately after the announcement.

2. Weakness in the High-Margin Design IP Segment: The Design IP segment experienced a significant year-over-year revenue decline of 21% in Q4 fiscal year 2025 and a further 6.5% decline in Q1 fiscal year 2026. Analysts highlighted concerns regarding the persistent low margin of 16% for this division and its flat revenue contribution, signaling potential vulnerabilities in a key revenue stream.

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Stock Movement Drivers

Fundamental Drivers

The -10.8% change in SNPS stock from 12/31/2025 to 4/14/2026 was primarily driven by a -27.2% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	469.72	418.80	-10.8%
Change Contribution By:
Total Revenues ($ Mil)	7,054	8,008	13.5%
Net Income Margin (%)	18.9%	13.8%	-27.2%
P/E Multiple	65.6	72.1	9.8%
Shares Outstanding (Mil)	186	190	-1.8%
Cumulative Contribution			-10.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
SNPS	-10.8%
Market (SPY)	-5.4%	55.4%
Sector (XLK)	2.8%	66.9%

Fundamental Drivers

The -15.1% change in SNPS stock from 9/30/2025 to 4/14/2026 was primarily driven by a -55.7% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	493.39	418.80	-15.1%
Change Contribution By:
Total Revenues ($ Mil)	6,435	8,008	24.4%
Net Income Margin (%)	31.0%	13.8%	-55.7%
P/E Multiple	39.6	72.1	82.2%
Shares Outstanding (Mil)	160	190	-15.5%
Cumulative Contribution			-15.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
SNPS	-15.1%
Market (SPY)	-2.9%	59.5%
Sector (XLK)	5.1%	66.5%

Fundamental Drivers

The -2.3% change in SNPS stock from 3/31/2025 to 4/14/2026 was primarily driven by a -60.4% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	428.85	418.80	-2.3%
Change Contribution By:
Total Revenues ($ Mil)	6,072	8,008	31.9%
Net Income Margin (%)	34.8%	13.8%	-60.4%
P/E Multiple	31.4	72.1	129.7%
Shares Outstanding (Mil)	154	190	-18.6%
Cumulative Contribution			-2.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
SNPS	-2.3%
Market (SPY)	16.3%	45.3%
Sector (XLK)	43.9%	46.2%

Fundamental Drivers

The 8.4% change in SNPS stock from 3/31/2023 to 4/14/2026 was primarily driven by a 70.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	386.25	418.80	8.4%
Change Contribution By:
Total Revenues ($ Mil)	4,707	8,008	70.1%
Net Income Margin (%)	20.0%	13.8%	-31.3%
P/E Multiple	62.5	72.1	15.4%
Shares Outstanding (Mil)	152	190	-19.6%
Cumulative Contribution			8.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
SNPS	8.4%
Market (SPY)	63.3%	54.1%
Sector (XLK)	99.8%	59.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SNPS Return	42%	-13%	61%	-6%	-3%	-16%	51%
Peers Return	51%	-36%	33%	23%	17%	6%	98%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
SNPS Win Rate	67%	42%	75%	50%	50%	0%
Peers Win Rate	65%	38%	58%	62%	60%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SNPS Max Drawdown	-16%	-29%	-1%	-10%	-22%	-19%
Peers Max Drawdown	-5%	-46%	-10%	-18%	-26%	-14%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CDNS, KEYS, OTEX, FTNT, AIP. See SNPS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)

How Low Can It Go

Unique Key	Event	SNPS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	44.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	91 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-34.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	52.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	58 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-22.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	29.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	58 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-49.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	96.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	811 days	1,480 days

Compare to CDNS, KEYS, OTEX, FTNT, AIP

In The Past

Synopsys's stock fell -30.6% during the 2022 Inflation Shock from a high on 12/27/2021. A -30.6% loss requires a 44.0% gain to breakeven.

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About Synopsys (SNPS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Synopsys, Inc. provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions. It also provides intellectual property (IP) solutions for USB, PCI Express, DDR, Ethernet, SATA, MIPI, HDMI, and Bluetooth low energy applications; analog IP, including data converters and audio codecs; and system-on-chip (SoC) infrastructure IP, datapath and building block IP, and verification IP products, as well as mathematical and floating-point components, and Arm AMBA interconnect fabric and peripherals. In addition, the company offers logic libraries and embedded memories; configurable processor cores and application-specific instruction-set processor tools for embedded applications; IP subsystems for audio, sensor, and data fusion functionality; and security IP solutions. Further, it provides Platform Architect solutions for SoC architecture analysis and optimization; virtual prototyping solutions; and HAPS FPGA-based prototyping systems, as well as a series of tools used in the design of optical systems and photonic devices. Additionally, the company offers security testing, managed services, programs and professional services, and training that enable its customers to detect and remediate security vulnerabilities, and defects in the software development lifecycle, as well as manufacturing solutions. It serves electronics, financial services, automotive, medicine, energy, and industrial areas. The company was incorporated in 1986 and is headquartered in Mountain View, California.

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Synopsys is like Autodesk, but for designing and testing the complex microchips that power almost all electronic devices.

Synopsys provides the foundational intellectual property (IP) and software development tools for chip design, similar to how Arm Holdings licenses its chip architectures and designs, but with a broader suite of tools.

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Electronic Design Automation (EDA) Software: Provides a suite of software tools, including the Fusion Design Platform and Verification Continuum Platform, used for designing, implementing, and testing integrated circuits.
Semiconductor Intellectual Property (IP) Solutions: Offers a broad portfolio of pre-designed, reusable circuit components covering connectivity (e.g., USB, PCIe), analog, memory, processor cores, and security functions for chip development.
System Design and Prototyping Tools: Delivers solutions like Platform Architect and HAPS FPGA-based systems for SoC architecture analysis, virtual prototyping, and hardware-accelerated validation of complex chip designs.
Software Integrity and Security Services: Provides security testing, managed services, professional services, and training to help customers identify and remediate security vulnerabilities and defects in their software development lifecycle.

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Based on the provided company description, Synopsys (SNPS) primarily sells its electronic design automation (EDA) software, intellectual property (IP) solutions, and security testing services to other companies, not to individuals.

The description does not explicitly name specific major customer companies or their symbols. However, it indicates that Synopsys serves companies across various sectors:

Companies involved in the electronics industry, particularly those designing and testing integrated circuits (ICs), system-on-chips (SoCs), and electronic systems.
Organizations in the financial services sector that develop and secure software.
Enterprises within the automotive industry, likely those involved in designing embedded systems, autonomous driving components, and secure vehicle software.
Firms in the medicine (medical devices and healthcare technology), energy, and industrial areas that develop and utilize complex electronic systems and software, requiring EDA tools, IP, and security solutions.

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Here is the management team of Synopsys (SNPS):

Sassine Ghazi, President and Chief Executive Officer

Sassine Ghazi was named CEO of Synopsys in January 2024, having previously served in various leadership capacities at the company since joining in 1998 as an applications engineer. His roles prior to CEO included Chief Operating Officer and President, where he was instrumental in achieving record revenue growth and profitability. He also led the EDA Design group, overseeing the launch of key solutions such as the Fusion Design Platform™ and Synopsys.ai. Before his tenure at Synopsys, Ghazi worked as a design engineer at Intel.

Shelagh Glaser, Chief Financial Officer

Shelagh Glaser was appointed Chief Financial Officer of Synopsys on December 2, 2022. Before joining Synopsys, she served as the CFO of Zendesk, a software-as-a-service CRM company that was acquired by a consortium led by Hellman & Friedman and Permira in 2022. Glaser also spent nearly 30 years at Intel, where she held significant leadership positions, including Corporate Vice President and CFO/COO of the Data Platform and Client Computing Groups.

Ravi Subramanian, Chief Product Management Officer

Ravi Subramanian serves as the Chief Product Management Officer at Synopsys. He has held leadership positions within the company, including General Manager of the Systems Design Group. His background includes extensive experience in EDA and IP.

Shankar Krishnamoorthy, Chief Product Development Officer

Shankar Krishnamoorthy is the Chief Product Development Officer at Synopsys. He has held various leadership roles at Synopsys, including General Manager of the Electronic Design Automation (EDA) Group. His expertise lies in product development within the semiconductor and EDA industries.

Jill Larsen, Chief People Officer

Jill Larsen is the Chief People Officer at Synopsys, responsible for all aspects of the company's People and Workplace Experience globally. She has a background in human resources leadership, including previous roles at Cisco and Broadcom.

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Key Risks to Synopsys (SNPS)

Intense Competition and Rapid Technological Change: Synopsys operates in the Electronic Design Automation (EDA) market, which is characterized by continuous innovation and fierce competition. Key rivals include Cadence Design Systems and Siemens EDA, which collectively with Synopsys, command a significant portion of the global EDA market. The demand for increasingly complex and advanced chips, driven by trends like AI, 5G, and autonomous vehicles, requires Synopsys to constantly innovate and develop cutting-edge design tools. Failure to keep pace with rapid technological advancements or to effectively compete with other industry giants could erode its market position and impact revenue.
Geopolitical Risks and Export Restrictions: Synopsys faces risks related to geopolitical tensions, particularly regarding export restrictions to certain regions like China. China has accounted for a notable portion of Synopsys's revenue (10-11% of total revenue). Restrictions on EDA software sales to Chinese entities could significantly impact the company's income and disrupt its IP business. Such restrictions have already led to revised expectations and potential material loss of income for the company.
Cyclicality of the Semiconductor Industry: While Synopsys's revenue streams are often described as recurring and resilient due to high switching costs for its customers, the company is still exposed to the inherent cyclicality of the broader semiconductor market. Periods of high demand can be followed by downturns, which could lead to reduced R&D spending by semiconductor companies, potentially impacting Synopsys's demand for design tools. Although some analysts suggest that EDA is more dependent on R&D budgets than on semiconductor volume, severe economic or "Growth & Demand Scare" events have historically led to disproportionate declines in SNPS stock.

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Synopsys (SNPS) operates in several significant addressable markets for its main products and services, primarily in electronic design automation (EDA) software, semiconductor intellectual property (IP), and application security testing.

Electronic Design Automation (EDA) Software

The global electronic design automation software market was valued at approximately USD 14.55 billion in 2025 and is projected to grow to about USD 34.71 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 9.08% from 2026 to 2035. Other estimates show the global EDA market at USD 17.59 billion in 2025, with an anticipated rise to USD 32.88 billion by 2032, at a CAGR of 9.4%.

Semiconductor Intellectual Property (IP)

The global semiconductor IP market size was valued at USD 8.17 billion in 2025 and is projected to reach approximately USD 17.06 billion by 2034, growing at a CAGR of 8.52% from 2024 to 2034. Another report estimates the global semiconductor IP market at USD 6.25 billion in 2025, increasing to USD 12.60 billion by 2034, with a CAGR of 8.10%. In a more recent estimate, the global market size for semiconductor IP was approximately USD 8.8 billion in 2024 and is expected to reach around USD 35.7 billion by 2034, driven by a CAGR of 15.1% from 2025 to 2034.

Application Security Testing (AST)

The global Application Security Testing (AST) platforms market size is expected to grow from USD 3.2 billion in 2023 to USD 8.5 billion by 2032, with a CAGR of 11.2%. Other projections indicate the global Application Security Testing Market was valued at USD 11.05 billion in 2025 and is projected to reach USD 25.82 billion by the end of 2030, growing at a CAGR of 18.5%. The application security market size is expected to increase from USD 13.61 billion in 2025 to USD 28.11 billion by 2031, with a CAGR of 13.64% over 2026-2031.

Overall Total Addressable Market (TAM)

Following its acquisition of Ansys, Synopsys' total addressable market (TAM) is expected to increase by 1.5 times to approximately USD 28 billion globally, growing at roughly an 11% CAGR. More recent information suggests this combined addressable market has expanded to approximately USD 31 billion globally.

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Here are 3-5 expected drivers of future revenue growth for Synopsys (SNPS) over the next 2-3 years: * Ansys Acquisition and Integration: Synopsys' acquisition of Ansys, completed in July 2025, is a significant driver, expanding its total addressable market to an estimated $31 billion by offering a comprehensive "silicon to systems" solution. The integration is expected to generate $400 million in revenue synergies by year four and has already substantially contributed to Synopsys' revenue. * AI-driven Design Capabilities: Synopsys is heavily investing in and pioneering AI-powered electronic design automation (EDA) solutions, including its Synopsys.ai and AgentEngineer technologies. These AI-driven capabilities enhance customer productivity and accelerate chip design, acting as a major growth catalyst as AI fuels innovation across various industries, thereby increasing demand for Synopsys' tools. * Expansion into System-Level Design and Simulation: Driven by the Ansys acquisition and its strategic vision, Synopsys is expanding its offerings beyond traditional chip design to provide end-to-end "silicon to systems" solutions. This approach addresses the growing complexity of electronic systems by integrating co-design of software and hardware, and electronics and physics, maximizing customers' R&D capabilities. * Strong Performance in the Design Automation Segment: The Design Automation segment remains a significant revenue driver for Synopsys. Analysts anticipate this segment will continue to experience double-digit growth, supported by robust investment in semiconductor and system-level research and development.

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Share Repurchases

Synopsys' board of directors approved a replenishment of the existing stock repurchase program with authorization to purchase up to $2.0 billion of its common stock in late February 2026.
In 2023, Synopsys' annual share buybacks amounted to $1.161 billion.
In March 2026, Synopsys initiated a $250 million accelerated share repurchase (ASR) agreement.

Share Issuance

As part of the acquisition of Ansys, Ansys stockholders received 0.3450 shares of Synopsys common stock for each Ansys share they owned.

Inbound Investments

NVIDIA made a $2 billion investment in Synopsys.

Outbound Investments

Synopsys completed the acquisition of Ansys on July 17, 2025, for an enterprise value of approximately $35 billion, combining leaders in silicon design, IP, simulation, and analysis.
The company completed the sale of its Software Integrity business on September 30, 2024.

Capital Expenditures

Capital expenditures were $95 million in fiscal year 2025, $123 million in fiscal year 2024, and $192 million in fiscal year 2023.
These expenditures are primarily focused on funding long-term assets and infrastructure.

Interactive Breakdown

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AMD (34.3%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for SNPS: 19.8%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

PLTR (33.9%)

Palantir Technologies

ANET (27.3%)

Arista Networks

AVGO (26.2%)

Broadcom

Higher Op Mgn LTM (Value for SNPS: 12.3%)

NVDA (60.4%)

NVIDIA

MU (48.4%)

Micron Technology

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for SNPS: 30.5%)

MU (52.7%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for SNPS: 28.5%)

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

KLAC (34.3%)

KLA

LRCX (30.2%)

Lam Research

Higher Total Yield (Value for SNPS: 1.4%)

MSFT (4.9%)

Microsoft

MU (4.7%)

Micron Technology

ORCL (4.7%)

Oracle

AAPL (3.5%)

Apple

NVDA (2.5%)

NVIDIA

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SNPS: 19.8% | 9.9x)

META (19.9% | 8.3x)

Meta Platforms

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

NEM (26.2% | 5.7x)

Newmont

PGR (21.0% | 1.3x)

Progressive

AEM (28.1% | 9.2x)

Agnico Eagle Mines

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SNPS: 19.8% | 80.7x)

META (19.9% | 20.1x)

Meta Platforms

LLY (32.1% | 27.8x)

Eli Lilly

NEM (26.2% | 11.8x)

Newmont

VRT (21.7% | 62.6x)

Vertiv

AEM (28.1% | 17.5x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for SNPS: 31.9%)

LLY (44.7%)

Eli Lilly

AEM (43.7%)

Agnico Eagle Mines

COF (36.5%)

Capital One Financial

WELL (35.8%)

Welltower

BA (34.5%)

Boeing

Higher Rev Chg 3Y Avg (Value for SNPS: 19.8%)

LLY (32.1%)

Eli Lilly

BRK-B (27.0%)

Berkshire Hathaway

NEM (26.2%)

Newmont

WELL (23.1%)

Welltower

META (19.9%)

Meta Platforms

Higher Op Mgn LTM (Value for SNPS: 12.3%)

V (67.0%)

Visa

LLY (45.6%)

Eli Lilly

META (41.4%)

Meta Platforms

GOOGL (32.0%)

Alphabet

JNJ (27.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for SNPS: 30.5%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MA (53.8%)

Mastercard

GOOGL (40.9%)

Alphabet

ABBV (31.1%)

AbbVie

Higher FCF/Rev LTM (Value for SNPS: 28.5%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

GILD (32.1%)

Gilead Sciences

ABBV (29.1%)

AbbVie

Higher Total Yield (Value for SNPS: 1.4%)

BRK-B (6.5%)

Berkshire Hathaway

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

WMT (2.9%)

Walmart

AMZN (2.9%)

Amazon.com

Best Bets in Information Technology

What You Pay

P/EBIT (Value for SNPS: 44.6x)

APP (36.8x)

AppLovin

VRSN (21.6x)

VeriSign

NVDA (33.7x)

NVIDIA

QLYS (13.4x)

Qualys

ADEA (16.4x)

Adeia

ADBE (10.5x)

Adobe

GEN (6.8x)

Gen Digital

IDCC (17.8x)

InterDigital

ZM (21.8x)

Zoom Communications

YOU (25.4x)

Clear Secure

P/E (Value for SNPS: 72.1x)

APP (44.0x)

AppLovin

VRSN (30.0x)

VeriSign

NVDA (39.8x)

NVIDIA

QLYS (15.0x)

Qualys

ADEA (26.8x)

Adeia

ADBE (13.4x)

Adobe

GEN (19.2x)

Gen Digital

IDCC (22.3x)

InterDigital

ZM (12.9x)

Zoom Communications

YOU (43.4x)

Clear Secure

What You Get

Rev Chg 3Y Avg (Value for SNPS: 19.8%)

APP (40.7%)

AppLovin

VRSN (5.2%)

VeriSign

NVDA (101.8%)

NVIDIA

QLYS (11.0%)

Qualys

ADEA (1.1%)

Adeia

ADBE (10.8%)

Adobe

GEN (15.3%)

Gen Digital

IDCC (24.7%)

InterDigital

ZM (3.5%)

Zoom Communications

YOU (27.6%)

Clear Secure

Rev Chg LTM (Value for SNPS: 31.9%)

APP (61.1%)

AppLovin

VRSN (6.4%)

VeriSign

NVDA (65.5%)

NVIDIA

QLYS (10.1%)

Qualys

ADEA (17.9%)

Adeia

ADBE (11.0%)

Adobe

GEN (21.5%)

Gen Digital

IDCC (-4.0%)

InterDigital

ZM (4.4%)

Zoom Communications

YOU (16.9%)

Clear Secure

Rev Chg Q (Value for SNPS: 65.5%)

APP (65.9%)

AppLovin

VRSN (7.6%)

VeriSign

NVDA (73.2%)

NVIDIA

QLYS (10.1%)

Qualys

ADEA (53.3%)

Adeia

ADBE (12.0%)

Adobe

GEN (25.8%)

Gen Digital

IDCC (-37.4%)

InterDigital

ZM (5.3%)

Zoom Communications

YOU (16.7%)

Clear Secure

FCF/Rev 3Y Avg (Value for SNPS: 24.4%)

APP (60.8%)

AppLovin

VRSN (58.3%)

VeriSign

NVDA (45.3%)

NVIDIA

QLYS (42.1%)

Qualys

ADEA (40.6%)

Adeia

ADBE (38.8%)

Adobe

GEN (37.6%)

Gen Digital

IDCC (37.4%)

InterDigital

ZM (36.9%)

Zoom Communications

YOU (35.8%)

Clear Secure

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	APP Beats Synopsys Stock on Price & Growth	04/02/2026
2	Stress Testing SNPS: Historical Drawdowns and Macro Risks	03/12/2026
3	Synopsys vs AppLovin: Which Stock Could Rally?	02/27/2026
4	Can Synopsys Stock Recover If Markets Fall?	02/18/2026
5	Synopsys Earnings Notes	12/28/2026
6	How Does Synopsys Stock Compare With Peers?	12/02/2025
7	High Margins, Lower Price: Is SNPS a Buy?	11/13/2025
8	Day 5 of Loss Streak for Synopsys Stock with -12% Return (vs. -19% YTD) [11/7/2025]	11/08/2025
9	ARTICLES
10	APP Looks Smarter Buy Than Synopsys Stock	04/02/2026
11	Stronger Bet Than Synopsys Stock: APP Delivers More	03/20/2026
12	How Low Can SNPS Really Go In A Market Crash?	03/12/2026
13	Is AppLovin a Better Buy Than Synopsys?	02/27/2026
14	SHOP, APP Look Smarter Buy Than Synopsys Stock	02/14/2026

	Title
0	DASHBOARDS
1	APP Beats Synopsys Stock on Price & Growth
2	Stress Testing SNPS: Historical Drawdowns and Macro Risks
3	Synopsys vs AppLovin: Which Stock Could Rally?
4	Can Synopsys Stock Recover If Markets Fall?
5	Synopsys Earnings Notes
6	How Does Synopsys Stock Compare With Peers?
7	High Margins, Lower Price: Is SNPS a Buy?
8	Day 5 of Loss Streak for Synopsys Stock with -12% Return (vs. -19% YTD) [11/7/2025]
9	ARTICLES
10	APP Looks Smarter Buy Than Synopsys Stock
11	Stronger Bet Than Synopsys Stock: APP Delivers More
12	How Low Can SNPS Really Go In A Market Crash?
13	Is AppLovin a Better Buy Than Synopsys?
14	SHOP, APP Look Smarter Buy Than Synopsys Stock

Trade Ideas

Select ideas related to SNPS.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PANW_3312026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03312026	PANW	Palo Alto Networks	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	0.0%	0.0%	0.0%
ALKT_3312026_Insider_Buying_45D_2Buy_200K	03312026	ALKT	Alkami Technology	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
DBX_3272026_Dip_Buyer_FCFYield	03272026	DBX	Dropbox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.6%	2.6%	0.0%
DLB_3272026_Dip_Buyer_FCFYield	03272026	DLB	Dolby Laboratories	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.5%	3.5%	0.0%
PTC_3272026_Dip_Buyer_FCFYield	03272026	PTC	PTC	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.5%	3.5%	0.0%
SNPS_11072025_Monopoly_xInd_xCD_Getting_Cheaper	11072025	SNPS	Synopsys	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.8%	0.8%	-3.3%
SNPS_2282025_Monopoly_xInd_xCD_Getting_Cheaper	02282025	SNPS	Synopsys	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	32.0%	-9.5%	-16.7%
SNPS_10312022_Monopoly_xInd_xCD_Getting_Cheaper	10312022	SNPS	Synopsys	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	27.0%	60.5%	-5.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	69.5%	119.3%
TVTX	Travere Therapeutics	3.8	37.2%	10.3%
BE	Bloom Energy	57.8	24.0%	152.1%
IONQ	IonQ	12.4	20.2%	-20.3%
CRDO	Credo Technology	29.1	18.7%	10.9%
MGTX	MeiraGTx	0.9	17.2%	42.0%
JBLU	JetBlue Airways	2.1	16.9%	23.1%
QBTS	D-Wave Quantum	6.0	15.8%	-35.1%
REPL	Replimune	0.2	14.7%	-79.9%
APLD	Applied Digital	8.7	14.0%	28.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALLO	Allogene Therapeutics	0.5	-25.5%	66.4%
KMX	CarMax	6.1	-15.1%	7.8%
FSLY	Fastly	3.2	-14.0%	105.8%
REPX	Riley Exploration Permian	0.7	-13.4%	34.0%
ASTS	AST SpaceMobile	25.2	-10.5%	21.9%
STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	SNPS	CDNS	KEYS	OTEX	FTNT	AIP	Median
Name	Synopsys	Cadence .	Keysight.	Open Text	Fortinet	Arteris
Mkt Price	418.80	292.37	330.46	22.25	78.70	20.17	185.53
Mkt Cap	79.4	79.2	56.8	5.6	58.5	0.9	57.6
Rev LTM	8,008	5,297	5,677	5,180	6,800	71	5,487
Op Inc LTM	984	1,650	906	1,076	2,085	-33	1,030
FCF LTM	2,279	1,587	1,342	878	2,226	5	1,464
FCF 3Y Avg	1,626	1,317	1,164	758	1,945	-4	1,240
CFO LTM	2,443	1,729	1,472	1,027	2,591	7	1,600
CFO 3Y Avg	1,790	1,446	1,315	906	2,261	-3	1,380

Growth & Margins

	SNPS	CDNS	KEYS	OTEX	FTNT	AIP	Median
Name	Synopsys	Cadence .	Keysight.	Open Text	Fortinet	Arteris
Rev Chg LTM	31.9%	14.1%	13.1%	-4.3%	14.2%	22.3%	14.1%
Rev Chg 3Y Avg	19.8%	14.1%	1.1%	17.3%	15.5%	12.1%	14.8%
Rev Chg Q	65.5%	6.2%	23.3%	-0.6%	14.8%	30.0%	19.0%
QoQ Delta Rev Chg LTM	13.5%	1.6%	5.6%	-0.1%	3.7%	7.0%	4.7%
Op Mgn LTM	12.3%	31.1%	16.0%	20.8%	30.7%	-47.0%	18.4%
Op Mgn 3Y Avg	19.2%	30.6%	18.7%	18.5%	28.1%	-55.7%	19.0%
QoQ Delta Op Mgn LTM	-0.7%	-0.5%	-0.3%	0.0%	-0.4%	1.2%	-0.3%
CFO/Rev LTM	30.5%	32.6%	25.9%	19.8%	38.1%	9.5%	28.2%
CFO/Rev 3Y Avg	26.9%	30.9%	24.5%	16.8%	37.5%	-7.0%	25.7%
FCF/Rev LTM	28.5%	30.0%	23.6%	17.0%	32.7%	7.6%	26.0%
FCF/Rev 3Y Avg	24.4%	28.2%	21.7%	14.0%	32.3%	-8.8%	23.0%

Valuation

	SNPS	CDNS	KEYS	OTEX	FTNT	AIP	Median
Name	Synopsys	Cadence .	Keysight.	Open Text	Fortinet	Arteris
Mkt Cap	79.4	79.2	56.8	5.6	58.5	0.9	57.6
P/S	9.9	15.0	10.0	1.1	8.6	12.5	10.0
P/EBIT	44.6	48.3	47.9	6.4	25.4	-29.1	35.0
P/E	72.1	71.4	59.1	12.8	31.5	-25.4	45.3
P/CFO	32.5	45.8	38.6	5.5	22.6	131.0	35.6
Total Yield	1.4%	1.4%	1.7%	12.6%	3.2%	-3.9%	1.5%
Dividend Yield	0.0%	0.0%	0.0%	4.8%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	2.0%	1.6%	3.9%	8.7%	3.4%	-2.5%	2.7%
D/E	0.1	0.0	0.0	1.2	0.0	0.0	0.0
Net D/E	0.1	-0.0	0.0	0.9	-0.0	-0.1	0.0

Returns

	SNPS	CDNS	KEYS	OTEX	FTNT	AIP	Median
Name	Synopsys	Cadence .	Keysight.	Open Text	Fortinet	Arteris
1M Rtn	1.5%	1.9%	18.1%	-3.2%	-5.7%	37.9%	1.7%
3M Rtn	-18.2%	-9.5%	57.9%	-32.0%	0.5%	15.5%	-4.5%
6M Rtn	-5.6%	-10.2%	100.5%	-42.0%	-5.3%	50.5%	-5.4%
12M Rtn	-0.8%	12.2%	142.3%	-9.8%	-18.7%	237.9%	5.7%
3Y Rtn	9.7%	36.3%	107.1%	-37.6%	15.6%	408.1%	25.9%
1M Excs Rtn	-3.6%	-3.2%	13.1%	-8.2%	-10.7%	32.8%	-3.4%
3M Excs Rtn	-21.3%	-10.0%	58.5%	-32.9%	0.2%	16.3%	-4.9%
6M Excs Rtn	-10.9%	-16.9%	100.9%	-47.6%	-11.6%	56.5%	-11.2%
12M Excs Rtn	-29.3%	-17.2%	115.4%	-38.8%	-50.6%	201.7%	-23.2%
3Y Excs Rtn	-58.3%	-29.5%	42.4%	-105.6%	-49.6%	275.5%	-39.6%

Comparison Analyses

	Title
0	Synopsys vs. Paychex: With Return Forecast Of 18%, Synopsys Is A Better Bet
1	Synopsys vs. Fortinet: With Return Forecast Of 43%, Fortinet Is A Better Bet
2	Synopsys vs. Digital Realty Trust: With Return Forecast Of 18%, Synopsys Is A Better Bet
3	Synopsys vs. O'Reilly Automotive: With Return Forecast Of 18%, Synopsys Is A Better Bet
4	Synopsys vs. Airbnb: With Return Forecast Of 54%, Airbnb Is A Better Bet
5	Synopsys vs. 3M: With Return Forecast Of 18%, Synopsys Is A Better Bet
6	Synopsys vs. ServiceNow: With Return Forecast Of 42%, ServiceNow Is A Better Bet
7	Synopsys vs. Welltower: With Return Forecast Of 40%, Welltower Is A Better Bet
8	Synopsys vs. Quanta Services: With Return Forecast Of 46%, Quanta Services Is A Better Bet
9	Synopsys vs. Northrop Grumman: With Return Forecast Of 20%, Synopsys Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 10/31	LTM	2025	2024	2023	2022	2021	2020
Period End	1/31/2026	10/31/2025	10/31/2024	10/31/2023	10/31/2022	10/31/2021	10/31/2020
Filing Date	2/25/2026	12/22/2025	12/19/2024	12/12/2023	12/12/2022	12/13/2021	12/15/2020
Key Financials
Total Revenue	8,008	7,054	6,127	5,318	4,616	4,204	3,685
EBITDA	2,843	2,500	1,846	1,555	1,334	1,013	853
Operating Income	984	915	1,356	1,326	1,160	768	656
Net Income	1,101	1,332	2,263	1,230	985	758	664
EPS	6.50	8.13	14.78	8.08	6.44	4.96	4.40
Growth Rates
Total Revenue Growth	31.9%	15.1%	15.2%	15.2%	9.8%	14.1%	9.7%
EBITDA Growth	69.8%	35.5%	18.7%	16.6%	31.7%	18.7%	12.4%
Operating Income Growth	-21.6%	-32.5%	2.2%	14.3%	51.0%	17.1%	15.6%
Net Income Growth	-47.8%	-41.1%	84.0%	24.9%	30.0%	14.0%	24.8%
Margins
EBITDA Margin	35.5%	35.4%	30.1%	29.2%	28.9%	24.1%	23.2%
Operating Income Margin	12.3%	13.0%	22.1%	24.9%	25.1%	18.3%	17.8%
Net Income Margin	13.8%	18.9%	36.9%	23.1%	21.3%	18.0%	18.0%
Cash & Debt
Total Cash	2,203	2,961	4,050	1,586	1,566	1,581	1,236
Total Debt	10,869	14,293	684	678	656	667	663
Net Debt / (Cash)	8,665	11,332	-3,366	-908	-909	-914	-572
Cash Flows
Net Cash from Operations	2,443	1,519	1,407	1,703	1,739	1,493	991
Free Cash from Operations	2,279	1,349	1,268	1,511	1,600	1,397	833
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	1,161	1,100	753	242

$ Mil \| FY: 10/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	1/31/2026	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023
Filing Date	2/25/2026	12/22/2025	9/9/2025	5/28/2025	2/26/2025	12/19/2024	8/23/2024	5/24/2024	2/23/2024	12/12/2023	8/18/2023	5/19/2023
Key Financials Quarterly
Total Revenue	2,409	2,255	1,740	1,604	1,455	1,636	1,526	1,455	1,511	1,467	1,354	1,263
Ebitda	692	1,160	450	539	350	454	460	410	522	473	389	357
Operating Income	321	121	165	376	252	311	360	332	353	423	322	287
Net Income	65	449	243	345	296	1,114	408	292	449	349	336	273
EPS	0.34	2.42	1.51	2.23	1.91	7.24	2.66	1.91	2.95	2.30	2.21	1.79
Key Financials TTM
Total Revenue TTM	8,008	7,054	6,435	6,221	6,072	6,127	5,959	5,787	5,596	5,446	4,797	4,690
Ebitda TTM	2,843	2,500	1,794	1,804	1,674	1,845	1,864	1,793	1,740	1,555	1,341	1,247
Operating Income TTM	984	915	1,104	1,299	1,255	1,356	1,468	1,429	1,384	1,328	1,109	1,021
Net Income TTM	1,101	1,332	1,998	2,163	2,110	2,263	1,498	1,427	1,407	1,230	1,034	921
Growth Rates Quarterly
Total Revenue Growth	65.5%	37.8%	14.0%	10.3%	-3.7%	11.5%	12.7%	15.2%	11.0%	79.3%	8.5%	-1.3%
EBITDA Growth	97.7%	155.6%	-2.1%	31.7%	-32.9%	-3.9%	18.2%	14.9%	54.9%	82.4%	32.1%	-8.7%
Operating Income Growth	27.6%	-60.9%	-54.1%	13.4%	-28.6%	-26.5%	11.9%	15.8%	18.8%	108.1%	37.6%	-21.2%
Net Income Growth	-78.0%	-59.7%	-40.6%	18.2%	-34.2%	219.1%	21.4%	7.0%	65.4%	127.5%	51.0%	-7.4%
Margins Quarterly
EBITDA Margin	28.7%	51.5%	25.9%	33.6%	24.1%	27.8%	30.1%	28.2%	34.5%	32.2%	28.7%	28.2%
Operating Income Margin	13.3%	5.4%	9.5%	23.5%	17.3%	19.0%	23.6%	22.8%	23.3%	28.8%	23.8%	22.7%
Net Income Margin	2.7%	19.9%	13.9%	21.5%	20.3%	68.1%	26.7%	20.1%	29.7%	23.8%	24.8%	21.6%
Cash & Debt
Total Cash	2,203	2,961	2,594	14,264	3,809	4,050	1,994	1,660	1,273	1,586	1,835	1,695
Total Debt	10,869	14,293	15,140	10,742	665	684	674	645	670	678	689	690
Net Debt / (Cash)	8,665	11,332	12,547	-3,522	-3,144	-3,366	-1,320	-1,015	-603	-908	-1,145	-1,006
Cash Flows Quarterly
FCF from Operations	857	640	671	275	-67	563	455	477	-88	326	560	703
Cash Flows TTM
FCF from Operations TTM	2,443	1,519	1,442	1,226	1,427	1,407	1,170	1,274	1,501	1,703	1,771	1,651
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	300	300	300
Return on Invested Capital (ROIC) Quarterly
ROIC	3.7%	1.5%	2.2%	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.2%	3.0%	3.6%	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Design Automation	4,221	3,775	3,300
Design Intellectual Property (IP)	1,906	1,543	1,316
Software Integrity			466	394	358
Semiconductor & System Design				3,810	3,327
Total	6,127	5,318	5,082	4,204	3,685

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Design Automation	1,632	1,414	1,207
Design Intellectual Property (IP)	730	514	422
Restructuring charges	0	-53	-12
Deferred compensation plan	-85	-20	69	-72
Amortization of acquired intangible assets	-124	-55	-97	-82	-91
Acquisition/divestiture related items	-139	-14
Stock-based compensation expense	-658	-513	-459	-345	-249
Other			-14	-47	-72
Software Integrity			47	38	41
Semiconductor & System Design				1,243	991
Total	1,356	1,273	1,162	735	620

Price Behavior

Price Behavior

Market Price	$418.80
Market Cap ($ Bil)	79.4
First Trading Date	02/26/1992
Distance from 52W High	-35.1%
	50 Days	200 Days
DMA Price	$421.68	$483.90
DMA Trend	down	down
Distance from DMA	-0.7%	-13.5%
	3M	1YR
Volatility	44.7%	55.7%
Downside Capture	1.09	0.90
Upside Capture	180.64	130.43
Correlation (SPY)	48.4%	37.2%

SNPS Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.28	1.99	1.86	1.89	1.37	1.54
Up Beta	0.85	1.66	1.87	1.88	1.33	1.42
Down Beta	0.80	1.01	0.86	1.87	1.31	1.44
Up Capture	217%	259%	254%	200%	140%	380%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	9	17	28	63	130	397
Down Capture	116%	214%	209%	172%	131%	111%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	13	25	35	63	121	352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SNPS
SNPS	0.4%	55.6%	0.25	-
Sector ETF (XLK)	53.2%	21.1%	1.92	39.4%
Equity (SPY)	24.2%	12.9%	1.49	38.8%
Gold (GLD)	53.4%	27.6%	1.55	-0.4%
Commodities (DBC)	26.8%	16.2%	1.47	1.5%
Real Estate (VNQ)	18.7%	13.8%	1.00	17.7%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	20.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SNPS
SNPS	9.7%	40.2%	0.35	-
Sector ETF (XLK)	17.3%	24.7%	0.63	66.8%
Equity (SPY)	11.1%	17.0%	0.50	61.3%
Gold (GLD)	22.5%	17.8%	1.03	8.1%
Commodities (DBC)	11.7%	18.8%	0.51	10.5%
Real Estate (VNQ)	3.9%	18.8%	0.11	34.3%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	26.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SNPS
SNPS	23.8%	34.6%	0.72	-
Sector ETF (XLK)	22.3%	24.3%	0.84	71.8%
Equity (SPY)	14.0%	17.9%	0.67	65.2%
Gold (GLD)	14.3%	15.9%	0.75	7.9%
Commodities (DBC)	8.8%	17.6%	0.42	15.8%
Real Estate (VNQ)	5.4%	20.7%	0.23	40.8%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	19.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	4.8 Mil
Short Interest: % Change Since 3152026	2.8%
Average Daily Volume	2.0 Mil
Days-to-Cover Short Interest	2.4 days
Basic Shares Quantity	189.6 Mil
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	Stress Testing SNPS: Historical Drawdowns and Macro Risks
1	Can Synopsys Stock Recover If Markets Fall?
2	SNPS YTD Stock Return Of -0.5% Outperforms MBLY by 18% and Underperforms CDNS by -2.3%
3	Synopsys Stock Return Comparison
4	SNPS 139% YTD Return Outperforms PANW by 139% and Outperforms PANW by 139% (10/30/2021)
5	Synopsys Total Shareholder Return (TSR): -12.2% in 2022 and 29.2% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/25/2026	-5.2%	-4.0%	-10.5%
12/10/2025	0.3%	-4.8%	12.1%
9/9/2025	-35.8%	-29.5%	-19.0%
5/28/2025	-1.6%	2.3%	8.7%
2/26/2025	-3.3%	-4.8%	-5.2%
12/4/2024	-12.4%	-12.9%	-14.8%
8/21/2024	-2.9%	-9.7%	-10.3%
5/22/2024	2.3%	-1.5%	3.9%
...
SUMMARY STATS
# Positive	12	12	13
# Negative	12	12	11
Median Positive	4.9%	5.0%	10.8%
Median Negative	-3.9%	-4.8%	-10.3%
Max Positive	10.3%	11.8%	17.0%
Max Negative	-35.8%	-29.5%	-19.9%

	Forward Returns
2/25/2026	-5.2%	-4.0%	-10.5%
12/10/2025	0.3%	-4.8%	12.1%
9/9/2025	-35.8%	-29.5%	-19.0%
5/28/2025	-1.6%	2.3%	8.7%
2/26/2025	-3.3%	-4.8%	-5.2%
12/4/2024	-12.4%	-12.9%	-14.8%
8/21/2024	-2.9%	-9.7%	-10.3%
5/22/2024	2.3%	-1.5%	3.9%
2/21/2024	6.9%	4.9%	10.8%
11/29/2023	-1.7%	-4.5%	-6.8%
8/16/2023	-1.0%	4.7%	5.5%
5/17/2023	8.7%	4.9%	17.0%
2/15/2023	-5.2%	-3.7%	-1.8%
11/30/2022	5.4%	-4.6%	-6.0%
8/17/2022	-2.0%	-5.8%	-17.5%
5/18/2022	10.3%	9.8%	8.7%
2/16/2022	-4.4%	0.3%	3.7%
12/1/2021	4.5%	8.8%	10.1%
8/18/2021	8.7%	11.8%	12.0%
5/19/2021	3.1%	7.1%	12.0%
2/17/2021	-4.5%	-8.1%	-19.9%
12/2/2020	4.3%	3.6%	13.3%
8/19/2020	8.5%	10.9%	-0.1%
5/20/2020	1.8%	5.2%	11.5%
SUMMARY STATS
# Positive	12	12	13
# Negative	12	12	11
Median Positive	4.9%	5.0%	10.8%
Median Negative	-3.9%	-4.8%	-10.3%
Max Positive	10.3%	11.8%	17.0%
Max Negative	-35.8%	-29.5%	-19.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
01/31/2026	02/25/2026	10-Q
10/31/2025	12/22/2025	10-K
07/31/2025	09/09/2025	10-Q
04/30/2025	05/28/2025	10-Q
01/31/2025	02/26/2025	10-Q
10/31/2024	12/19/2024	10-K
07/31/2024	08/23/2024	10-Q
04/30/2024	05/24/2024	10-Q
01/31/2024	02/23/2024	10-Q
10/31/2023	12/12/2023	10-K
07/31/2023	08/18/2023	10-Q
04/30/2023	05/19/2023	10-Q
01/31/2023	02/17/2023	10-Q
10/31/2022	12/12/2022	10-K
07/31/2022	08/19/2022	10-Q
04/30/2022	05/20/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 2/25/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue	2.23 Bil	2.25 Bil	2.27 Bil
Q2 2026 GAAP EPS	0.23	0.33	0.43
Q2 2026 Non-GAAP EPS	3.11	3.14	3.17
2026 Revenue	9.56 Bil	9.61 Bil	9.66 Bil	0		Affirmed	Guidance: 9.61 Bil for 2026
2026 GAAP EPS	2.21	2.42	2.62	-10.4%		Lowered	Guidance: 2.69 for 2026
2026 Non-GAAP EPS	14.4	14.4	14.5	0.4%		Raised	Guidance: 14.4 for 2026
2026 Free Cash Flow		1.90 Bil		0		Affirmed	Guidance: 1.90 Bil for 2026
2026 Capital Expenditures		300.00 Mil		0		Affirmed	Guidance: 300.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 12/10/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue	2.37 Bil	2.39 Bil	2.42 Bil	6.5%		Higher New	Guidance: 2.25 Bil for Q4 2025
Q1 2026 GAAP EPS	0.22	0.32	0.41	-246.5%		Higher New	Guidance: -0.21 for Q4 2025
Q1 2026 Non-GAAP EPS	3.52	3.55	3.58	27.7%		Higher New	Guidance: 2.78 for Q4 2025
2026 Revenue	9.56 Bil	9.61 Bil	9.66 Bil	36.4%		Higher New	Guidance: 7.04 Bil for 2025
2026 GAAP EPS	2.49	2.69	2.9	-47.1%		Lower New	Guidance: 5.09 for 2025
2026 Non-GAAP EPS	14.3	14.4	14.4	12.4%		Higher New	Guidance: 12.8 for 2025
2026 Operating Cash Flow		2.20 Bil		94.7%		Higher New	Guidance: 1.13 Bil for 2025
2026 Free Cash Flow		1.90 Bil		100.0%		Higher New	Guidance: 950.00 Mil for 2025
2026 Capital Expenditures		300.00 Mil		66.7%		Higher New	Guidance: 180.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Glaser, Shelagh	CFO	Direct	Sell	12222025	460.77	3,657	1,685,036	8,221,058	Form
2	Kankanwadi, Sudhindra	Chief Accounting Officer	Direct	Sell	9232025	482.00	6,000	2,892,000	9,890,640	Form
3	Kankanwadi, Sudhindra	Chief Accounting Officer	Direct	Sell	9232025	500.90	9,873	4,945,408	10,278,515	Form
4	Painter, Robert G		Direct	Buy	9152025	425.44	350	148,904	974,682	Form
5	Glaser, Shelagh	CFO	Direct	Sell	9092025	609.77	3,655	2,228,709	9,339,847	Form

SNPS Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing SNPS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What SNPS Makes & Who Pays

TTM figures based on

SNPS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Synopsys (SNPS)

Market Price (4/15/2026): $420.02 | Market Cap: $79.6 BilSector: Information Technology | Industry: Application Software

Synopsys (SNPS)

Market Price (4/15/2026): $420.02Market Cap: $79.6 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Synopsys (SNPS)

Key Risks to Synopsys (SNPS)

Electronic Design Automation (EDA) Software

Semiconductor Intellectual Property (IP)

Application Security Testing (AST)

Overall Total Addressable Market (TAM)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Synopsys (SNPS)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for SNPS: 19.8% | 9.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SNPS: 19.8% | 80.7x)

Higher Rev Chg LTM (Value for SNPS: 31.9%)

Higher Rev Chg 3Y Avg (Value for SNPS: 19.8%)

Higher Op Mgn LTM (Value for SNPS: 12.3%)

Higher CFO/Rev LTM (Value for SNPS: 30.5%)

Higher FCF/Rev LTM (Value for SNPS: 28.5%)

Higher Total Yield (Value for SNPS: 1.4%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for SNPS: 19.8% | 9.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SNPS: 19.8% | 80.7x)

Higher Rev Chg LTM (Value for SNPS: 31.9%)

Higher Rev Chg 3Y Avg (Value for SNPS: 19.8%)

Higher Op Mgn LTM (Value for SNPS: 12.3%)

Higher CFO/Rev LTM (Value for SNPS: 30.5%)

Higher FCF/Rev LTM (Value for SNPS: 28.5%)

Higher Total Yield (Value for SNPS: 1.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SNPS: 19.8% | 9.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SNPS: 19.8% | 80.7x)

Higher Rev Chg LTM (Value for SNPS: 31.9%)

Higher Rev Chg 3Y Avg (Value for SNPS: 19.8%)

Higher Op Mgn LTM (Value for SNPS: 12.3%)

Higher CFO/Rev LTM (Value for SNPS: 30.5%)

Higher FCF/Rev LTM (Value for SNPS: 28.5%)

Higher Total Yield (Value for SNPS: 1.4%)

Best Bets in Information Technology

P/EBIT (Value for SNPS: 44.6x)

P/E (Value for SNPS: 72.1x)

Rev Chg 3Y Avg (Value for SNPS: 19.8%)

Rev Chg LTM (Value for SNPS: 31.9%)

Rev Chg Q (Value for SNPS: 65.5%)

FCF/Rev 3Y Avg (Value for SNPS: 24.4%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

Market Price (4/15/2026): $420.02 | Market Cap: $79.6 Bil
Sector: Information Technology | Industry: Application Software

Market Price (4/15/2026): $420.02
Market Cap: $79.6 Bil
Sector: Information Technology
Industry: Application Software