Synopsys (SNPS)
Market Price (10/2/2026): $491.5 | Market Cap: $94.1 BilSector: Information Technology | Industry: Application Software
Synopsys (SNPS)
Market Price (10/2/2026): $491.5Market Cap: $94.1 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% Attractive cash flow generationCFO/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 29%, CFO LTM is 2.9 Bil, FCF LTM is 2.7 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Electric Vehicles & Autonomous Driving, Show more. | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -79% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6% Key risksSNPS 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. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% |
| Attractive cash flow generationCFO/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 29%, CFO LTM is 2.9 Bil, FCF LTM is 2.7 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, Cybersecurity, Electric Vehicles & Autonomous Driving, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -79% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6% |
| Key risksSNPS 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. |
Qualitative Assessment
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Synopsys (SNPS) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Synopsys reported strong fiscal Q3 2026 earnings that exceeded analyst expectations and raised its full-year guidance.
For its third fiscal quarter ending July 31, 2026, Synopsys reported non-GAAP earnings per share (EPS) of $3.91, surpassing the consensus estimate of $3.67 by $0.24. Quarterly revenue increased by 42.4% year-over-year to $2.48 billion, exceeding analysts' expectations of $2.44 billion. Following these results, management raised its full-year fiscal 2026 revenue guidance to a midpoint of $9.715 billion and non-GAAP EPS guidance to a midpoint of $15.07.
2. The company capitalized on increasing AI-driven demand through strategic partnerships and product offerings.
Synopsys highlighted that artificial intelligence (AI) is creating unprecedented complexity and driving demand for its silicon design and engineering solutions. This focus was reinforced by significant announcements at its Investor Day on September 30, 2026, including a multi-year intellectual property (IP) and tools deal with Amazon, valued at over $1 billion. Additionally, Synopsys announced a strategic partnership with OpenAI to embed a specialized AI model, "GPT-Synopsys," into its electronic design automation (EDA) and agentic AI platforms.
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Synopsys (SNPS) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Synopsys reported strong fiscal Q3 2026 earnings that exceeded analyst expectations and raised its full-year guidance.
For its third fiscal quarter ending July 31, 2026, Synopsys reported non-GAAP earnings per share (EPS) of $3.91, surpassing the consensus estimate of $3.67 by $0.24. Quarterly revenue increased by 42.4% year-over-year to $2.48 billion, exceeding analysts' expectations of $2.44 billion. Following these results, management raised its full-year fiscal 2026 revenue guidance to a midpoint of $9.715 billion and non-GAAP EPS guidance to a midpoint of $15.07.
2. The company capitalized on increasing AI-driven demand through strategic partnerships and product offerings.
Synopsys highlighted that artificial intelligence (AI) is creating unprecedented complexity and driving demand for its silicon design and engineering solutions. This focus was reinforced by significant announcements at its Investor Day on September 30, 2026, including a multi-year intellectual property (IP) and tools deal with Amazon, valued at over $1 billion. Additionally, Synopsys announced a strategic partnership with OpenAI to embed a specialized AI model, "GPT-Synopsys," into its electronic design automation (EDA) and agentic AI platforms.
3. Synopsys provided a bullish long-term financial outlook and commitment to shareholder returns.
At its Investor Day on September 30, 2026, Synopsys detailed a long-term growth strategy and financial framework, including fiscal year 2027 targets for approximately 15% revenue growth to a midpoint of $11.15 billion and a non-GAAP operating margin of about 44%. These projections exceeded previous Street estimates for both EPS and revenue for fiscal year 2027. The company also announced its intention to repurchase approximately $1 billion of shares in the coming months.
4. A robust semiconductor market upcycle provided a favorable macroeconomic backdrop.
The broader semiconductor market continued its upcycle in fiscal Q3 2026, with the served market for 2026 valued at $454 billion, an increase from a prior forecast of $433 billion. The Zacks Semiconductor industry, a relevant sector for Synopsys, was expected to achieve substantial earnings growth of 85.5% and revenue growth of 62.8% in fiscal Q3 2026, largely driven by ongoing AI investments and broadening demand across various applications.
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Stock Movement Drivers
Fundamental Drivers
The -2.5% change in SNPS stock from 6/30/2026 to 9/30/2026 was primarily driven by a -29.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 446.07 | 434.94 | -2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,679 | 9,416 | 8.5% |
| Net Income Margin (%) | 8.9% | 11.4% | 28.3% |
| P/E Multiple | 110.4 | 77.4 | -29.9% |
| Shares Outstanding (Mil) | 191 | 192 | 0.0% |
| Cumulative Contribution | -2.5% |
Market Drivers
6/30/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| SNPS | -2.5% | |
| Market (SPY) | 2.1% | 46.9% |
| Sector (XLK) | 2.7% | 48.1% |
Fundamental Drivers
The 9.7% change in SNPS stock from 3/31/2026 to 9/30/2026 was primarily driven by a 17.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 396.48 | 434.94 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,008 | 9,416 | 17.6% |
| Net Income Margin (%) | 13.8% | 11.4% | -16.9% |
| P/E Multiple | 68.2 | 77.4 | 13.4% |
| Shares Outstanding (Mil) | 190 | 192 | -1.0% |
| Cumulative Contribution | 9.7% |
Market Drivers
3/31/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| SNPS | 9.7% | |
| Market (SPY) | 17.6% | 38.5% |
| Sector (XLK) | 47.5% | 46.3% |
Fundamental Drivers
The -11.8% change in SNPS stock from 9/30/2025 to 9/30/2026 was primarily driven by a -63.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 493.39 | 434.94 | -11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,435 | 9,416 | 46.3% |
| Net Income Margin (%) | 31.0% | 11.4% | -63.2% |
| P/E Multiple | 39.6 | 77.4 | 95.6% |
| Shares Outstanding (Mil) | 160 | 192 | -16.4% |
| Cumulative Contribution | -11.8% |
Market Drivers
9/30/2025 to 9/30/2026| Return | Correlation | |
|---|---|---|
| SNPS | -11.8% | |
| Market (SPY) | 15.4% | 49.7% |
| Sector (XLK) | 39.4% | 54.8% |
Fundamental Drivers
The -5.2% change in SNPS stock from 9/30/2023 to 9/30/2026 was primarily driven by a -47.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 458.97 | 434.94 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,797 | 9,416 | 96.3% |
| Net Income Margin (%) | 21.6% | 11.4% | -47.0% |
| P/E Multiple | 67.5 | 77.4 | 14.7% |
| Shares Outstanding (Mil) | 152 | 192 | -20.6% |
| Cumulative Contribution | -5.2% |
Market Drivers
9/30/2023 to 9/30/2026| Return | Correlation | |
|---|---|---|
| SNPS | -5.2% | |
| Market (SPY) | 84.5% | 52.2% |
| Sector (XLK) | 143.1% | 55.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SNPS Return | 42% | -13% | 61% | -6% | -3% | -7% | 68% |
| Peers Return | 51% | -36% | 33% | 23% | 17% | 46% | 173% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| SNPS Win Rate | 67% | 42% | 75% | 50% | 50% | 22% | |
| Peers Win Rate | 65% | 38% | 58% | 62% | 60% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| SNPS Max Drawdown | -25% | -29% | -10% | -25% | -41% | -31% | |
| Peers Max Drawdown | -17% | -46% | -31% | -28% | -35% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/1/2026 (YTD)
How Low Can It Go
| Event | SNPS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.0% | -18.8% |
| % Gain to Breakeven | 31.5% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.3% | -7.8% |
| % Gain to Breakeven | 27.0% | 8.5% |
| Time to Breakeven | 358 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.8% | -24.5% |
| % Gain to Breakeven | 38.4% | 32.4% |
| Time to Breakeven | 78 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.1% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.6% | -19.2% |
| % Gain to Breakeven | 22.8% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.3% | -12.2% |
| % Gain to Breakeven | 28.6% | 13.9% |
| Time to Breakeven | 141 days | 62 days |
In The Past
Synopsys's stock fell -24.0% during the 2025 US Tariff Shock. Such a loss loss requires a 31.5% gain to breakeven.
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Asset Allocation
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| Event | SNPS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.0% | -18.8% |
| % Gain to Breakeven | 31.5% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.3% | -7.8% |
| % Gain to Breakeven | 27.0% | 8.5% |
| Time to Breakeven | 358 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.8% | -24.5% |
| % Gain to Breakeven | 38.4% | 32.4% |
| Time to Breakeven | 78 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.1% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.3% | -12.2% |
| % Gain to Breakeven | 28.6% | 13.9% |
| Time to Breakeven | 141 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -44.9% | -53.4% |
| % Gain to Breakeven | 81.4% | 114.4% |
| Time to Breakeven | 741 days | 1085 days |
In The Past
Synopsys's stock fell -24.0% during the 2025 US Tariff Shock. Such a loss loss requires a 31.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Synopsys (SNPS)
Synopsys, Inc. is a leading provider of electronic design automation (EDA) software and intellectual property (IP) solutions, primarily serving the semiconductor industry. Its core business involves developing advanced tools and building blocks that engineers use to design, verify, and test complex integrated circuits (ICs), which are the fundamental components powering all modern electronic devices. Essentially, Synopsys provides the critical software infrastructure and reusable design components that enable companies to create, validate, and bring innovative chips to market efficiently.
The company's extensive product offerings include its Fusion Design Platform for digital design implementation and the comprehensive Verification Continuum Platform, which provides solutions for virtual prototyping, simulation, emulation, and FPGA-based prototyping to ensure chip functionality and performance. Synopsys also offers a vast portfolio of intellectual property, such as high-speed connectivity IP (e.g., USB, PCIe, DDR), analog IP, configurable processor cores, embedded memories, and specialized security IP that customers integrate directly into their chip designs. Beyond core chip design, Synopsys provides tools for designing optical systems and photonic devices, and offers security testing services to detect and remediate vulnerabilities in software development lifecycles.
Synopsys serves a broad and diverse global customer base across various technology-intensive sectors. While its primary customers are companies in the electronics and semiconductor industries that design and manufacture chips, its solutions are also critical to businesses in the automotive, medicine, energy, and industrial sectors, all of which rely on advanced ICs for their products and operations. Additionally, the company's software security testing and managed services cater to a wider array of industries, including financial services, helping them enhance the security and integrity of their digital assets.
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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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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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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.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SNPS | Synopsys | 26.2% | 87.3x | 0.4% | 5.8% | 62.2% | — |
| DDOG | Datadog | 27.9% | 554.6x | 81.0% | 201.0% | 91.1% | +29pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Technology Hardware, Storage & Peripherals | 9 | 124.2% | 200.8% | 405.9% | STX 1191% · SMCI 1022% · DELL 1019% |
| Electronic Manufacturing Services | 9 | 68.5% | 189.6% | 331.5% | TTMI 899% · FLEX 742% · SANM 467% |
| Semiconductor Materials & Equipment | 20 | 105.5% | 128.6% | 129.7% | LRCX 528% · KLAC 528% · ONTO 331% |
| Communications Equipment | 14 | 45.2% | 173.4% | 123.6% | LITE 1125% · ANET 834% · CIEN 626% |
| Electronic Components | 8 | 80.4% | 119.9% | 94.5% | COHR 427% · GLW 392% · APH 380% |
| Technology Distributors | 8 | 47.5% | 80.2% | 89.7% | AVT 205% · SNX 173% · CNXN 116% |
| Semiconductors | 32 | 58.2% | 91.3% | 81.0% | MU 1483% · NVDA 1018% · AVGO 670% |
| Systems Software | 14 | 1.0% | 75.3% | 75.7% | PANW 389% · CRWD 327% · FTNT 200% |
| Electronic Equipment & Instruments | 13 | -5.3% | 52.3% | 30.9% | PI 228% · KEYS 126% · OSIS 105% |
| Internet Services & Infrastructure | 6 | -4.3% | 37.9% | 18.3% | DOCN 72% · VRSN 41% · GDDY 35% |
| Application Software ← | 40 | -18.5% | 7.3% | -26.1% | PLTR 681% · CDNS 129% · DDOG 91% |
| IT Consulting & Other Services | 9 | -17.4% | -30.1% | -37.0% | ADEA 187% · IBM 99% · CTSH -12% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 265.36 |
| Mkt Cap | 79.1 |
| Rev LTM | 6,210 |
| Op Inc LTM | 1,274 |
| FCF LTM | 1,570 |
| FCF 3Y Avg | 1,333 |
| CFO LTM | 1,729 |
| CFO 3Y Avg | 1,478 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.2% |
| Rev Chg 3Y Avg | 15.1% |
| Rev Chg Q | 31.1% |
| QoQ Delta Rev Chg LTM | 7.0% |
| Op Inc Chg LTM | 15.8% |
| Op Inc Chg 3Y Avg | 11.1% |
| Op Mgn LTM | 21.7% |
| Op Mgn 3Y Avg | 19.4% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 27.8% |
| CFO/Rev 3Y Avg | 24.7% |
| FCF/Rev LTM | 25.5% |
| FCF/Rev 3Y Avg | 22.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 79.1 |
| P/S | 11.7 |
| P/Op Inc | 50.9 |
| P/EBIT | 45.5 |
| P/E | 56.3 |
| P/CFO | 39.3 |
| Total Yield | 1.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | 3.6% |
| 6M Rtn | 27.5% |
| 12M Rtn | 56.4% |
| 3Y Rtn | 116.8% |
| 1M Excs Rtn | 7.6% |
| 3M Excs Rtn | 1.2% |
| 6M Excs Rtn | 11.7% |
| 12M Excs Rtn | 40.8% |
| 3Y Excs Rtn | 39.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design Automation | 5,302 | 4,221 | 3,775 | 3,300 | 2,755 |
| Design Intellectual Property (IP) | 1,752 | 1,906 | 1,543 | 1,316 | 1,056 |
| Software Integrity | 394 | ||||
| Total | 7,054 | 6,127 | 5,318 | 4,616 | 4,204 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design Automation | 2,214 | 1,632 | 1,414 | 1,176 | 925 |
| Design Intellectual Property (IP) | 419 | 730 | 514 | 404 | 318 |
| Restructuring charges | 0 | 0 | -53 | -11 | -33 |
| Deferred compensation plan | -65 | -85 | -20 | 68 | -72 |
| Acquisition/divestiture related items | -255 | -139 | -14 | -9 | |
| Amortization of acquired intangible assets | -504 | -124 | -55 | -56 | -82 |
| Stock-based compensation expense | -893 | -658 | -513 | -422 | -345 |
| Other | -14 | ||||
| Software Integrity | 38 | ||||
| Total | 915 | 1,356 | 1,273 | 1,149 | 735 |
Price Behavior
| Market Price | $434.94 | |
| Market Cap ($ Bil) | 83.3 | |
| First Trading Date | 02/26/1992 | |
| Distance from 52W High | -18.6% | |
| 50 Days | 200 Days | |
| DMA Price | $403.02 | $444.89 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 7.9% | -2.2% |
| 3M | 1YR | |
| Volatility | 48.3% | 42.9% |
| Downside Capture | 266.67 | 203.89 |
| Upside Capture | 211.91 | 155.75 |
| Correlation (SPY) | 48.7% | 50.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.63 | 2.03 | 2.05 | 1.39 | 1.65 | 1.54 |
| Up Beta | 3.21 | 1.09 | 0.84 | 0.52 | 1.03 | 1.37 |
| Down Beta | 5.82 | 3.91 | 2.82 | 1.52 | 1.85 | 1.47 |
| Up Capture | 101% | 252% | 235% | 167% | 211% | 377% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 23 | 30 | 62 | 125 | 392 |
| Down Capture | 114% | 162% | 225% | 171% | 151% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 19 | 34 | 64 | 127 | 358 |
[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 | -9.7% | 43.1% | -0.12 | - |
| Sector ETF (XLK) | 40.4% | 26.5% | 1.25 | 54.8% |
| Equity (SPY) | 15.9% | 13.0% | 0.87 | 49.7% |
| Gold (GLD) | 8.1% | 29.6% | 0.26 | 10.4% |
| Commodities (DBC) | 43.1% | 20.8% | 1.61 | -5.8% |
| Real Estate (VNQ) | 2.2% | 13.6% | -0.09 | 0.7% |
| Bitcoin (BTCUSD) | -27.1% | 44.5% | -0.58 | 30.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SNPS | |
|---|---|---|---|---|
| SNPS | 5.8% | 41.8% | 0.26 | - |
| Sector ETF (XLK) | 21.3% | 25.9% | 0.73 | 64.2% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 59.6% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 8.6% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 6.5% |
| Real Estate (VNQ) | 0.5% | 18.9% | -0.08 | 30.7% |
| Bitcoin (BTCUSD) | 13.9% | 52.3% | 0.44 | 25.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SNPS | |
|---|---|---|---|---|
| SNPS | 21.9% | 35.8% | 0.66 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 70.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 63.5% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 9.2% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 12.5% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 38.2% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 19.6% |
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Returns Analyses
Earnings Returns History
Updated 9/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/26/2026 | 13.4% | 1.5% | 3.8% |
| 5/27/2026 | -8.6% | -5.3% | -13.6% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 5.4% | 4.9% | 10.1% |
| Median Negative | -4.4% | -4.8% | -10.5% |
| Max Positive | 13.4% | 11.8% | 17.0% |
| Max Negative | -35.8% | -29.5% | -19.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/26/2026 | 13.4% | 1.5% | 3.8% |
| 5/27/2026 | -8.6% | -5.3% | -13.6% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 5.4% | 4.9% | 10.1% |
| Median Negative | -4.4% | -4.8% | -10.5% |
| Max Positive | 13.4% | 11.8% | 17.0% |
| Max Negative | -35.8% | -29.5% | -19.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/26/2026 | 10-Q |
| 04/30/2026 | 05/27/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/26/2026 | 10-Q |
| 04/30/2026 | 05/27/2026 | 10-Q |
| 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 |
| 01/31/2022 | 02/18/2022 | 10-Q |
| 10/31/2021 | 12/13/2021 | 10-K |
| 07/31/2021 | 08/20/2021 | 10-Q |
| 04/30/2021 | 05/21/2021 | 10-Q |
| 01/31/2021 | 02/19/2021 | 10-Q |
| 10/31/2020 | 12/15/2020 | 10-K |
| 07/31/2020 | 08/21/2020 | 10-Q |
| 04/30/2020 | 05/22/2020 | 10-Q |
| 01/31/2020 | 02/21/2020 | 10-Q |
| 10/31/2019 | 12/20/2019 | 10-K |
Recent Forward Guidance
Updated 8/27/2026Latest: Q3 2026 Earnings Reported 8/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 2.53 Bil | 2.56 Bil | 2.58 Bil | ||||
| Q4 2026 GAAP EPS | Reported | 0.6 | 0.73 | 0.85 | ||||
| Q4 2026 Non-GAAP EPS | Reported | 4.1 | 4.13 | 4.16 | ||||
| 2026 Operating Cash Flow | Reported | 2.80 Bil | 21.7% | Raised | Guidance: 2.30 Bil for 2026 | |||
| 2026 Revenue | Reported | 9.69 Bil | 9.71 Bil | 9.74 Bil | 0.5% | Raised | Guidance: 9.66 Bil for 2026 | |
| 2026 GAAP EPS | Reported | 3.84 | 3.96 | 4.08 | 46.7% | Raised | Guidance: 2.7 for 2026 | |
| 2026 Non-GAAP EPS | Reported | 15.04 | 15.07 | 15.1 | 2.1% | Raised | Guidance: 14.76 for 2026 | |
| 2026 Capital Expenditures | Reported | 225.00 Mil | -25.0% | Lowered | Guidance: 300.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 2.60 Bil | 30.0% | Raised | Guidance: 2.00 Bil for 2026 | |||
Prior: Q2 2026 Earnings Reported 5/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 2.41 Bil | 2.44 Bil | 8.2% | Higher New | Guidance: 2.25 Bil for Q2 2026 | ||
| Q3 2026 GAAP EPS | Reported | 0.84 | 0.91 | 175.8% | Higher New | Guidance: 0.33 for Q2 2026 | ||
| Q3 2026 Non-GAAP EPS | Reported | 3.63 | 3.66 | 16.6% | Higher New | Guidance: 3.14 for Q2 2026 | ||
| 2026 Operating Cash Flow | Reported | 2.30 Bil | 4.5% | Raised | Guidance: 2.20 Bil for 2026 | |||
| 2026 Revenue | Reported | 9.62 Bil | 9.66 Bil | 0.6% | Raised | Guidance: 9.61 Bil for 2026 | ||
| 2026 GAAP EPS | Reported | 2.49 | 2.7 | 11.8% | Raised | Guidance: 2.42 for 2026 | ||
| 2026 Non-GAAP EPS | Reported | 14.72 | 14.76 | 2.4% | Raised | Guidance: 14.42 for 2026 | ||
| 2026 Capital Expenditures | Reported | 300.00 Mil | 0.0% | Affirmed | Guidance: 300.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 2.00 Bil | 5.3% | Raised | Guidance: 1.90 Bil for 2026 | |||
Q1 2026 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 2.23 Bil | 2.25 Bil | |||||
| Q2 2026 GAAP EPS | Reported | 0.23 | 0.33 | |||||
| Q2 2026 Non-GAAP EPS | Reported | 3.11 | 3.14 | |||||
| 2026 Operating Cash Flow | Reported | 2.20 Bil | 0 | Affirmed | Guidance: 2.20 Bil for 2026 | |||
| 2026 Revenue | Reported | 9.56 Bil | 9.61 Bil | 0 | Affirmed | Guidance: 9.61 Bil for 2026 | ||
| 2026 GAAP EPS | Reported | 2.21 | 2.42 | -10.4% | Lowered | Guidance: 2.7 for 2026 | ||
| 2026 Non-GAAP EPS | Reported | 14.38 | 14.42 | 0.4% | Raised | Guidance: 14.36 for 2026 | ||
| 2026 Capital Expenditures | Reported | 300.00 Mil | 0 | Affirmed | Guidance: 300.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 1.90 Bil | 0 | Affirmed | Guidance: 1.90 Bil for 2026 | |||
Q4 2025 Earnings Reported 12/10/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 2.37 Bil | 2.39 Bil | 6.5% | Higher New | Guidance: 2.25 Bil for Q4 2025 | ||
| Q1 2026 GAAP EPS | Reported | 0.22 | 0.32 | Higher New | Guidance: -0.22 for Q4 2025 | |||
| Q1 2026 Non-GAAP EPS | Reported | 3.52 | 3.55 | 27.7% | Higher New | Guidance: 2.78 for Q4 2025 | ||
| 2026 Operating Cash Flow | Reported | 2.20 Bil | 94.7% | Higher New | Guidance: 1.13 Bil for 2025 | |||
| 2026 Revenue | Reported | 9.56 Bil | 9.61 Bil | 36.4% | Higher New | Guidance: 7.04 Bil for 2025 | ||
| 2026 GAAP EPS | Reported | 2.49 | 2.7 | -47.1% | Lower New | Guidance: 5.1 for 2025 | ||
| 2026 Non-GAAP EPS | Reported | 14.32 | 14.36 | 12.4% | Higher New | Guidance: 12.78 for 2025 | ||
| 2026 Capital Expenditures | Reported | 300.00 Mil | 66.7% | Higher New | Guidance: 180.00 Mil for 2025 | |||
| 2026 Free Cash Flow | Reported | 1.90 Bil | 100.0% | Higher New | Guidance: 950.00 Mil for 2025 | |||
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghazi, Sassine | PRESIDENT AND CEO | Direct | Sell | 9162026 | 374.88 | 14,604 | 5,474,683 | 28,814,813 | Form |
| 2 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 9022026 | 419.44 | 24,641 | 10,335,424 | 50,518,624 | Form |
| 3 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 9022026 | 441.76 | 25,000 | 11,044,115 | 53,197,735 | Form |
| 4 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 8312026 | 445.55 | 25,000 | 11,138,755 | 53,653,601 | Form |
| 5 | Ghazi, Sassine | PRESIDENT AND CEO | Direct | Sell | 6162026 | 458.96 | 14,603 | 6,702,222 | 34,431,329 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghazi, Sassine | PRESIDENT AND CEO | Direct | Sell | 9162026 | 374.88 | 14,604 | 5,474,683 | 28,814,813 | Form |
| 2 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 9022026 | 419.44 | 24,641 | 10,335,424 | 50,518,624 | Form |
| 3 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 9022026 | 441.76 | 25,000 | 11,044,115 | 53,197,735 | Form |
| 4 | De, Geus Aart | EXECUTIVE CHAIR | Direct | Sell | 8312026 | 445.55 | 25,000 | 11,138,755 | 53,653,601 | Form |
| 5 | Ghazi, Sassine | PRESIDENT AND CEO | Direct | Sell | 6162026 | 458.96 | 14,603 | 6,702,222 | 34,431,329 | Form |
| 6 | Glaser, Shelagh | CFO | by Trust | Sell | 6152026 | 450.02 | 3,394 | 1,527,372 | 6,461,403 | Form |
| 7 | Lee, Janet | GC & Corporate Secretary | Direct | Sell | 1132026 | 530.00 | 250 | 132,500 | 6,338,270 | Form |
| 8 | Glaser, Shelagh | CFO | Direct | Sell | 12222025 | 460.77 | 3,657 | 1,685,036 | 8,221,058 | Form |
| 9 | Kankanwadi, Sudhindra | Chief Accounting Officer | Direct | Sell | 9232025 | 500.90 | 9,873 | 4,945,408 | 10,278,515 | Form |
| 10 | Kankanwadi, Sudhindra | Chief Accounting Officer | Direct | Sell | 9232025 | 482.00 | 6,000 | 2,892,000 | 9,890,640 | Form |
| 11 | Painter, Robert G | Direct | Buy | 9152025 | 425.44 | 350 | 148,904 | 974,682 | Form | |
| 12 | Glaser, Shelagh | CFO | Direct | Sell | 9092025 | 609.77 | 3,655 | 2,228,709 | 9,339,847 | Form |
| 13 | Ghazi, Sassine | PRESIDENT AND CEO | Direct | Sell | 9032025 | 589.01 | 11,366 | 6,694,725 | 42,182,187 | Form |
Investor Activity (13F)
Updated Oct 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dream Peak Capital Ltd | $183.4 Mil | 27.2% | 6 | TRIM -38.4% | 13F |
| Monolith Management Ltd | $32.7 Mil | 12.8% | 31 | TRIM -11.8% | 13F |
| Nvidia Corp | $1.9 Bil | 10.4% | 7 | Hold | 13F |
| Tensor Edge Capital, LLC | $36.6 Mil | 6.3% | 17 | ADD +62.0% | 13F |
| Soma Equity Partners LP | $57.8 Mil | 4.3% | 20 | TRIM -32.9% | 13F |
| Eminence Capital, LP | $178.1 Mil | 4.1% | 33 | ADD +80.2% | 13F |
| Robertson Opportunity Capital, LLC | $10.6 Mil | 4.1% | 30 | Hold | 13F |
| Wilson Asset Management (International) PTY LTD | $13.1 Mil | 3.7% | 43 | ADD +8.4% | 13F |
| Spinecap SAS | $9.4 Mil | 3.4% | 15 | Hold | 13F |
| Benchstone Capital Management LP | $28.8 Mil | 3.4% | 38 | TRIM -22.1% | 13F |
| M.D. Sass, LLC | $30.5 Mil | 2.3% | 36 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $15.5 Mil | 2.3% | 28 | ADD +148.6% | 13F |
| Park West Asset Management LLC | $25.3 Mil | 2.2% | 48 | ADD +36.2% | 13F |
| Kinsale Capital Group, Inc. | $8.1 Mil | 1.3% | 41 | ADD +5.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| M.D. Sass, LLC | $30.5 Mil | 2.3% | 36 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $15.5 Mil | 2.3% | 28 | ADD +148.6% | 13F |
| Eminence Capital, LP | $178.1 Mil | 4.1% | 33 | ADD +80.2% | 13F |
| Tensor Edge Capital, LLC | $36.6 Mil | 6.3% | 17 | ADD +62.0% | 13F |
| Park West Asset Management LLC | $25.3 Mil | 2.2% | 48 | ADD +36.2% | 13F |
| Wilson Asset Management (International) PTY LTD | $13.1 Mil | 3.7% | 43 | ADD +8.4% | 13F |
| Kinsale Capital Group, Inc. | $8.1 Mil | 1.3% | 41 | ADD +5.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Generation Investment Management LLP | $234.8 Mil | 1.6% | 33 | Exited | Dec 31, 2025 | 13F |
| D1 Capital Partners L.P. | $177.7 Mil | 1.7% | 42 | Exited | Dec 31, 2025 | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $76.9 Mil | 1.9% | 38 | Exited | Dec 31, 2025 | 13F |
| Evergreen Quality Fund GP, Ltd. | $56.0 Mil | 1.1% | 42 | Exited | Dec 31, 2025 | 13F |
| Carrhae Capital LLP | $44.8 Mil | 3.0% | 28 | Exited | Dec 31, 2025 | 13F |
| Coalescence Partners Investment Management, LP | $35.2 Mil | 8.3% | 12 | Exited | Dec 31, 2025 | 13F |
| M & L Capital Management Ltd | $20.9 Mil | 4.4% | 25 | Exited | Dec 31, 2025 | 13F |
| Arvin Capital Management LP | $20.6 Mil | 4.4% | 28 | Exited | Dec 31, 2025 | 13F |
| Bornite Capital Management LP | $18.8 Mil | 1.8% | 28 | Exited | Dec 31, 2025 | 13F |
| Talos Eurisko Asset Management LP | $11.0 Mil | 1.9% | 24 | Exited | Dec 31, 2025 | 13F |
| Insight Holdings Group, LLC | $7.1 Mil | 0.5% | 30 | Exited | Dec 31, 2025 | 13F |
| Dream Peak Capital Ltd | $183.4 Mil | 27.2% | 6 | TRIM -38.4% | Mar 31, 2026 | 13F |
| Soma Equity Partners LP | $57.8 Mil | 4.3% | 20 | TRIM -32.9% | Mar 31, 2026 | 13F |
| Benchstone Capital Management LP | $28.8 Mil | 3.4% | 38 | TRIM -22.1% | Mar 31, 2026 | 13F |
| Monolith Management Ltd | $32.7 Mil | 12.8% | 31 | TRIM -11.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Nvidia Corp | $1.9 Bil | 10.4% | 7 | Hold | 13F |
| Dream Peak Capital Ltd | $183.4 Mil | 27.2% | 6 | TRIM -38.4% | 13F |
| Eminence Capital, LP | $178.1 Mil | 4.1% | 33 | ADD +80.2% | 13F |
| Soma Equity Partners LP | $57.8 Mil | 4.3% | 20 | TRIM -32.9% | 13F |
| Tensor Edge Capital, LLC | $36.6 Mil | 6.3% | 17 | ADD +62.0% | 13F |
| Monolith Management Ltd | $32.7 Mil | 12.8% | 31 | TRIM -11.8% | 13F |
| M.D. Sass, LLC | $30.5 Mil | 2.3% | 36 | New | 13F |
| Benchstone Capital Management LP | $28.8 Mil | 3.4% | 38 | TRIM -22.1% | 13F |
| Park West Asset Management LLC | $25.3 Mil | 2.2% | 48 | ADD +36.2% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $15.5 Mil | 2.3% | 28 | ADD +148.6% | 13F |
| Wilson Asset Management (International) PTY LTD | $13.1 Mil | 3.7% | 43 | ADD +8.4% | 13F |
| Robertson Opportunity Capital, LLC | $10.6 Mil | 4.1% | 30 | Hold | 13F |
| Spinecap SAS | $9.4 Mil | 3.4% | 15 | Hold | 13F |
| Kinsale Capital Group, Inc. | $8.1 Mil | 1.3% | 41 | ADD +5.9% | 13F |
Synopsys — Investor Video Playlist
Industry Resources
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| CIO |
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| Ars Technica |
| Application Software Resources |
| Capterra |
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| InfoWorld |
External Quote Links
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| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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