SNPSSYNOPSYS INC

Services-Prepackaged Software

Revenue: $7.1B; 15% YoY
Operating margin: 13.0%; 41% YoY
EBITDA: $1.6B; 4.6% YoY
Market cap: $89.6B
Employees: 28,000; $252K revenue each
Net debt / EBITDA: 4.1×; $6.4B net debt
AI in 10-K: 7.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
114% of net income
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
56% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$252K · 16th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.4 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$89.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$62M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.2B	$4.6B	$5.3B	$6.1B	$7.1B	15%
Operating income	$735M	$1.1B	$1.3B	$1.4B	$915M	33%
Net income	$758M	$985M	$1.2B	$2.3B	$1.3B	41%
Operating cash flow	$1.5B	$1.7B	$1.7B	$1.4B	$1.5B	7.9%
Capex	$94M	$137M	$190M	$140M	$169M	21%
Stock-based comp	$345M	$459M	$563M	$692M	$893M	29%
Buybacks	$753M	$1.1B	$1.2B	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $62M · 15
Net: −$62M

Pay vs performance

No pay-versus-performance disclosure yet.