Synopsys
ConvictionModerate
Recurring time-based software licenses + subscription/SaaS, silicon IP royalties + upfront, and (post-Ansys) simulation & analysis software — ~80%+ of revenue is recurring/time-based, sold to semiconductor and systems companies.
Revenuefact
$2.276B Q2 FY26qtr ended 30 Apr 2026, fact); FY26 guide $9.665B midpointRev growthfact
+42% YoYin Q2 FY26 ($2.276B vs $1.604B) — almost entirely Ansys-acquisition-driven, not organicGross margin
~72.3% non-GAAP-styleQ2 FY26 reported gross profit $1.646B on $2.276B, factOp margin
GAAP ~5.3%$120.4M op income, depressed by Ansys amortization/integration); non-GAAP adjusted segment op income $899.7M ≈ 39.5% (Q2 FY26, factCapex intensity
~1.5-2% of revenuecapex $89.5M for 1H FY26 on ~$4.7B revenue, fact) — asset-light software modelMarket cap
~$88-89B24 Jun 2026, fact; stock ~$467, off a 52-wk high of $651.73Price · 1-year trend
real · weekly$435-21% 1yUSD
52-week range
$380 – $645
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
AI Compute Value-Chain
Full context
position · longWeak
AI Compute Value-Chain
Full context
book · long
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-12-22. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$4.2B
FY’22
$5.1B+21%
FY’23
$5.8B+15%
FY’24
$6.1B+5%
FY’25
$7.1B+15%
Margins & balance sheet — FY’25
Gross margin77.0%
Operating margin13.0%
Net margin18.9%
Net debt$7.6B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence