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楷登电子（CDNS）与UL Solutions Inc.（ULS）财务数据对比。点击上方公司名可切换其他公司
楷登电子的季度营收约是UL Solutions Inc.的1.6倍（$1.3B vs $789.0M），楷登电子净利率更高（22.8% vs 8.5%，领先14.3%），UL Solutions Inc.同比增速更快（6.8% vs -16.1%），楷登电子自由现金流更多（$464.0M vs $86.0M），过去两年楷登电子的营收复合增速更高（9.6% vs 8.5%）
楷登电子是总部位于美国加利福尼亚州圣何塞的跨国科技与计算软件企业，最初主打半导体行业电子设计自动化（EDA）软件，目前业务覆盖集成电路、片上系统、印刷电路板、药品研发等领域的设计软硬件开发，同时向电子、航空航天、国防等行业授权知识产权。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
CDNS vs ULS — 直观对比
营收规模更大
CDNS
是对方的1.6倍
$789.0M
营收增速更快
ULS
高出22.9%
-16.1%
净利率更高
CDNS
高出14.3%
8.5%
自由现金流更多
CDNS
多$378.0M
$86.0M
两年增速更快
CDNS
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $789.0M |
| 净利润 | $335.7M | $67.0M |
| 毛利率 | — | 49.7% |
| 营业利润率 | 29.3% | 15.0% |
| 净利率 | 22.8% | 8.5% |
| 营收同比 | -16.1% | 6.8% |
| 净利润同比 | 22.7% | -17.3% |
| 每股收益（稀释后） | $1.00 | $0.33 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CDNSULS
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.4B | $789.0M | ||
| Q3 25 | $1.3B | $783.0M | ||
| Q2 25 | $1.3B | $776.0M | ||
| Q1 25 | $1.2B | $705.0M | ||
| Q4 24 | $1.4B | $739.0M | ||
| Q3 24 | $1.2B | $731.0M | ||
| Q2 24 | $1.1B | $730.0M |
净利润CDNSULS
| Q1 26 | $335.7M | — | ||
| Q4 25 | $388.1M | $67.0M | ||
| Q3 25 | $287.1M | $100.0M | ||
| Q2 25 | $160.1M | $91.0M | ||
| Q1 25 | $273.6M | $67.0M | ||
| Q4 24 | $340.2M | $81.0M | ||
| Q3 24 | $238.1M | $88.0M | ||
| Q2 24 | $229.5M | $101.0M |
毛利率CDNSULS
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% |
营业利润率CDNSULS
| Q1 26 | 29.3% | — | ||
| Q4 25 | 32.2% | 15.0% | ||
| Q3 25 | 31.8% | 19.9% | ||
| Q2 25 | 19.0% | 17.9% | ||
| Q1 25 | 29.1% | 15.5% | ||
| Q4 24 | 33.7% | 15.6% | ||
| Q3 24 | 28.8% | 17.8% | ||
| Q2 24 | 27.7% | 17.3% |
净利率CDNSULS
| Q1 26 | 22.8% | — | ||
| Q4 25 | 27.0% | 8.5% | ||
| Q3 25 | 21.4% | 12.8% | ||
| Q2 25 | 12.5% | 11.7% | ||
| Q1 25 | 22.0% | 9.5% | ||
| Q4 24 | 25.1% | 11.0% | ||
| Q3 24 | 19.6% | 12.0% | ||
| Q2 24 | 21.6% | 13.8% |
每股收益（稀释后）CDNSULS
| Q1 26 | $1.00 | — | ||
| Q4 25 | $1.42 | $0.33 | ||
| Q3 25 | $1.05 | $0.49 | ||
| Q2 25 | $0.59 | $0.45 | ||
| Q1 25 | $1.00 | $0.33 | ||
| Q4 24 | $1.23 | $0.40 | ||
| Q3 24 | $0.87 | $0.44 | ||
| Q2 24 | $0.84 | $0.50 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.8B | $295.0M |
| 总债务越低越好 | $2.5B | $491.0M |
| 股东权益账面价值 | $6.6B | $1.3B |
| 总资产 | $12.1B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.38× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CDNSULS
| Q1 26 | $2.8B | — | ||
| Q4 25 | $3.2B | $295.0M | ||
| Q3 25 | $2.8B | $255.0M | ||
| Q2 25 | $2.8B | $272.0M | ||
| Q1 25 | $2.8B | $267.0M | ||
| Q4 24 | $2.8B | $298.0M | ||
| Q3 24 | $2.8B | $327.0M | ||
| Q2 24 | $1.1B | $295.0M |
总债务CDNSULS
| Q1 26 | $2.5B | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
股东权益CDNSULS
| Q1 26 | $6.6B | — | ||
| Q4 25 | $5.5B | $1.3B | ||
| Q3 25 | $5.2B | $1.2B | ||
| Q2 25 | $5.0B | $1.1B | ||
| Q1 25 | $4.8B | $970.0M | ||
| Q4 24 | $4.7B | $904.0M | ||
| Q3 24 | $4.6B | $872.0M | ||
| Q2 24 | $4.3B | $769.0M |
总资产CDNSULS
| Q1 26 | $12.1B | — | ||
| Q4 25 | $10.2B | $2.9B | ||
| Q3 25 | $9.6B | $2.9B | ||
| Q2 25 | $9.5B | $2.9B | ||
| Q1 25 | $9.0B | $2.9B | ||
| Q4 24 | $9.0B | $2.8B | ||
| Q3 24 | $9.2B | $2.9B | ||
| Q2 24 | $7.2B | $2.7B |
负债/权益比CDNSULS
| Q1 26 | 0.38× | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $355.8M | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $464.0M | $86.0M |
| 自由现金流率自由现金流/营收 | 36.4% | 10.9% |
| 资本支出强度资本支出/营收 | 5.1% | 7.4% |
| 现金转化率经营现金流/净利润 | 1.06× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $403.0M |
8季度趋势，按日历期对齐
经营现金流CDNSULS
| Q1 26 | $355.8M | — | ||
| Q4 25 | $553.5M | $144.0M | ||
| Q3 25 | $310.7M | $155.0M | ||
| Q2 25 | $377.6M | $147.0M | ||
| Q1 25 | $487.0M | $154.0M | ||
| Q4 24 | $441.4M | $130.0M | ||
| Q3 24 | $410.0M | $150.0M | ||
| Q2 24 | $156.0M | $103.0M |
自由现金流CDNSULS
| Q1 26 | $464.0M | — | ||
| Q4 25 | $512.5M | $86.0M | ||
| Q3 25 | $277.0M | $109.0M | ||
| Q2 25 | $333.5M | $105.0M | ||
| Q1 25 | $464.0M | $103.0M | ||
| Q4 24 | $404.2M | $72.0M | ||
| Q3 24 | $383.5M | $84.0M | ||
| Q2 24 | $126.8M | $47.0M |
自由现金流率CDNSULS
| Q1 26 | 36.4% | — | ||
| Q4 25 | 35.6% | 10.9% | ||
| Q3 25 | 20.7% | 13.9% | ||
| Q2 25 | 26.1% | 13.5% | ||
| Q1 25 | 37.3% | 14.6% | ||
| Q4 24 | 29.8% | 9.7% | ||
| Q3 24 | 31.5% | 11.5% | ||
| Q2 24 | 12.0% | 6.4% |
资本支出强度CDNSULS
| Q1 26 | 5.1% | — | ||
| Q4 25 | 2.8% | 7.4% | ||
| Q3 25 | 2.5% | 5.9% | ||
| Q2 25 | 3.5% | 5.4% | ||
| Q1 25 | 1.9% | 7.2% | ||
| Q4 24 | 2.7% | 7.8% | ||
| Q3 24 | 2.2% | 9.0% | ||
| Q2 24 | 2.8% | 7.7% |
现金转化率CDNSULS
| Q1 26 | 1.06× | — | ||
| Q4 25 | 1.43× | 2.15× | ||
| Q3 25 | 1.08× | 1.55× | ||
| Q2 25 | 2.36× | 1.62× | ||
| Q1 25 | 1.78× | 2.30× | ||
| Q4 24 | 1.30× | 1.60× | ||
| Q3 24 | 1.72× | 1.70× | ||
| Q2 24 | 0.68× | 1.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CDNS
| Product and Maintenance | $1.1B | 87% |
| Services | $131.0M | 10% |
| Other | $33.0M | 3% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
