The story
PDF Solutions was co-founded in 1991 by John Kibarian and Kimon Michaels. Kibarian was appointed CEO in 2000, and in July 2001, the company went public.
From Wikipedia’s article on PDF Solutions, shared under CC BY-SA 4.0.5
PDFS on Nasdaq
PDF Solutions
American information technology company
PDF Solutions, Inc. is an American multinational software and engineering services company based in Santa Clara, California.3 From Wikipedia, CC BY-SA 4.0
Price unavailable
Last updated Oct 18, 2026.
Overview
1992Founded1
Compare with ForgeRock, Exzeo Group, Inc. or Upland Software, Inc., or pick any stock.
- TickerPDFS on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersSan Jose1
- Websitewww.pdf.com
- Legal formDelaware corporation1
- Incorporated inDE4
- Business address2858 De La Cruz Boulevard, Santa Clara, Ca 950504
- Filer categoryLarge accelerated filer4
See how the biggest companies compare on our leaderboards
PDF Solutions, Inc. is an American multinational software and engineering services company based in Santa Clara, California. The company is listed in the Nasdaq stock exchange under the ticker symbol PDFS.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
72.3%Gross margin6
2.7%Operating margin6
-0.3%Net margin6
22.0%Revenue growth, 20256
-0.2%Return on equity6
0.24×Debt to equity6
-$8.6MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Platform brought in 83% of the revenue PDF Solutions broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Platform | $147.5M | $157.2M | $181.0M |
| Volume-Based | $18.3M | $22.3M | $38.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue28¢$60.6M
- Research and development29¢$64.2M
- Selling, general and admin39¢$84.7M
- Other costs3¢$5.6M
- Income tax2¢$3.8M
Out of $219.0M in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending99¢$32.6M
- Share buybacks1¢$244.0K
Out of $24.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $219.0M | $179.5M | $165.8M |
| Costs of revenues | $60.6M | $54.1M | $51.7M |
| Research and development | $64.2M | $53.6M | $50.7M |
| Selling, general, and administrative | $84.7M | $69.9M | $62.2M |
| Amortization of acquired intangible assets | $3.6M | $896.0K | $1.3M |
| Income (loss) from operations | $5.8M | $935.0K | -$151.0K |
| Interest expense | -$4.0M | $0 | $0 |
| Interest income and other, net | $1.3M | $5.6M | $5.0M |
| Income before income tax expense | $3.2M | $6.6M | $4.9M |
| Income tax expense | -$3.8M | -$2.5M | -$1.8M |
| Net income (loss) | -$640.0K | $4.1M | $3.1M |
| Foreign currency translation adjustments, net of tax | $1.5M | -$1.1M | $148.0K |
| Change in unrealized loss related to available-for-sale debt securities, net of tax | -$9.0K | -$1.0K | $15.0K |
| Total other comprehensive income (loss) | $1.5M | -$1.1M | $163.0K |
| Comprehensive income | $840.0K | $2.9M | $3.3M |
| Basic (in dollars per share) | -$0.02 | $0.11 | $0.08 |
| Diluted (in dollars per share) | -$0.02 | $0.10 | $0.08 |
| Basic (in shares) | 39.3M shares | 38.6M shares | 38.0M shares |
| Diluted (in shares) | 39.3M shares | 39.0M shares | 38.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $42.2M | $90.6M | ||
| Short-term investments | $0 | $24.3M | ||
| Accounts receivable, net of allowance for credit losses | $82.9M | $73.6M | ||
| Prepaid expenses and other current assets | $38.7M | $17.4M | ||
| Total current assets | $163.9M | $206.0M | ||
| Property and equipment, net | $81.6M | $48.5M | ||
| Operating lease right-of-use assets, net | $4.8M | $4.0M | ||
| Goodwill | $95.0M | $15.0M | $15.0M | |
| Intangible assets, net | $52.2M | $12.3M | ||
| Deferred tax assets, net | $69.0K | $43.0K | ||
| Other non-current assets | $21.1M | $29.5M | ||
| Total assets | $418.7M | $315.3M | ||
| Accounts payable | $17.1M | $8.3M | ||
| Accrued compensation and related benefits | $22.4M | $16.9M | ||
| Accrued and other current liabilities | $8.7M | $8.8M | ||
| Operating lease liabilities current portion | $2.0M | $1.7M | ||
| Deferred revenues current portion | $19.4M | $25.0M | ||
| Current portion of long-term debt, net | $2.2M | $0 | ||
| Total current liabilities | $71.9M | $60.5M | ||
| Long-term income taxes | $4.3M | $2.9M | ||
| Operating lease liabilities non-current portion | $3.8M | $3.5M | ||
| Long-term debt, net | $64.8M | $0 | ||
| Other non-current liabilities | -$2.9M | -$2.3M | ||
| Total liabilities | $147.7M | $69.3M | ||
| Preferred stock, $0.00015 par value, 5,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $0.00015 par value, 70,000 shares authorized; shares issued 51,726 and 50,717, respectively; shares outstanding 39,541 and 38,801, respectively | $6.0K | $6.0K | ||
| Additional paid-in capital | $533.5M | $502.9M | ||
| Treasury stock, at cost, 12,185 and 11,916 shares, respectively | -$165.8M | -$159.4M | ||
| Accumulated deficit | -$94.6M | -$94.0M | ||
| Accumulated other comprehensive loss | -$2.1M | -$3.5M | ||
| Total stockholders equity | $271.0M | $246.0M | $228.9M | $210.0M |
| Total liabilities and stockholders equity | $418.7M | $315.3M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 70.0M shares | 70.0M shares | ||
| Common stock, issued (in shares) | 51.7M shares | 50.7M shares | ||
| Common stock, outstanding (in shares) | 39.5M shares | 38.8M shares | ||
| Treasury stock, shares (in shares) | 12.2M shares | 11.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $42.2M | $90.6M | ||
| Short-term investments | $0 | $24.3M | ||
| Accounts receivable, net of allowance for credit losses | $82.9M | $73.6M | ||
| Prepaid expenses and other current assets | $38.7M | $17.4M | ||
| Total current assets | $163.9M | $206.0M | ||
| Property and equipment, net | $81.6M | $48.5M | ||
| Operating lease right-of-use assets, net | $4.8M | $4.0M | ||
| Goodwill | $95.0M | $15.0M | $15.0M | |
| Intangible assets, net | $52.2M | $12.3M | ||
| Deferred tax assets, net | $69.0K | $43.0K | ||
| Other non-current assets | $21.1M | $29.5M | ||
| Total assets | $418.7M | $315.3M | ||
| Accounts payable | $17.1M | $8.3M | ||
| Accrued compensation and related benefits | $22.4M | $16.9M | ||
| Accrued and other current liabilities | $8.7M | $8.8M | ||
| Operating lease liabilities current portion | $2.0M | $1.7M | ||
| Deferred revenues current portion | $19.4M | $25.0M | ||
| Current portion of long-term debt, net | $2.2M | $0 | ||
| Total current liabilities | $71.9M | $60.5M | ||
| Long-term income taxes | $4.3M | $2.9M | ||
| Operating lease liabilities non-current portion | $3.8M | $3.5M | ||
| Long-term debt, net | $64.8M | $0 | ||
| Other non-current liabilities | -$2.9M | -$2.3M | ||
| Total liabilities | $147.7M | $69.3M | ||
| Preferred stock, $0.00015 par value, 5,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $0.00015 par value, 70,000 shares authorized; shares issued 51,726 and 50,717, respectively; shares outstanding 39,541 and 38,801, respectively | $6.0K | $6.0K | ||
| Additional paid-in capital | $533.5M | $502.9M | ||
| Treasury stock, at cost, 12,185 and 11,916 shares, respectively | -$165.8M | -$159.4M | ||
| Accumulated deficit | -$94.6M | -$94.0M | ||
| Accumulated other comprehensive loss | -$2.1M | -$3.5M | ||
| Total stockholders equity | $271.0M | $246.0M | $228.9M | $210.0M |
| Total liabilities and stockholders equity | $418.7M | $315.3M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 70.0M shares | 70.0M shares | ||
| Common stock, issued (in shares) | 51.7M shares | 50.7M shares | ||
| Common stock, outstanding (in shares) | 39.5M shares | 38.8M shares | ||
| Treasury stock, shares (in shares) | 12.2M shares | 11.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$640.0K | $4.1M | $3.1M |
| Stock-based compensation expense | $25.9M | $25.0M | $21.5M |
| Depreciation and amortization | $4.1M | $3.6M | $5.0M |
| Amortization of acquired intangible assets | $7.3M | $3.2M | $3.6M |
| Amortization of costs capitalized to obtain revenue contracts | $3.2M | $2.7M | $2.1M |
| Net accretion of discounts on short-term investments | -$279.0K | -$1.5M | -$1.2M |
| Loss on damaged equipment in-transit, net of (recovery) from previously written-off property and equipment | -$641.0K | $586.0K | $0 |
| Deferred taxes | $895.0K | -$74.0K | -$108.0K |
| Other | -$103.0K | $2.4M | -$198.0K |
| Accounts receivable | -$6.3M | -$28.8M | -$2.7M |
| Prepaid expenses and other current assets | -$16.4M | -$2.0M | -$7.3M |
| Operating lease right-of-use assets | $1.6M | $1.6M | $1.2M |
| Other non-current assets | $6.6M | -$3.6M | -$4.2M |
| Accounts payable | $4.9M | $2.8M | -$2.1M |
| Accrued compensation and related benefits | $5.3M | $2.3M | -$2.2M |
| Accrued and other liabilities | -$2.6M | $1.8M | $110.0K |
| Deferred revenues | -$6.9M | -$2.6M | -$640.0K |
| Operating lease liabilities | -$1.7M | -$1.7M | -$1.3M |
| Net cash provided by operating activities | $24.1M | $9.7M | $14.6M |
| Proceeds from maturities and sales of short-term investments | $27.5M | $68.1M | $43.8M |
| Purchases of short-term investments | -$2.9M | -$54.3M | -$59.6M |
| Purchase of convertible promissory note | $0 | -$2.0M | $0 |
| Purchases of property and equipment | -$32.6M | -$17.2M | -$11.2M |
| Prepayment for the purchase of property and equipment | -$214.0K | -$630.0K | -$89.0K |
| Proceeds from sale and recovery from previously written-off property and equipment | $641.0K | $55.0K | $105.0K |
| Purchases of intangible assets | $0 | $0 | -$150.0K |
| Payment for business acquisition, net of cash acquired | -$129.7M | $0 | -$1.8M |
| Net cash used in investing activities | -$137.4M | -$5.9M | -$29.0M |
| Proceeds from long-term debt, net of debt discount | $69.5M | $0 | $0 |
| Payments of debt issuance costs | -$900.0K | $0 | $0 |
| Repayments of long-term debt | -$1.9M | $0 | $0 |
| Proceeds from exercise of stock options and employee stock purchase plan | $4.2M | $4.2M | $4.3M |
| Payments for taxes related to net share settlement of equity awards | -$6.2M | -$8.5M | -$9.5M |
| Repurchases of common stock | -$244.0K | -$6.9M | -$743.0K |
| Net cash provided by (used in) financing activities | $64.6M | -$11.2M | -$5.9M |
| Net change in cash and cash equivalents | -$48.4M | -$8.4M | -$20.6M |
| Effect of exchange rate changes on cash and cash equivalents | $371.0K | -$918.0K | -$365.0K |
| Income taxes | $2.7M | $2.6M | $3.8M |
| Amounts included in the measurement of operating lease liabilities | $2.0M | $1.8M | $1.6M |
| Interest on long-term debt | $3.7M | $0 | $0 |
| Prepayments for purchase of property and equipment transferred from prepaid assets to property and equipment | $505.0K | $89.0K | $66.0K |
| Property and equipment received and accrued in accounts payable and accrued and other current liabilities | $12.3M | $7.3M | $1.6M |
| Net carrying value of property and equipment sold and expensed in cost of revenues, and property and equipment transferred to sales-type leases and from other non-current assets, net | $3.2M | $7.2M | $8.1M |
| Stock-based compensation capitalized as property and equipment | $432.0K | $364.0K | $72.0K |
| Operating lease liabilities arising from obtaining right-of-use assets | $2.3M | $718.0K | $131.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led PDF Solutions, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
1995200020052010201520202025
- Chief executive officerJohn Kachig Kibarian Jan 5, 2006 to Feb 25, 202514
- PresidentJohn Kachig Kibarian Jan 5, 2006 to Feb 25, 202514
- PresidentRebecca M. Baybrook Nov 3, 2006 to Nov 9, 200715
- Chief financial officerAdnan Raza Mar 12, 2020 to now16
- Chief financial officerRussell Christine Aug 16, 2018 to Feb 3, 202017
- Chief financial officerMichael Shahbazian Jun 24, 2011 to Jun 24, 201118
- Chief financial officerGregory C. Walker Nov 16, 2011 to Jul 2, 201819
- Chief financial officerKeith A. Jones Jan 6, 2006 to Mar 17, 201020
Board members and other officers (27)
- CTOAndrzej Strojwas Dec 2, 2021 to now21
- VP of Business DevelopmentKwangh Kim Mar 3, 2014 to Jun 5, 201722
- Vice PresidentMichael Shahbazian Mar 15, 2012 to Apr 17, 201223
- Exe.VP/Chief AdministrationJoy E. Leo Jul 22, 2008 to Nov 2, 200924
- VP of Software DevelopmentAndre Hawit Jan 5, 2006 to Dec 1, 200825
- VP Investor RelationsP. Steven Melman Feb 2, 2006 to May 19, 200926
- Co-VP of Client ServicesJames D. Jensen Aug 17, 2006 to Aug 28, 200927
- VP&GM Manu.Process SolutionsCornelis Hartgring Nov 3, 2006 to Jul 2, 201828
- Co-VP of Client ServicesKimon Michaels Nov 3, 2006 to now29
- VP of SalesZia Malik Nov 3, 2006 to Nov 14, 200630
- VP, Gen. Manager DFM SolutionsKevin Maclean Nov 7, 2006 to Nov 7, 200631
- Board memberChi-Foon Chan Dec 18, 2023 to now32
- Board memberYe Jane Li Nov 15, 2021 to now33
- Board memberNancy Erba Jun 10, 2019 to now34
- Board memberShuo Zhang Aug 1, 2019 to now35
- Board memberGerald Zheyao Yin Jun 4, 2018 to Nov 23, 202036
- Board memberMichael B. Gustafson Sep 4, 2018 to now37
- Board memberMarco Iansiti Nov 30, 2016 to Jul 5, 202238
- Board memberJoseph R. Bronson May 29, 2014 to now39
- Board memberJohn Kachig Kibarian Jan 5, 2006 to Feb 25, 202514
- Board memberAlbert Yc Yu May 26, 2006 to Feb 24, 201440
- Board memberBj Cassin May 26, 2006 to May 26, 200641
- Board memberLucio Lanza May 26, 2006 to Aug 21, 201742
- Board memberR. Stephen Heinrichs May 26, 2006 to Jul 5, 201643
- Board memberSusan Billat May 26, 2006 to Aug 26, 200844
- Board memberThomas Caulfield Sep 19, 2006 to Sep 11, 201345
- Board memberKimon Michaels Nov 3, 2006 to now29
Products and brands
According to PDF Solutions the company currently serves more than 500 clients in 36 countries, including brands like TSMC, Intel, Analog Devices and Qualcomm. Clients come from the fields of foundries, semiconductor design companies and equipment manufacturers.
The company produces software, hardware and semiconductor-based intellectual property (IP) to provide advanced data management and analytics that support the manufacturing and testing of integrated circuits and systems on chips used in electronic devices such as smartphones, computers and the advanced driver assistance systems (ADAS) of modern automobiles.
From Wikipedia’s article on PDF Solutions, shared under CC BY-SA 4.0.5
Acquisitions
In October 2006, PDF Solutions purchased Si Automation for $26.6 million in cash.
In 2019, the company purchased assets from StreamMosaic.
PDF Solutions acquired Cimetrix Incorporated in November 2020. In July 2023, the company acquired Lantern Machinery Analytics.
From Wikipedia’s article on PDF Solutions, shared under CC BY-SA 4.0.5
Timeline
Filings
237 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 33 major events, 120 insider forms, 24 large holders, 40 other. The latest 20:
- Oct 9, 2026SCHEDULE 13G EDGAR
- Sep 1, 20264 EDGAR
- Aug 31, 2026144 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 12, 20264 EDGAR
- Aug 6, 2026S-8 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 FORM 4 - RAZA EDGAR
- Jun 18, 20268-K EDGAR
- May 29, 2026SD EDGAR
- May 27, 2026SCHEDULE 13G/A EDGAR
- May 15, 20268-K EDGAR
The 237 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 24 such filings since October 2021, the latest 10:
- Oct 9, 2026SCHEDULE 13G
- May 27, 2026SCHEDULE 13G/A
- May 14, 2026SCHEDULE 13G
- Mar 27, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
- Feb 13, 2026SCHEDULE 13G/A
- Nov 13, 2025SCHEDULE 13G
- Feb 12, 2025SCHEDULE 13G/A
- Feb 13, 2024SC 13G/A
- Feb 13, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Links
- Websitewww.pdf.com1
- WikipediaPDF Solutions
- WikidataQ7118809
- SEC EDGARCIK 1120914
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataPDF Solutions on Wikidata
- 2SEC EDGARPDF Solutions filings on SEC EDGAR
- 3WikipediaPDF Solutions on Wikipedia
- 4SEC EDGARPDF Solutions filings on SEC EDGAR
- 5
- 6SEC EDGARPDF Solutions 10-K for fiscal 2025
- 7SEC EDGARPDF Solutions 10-K for fiscal 2019
- 8SEC EDGARPDF Solutions 10-K for fiscal 2020
- 9SEC EDGARPDF Solutions 10-K for fiscal 2021
- 10SEC EDGARPDF Solutions 10-K for fiscal 2022
- 11SEC EDGARPDF Solutions 10-Q for fiscal 2026
- 12SEC EDGARPDF Solutions 10-Q for fiscal 2026
- 13SEC EDGARPDF Solutions 10-K for fiscal 2020
- 14
- 15SEC EDGARRebecca M. Baybrook, President
- 16SEC EDGARAdnan Raza, Chief financial officer
- 17
- 18
- 19
- 20
- 21SEC EDGARAndrzej Strojwas, CTO
- 22
- 23SEC EDGARMichael Shahbazian, Vice President
- 24
- 25
- 26
- 27
- 28
- 29
- 30SEC EDGARZia Malik, VP of Sales
- 31
- 32SEC EDGARChi-Foon Chan, Board member
- 33SEC EDGARYe Jane Li, Board member
- 34SEC EDGARNancy Erba, Board member
- 35SEC EDGARShuo Zhang, Board member
- 36SEC EDGARGerald Zheyao Yin, Board member
- 37SEC EDGARMichael B. Gustafson, Board member
- 38SEC EDGARMarco Iansiti, Board member
- 39SEC EDGARJoseph R. Bronson, Board member
- 40SEC EDGARAlbert Yc Yu, Board member
- 41SEC EDGARBj Cassin, Board member
- 42SEC EDGARLucio Lanza, Board member
- 43SEC EDGARR. Stephen Heinrichs, Board member
- 44SEC EDGARSusan Billat, Board member
- 45SEC EDGARThomas Caulfield, Board member