Figma
10-K - Jan 13, 2025
On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approximately half cash and...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Adobe Inc.
ADBEActiveCIK 796343 · Tech & Software Serial Acquirers
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ADBE filings, SEC EDGAR
$102,279
Market cap ($MM)
$102,603
Enterprise value ($MM)
$24,453
Revenue · LTM ($MM)
$9,880
EBITDA · LTM ($MM)
40%
EBITDA margin
4.2x
EV / revenue
10.4x
EV / EBITDA
-0.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ADBE is a scaled public consolidator in Tech & Software, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is MSFT, ORCL, CSCO, CRM.
Balance sheet & capacity
Indicative capacity read: -0.1x net debt / EBITDA with EBITDA of $9.9B.
$6,332
Cash & equiv. ($MM)
$5,379
Total debt ($MM)
($953)
Net debt ($MM)
-0.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ADBE versus the scaled public Tech & Software Serial Acquirers comparables.
Indexed share-price performance
ADBE versus available Tech & Software Serial Acquirers peers and SPY.
-52%
ADBE
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Adobe Inc. | ADBE | $24,453 | $9,880 | 40% | $102,279 | $102,603 | 4.2x | 10.4x | -0.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ADBE's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
59
Active years
17
Named deals
10
Avg / active year
3.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01ADBE reads as a programmatic acquirer: 59 disclosed acquisitions across 17 active years, or 3.5 per active year. The chart shows activity in 10 of the last 12 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 3 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $16B of disclosed spend is concentrated in lumpy years, with FY18 the largest year at $6.3B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
ADBE count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 3
Last three years is down 33% vs prior three.
Peak count year
FY11
8 disclosed acquisitions in the peak visible year.
Recent spend
$4.3B
is down 37% vs prior three; peak FY18 at $6.3B.
Named evidence
10 rows
17% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Sep 15, 2022 | Figma, Inc. | Tech software serial acquirers | $20,000 | On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approxi... | 10-K† |
| Sep 15, 2022 | Figma, Inc. | Tech software serial acquirers | $20,000 | On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approxi... | 10-K† |
| Oct 31, 2018 | Marketo | Tech software serial acquirers | $4,733 | On October 31, 2018, we completed the acquisition of Marketo, a privately held marketing cloud platform company, for approximately $4.73 billion of cash consideration. Adding Ma... | 10-K† |
| Dec 3, 2005 | Macromedia | Tech software serial acquirers | $3,539 | On December 3, 2005, we completed the acquisition of Macromedia, a provider of software technologies that enable the development of a wide range of internet and mobile applicati... | 10-K† |
| Dec 3, 2005 | Macromedia, Inc. | Tech software serial acquirers | $3,400 | On December 3, 2005, we completed the acquisition of Macromedia, Inc. ("Macromedia"), a provider of software technologies that enables the development of a wide range of Web and... | 10-K† |
| Oct 23, 2009 | Omniture, Inc. | Tech software serial acquirers | $1,798 | On October 23, 2009, we completed the acquisition of Omniture, Inc. (“Omniture”), an industry leader in web analytics and online business optimization based in Orem, Utah, for a... | 10-K† |
| Jun 18, 2018 | Magento Commerce | Tech software serial acquirers | $1,645 | On June 18, 2018, we completed our acquisition of Magento Commerce (“Magento”), a privately held commerce platform company, and integrated it into our Digital Experience reporta... | 10-K† |
| Jun 18, 2018 | Magento | Tech software serial acquirers | $1,645 | On June 18, 2018, we completed our acquisition of Magento, a privately held commerce platform company. During the third quarter of fiscal 2018, we began integrating Magento into... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
8
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Jan 15, 2026 | Annual M&A 10-K | warning (1 warn) | N/A | $17.0MM | N/A | SEC filing |
| FY2024 | Jan 13, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | N/A | N/A | SEC filing |
| FY2023 | Jan 17, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Jan 17, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $126MM | N/A | SEC filing |
| FY2020 | Jan 15, 2021 | Annual M&A 10-K | accepted | 1 | N/A | $1.5B | SEC filing |
| FY2019 | Jan 21, 2020 | Annual M&A 10-K | accepted | 1 | $101MM | $161MM | SEC filing |
| FY2018 | Jan 25, 2019 | Annual M&A 10-K | accepted | 2 | $6.3B | $6.4B | SEC filing |
| FY2017 | Jan 22, 2018 | Annual M&A 10-K | warning (1 warn) | N/A | $460MM | N/A | SEC filing |
| FY2016 | Jan 20, 2017 | Annual M&A 10-K | accepted | 1 | $48.4MM | $549MM | SEC filing |
| FY2015 | Jan 19, 2016 | Annual M&A 10-K | accepted | N/A | $826MM | $808MM | SEC filing |
| FY2014 | Jan 20, 2015 | Annual M&A 10-K | warning (1 warn) | 1 | $29.8MM | N/A | SEC filing |
| FY2013 | Jan 21, 2014 | Annual M&A 10-K | accepted | 1 | $705MM | $617MM | SEC filing |
| FY2012 | Jan 22, 2013 | Annual M&A 10-K | accepted | 1 | $353MM | $375MM | SEC filing |
| FY2011 | Jan 26, 2012 | Annual M&A 10-K | accepted | 8 | $259MM | $328MM | SEC filing |
| FY2010 | Jan 27, 2011 | Annual M&A 10-K | accepted | 2 | $193MM | $248MM | SEC filing |
| FY2009 | Jan 22, 2010 | Annual M&A 10-K | accepted | 2 | $1.6B | $1.8B | SEC filing |
| FY2008 | Jan 23, 2009 | Annual M&A 10-K | accepted | 1 | $4.3MM | $4.3MM | SEC filing |
| FY2007 | Jan 24, 2008 | Annual M&A 10-K | accepted | 3 | $77.2MM | $80.0MM | SEC filing |
| FY2006 | Feb 5, 2007 | Annual M&A 10-K | accepted | 1 | $439MM | $3.5B | SEC filing |
| FY2005 | Feb 8, 2006 | Annual M&A 10-K | accepted | 3 | $9.5MM | $3.4B | SEC filing |
| FY2004 | Feb 2, 2005 | Annual M&A 10-K | accepted | 1 | $15.5MM | $15.9MM | SEC filing |
| FY2003 | Feb 5, 2004 | Annual M&A 10-K | accepted | 1 | $16.5MM | $16.5MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Jan 13, 2025 | 10-K | Figma, Inc. | Annual M&ANamed deals | SEC filing |
| Jan 17, 2024 | 10-K | Figma, Inc.; Workfront | Annual M&ANamed deals | SEC filing |
| Jan 17, 2023 | 10-K | Workfront | Annual M&ANamed deals | SEC filing |
| Jan 15, 2021 | 10-K | Marketo; Magento Commerce | Annual M&ANamed deals | SEC filing |
| Jan 25, 2019 | 10-K | Magento | Annual M&ANamed deals | SEC filing |
| Jan 26, 2012 | 10-K | Omniture, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 5, 2007 | 10-K | Macromedia | Annual M&ANamed deals | SEC filing |
| Feb 8, 2006 | 10-K | Macromedia, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Figma Merger
10-K - Jan 17, 2024
On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approximately half cash and...
Marketo
10-K - Jan 15, 2021
On October 31, 2018, we completed the acquisition of Marketo, a privately held marketing cloud platform company, for approximately $4.73 billion of cash consideration. Adding Marketo’s engagement p...
Macromedia acquisition
10-K - Feb 5, 2007
On December 3, 2005, we completed the acquisition of Macromedia, a provider of software technologies that enable the development of a wide range of internet and mobile application solutions, for ap...
Macromedia, Inc. acquisition
10-K - Feb 8, 2006
On December 3, 2005, we completed the acquisition of Macromedia, Inc. ("Macromedia"), a provider of software technologies that enables the development of a wide range of Web and mobile application ...
Omniture, Inc.
10-K - Jan 26, 2012
On October 23, 2009, we completed the acquisition of Omniture, Inc. (“Omniture”), an industry leader in web analytics and online business optimization based in Orem, Utah, for approximately $1.8 bi...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.