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Cisco Systems, Inc.

CSCOActive

CIK 858877 · Tech & Software Serial Acquirers

Cisco Systems, Inc. is a public company in Communication Equipment, tracked in the tech software serial acquirers sub-sector, with $59B TTM revenue and $17B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, CSCO filings, SEC EDGAR

$381,441

Market cap ($MM)

$404,069

Enterprise value ($MM)

$59,054

Revenue · LTM ($MM)

$17,000

EBITDA · LTM ($MM)

29%

EBITDA margin

6.8x

EV / revenue

23.8x

EV / EBITDA

0.9x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

  1. 01CSCO is a scaled public consolidator in Tech & Software, a benchmark for how the sub-sector buys, pays, and trades.
  2. 02The relevant peer set is MSFT, ORCL, CRM, ADBE.

Balance sheet & capacity

Indicative capacity read: 0.9x net debt / EBITDA with EBITDA of $17B.

$7,083

Cash & equiv. ($MM)

$22,869

Total debt ($MM)

$15,786

Net debt ($MM)

0.9x

Net debt / EBITDA

Valuation

Where it trades against its peer set

CSCO versus the scaled public Tech & Software Serial Acquirers comparables.

EV / EBITDA distribution · peer set

CSCO 23.8x

15.5xADBE: 10.4x EV/EBITDAADBECRM: 14.3x EV/EBITDACRMMSFT: 15.5x EV/EBITDAMSFTORCL: 23.4x EV/EBITDAORCLCSCO: 23.8x EV/EBITDACSCO8.2x25.9x

Indexed share-price performance

CSCO versus available Tech & Software Serial Acquirers peers and SPY.

+124%

CSCO

+21%

Peer med.

+79%

SPY

24214650May 21Nov 23May 26CSCOpeer medianSPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

CompanyTickerRevenue ($MM)EBITDA ($MM)MarginMarket cap ($MM)EV ($MM)EV / revEV / EBITDANet debt / EBITDA
Cisco Systems, Inc.CSCO$59,054$17,00029%$381,441$404,0696.8x23.8x0.9x
Microsoft CorporationMSFT$318,273$200,95963%$3,083,690$3,108,5509.8x15.5x0.0x
Oracle CorporationORCL$64,077$29,30846%$563,532$687,24210.7x23.4x0.2x
Salesforce, Inc.CRM$41,525$12,72531%$172,727$182,5764.4x14.3x0.6x
Adobe Inc.ADBE$24,453$9,88040%$102,279$102,6034.2x10.4x-0.1x
Tech & Software Serial Acquirers median$59,054$17,00040%$381,441$404,0696.8x15.5x0.2x

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

CSCO's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

103

Active years

16

Named deals

10

Avg / active year

6.4

Acq. cash outflow ($MM)

N/A

Banker read

  • 01CSCO reads as a programmatic acquirer: 103 disclosed acquisitions across 16 active years, or 6.4 per active year. The chart shows activity in 10 of the last 12 visible years.
  • 02In the last three years, the file shows 5 acquisitions versus 22 in the prior three; recent activity has cooled versus the prior three-year period.
  • 03Spend changes the read: $62B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $26B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal
13 deals$26B141516171819202122232425

CSCO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

5 / 22

Last three years is down 77% vs prior three.

Peak count year

FY21

13 disclosed acquisitions in the peak visible year.

Recent spend

$27B

is up 242% vs prior three; peak FY24 at $26B.

Named evidence

10 rows

9.7% selected source-cited transaction coverage.

Selected transactions

DateTargetSegmentConsideration ($MM)Strategic rationaleSource
Feb 24, 2006Scientific-Atlanta, Inc.Tech software serial acquirers$7,100On February 24, 2006, we completed the acquisition of Scientific-Atlanta, Inc. (“Scientific-Atlanta”), a provider of set-top boxes, end-to-end video distribution networks and vi...10-K†
Jul 30, 2012NDS Group LimitedTech software serial acquirers$5,005On July 30, 2012, the Company completed its acquisition of NDS Group Limited (“NDS”), a provider of video software and content security solutions that enable service providers a...10-K†
2015NDS Group LimitedTech software serial acquirers$5,005The Company completed its acquisition of NDS Group Limited (“NDS”) in the first quarter of fiscal 2013. Prior to its acquisition, NDS was a provider of video software and conten...10-K†
Mar 1, 2021Acacia Communications, Inc.Tech software serial acquirers$4,983On March 1, 2021, we completed our acquisition of Acacia Communications, Inc. (“Acacia”), a public fabless semiconductor company that develops, manufactures and sells high-speed...10-K†
2011Tandberg ASATech software serial acquirers$3,268Tandberg ASA — 3,268 17 980 2,27110-K†
Mar 17, 2017AppDynamics, Inc.Tech software serial acquirers$3,258On March 17, 2017, we acquired privately held AppDynamics, Inc. ("AppDynamics"), an application intelligence software company. AppDynamics's cloud application and business monit...10-K†
2011Starent Networks, Corp.Tech software serial acquirers$2,636Starent Networks, Corp. — 2,636 (17 ) 1,274 1,37910-K†
Jul 9, 2019Acacia Communications, Inc.Tech software serial acquirers$2,600On July 9, 2019, we announced our intent to acquire Acacia Communications, Inc. (“Acacia”), a public fabless semiconductor company that develops, manufactures and sells high-spe...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 9 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

20

Named deal filings

8

Recent SEC filings

10

Evidence clips

6

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.20 rows+
Fiscal yearFiling dateFormStatusCountCash spendPurchase considerationSource
FY2025Sep 3, 2025Annual M&A 10-Kwarning (1 warn)N/A$291MM$293MMSEC filing
FY2024Sep 5, 2024Annual M&A 10-Kwarning (1 warn)N/A$26B$28BSEC filing
FY2023Sep 7, 2023Annual M&A 10-Kaccepted5$301MM$315MMSEC filing
FY2022Sep 8, 2022Annual M&A 10-Kaccepted3$373MM$364MMSEC filing
FY2021Sep 9, 2021Annual M&A 10-Kaccepted13$7.0B$7.5BSEC filing
FY2020Sep 3, 2020Annual M&A 10-Kaccepted6$327MM$359MMSEC filing
FY2019Sep 5, 2019Annual M&A 10-Kquarantined (1 issue)5$2.7B$2.7BSEC filing
FY2018Sep 6, 2018Annual M&A 10-Kaccepted8$3.0B$3.2BSEC filing
FY2017Sep 7, 2017Annual M&A 10-Kaccepted7$3.3B$3.6BSEC filing
FY2016Sep 8, 2016Annual M&A 10-Kaccepted12$3.2B$3.4BSEC filing
FY2015Sep 8, 2015Annual M&A 10-Kquarantined (1 issue)6$326MM$334MMSEC filing
FY2014Sep 9, 2014Annual M&A 10-Kaccepted8$3.0B$3.2BSEC filing
FY2012Sep 12, 2012Annual M&A 10-Kaccepted7$375MM$398MMSEC filing
FY2011Sep 14, 2011Annual M&A 10-Kaccepted6$266MM$288MMSEC filing
FY2010Sep 21, 2010Annual M&A 10-Kaccepted3N/AN/ASEC filing
FY2008Sep 15, 2008Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2007Sep 18, 2007Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2006Sep 18, 2006Annual M&A 10-Kaccepted1N/A$7.1BSEC filing
FY2005Sep 19, 2005Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2004Sep 20, 2004Annual M&A 10-KacceptedN/AN/AN/ASEC filing
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+
Filing dateFormTargets / topicsSupportSource
Sep 8, 202210-KAcacia Communications, Inc.Annual M&ANamed dealsSEC filing
Sep 9, 202110-KOthersAnnual M&ANamed dealsSEC filing
Sep 3, 202010-KAcacia Communications, Inc.Annual M&ANamed dealsSEC filing
Sep 6, 201810-KAppDynamics, Inc.Annual M&ANamed dealsSEC filing
Sep 8, 201510-KNDS Group LimitedAnnual M&ANamed dealsSEC filing
Sep 9, 201410-KNDS Group Limited; Sourcefire, Inc.Annual M&ANamed dealsSEC filing
Sep 14, 201110-KTandberg ASA; Starent Networks, Corp.Annual M&ANamed dealsSEC filing
Sep 18, 200610-KScientific-Atlanta, Inc.Annual M&ANamed dealsSEC filing
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+
Filing dateFormItemsDescriptionSupportSource
May 1, 20268-K5.028-KFinancialsRecent SECSEC filing
Apr 6, 20268-K5.028-KRecent SECSEC filing
Feb 17, 202610-QN/A10-QRecent SECSEC filing
Feb 11, 20268-K2.02,9.018-KRecent SECSEC filing
Feb 1, 202610-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Dec 17, 20258-K5.02,5.07,9.018-KRecent SECSEC filing
Nov 18, 202510-QN/A10-QRecent SECSEC filing
Nov 12, 20258-K2.02,9.018-KRecent SECSEC filing
Nov 1, 202510-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Oct 28, 2025DEFA14AN/ADEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALSRecent SECSEC filing
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Scientific-Atlanta acquisition

10-K - Sep 18, 2006

Medium

On February 24, 2006, we completed the acquisition of Scientific-Atlanta, Inc. (“Scientific-Atlanta”), a provider of set-top boxes, end-to-end video distribution networks and video system integration. With this acquisit…

SEC source

NDS Group Limited

10-K - Sep 9, 2014

Medium

On July 30, 2012, the Company completed its acquisition of NDS Group Limited (“NDS”), a provider of video software and content security solutions that enable service providers and media companies to securely deliver and…

SEC source

NDS

10-K - Sep 8, 2015

Medium

The Company completed its acquisition of NDS Group Limited (“NDS”) in the first quarter of fiscal 2013. Prior to its acquisition, NDS was a provider of video software and content security solutions that enable service p…

SEC source

Acacia Communications, Inc.

10-K - Sep 8, 2022

Medium

On March 1, 2021, we completed our acquisition of Acacia Communications, Inc. (“Acacia”), a public fabless semiconductor company that develops, manufactures and sells high-speed coherent optical interconnect products th…

SEC source

Tandberg ASA

10-K - Sep 14, 2011

Medium

Tandberg ASA — 3,268 17 980 2,271

SEC source

AppDynamics

10-K - Sep 6, 2018

Medium

On March 17, 2017, we acquired privately held AppDynamics, Inc. ("AppDynamics"), an application intelligence software company. AppDynamics's cloud application and business monitoring platform is de...

SEC source

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.

Prepared from SEC EDGAR public filingsCSCO · CIK 858877Source-backed coverage research, not investment advice