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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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
CSCO versus the scaled public Tech & Software Serial Acquirers comparables.
EV / EBITDA distribution · peer set
CSCO 23.8x
Indexed share-price performance
CSCO versus available Tech & Software Serial Acquirers peers and SPY.
+124%
CSCO
+21%
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 |
|---|---|---|---|---|---|---|---|---|---|
| Cisco Systems, Inc. | CSCO | $59,054 | $17,000 | 29% | $381,441 | $404,069 | 6.8x | 23.8x | 0.9x |
| Microsoft Corporation | MSFT | $318,273 | $200,959 | 63% | $3,083,690 | $3,108,550 | 9.8x | 15.5x | 0.0x |
| Oracle Corporation | ORCL | $64,077 | $29,308 | 46% | $563,532 | $687,242 | 10.7x | 23.4x | 0.2x |
| Salesforce, Inc. | CRM | $41,525 | $12,725 | 31% | $172,727 | $182,576 | 4.4x | 14.3x | 0.6x |
| Adobe Inc. | ADBE | $24,453 | $9,880 | 40% | $102,279 | $102,603 | 4.2x | 10.4x | -0.1x |
| Tech & Software Serial Acquirers median | $59,054 | $17,000 | 40% | $381,441 | $404,069 | 6.8x | 15.5x | 0.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
CSCO's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
103
Active years
16
Named deals
10
Avg / active year
6.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
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 $26B.
Named evidence
10 rows
9.7% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Feb 24, 2006 | Scientific-Atlanta, Inc. | Tech software serial acquirers | $7,100 | 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 vi... | 10-K† |
| Jul 30, 2012 | NDS Group Limited | Tech software serial acquirers | $5,005 | 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 a... | 10-K† |
| 2015 | NDS Group Limited | Tech software serial acquirers | $5,005 | 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 conten... | 10-K† |
| Mar 1, 2021 | Acacia Communications, Inc. | Tech software serial acquirers | $4,983 | 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... | 10-K† |
| 2011 | Tandberg ASA | Tech software serial acquirers | $3,268 | Tandberg ASA — 3,268 17 980 2,271 | 10-K† |
| Mar 17, 2017 | AppDynamics, Inc. | Tech software serial acquirers | $3,258 | On March 17, 2017, we acquired privately held AppDynamics, Inc. ("AppDynamics"), an application intelligence software company. AppDynamics's cloud application and business monit... | 10-K† |
| 2011 | Starent Networks, Corp. | Tech software serial acquirers | $2,636 | Starent Networks, Corp. — 2,636 (17 ) 1,274 1,379 | 10-K† |
| Jul 9, 2019 | Acacia Communications, Inc. | Tech software serial acquirers | $2,600 | On 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
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
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Sep 3, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | $291MM | $293MM | SEC filing |
| FY2024 | Sep 5, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $26B | $28B | SEC filing |
| FY2023 | Sep 7, 2023 | Annual M&A 10-K | accepted | 5 | $301MM | $315MM | SEC filing |
| FY2022 | Sep 8, 2022 | Annual M&A 10-K | accepted | 3 | $373MM | $364MM | SEC filing |
| FY2021 | Sep 9, 2021 | Annual M&A 10-K | accepted | 13 | $7.0B | $7.5B | SEC filing |
| FY2020 | Sep 3, 2020 | Annual M&A 10-K | accepted | 6 | $327MM | $359MM | SEC filing |
| FY2019 | Sep 5, 2019 | Annual M&A 10-K | quarantined (1 issue) | 5 | $2.7B | $2.7B | SEC filing |
| FY2018 | Sep 6, 2018 | Annual M&A 10-K | accepted | 8 | $3.0B | $3.2B | SEC filing |
| FY2017 | Sep 7, 2017 | Annual M&A 10-K | accepted | 7 | $3.3B | $3.6B | SEC filing |
| FY2016 | Sep 8, 2016 | Annual M&A 10-K | accepted | 12 | $3.2B | $3.4B | SEC filing |
| FY2015 | Sep 8, 2015 | Annual M&A 10-K | quarantined (1 issue) | 6 | $326MM | $334MM | SEC filing |
| FY2014 | Sep 9, 2014 | Annual M&A 10-K | accepted | 8 | $3.0B | $3.2B | SEC filing |
| FY2012 | Sep 12, 2012 | Annual M&A 10-K | accepted | 7 | $375MM | $398MM | SEC filing |
| FY2011 | Sep 14, 2011 | Annual M&A 10-K | accepted | 6 | $266MM | $288MM | SEC filing |
| FY2010 | Sep 21, 2010 | Annual M&A 10-K | accepted | 3 | N/A | N/A | SEC filing |
| FY2008 | Sep 15, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Sep 18, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Sep 18, 2006 | Annual M&A 10-K | accepted | 1 | N/A | $7.1B | SEC filing |
| FY2005 | Sep 19, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Sep 20, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Sep 8, 2022 | 10-K | Acacia Communications, Inc. | Annual M&ANamed deals | SEC filing |
| Sep 9, 2021 | 10-K | Others | Annual M&ANamed deals | SEC filing |
| Sep 3, 2020 | 10-K | Acacia Communications, Inc. | Annual M&ANamed deals | SEC filing |
| Sep 6, 2018 | 10-K | AppDynamics, Inc. | Annual M&ANamed deals | SEC filing |
| Sep 8, 2015 | 10-K | NDS Group Limited | Annual M&ANamed deals | SEC filing |
| Sep 9, 2014 | 10-K | NDS Group Limited; Sourcefire, Inc. | Annual M&ANamed deals | SEC filing |
| Sep 14, 2011 | 10-K | Tandberg ASA; Starent Networks, Corp. | Annual M&ANamed deals | SEC filing |
| Sep 18, 2006 | 10-K | Scientific-Atlanta, Inc. | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| May 1, 2026 | 8-K | 5.02 | 8-K | FinancialsRecent SEC | SEC filing |
| Apr 6, 2026 | 8-K | 5.02 | 8-K | Recent SEC | SEC filing |
| Feb 17, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Feb 11, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Dec 17, 2025 | 8-K | 5.02,5.07,9.01 | 8-K | Recent SEC | SEC filing |
| Nov 18, 2025 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Nov 12, 2025 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Nov 1, 2025 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Oct 28, 2025 | DEFA14A | N/A | DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS | Recent SEC | SEC filing |
Scientific-Atlanta acquisition
10-K - Sep 18, 2006
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…
NDS Group Limited
10-K - Sep 9, 2014
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…
NDS
10-K - Sep 8, 2015
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…
Acacia Communications, Inc.
10-K - Sep 8, 2022
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…
Tandberg ASA
10-K - Sep 14, 2011
Tandberg ASA — 3,268 17 980 2,271
AppDynamics
10-K - Sep 6, 2018
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...
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.