Microsoft Corporation

MSFTActive

CIK 789019 · Tech & Software Serial Acquirers

Microsoft Corporation is a public company in Software - Infrastructure, tracked in the tech software serial acquirers sub-sector, with $318B TTM revenue and $201B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, MSFT filings, SEC EDGAR

$3,083,690

Market cap ($MM)

$3,108,550

Enterprise value ($MM)

$318,273

Revenue · LTM ($MM)

$200,959

EBITDA · LTM ($MM)

63%

EBITDA margin

9.8x

EV / revenue

15.5x

EV / EBITDA

0.0x

Net debt / EBITDA

Coverage

Coverage view

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

Key points

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

Balance sheet & capacity

Indicative capacity read: 0.0x net debt / EBITDA with EBITDA of $201B.

$32,105

Cash & equiv. ($MM)

$40,262

Total debt ($MM)

$8,157

Net debt ($MM)

0.0x

Net debt / EBITDA

Valuation

Where it trades against its peer set

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

EV / EBITDA distribution · peer set

MSFT 15.5x

Indexed share-price performance

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

+67%

MSFT

+49%

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
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
Cisco Systems, Inc.	CSCO	$59,054	$17,000	29%	$381,441	$404,069	6.8x	23.8x	0.9x
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

A sustained, programmatic tuck-in cadence

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

Disclosed acquisitions

139

Active years

Named deals

Avg / active year

7.7

Acq. cash outflow ($MM)

N/A

Banker read

01MSFT reads as a programmatic acquirer: 139 disclosed acquisitions across 18 active years, or 7.7 per active year. The chart shows activity in 12 of the last 12 visible years.
02In the last three years, the file shows 4 acquisitions versus 43 in the prior three; recent activity has cooled versus the prior three-year period.
03Spend changes the read: $149B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $75B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

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

Program diagnostics

Recent / prior

4 / 43

Last three years is down 91% vs prior three.

Peak count year

FY19

19 disclosed acquisitions in the peak visible year.

Recent spend

$102B

is up 1967% vs prior three; peak FY24 at $75B.

Named evidence

10 rows

7.2% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Oct 13, 2023	Activision Blizzard, Inc.	Tech software serial acquirers	$75,408	On October 13, 2023, we completed our acquisition of Activision Blizzard, Inc. (“Activision Blizzard”) for a total purchase price of $75.4 billion, consisting primarily of cash....	10-K^†
Jan 18, 2022	Activision Blizzard, Inc.	Tech software serial acquirers	$68,700	On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (“Activision Blizzard”) for $95.00 per share in an all-cash transaction valued a...	10-K^†
Jan 1, 2022	Activision Blizzard, Inc.	Tech software serial acquirers	$68,700	In January 2022, we announced plans to acquire Activision Blizzard, Inc., a leader in game development and an interactive entertainment content publisher.	10-K^†
Dec 8, 2016	LinkedIn Corporation	Tech software serial acquirers	$27,000	On December 8, 2016, we completed our acquisition of all issued and outstanding shares of LinkedIn Corporation (“LinkedIn”), the world’s largest professional network on the Inte...	10-K^†
Apr 11, 2021	Nuance Communications, Inc.	Tech software serial acquirers	$19,700	On April 11, 2021, we entered into a definitive agreement to acquire Nuance Communications, Inc. (“Nuance”) for $56.00 per share in an all-cash transaction valued at $19.7 billi...	10-K^†
Apr 25, 2014	NDS	Tech software serial acquirers	$9,465	On April 25, 2014, we completed the transaction to acquire substantially all of NDS for a total purchase price of $9.5 billion, including cash acquired of $1.5 billion (“the Acq...	10-K^†
Apr 25, 2014	Nokia Corporation’s Devices and Services business	Tech software serial acquirers	$9,442	On April 25, 2014, we acquired substantially all of Nokia Corporation’s (“Nokia”) Devices and Services business (“NDS”) for a total purchase price of $9.4 billion, including cas...	10-K^†
Mar 1, 2022	Nuance Communications, Inc.	Tech software serial acquirers	$18,800	in March 2022 we completed our acquisition of Nuance Communications, Inc. for $18.8 billion	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 7 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

Named deal filings

Recent SEC filings

Evidence clips

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	Jul 30, 2025	Annual M&A 10-K	quarantined (1 warn, 1 issue)	1	N/A	$75B	SEC filing
FY2024	Jul 30, 2024	Annual M&A 10-K	warning (1 warn)	1	$75B	$75B	SEC filing
FY2023	Jul 27, 2023	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2022	Jul 28, 2022	Annual M&A 10-K	accepted	1	N/A	$19B	SEC filing
FY2021	Jul 29, 2021	Annual M&A 10-K	accepted	1	$8.1B	$8.1B	SEC filing
FY2020	Jul 30, 2020	Annual M&A 10-K	warning (1 warn)	15	N/A	$2.4B	SEC filing
FY2019	Aug 1, 2019	Annual M&A 10-K	quarantined (1 issue)	19	$1.6B	$1.6B	SEC filing
FY2018	Aug 3, 2018	Annual M&A 10-K	accepted	9	N/A	$948MM	SEC filing
FY2017	Aug 2, 2017	Annual M&A 10-K	quarantined (1 issue)	1	$27B	$27B	SEC filing
FY2016	Jul 28, 2016	Annual M&A 10-K	warning (1 warn)	17	$1.4B	N/A	SEC filing
FY2015	Jul 31, 2015	Annual M&A 10-K	warning (1 warn)	15	$892MM	N/A	SEC filing
FY2014	Jul 31, 2014	Annual M&A 10-K	warning (1 warn)	6	$7.1B	$9.5B	SEC filing
FY2013	Jul 30, 2013	Annual M&A 10-K	accepted	11	$437MM	$437MM	SEC filing
FY2012	Jul 26, 2012	Annual M&A 10-K	accepted	4	$87.0MM	$87.0MM	SEC filing
FY2011	Jul 28, 2011	Annual M&A 10-K	accepted	3	N/A	$75.0MM	SEC filing
FY2010	Jul 30, 2010	Annual M&A 10-K	accepted	5	N/A	$267MM	SEC filing
FY2009	Jul 30, 2009	Annual M&A 10-K	accepted	9	N/A	$925MM	SEC filing
FY2008	Jul 31, 2008	Annual M&A 10-K	quarantined (1 issue)	21	$1.6B	$1.6B	SEC filing
FY2007	Aug 3, 2007	Annual M&A 10-K	accepted	N/A	$1.3B	$1.3B	SEC filing
FY2006	Aug 25, 2006	Annual M&A 10-K	warning (1 warn)	N/A	$689MM	N/A	SEC filing
FY2005	Aug 26, 2005	Annual M&A 10-K	quarantined (1 issue)	N/A	N/A	N/A	SEC filing
FY2004	Sep 1, 2004	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+

Filing date	Form	Targets / topics	Support	Source
Jul 30, 2024	10-K	Activision Blizzard, Inc.; Nuance Communications, Inc.	Annual M&ANamed deals	SEC filing
Jul 27, 2023	10-K	Activision Blizzard, Inc.; Nuance Communications, Inc.	Annual M&ANamed deals	SEC filing
Jul 29, 2021	10-K	Nuance Communications, Inc.	Annual M&ANamed deals	SEC filing
Aug 1, 2019	10-K	LinkedIn Corporation	Annual M&ANamed deals	SEC filing
Jul 28, 2016	10-K	Nokia Corporation’s Devices and Services business	Annual M&ANamed deals	SEC filing
Jul 31, 2014	10-K	NDS; Nokia Corporation’s Devices and Services Business	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Apr 29, 2026	8-K	2.02,9.01	8-K	FinancialsRecent SEC	SEC filing
Apr 29, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Jan 28, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Jan 28, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Jan 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Dec 8, 2025	8-K	5.02,5.07	8-K	Recent SEC	SEC filing
Nov 5, 2025	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Oct 31, 2025	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Oct 29, 2025	8-K	2.02,7.01,9.01	8-K	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Activision Blizzard, Inc.

10-K - Jul 30, 2024

Medium

On October 13, 2023, we completed our acquisition of Activision Blizzard, Inc. (“Activision Blizzard”) for a total purchase price of $75.4 billion, consisting primarily of cash. Activision Blizzard is a leader in game d…

SEC source

Activision Blizzard, Inc.

10-K - Jul 27, 2023

Medium

On January 18, 2022, we entered into a definitive agreement to acquire Activision Blizzard, Inc. (“Activision Blizzard”) for $95.00 per share in an all-cash transaction valued at $68.7 billion, inclusive of Activision B…

SEC source

Acquisition of Activision Blizzard, Inc.

10-K - Jul 27, 2023

Medium

In January 2022, we announced plans to acquire Activision Blizzard, Inc., a leader in game development and an interactive entertainment content publisher.

SEC source

LinkedIn Corporation

10-K - Aug 1, 2019

Medium

On December 8, 2016, we completed our acquisition of all issued and outstanding shares of LinkedIn Corporation (“LinkedIn”), the world’s largest professional network on the Internet, for a total purchase price of $27.0…

SEC source

Nuance Communications, Inc.

10-K - Jul 29, 2021

Medium

On April 11, 2021, we entered into a definitive agreement to acquire Nuance Communications, Inc. (“Nuance”) for $56.00 per share in an all-cash transaction valued at $19.7 billion, inclusive of Nuance’s net debt. Nuance…

SEC source

Nokia’s Devices and Services Business

10-K - Jul 31, 2014

Medium

On April 25, 2014, we completed the transaction to acquire substantially all of NDS for a total purchase price of $9.5 billion, including cash acquired of $1.5 billion (“the Acquisition”). The purc...

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.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive