NCO with Cyclone V

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I set ( Use Dedicated Multiplier(s) ) in the parameterize menu (Implementation)

and the Resource Estimation said:

2 DSP Blocks,

2 M10Ks

12288 Memory Bits

1977 LEs

???

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So it is ok then. You can also set architecture of nco as (I think): large memory, or small memory, cordic...etc.

The full memory or cordic doesn't need any multipliers, the small memory requries few mults possibly two as in your case.

These mults are used to interpolate new values from the small memory samples.