CSCONasdaqcomputer communications equipmentSEC CIK 858877

CISCO SYSTEMS, INC.

$95.64

−6.37 (−6.24%) · delayed · Nov 13, 2026

Five-year price

52w $72.80 to $130.37

Market cap: $377.1B
Enterprise value: $392.7B
P/E: 28.7×; 34.1× on 3y avg EPS
EV / EBIT: 25.6×
FCF yield: 3.4%
ROIC: 19.3%
Debt / equity: 0.45
Piotroski F: 7/9

Value scorecard · FY2026

Does it pass the value tests?

How we score

Quality

100

●ROIC > 12% (5y avg)5y avg ROIC 22.1%
●ROE > 15% (5y avg)5y avg ROE 25.8%
●Stable operating marginsMargin volatility 2.3% (σ, 5y)
●Earnings convert to cashFCF / net income 117% (5y avg)
●Growing revenueRevenue CAGR 5y 4.9%
●Shrinking share countDiluted shares -5.9% over 5y

Value

○P/E below 15P/E 28.7
○EV/EBIT below 12EV/EBIT 25.6
○FCF yield above 6%FCF yield 3.4%
○Price below Graham NumberGraham Number $30.91
○P/B below 3P/B 7.5

Safety

●Debt / equity below 0.5D/E 0.45
●Debt payable in < 4 yrs of earningsNet debt $15.7B
●Interest coverage > 8xCoverage 10.5x
○Current ratio > 1.5Current ratio 0.93
●Piotroski F-score ≥ 6F-score 7/9

Graham Defensive

●Adequate size (revenue > $2B)Revenue $63.3B
○Strong condition (current ratio ≥ 2)Current ratio 0.93
●Earnings stability (no loss, 10y)10 years of data
●Uninterrupted dividendsDividends paid every year on record
●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 86%
○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 34.1
○P/E × P/B ≤ 22.5Product 255.5

Valuation lab

What do you have to believe?

At $95.64, the market is pricing in about 11.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).

Starting cash flow

Growth, years 1–N5.0%Years of growth (N)10Discount rate9.00%Terminal growth2.50%

Net debt $15.7B · 3943M shares · 5y revenue CAGR 4.9%

Intrinsic value

$57.68

Price

$95.64

Premium paid

66%

What the price implies

The market is paying for 11.3% annual cash-flow growth for 10 years at a 9.0% discount rate.

Terminal value share

57% of the value sits beyond year 10.

Financial statements

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	48,005	49,330	51,904	49,301	49,818	51,557	56,998	53,803	56,654	63,325
Gross profit	30,224	30,606	32,666	31,683	31,894	32,248	35,753	34,828	36,790	40,860
Operating income	11,973	12,309	14,219	13,620	12,833	13,969	15,031	12,181	11,760	15,368
Operating margin	24.9%	25.0%	27.4%	27.6%	25.8%	27.1%	26.4%	22.6%	20.8%	24.3%
Pre-tax income	12,287	13,039	14,571	13,970	13,262	14,477	15,318	12,234	11,100	16,009
Income tax	2,678	12,929	2,950	2,756	2,671	2,665	2,705	1,914	920	2,742
Net income	9,609	110	11,621	11,214	10,591	11,812	12,613	10,320	10,180	13,267
EPS (diluted)	1.90	0.02	2.61	2.64	2.50	2.82	3.07	2.54	2.55	3.33
Diluted shares	5,049	4,881	4,453	4,254	4,236	4,192	4,105	4,062	3,998	3,987

Who owns it

Superinvestors

Filings wire

From the SEC

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	48,005	49,330	51,904	49,301	49,818	51,557	56,998	53,803	56,654	63,325
Gross profit	30,224	30,606	32,666	31,683	31,894	32,248	35,753	34,828	36,790	40,860
Operating income	11,973	12,309	14,219	13,620	12,833	13,969	15,031	12,181	11,760	15,368
Operating margin	24.9%	25.0%	27.4%	27.6%	25.8%	27.1%	26.4%	22.6%	20.8%	24.3%
Pre-tax income	12,287	13,039	14,571	13,970	13,262	14,477	15,318	12,234	11,100	16,009
Income tax	2,678	12,929	2,950	2,756	2,671	2,665	2,705	1,914	920	2,742
Net income	9,609	110	11,621	11,214	10,591	11,812	12,613	10,320	10,180	13,267
EPS (diluted)	1.90	0.02	2.61	2.64	2.50	2.82	3.07	2.54	2.55	3.33
Diluted shares	5,049	4,881	4,453	4,254	4,236	4,192	4,105	4,062	3,998	3,987

CISCO SYSTEMS, INC.

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

CISCO SYSTEMS, INC.

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

In the news