A Business at a Glance
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CISCO SYSTEMS, INC.
CSCO
$455.8B
Mkt Cap
$114.17
+1.25%
CISCO SYSTEMS, INC. (CSCO) has a current P/E ratio of 41.1, compared to its historical median P/E of 15.8. The stock is currently considered Expensive based on its historical valuation range.
CISCO SYSTEMS, INC. (CSCO) has a 5-year average return on invested capital (ROIC) of 28.4%. This indicates strong capital allocation and a potential competitive advantage.
CISCO SYSTEMS, INC. (CSCO) has a market capitalization of $449.8B. It is classified as a mega-cap stock.
Yes, CISCO SYSTEMS, INC. (CSCO) pays a dividend with a trailing twelve-month yield of 1.45%. The company also returns capital through share buybacks, with a buyback yield of 1.30%.
Based on historical P/E analysis, CISCO SYSTEMS, INC. (CSCO) appears expensive. The current P/E of 41.1 is 160% above its historical median of 15.8. The estimated fair value CAGR (P/E method) is 7.0%.
CISCO SYSTEMS, INC. (CSCO) operates in the Computer Communications Equipment industry, within the Technology sector.
CISCO SYSTEMS, INC. (CSCO) reported annual revenue of $56.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cisco designs and sells a broad range of technologies that power, secure, and provide insights from the Internet, organized into four product categories: Networking, Security, Collaboration, and Observability. The Networking segment encompasses switching, routing, wireless, and servers delivered through hardware and software solutions, including SaaS offerings and cloud-managed platforms, serving campus and data center environments as well as Internet infrastructure for service providers. The Security portfolio spans Network Security, Identity and Access Management, SASE, and Threat Intelligence, Detection, and Response solutions, strengthened by the Splunk acquisition to enhance cloud-based security and AI-driven threat detection capabilities. Collaboration offerings include the Webex suite, collaboration devices, Contact Center, and CPaaS platforms delivered on-premises, cloud, or hybrid environments, while Observability provides network assurance, monitoring, analytics, and end-to-end visibility across applications, networks, and multi-cloud infrastructures. Cisco serves businesses of all sizes, public institutions, governments, and service providers including large webscale providers globally across three geographic segments—Americas, EMEA, and APJC—leveraging a unified architecture with integrated, end-to-end solutions and AI capabilities to help customers build modern infrastructure, protect against cyber threats, and harness AI and data for competitive advantage.
【AI-driven infrastructure momentum】 Management expects continued strong demand for AI infrastructure from hyperscalers and enterprise customers, with significant opportunities in campus networking modernization driven by onshoring of manufacturing and agentic AI workloads. The company anticipates operating leverage through financial discipline and strategic investments in innovation, while managing near-term headwinds from Splunk's transition to cloud subscriptions and legacy product portfolio declines. Cisco expects to sustain durable growth with focus on profitable expansion, capital returns to shareholders, and execution across its One Cisco strategy integrating AI-ready data centers, future-proofed workplaces, and digital resilience capabilities.
| Metric | Target | Period |
|---|---|---|
| Revenue | $62.8 billion–$63 billion | FY2026 |
| Non-GAAP earnings per share | $4.27–$4.29 | FY2026 |
| Revenue | $16.7 billion–$16.9 billion | Q4 FY2026 |
| Non-GAAP operating margin | 34%–35% | Q4 FY2026 |
| Non-GAAP gross margin | 65.5%–66.5% | Q4 FY2026 |
| Non-GAAP earnings per share | $1.16–$1.18 | Q4 FY2026 |
| AI infrastructure revenue from hyperscalers | approximately $4 billion | FY2026 |
| AI infrastructure orders from hyperscalers | approximately $9 billion | FY2026 |
| AI infrastructure revenue from hyperscalers | at least $6 billion | FY2027 |
Revenue (FY2026): “We expect revenue to be in the range of $62.8 billion-$63 billion.”
Non-GAAP earnings per share (FY2026): “Non-GAAP earnings per share is expected to range from $4.27-$4.29.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 60.7B | 56.7B | 53.8B | 57.0B | 51.6B | 49.8B |
| Net Income | 12.0B | 10.2B | 10.3B | 12.6B | 11.8B | 10.6B |
| EPS | $3.03 | $2.55 | $2.54 | $3.07 | $2.82 | $2.50 |
| Free Cash Flow | 11.8B | 13.3B | 10.2B | 19.0B | 12.7B | 14.8B |
| ROIC | 21.7% | 19.1% | 23.2% | 36.6% | 32.3% | 31.1% |
| Gross Margin | 64.3% | 64.9% | 64.7% | 62.7% | 62.5% | 64.0% |
| Debt/Equity | 0.48 | 0.53 | 0.44 | 0.19 | 0.22 | 0.28 |
| Dividends/Share | $1.65 | $1.62 | $1.58 | $1.54 | $1.50 | $1.46 |
| Operating Income | 14.2B | 11.8B | 12.2B | 15.0B | 14.0B | 12.8B |
| Operating Margin | 23.4% | 20.8% | 22.6% | 26.4% | 27.1% | 25.8% |
| ROE | 24.5% | 22.1% | 23.0% | 30.0% | 29.1% | 26.7% |
| Shares Outstanding | 3,940M | 3,992M | 4,063M | 4,108M | 4,189M | 4,236M |
CISCO SYSTEMS, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
CISCO SYSTEMS, INC. trades at 41.1x trailing earnings, compared to its 15-year median P/E of 15.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 36.8x vs a median of 13.7x. The company's 5-year average ROIC is 28.4% with a gross margin of 63.8%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +0.9%.
CISCO SYSTEMS, INC. (CSCO) has a net profit margin of 18.0%. This is a healthy margin.
CISCO SYSTEMS, INC. (CSCO) generated $13.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CISCO SYSTEMS, INC. (CSCO) has a debt-to-equity ratio of 0.53. This indicates moderate leverage.
CISCO SYSTEMS, INC. (CSCO) reported earnings per share (EPS) of $2.55 in its most recent fiscal year.
CISCO SYSTEMS, INC. (CSCO) has a return on equity (ROE) of 22.1%. This indicates the company generates strong returns for shareholders.
CISCO SYSTEMS, INC. (CSCO) has a 5-year average gross margin of 63.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for CISCO SYSTEMS, INC. (CSCO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CISCO SYSTEMS, INC. (CSCO) has a book value per share of $11.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand for AI infrastructure from hyperscalers and enterprise customers, with significant opportunities in campus networking modernization driven by onshoring of manufacturing and agentic AI workloads. The company anticipates operating leverage through financial discipline and strategic investments in innovation, while managing near-term headwinds from Splunk's transition to cloud subscriptions and legacy product portfolio declines. Cisco expects to sustain durable growth with focus on profitable expansion, capital returns to shareholders, and execution across its One Cisco strategy integrating AI-ready data centers, future-proofed workplaces, and digital resilience capabilities.
Based on recent SEC filings and earnings calls, CISCO SYSTEMS, INC. (CSCO) has provided the following forward guidance: Revenue: $62.8 billion–$63 billion (FY2026); Non-GAAP earnings per share: $4.27–$4.29 (FY2026); Revenue: $16.7 billion–$16.9 billion (Q4 FY2026); Non-GAAP operating margin: 34%–35% (Q4 FY2026); Non-GAAP gross margin: 65.5%–66.5% (Q4 FY2026), plus 4 additional metrics.
Revenue (Q4 FY2026): “We expect revenue to be in the range of $16.7 billion-$16.9 billion.”
Non-GAAP operating margin (Q4 FY2026): “Non-GAAP operating margin is expected to be in the range of 34%-35%.”
Non-GAAP gross margin (Q4 FY2026): “We anticipate non-GAAP gross margin to be in the range of 65.5%-66.5%.”
Non-GAAP earnings per share (Q4 FY2026): “Non-GAAP earnings per share is expected to be in the range from $1.16-$1.18.”
AI infrastructure revenue from hyperscalers (FY2026): “We expect to recognize approximately $4 billion in AI infrastructure revenue from hyperscalers in fiscal year 2026.”
AI infrastructure orders from hyperscalers (FY2026): “we now expect to take AI infrastructure orders of approximately $9 billion from hyperscalers in FY 2026”