CSCO
CISCO SYSTEMS, INC.
Technology • CIK: 0000858877
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Market Cap
$280.22B
P/E (TTM)
27.2x
Rev Growth (TTM)
—
Net Margin (TTM)
17.9%
FCF Yield (TTM)
4.5%
FCF Margin (TTM)
22.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$12.7B
Q1 '26
$2.9B-28%
Q4 '26
$4.0B+6%
FCF Margin
TTM22.1%
Q1 '2619.4%-29%
Sector: 14.5%Above Avg
OCF Margin23.8%
OCF/NI1.33x
CapEx Coverage13.6x
FCF Yield4.5%
FCF Growth (2Y)–
Cash Conversion Cycle
50 days
DSO: 35+DIO: 55−DPO: 40
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.4%
Div Yield2.3%
+Buyback (TTM)2.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.3%
FCF Payout Ratio50.8%
Free Cash Flow (TTM)$12.7B
Stock Repurchases (TTM)$6.0B
Capital Return / FCF97.8%
Est. Dividends Paid (TTM)$6.5B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
18.7%
Asset Turnover
0.48x
Leverage (1+D/E)
1.60x
D/E: 0.60x
DuPont: 14.2% ≈ 15.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
27.65x
8Q:–
Invested Cap Turn
0.83x
8Q:–
CapEx Intensity
1.5%
8Q:–
CapEx/Depreciation
0.38x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $57.7B | $14.9B↑1.4% | $14.7B↑3.7% | $14.1B↑1.1% | $14.0B↑1.1% | $13.8B↑1.5% | $13.6B↑7.4% | $12.7B↓0.7% | $12.8B |
Operating Income | $12.8B | $3.4B↑8.9% | $3.1B↓3.6% | $3.2B↑2.9% | $3.1B↑32.0% | $2.4B↓9.9% | $2.6B↑19.5% | $2.2B↓29.2% | $3.1B |
Net Income | $10.3B | $2.9B↑12.2% | $2.5B↑2.4% | $2.5B↑2.6% | $2.4B↓10.4% | $2.7B↑25.4% | $2.2B↑14.6% | $1.9B↓28.4% | $2.6B |
Operating Cash Flow | $13.7B | $3.2B↓24.1% | $4.2B↑4.4% | $4.1B↑81.0% | $2.2B↓38.8% | $3.7B↓1.8% | $3.7B↓6.1% | $4.0B↑391.5% | $808.0M |
Free Cash Flow | $12.7B | $2.9B↓28.1% | $4.0B↑5.8% | $3.8B↑86.9% | $2.0B↓41.0% | $3.4B↓2.5% | $3.5B↓7.1% | $3.8B↑496.1% | $638.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
27.2x
Valuation Lenses
Earnings
27.2x
vs – sector
Cash Flow
20.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.7P/E per %ROIC
ROIC: 15.6%
Shareholder Returns
Dividend
2.3%
Buyback
2.1%
Total Yield
4.4%
Market Cap$280.22B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
97/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
22.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.6%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 18.7%
Asset Turnover: 0.48x
Earnings Quality
Cash Conversion
1.33x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin64.8%
Capital Efficiency
Invested Capital Turnover0.83x
Working Capital
Cash Conversion Cycle50 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
42.6%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
64.8%
Operating
22.1%
Above Avg in sector
Net
17.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.2 pts
FCF: 22.1% | Net: 17.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $12.35B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.60x
Balance sheet risk & solvency analysis