Information Technology · Communications Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$107.39
52-week range
$67.32 – $129.38
Market cap
$428.2B
P/E (trailing)
32.3×
EV / EBITDA
28.3×
Free-cash-flow yield
3.0%
Dividend yield
1.6%
Revenue (last 12 months)
$63.3B
Revenue growth (3y a year)
3.6%
Operating margin
24.3%
Return on invested capital
21.6%
Net debt / EBITDA
0.6×
Fair value
Blended fair value$89.77 range $86 – $93
Versus priceFair−16% to fair value
Peer multiples
$107.39
Fundamentals-adjusted multiple
$83.37
10-year DCF (market-scaled)
$78.54
Earnings power value (floor, not blended)
$34.13
Model uncertainty
Medium
X-Ray Score
44/ 100 · High confidence · ahead of 31% of sector peers
Valuation53
Growth28
Profitability49
Financial health44
Dividends43
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Cisco Systems provides networking, security, collaboration and observability products. Its switches, routers, wireless equipment and software connect and protect the networks of large and small organisations, telecommunications providers, cloud operators and public bodies. The portfolio also includes Webex collaboration tools and the Splunk data analysis software that Cisco acquired, and the company increasingly offers its products through subscriptions.
Cisco earns revenue from hardware and software products and from recurring subscriptions, support and professional services. Revenue over the last twelve months was $63.3 billion, growing at 3.6% a year across the last three years. The operating margin is 24.3%, and the business earns a profit of 22% on the capital invested in it. It carries net debt of 0.6 times EBITDA. The company pays a dividend with a yield of 1.6%.
StocksXray gives Cisco Systems, Inc. an X-Ray Score of 44 out of 100 (high confidence), ahead of 31% of the S&P 500 stocks in its sector. Its strongest lens is valuation (53) and its weakest is growth (28).
Our fair value blend is $89.77 (range $86.17 to $93.11). At $107.39 the stock trades 20% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Cisco Systems, Inc. (CSCO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$40.43
$47.94
$45.48
$67.04
$113.73
$107.39
Market cap
$169.5B
$196.8B
$184.7B
$268.0B
$453.4B
$428.2B
P/E
14.3×
15.6×
17.9×
26.3×
34.2×
32.3×
EV / revenue
3.1×
3.1×
3.5×
4.9×
7.3×
6.9×
EV / EBITDA
10.8×
11.4×
14.5×
22.2×
28.7×
28.3×
Price / free cash flow
13.3×
10.3×
18.1×
20.2×
35.5×
33.5×
Free-cash-flow yield
7.5%
9.7%
5.5%
5.0%
2.8%
3.0%
Price / book
4.3×
4.4×
4.1×
5.7×
9.0×
8.5×
Dividend yield
3.71%
3.21%
3.47%
2.42%
1.46%
1.56%
Fundamentals checklist ● 1 Good · ● 8 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.7%Bad
Free-cash-flow yield3.0%Average
Risk models
Altman Z score1.4×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)2.7%Average
Free-cash-flow growth (3y)−12.5%Bad
Revenue growth (3y)3.6%Bad
Growth consistency70%Bad
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA0.6×Average
Interest cover10.5×Bad
Valuation
Fair value vs price0.8×Average
EBIT / EV yield3.5%Average
Profitability
Return on invested capital21.6%Average
Operating margin24.3%Average
Gross profitability31.5%Average
XStocksXray
Cisco Systems, Inc. (CSCO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
51,557
56,998
53,803
56,654
63,325
63,325
Gross profit
32,248
35,753
34,828
36,790
40,860
40,860
Operating income
13,969
15,031
12,181
11,760
15,368
15,368
Net income
11,812
12,613
10,320
10,180
13,267
13,267
Diluted EPS ($)
2.82
3.07
2.54
2.55
3.33
3.33
Free cash flow
12,749
19,037
10,210
13,288
12,767
12,767
Gross margin
62.5%
62.7%
64.7%
64.9%
64.5%
64.5%
Operating margin
27.1%
26.4%
22.6%
20.8%
24.3%
24.3%
Net margin
22.9%
22.1%
19.2%
18.0%
21.0%
21.0%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
94,002
101,852
124,413
122,291
129,637
129,637
Cash
7,079
10,123
7,508
8,346
7,218
7,218
Total debt
8,915
8,391
20,109
24,611
22,872
22,872
Equity
39,773
44,353
45,457
46,843
50,285
50,285
Dividend per share ($)
1.50
1.54
1.58
1.62
1.66
1.66
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.