CS
Cisco Systems Inc
CSCO—
Cisco Systems Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 59.1B is 126% of equity (46.9B) - tangible book value is NEGATIVE (-21B). Acquisition-heavy model creates impairment risk.[Goodwill]
- Operating margin TTM 22.5% vs industry median 2.4% - 9x advantage from scale and recurring software/services mix.[Operating Margin TTM]
- FCF TTM of 12.7B (22% margin) covers 6.5B dividends + buybacks with 6B+ remaining for debt reduction or M&A.[Free Cash Flow TTM]
Watch Triggers
- Goodwill: Any impairment charge announced — 59B goodwill is 126% of equity - even 10% writedown wipes 12% of book value
- Free Cash Flow TTM: Falls below 10B or FCF margin below 17% — Dividend + debt service requires ~8B minimum; margin compression signals pricing pressure
- Operating Margin TTM: Drops below 20% — 2.5pt compression = 1.4B EBIT loss; signals competitive or mix headwinds
Bull Case
Cash generation machine: 22% FCF margin with 0.60 debt/equity funds 3.2% dividend yield + buybacks while deleveraging. ROIC 13.6% TTM proves capital efficiency.
Free Cash Flow TTMDebt to EquityROIC TTM
Margin fortress: 22.5% operating margin (9x industry) from recurring revenue mix and scale. Net margin 17.9% vs industry median 0% shows pricing power.
Operating Margin TTMNet Margin TTMGross Margin TTM
Bear Case
Goodwill bomb: 59B goodwill (126% of equity) from acquisitions creates negative tangible book (-21B). Any impairment directly hits equity.
GoodwillTangible Book ValueCommon Stockholders Equity
Valuation stretched: P/E 30.4x near industry median 32.4x despite mature growth profile. P/S 5.5x is 1.8x industry median 3.0x.
PE RatioPS RatioEPS TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF generation will fund 28B debt paydown while maintaining dividend, improving equity quality
1-3yhigh
- 12.7B annual FCF vs 28B total debt = 2.2yr payoff capacity
- Interest expense 1.5B/yr is only 12% of FCF
- Negative working capital (-2.6B) accelerates cash conversion
FCF TTM 12.7B, debt/equity 0.60Cash flow TTM 13.7B exceeds net income 10.3BDividend payout 56% leaves headroom
R&D intensity (16% of revenue) positions for networking/security share gains but ROI uncertain
1-3ymed
- R&D spend 9.4B TTM vs industry median under 50M
- Splunk acquisition adds AI/observability capabilities
- Enterprise refresh cycles favor integrated platforms
R&D 9.4B on 57.7B revenue TTMGoodwill 59B reflects acquisition strategyROIC 13.6% TTM above cost of capital
Valuation Context
Caveats
Public Strategies Rankings
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CSCO Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$300.23B | — | ||
$319.92B | — | ||
29 | — | ||
$57.7B | +8.9% | — | |
$2.60 | -1.8% | — | |
22.5% | +0.6% | — | |
17.9% | +0.2% | — | |
$12.73B | +11.5% | — | |
0.22 | +1.7% | — | |
Beta 5Y (Monthly) | unknown | — |
CSCO Dividend History
60 dividends
2026
$0.410001/02/26$0.4100
2025
$1.630010/03/25$0.4100
07/03/25$0.4100
04/03/25$0.4100
01/03/25$0.4000
2024
$1.590010/02/24$0.4000
07/05/24$0.4000
04/03/24$0.4000
01/03/24$0.3900
2023
$1.550010/03/23$0.3900
07/05/23$0.3900
04/04/23$0.3900
01/04/23$0.3800
2022
$1.510010/04/22$0.3800
07/05/22$0.3800
04/05/22$0.3800
01/04/22$0.3700
2021
$1.470010/04/21$0.3700
07/02/21$0.3700
04/05/21$0.3700
01/04/21$0.3600
2020
$1.430010/01/20$0.3600
07/02/20$0.3600
04/02/20$0.3600
01/02/20$0.3500
2019
$1.380010/03/19$0.3500
07/03/19$0.3500
04/04/19$0.3500
01/03/19$0.3300
2018
$1.280010/04/18$0.3300
07/05/18$0.3300
04/04/18$0.3300
01/04/18$0.2900
2017
$1.130010/04/17$0.2900
07/05/17$0.2900
04/04/17$0.2900
01/04/17$0.2600
2016
$0.990010/03/16$0.2600
07/05/16$0.2600
04/04/16$0.2600
01/04/16$0.2100
2015
$0.820010/01/15$0.2100
07/01/15$0.2100
03/31/15$0.2100
01/02/15$0.1900
2014
$0.740009/30/14$0.1900
07/02/14$0.1900
04/01/14$0.1900
01/02/14$0.1700
2013
$0.510010/01/13$0.1700
07/01/13$0.1700
04/04/13$0.1700
2012
$0.500011/27/12$0.1400
10/02/12$0.1400
07/02/12$0.0800
04/03/12$0.0800
01/03/12$0.0600
2011
$0.180010/04/11$0.0600
07/05/11$0.0600
03/29/11$0.0600
CSCO Stock Splits
1 stock split
03/23/000.5:1 split
CSCO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/18/25 | 10/25/25 | 10-Q | |
09/03/25 | 07/26/25 | 10-K | |
05/20/25 | 04/26/25 | 10-Q | |
02/18/25 | 01/25/25 | 10-Q | |
11/19/24 | 10/26/24 | 10-Q | |
09/05/24 | 07/27/24 | 10-K | |
05/21/24 | 04/27/24 | 10-Q | |
02/20/24 | 01/27/24 | 10-Q | |
11/21/23 | 10/28/23 | 10-Q | |
09/07/23 | 07/29/23 | 10-K | |
05/24/23 | 04/29/23 | 10-Q | |
02/21/23 | 01/28/23 | 10-Q | |
11/22/22 | 10/29/22 | 10-Q | |
09/08/22 | 07/30/22 | 10-K | |
05/25/22 | 04/30/22 | 10-Q | |
02/22/22 | 01/29/22 | 10-Q | |
11/23/21 | 10/30/21 | 10-Q | |
09/09/21 | 07/31/21 | 10-K | |
05/25/21 | 05/01/21 | 10-Q | |
02/16/21 | 01/23/21 | 10-Q | |
11/17/20 | 10/24/20 | 10-Q | |
09/03/20 | 07/25/20 | 10-K | |
05/18/20 | 04/25/20 | 10-Q | |
02/18/20 | 01/25/20 | 10-Q | |
11/19/19 | 10/26/19 | 10-Q | |
09/05/19 | 07/27/19 | 10-K | |
05/21/19 | 04/27/19 | 10-Q | |
02/19/19 | 01/26/19 | 10-Q | |
11/20/18 | 10/27/18 | 10-Q | |
09/06/18 | 07/28/18 | 10-K | |
05/22/18 | 04/28/18 | 10-Q | |
02/20/18 | 01/27/18 | 10-Q | |
11/21/17 | 10/28/17 | 10-Q | |
09/07/17 | 07/29/17 | 10-K | |
05/23/17 | 04/29/17 | 10-Q | |
02/21/17 | 01/28/17 | 10-Q | |
11/22/16 | 10/29/16 | 10-Q | |
09/08/16 | 07/30/16 | 10-K | |
05/24/16 | 04/30/16 | 10-Q | |
02/18/16 | 01/23/16 | 10-Q | |
11/19/15 | 10/24/15 | 10-Q | |
09/08/15 | 07/25/15 | 10-K | |
05/20/15 | 04/25/15 | 10-Q | |
02/18/15 | 01/24/15 | 10-Q | |
11/20/14 | 10/25/14 | 10-Q | |
09/09/14 | 07/26/14 | 10-K | |
05/22/14 | 04/26/14 | 10-Q | |
02/20/14 | 01/25/14 | 10-Q | |
11/22/13 | 10/26/13 | 10-Q | |
09/10/13 | 07/27/13 | 10-K | |
05/21/13 | 04/27/13 | 10-Q | |
02/19/13 | 01/26/13 | 10-Q | |
11/20/12 | 10/27/12 | 10-Q | |
09/12/12 | 07/28/12 | 10-K | |
05/23/12 | 04/28/12 | 10-Q | |
02/21/12 | 01/28/12 | 10-Q | |
11/22/11 | 10/29/11 | 10-Q | |
09/14/11 | 07/30/11 | 10-K | |
05/25/11 | 04/30/11 | 10-Q | |
02/23/11 | 01/29/11 | 10-Q | |
11/23/10 | 10/30/10 | 10-Q | |
09/21/10 | 07/31/10 | 10-K | |
05/26/10 | 05/01/10 | 10-Q | |
02/17/10 | 01/23/10 | 10-Q | |
11/18/09 | 10/24/09 | 10-Q | |
09/11/09 | 07/25/09 | 10-K | |
05/20/09 | 04/25/09 | 10-Q | |
02/17/09 | 01/24/09 | 10-Q | |
11/18/08 | 10/25/08 | 10-Q | |
09/15/08 | 07/26/08 | 10-K | |
05/22/08 | 04/26/08 | 10-Q | |
02/19/08 | 01/26/08 | 10-Q | |
11/20/07 | 10/27/07 | 10-Q | |
09/18/07 | 07/28/07 | 10-K | |
05/24/07 | 04/28/07 | 10-Q | |
02/20/07 | 01/27/07 | 10-Q | |
11/21/06 | 10/28/06 | 10-Q | |
09/18/06 | 07/29/06 | 10-K | |
05/25/06 | 04/29/06 | 10-Q | |
02/21/06 | 01/28/06 | 10-Q | |
11/23/05 | 10/29/05 | 10-Q | |
09/19/05 | 07/30/05 | 10-K | |
05/27/05 | 04/30/05 | 10-Q | |
02/22/05 | 01/29/05 | 10-Q | |
11/22/04 | 10/30/04 | 10-Q | |
09/20/04 | 07/31/04 | 10-K | |
05/27/04 | 05/01/04 | 10-Q | |
02/17/04 | 01/24/04 | 10-Q | |
11/17/03 | 10/25/03 | 10-Q | |
09/10/03 | 07/26/03 | 10-K | |
05/19/03 | 04/26/03 | 10-Q | |
02/24/03 | 01/25/03 | 10-Q | |
11/21/02 | 10/26/02 | 10-Q | |
09/18/02 | 07/27/02 | 10-K | |
05/28/02 | 04/27/02 | 10-Q | |
03/11/02 | 01/26/02 | 10-Q | |
12/10/01 | 10/27/01 | 10-Q | |
09/24/01 | 07/28/01 | 10-K | |
06/01/01 | 04/28/01 | 10-Q | |
03/12/01 | 01/27/01 | 10-Q | |
12/12/00 | 10/28/00 | 10-Q | |
09/29/00 | 07/29/00 | 10-K | |
06/13/00 | 04/29/00 | 10-Q | |
03/14/00 | 01/29/00 | 10-Q |