Cisco SYSTEMS, Inc. (CSCO) intrinsic value & 10-year financials
Cisco SYSTEMS, Inc. (CSCO) has a Graham intrinsic value of $28.07 per share. At $107.39 on Oct 17, 2026, the stock trades 283% above that value. Over the last 10 fiscal years revenue grew 1.6% a year to $56.7B, with an average return on invested capital of 19.7%.
- Graham intrinsic value
- $28.07
- Share price (Oct 17, 2026)
- $107.39
- Price vs Graham value
- 283% above
- Market cap
- $429.3B
- Revenue (FY2025)
- $56.7B
- Revenue growth (10-yr CAGR)
- 1.6%
- ROIC (10-yr avg)
- 19.7%
- Free cash flow (FY2025)
- $13.3B
CSCO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $56.7B | $10.2B | $2.55 | $13.3B | 20.8% | 17.5% |
| FY2024 | $53.8B | $10.3B | $2.54 | $10.2B | 22.6% | 20.1% |
| FY2023 | $57.0B | $12.6B | $3.07 | $19.0B | 26.4% | 28.9% |
| FY2022 | $51.6B | $11.8B | $2.82 | $12.7B | 27.1% | 26.3% |
| FY2021 | $49.8B | $10.6B | $2.50 | $14.8B | 25.8% | 23.9% |
| FY2020 | $49.3B | $11.2B | $2.64 | $14.7B | 27.6% | 26.1% |
| FY2019 | $51.9B | $11.6B | $2.61 | $14.9B | 27.4% | 22.2% |
| FY2018 | $49.3B | $110.0M | $0.02 | $12.8B | 25.0% | 8.5% |
| FY2017 | $48.0B | $9.6B | $1.90 | $12.9B | 24.9% | 11.0% |
| FY2016 | $49.2B | $10.7B | $2.11 | $12.4B | 25.7% | 12.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cisco has demonstrated mature, steady growth, with revenue compounding at 1.6% annually over the past decade.
Cisco has earned high returns on invested capital, averaging 19.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Cisco shows that management has aggressively returned capital to shareholders by retiring 21.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cisco is modeled at 2.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.07 per share.