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Held by 3,939 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 51% of free cash flow, leaving room to grow it and fund buybacks. Last year: $6.55B dividends + $6.11B buybacks = $12.66B returned on $12.77B FCF.
9 consecutive years of dividend increases · 5%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $112.82 today, the market must believe free cash flow compounds 20.4%/yr for a decade (off $8.57B on the SBC-adjusted basis).
On the basis ($12.09B) the requirement is 15.7%/yr. The difference is what charging stock compensation costs.
The market's 20.4% is more optimistic than its 9-yr track record.
Default is 9.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 3.94B shares (market data) · net debt $22.32B
mean 2.5% · volatility σ 32% · implied rate exceeded in 2/9 yrs
Central path = implied 20.4%/yr growth; shaded band = ±1σ (32%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.22B covers the $3.50B due within a year 2.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-07-25 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.0% on $29.53B of debt.
Cash of $7.22B is below short-term debt of $10.16B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 26% against ROIC 17% — 10% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 37.1 | 35.7 | 36.0 | 37.5 | 37.3 | 35.3 | 35.1 | 35.5 |
| Gross Profit | 62.9 | 64.3 | 64.0 | 62.5 | 62.7 | 64.7 | 64.9 | 64.5 |
| R&D | 12.7 | 12.9 | 13.1 | 13.1 | 13.2 | 14.8 | 16.4 | 15.1 |
| SG&A | 3.5 | 3.9 | 4.3 | 4.1 | 4.3 | 5.2 | 5.3 | 4.4 |
| Operating Income | 27.4 | 27.6 | 25.8 | 27.1 | 26.4 | 22.6 | 20.8 | 24.3 |
| Income Tax | 5.7 | 5.6 | 5.4 | 5.2 | 4.7 | 3.6 | 1.6 | 4.3 |
| Net Income | 22.4 | 22.7 | 21.3 | 22.9 | 22.1 | 19.2 | 18.0 | 21.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSCO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 35 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.87T | 44.7× | 34.0× | 11.7× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $442.4B | 33.7× | 28.9× | 7.0× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| DELL | $357.7B | 64.8× | 33.8× | 3.1× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $329.9B | — | — | 28.7× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $261.5B | 75.4× | 66.1× | 29.0× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| SNDK | $251.8B | 23.3× | 19.7× | 12.4× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| IBM | $209.8B | 19.9× | 20.8× | 3.1× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| STX | $193.1B | 61.1× | 44.6× | 15.8× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| WDC | $149.7B | 17.1× | 31.1× | 11.6× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $132.8B | 74.8× | 58.7× | 19.5× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| HPE | $92.0B | — | 47.2× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $46.7B | 254.8× | 182.2× | 12.8× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $44.4B | 35.6× | 24.2× | 7.1× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $29.0B | 12.1× | 8.5× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| SMCI | $28.7B | 13.4× | 8.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| FFIV | $25.7B | 38.5× | 28.4× | 8.3× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| LOGI | $14.9B | 21.7× | 15.7× | 3.1× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.2× | 7.5× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.1B | 74.6× | 38.3× | 2.4× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.9B | 70.0× | 33.3× | 6.7× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.2B | 25.1× | 7.4× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $2.0B | 48.5× | 34.7× | 6.9× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.5B | — | 15.9× | 1.3× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.5B | — | 94.5× | 1.0× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $925M | 22.3× | 7.0× | 0.3× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing CSCO's sector (Computer Communications Equipment) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.33B 100.0% | $56.65B 100.0% | $53.80B 100.0% | $57.00B 100.0% | $51.56B 100.0% | $49.82B 100.0% | $49.30B 100.0% | $51.90B 100.0% | $49.33B 100.0% | $48.01B 100.0% |
| Cost of Revenue | $22.46B 35.5% | $19.86B 35.1% | $18.98B 35.3% | $21.25B 37.3% | $19.31B 37.5% | $17.92B 36.0% | $17.62B 35.7% | $19.24B 37.1% | $18.72B 38.0% | $17.78B 37.0% |
| Cost of Products | — | — | — | — | — | — | — | — | — | $13.70B 28.5% |
| Cost of Services | — | — | — | — | — | — | — | — | — | $4.08B 8.5% |
| Gross Profit | $40.86B 64.5% | $36.79B 64.9% | $34.83B 64.7% | $35.75B 62.7% | $32.25B 62.5% | $31.89B 64.0% | $31.68B 64.3% | $32.67B 62.9% | $30.61B 62.0% | $30.22B 63.0% |
| Research & Development | $9.56B 15.1% | $9.30B 16.4% | $7.98B 14.8% | $7.55B 13.2% | $6.77B 13.1% | $6.55B 13.1% | $6.35B 12.9% | $6.58B 12.7% | $6.33B 12.8% | $6.06B 12.6% |
| Selling, General & Admin | $2.76B 4.4% | $2.99B 5.3% | $2.81B 5.2% | $2.48B 4.3% | $2.10B 4.1% | $2.15B 4.3% | $1.93B 3.9% | $1.83B 3.5% | $2.14B 4.3% | $1.99B 4.2% |
| Total Operating Expenses | $25.49B 40.3% | $25.03B 44.2% | $22.65B 42.1% | $20.72B 36.4% | $18.28B 35.5% | $19.06B 38.3% | $18.06B 36.6% | $18.45B 35.5% | $18.30B 37.1% | $18.25B 38.0% |
| Operating Income | $15.37B 24.3% | $11.76B 20.8% | $12.18B 22.6% | $15.03B 26.4% | $13.97B 27.1% | $12.83B 25.8% | $13.62B 27.6% | $14.22B 27.4% | $12.31B 25.0% | $11.97B 24.9% |
| Interest Expense | $1.47B 2.3% | $1.59B 2.8% | $1.01B 1.9% | $427.0M 0.7% | $360.0M 0.7% | $434.0M 0.9% | $585.0M 1.2% | $859.0M 1.7% | $943.0M 1.9% | $861.0M 1.8% |
| Other Income (Expense), net | $641.0M 1.0% | -$660.0M -1.2% | $53.0M 0.1% | $287.0M 0.5% | $508.0M 1.0% | $429.0M 0.9% | $350.0M 0.7% | $352.0M 0.7% | $730.0M 1.5% | $314.0M 0.7% |
| Pretax Income | $16.01B 25.3% | $11.10B 19.6% | $12.23B 22.7% | $15.32B 26.9% | $14.48B 28.1% | $13.26B 26.6% | $13.97B 28.3% | $14.57B 28.1% | $13.04B 26.4% | $12.29B 25.6% |
| Income Tax Expense | $2.74B 4.3% | $920.0M 1.6% | $1.91B 3.6% | $2.71B 4.7% | $2.67B 5.2% | $2.67B 5.4% | $2.76B 5.6% | $2.95B 5.7% | $12.93B 26.2% | $2.68B 5.6% |
| Net Income | $13.27B 21.0% | $10.18B 18.0% | $10.32B 19.2% | $12.61B 22.1% | $11.81B 22.9% | $10.59B 21.3% | $11.21B 22.7% | $11.62B 22.4% | $110.0M 0.2% | $9.61B 20.0% |
| Per Share | ||||||||||
| EPS (Basic) | $3.36 | $2.56 | $2.55 | $3.08 | $2.83 | $2.51 | $2.65 | $2.63 | $0.02 | $1.92 |
| EPS (Diluted) | $3.33 | $2.55 | $2.54 | $3.07 | $2.82 | $2.50 | $2.64 | $2.61 | $0.02 | $1.90 |
| Weighted Avg Shares (Basic) | 3.95B | 3.98B | 4.04B | 4.09B | 4.17B | 4.22B | 4.24B | 4.42B | 4.84B | 5.01B |
| Weighted Avg Shares (Diluted) | 3.99B | 4.00B | 4.06B | 4.11B | 4.19B | 4.24B | 4.25B | 4.45B | 4.88B | 5.05B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns 8.67pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 27.5% | 9.6% (today's — no rate published for this year) | 18.0pts |
| FY2021 | 24.2% | 9.6% (today's — no rate published for this year) | 14.6pts |
| FY2022 | 27.2% | 6.8% | 20.4pts |
| FY2023 | 29.0% | 8.1% | 20.9pts |
| FY2024 | 14.8% | 8.0% | 6.7pts |
| FY2025 | 14.7% | 8.5% | 6.2pts |
| FY2026 | 17.6% | 9.1% | 8.4pts |
| Now | 16.6% | 9.6% | 7.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 63.0% | 24.9% | 20.0% |
| FY2018 | 62.0% | 25.0% | 0.2% |
| FY2019 | 62.9% | 27.4% | 22.4% |
| FY2020 | 64.3% | 27.6% | 22.7% |
| FY2021 | 64.0% | 25.8% | 21.3% |
| FY2022 | 62.5% | 27.1% | 22.9% |
| FY2023 | 62.7% | 26.4% | 22.1% |
| FY2024 | 64.7% | 22.6% | 19.2% |
| FY2025 | 64.9% | 20.8% | 18.0% |
| FY2026 | 64.5% | 24.3% | 21.0% |
Leverage and buybacks account for 10 points of the 26% return on equity in FY2026. The business earns 17% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$59.5B of goodwill — 82% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 100.13% against 18.24% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.17x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $12.77B; after share-based compensation it is $8.94B. The difference is a real cost that the cash flow statement adds back.
Covers interest 7.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 10.45x |
| 5% | 9.93x |
| 10% | 9.41x |
| 15% | 8.89x |
| 20% | 8.36x |
| 25% | 7.84x |
| 30% | 7.32x |
| 35% | 6.80x |
| 40% | 6.27x |
| 45% | 5.75x |
| 50% | 5.23x |
| 55% | 4.70x |
| 60% | 4.18x |
Ladder as of 2026-07-25 (10-K); cash from the 2026-07-25 balance sheet; FCF from FY2026.
Balance sheet at 2026-07-25. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $112.20, free cash flow must compound 20.34%/yr for 10 years. It has done -6.16%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −0.7% | 20.3% |
| FY2022 | −16.4% | 20.3% |
| FY2023 | 53.6% | 20.3% |
| FY2024 | −57.2% | 20.3% |
| FY2025 | 35.2% | 20.3% |
| FY2026 | −7.4% | 20.3% |
This is solved on free cash flow AFTER stock compensation ($8.57B against $12.09B before it). On the unadjusted figure the requirement would be 15.68%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $13.27B | $13.27B |
| Share-based comp | $3.83B | $17.10B |
| Other non-cash & working capital | −$2.92B | $14.18B |
| Operating cash flow | $14.18B | $14.18B |
| Capex | −$1.41B | $12.77B |
| Free cash flow | $12.77B | $12.77B |
| FCF after SBC | $8.94B | $8.94B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 1.1% | 5.4% | 4.3 points |
| FY2022 | 3.5% | 14.8% | 11.4 points |
| FY2023 | 10.6% | -11.6% | -22.1 points |
| FY2024 | -5.6% | 14.2% | 19.8 points |
| FY2025 | 5.3% | 0.2% | -5.1 points |
| FY2026 | 11.8% | 11.5% | -0.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 40.5 days | 26.6 days | 46 days | 21.1 days |
| FY2021 | 42.2 days | 31.7 days | 48.1 days | 25.9 days |
| FY2022 | 46.9 days | 48.5 days | 43.1 days | 52.3 days |
| FY2023 | 37.5 days | 62.6 days | 39.7 days | 60.4 days |
| FY2024 | 45.4 days | 64.9 days | 44.3 days | 65.9 days |
| FY2025 | 43.2 days | 58.1 days | 46.5 days | 54.9 days |
| FY2026 | 43.1 days | 92.5 days | 54.7 days | 80.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -4.4 percent |
| FY2021 | -5.0 percent |
| FY2022 | -1.5 percent |
| FY2023 | -7.1 percent |
| FY2024 | -0.5 percent |
| FY2025 | -3.3 percent |
| FY2026 | -0.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.