CISCO SYSTEMS, INC. (CSCO)

Computer Communications Equipment

Latest Price

$109.43

TTM P/E

36.36

Normalized P/E

38.94

Div Yield

1.52%

Book Value

12.36

P/B Ratio

8.86

Valuation metrics

EPS: $3.33

Book value / share: $12.74

Formula: √(22.5 × EPS × BVPS)

Graham Number

$30.90

72% downside

Norm. op. income: $13.6B (median of 7yr)

Tax rate: 18%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$24.08

78% downside

Base FCF: $12.8B (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$29.73

73% downside

EPS: $3.33

Target P/E: 39×

Formula: EPS × P/E

P/E Fair Value

$129.87

+19% upside

80.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	358.67M	$42.13B	9.09%	-6.54M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	244.79M	$28.75B	6.20%	+1.01M	2026-06-30
STATE STREET CORP	197.15M	$23.16B	5.00%	+3.56M	2026-06-30
Invesco Ltd.	138.19M	$16.23B	3.50%	+81.40M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	119.31M	$14.01B	3.02%	+1.46M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	101.01M	$11.84B	2.56%	-1.13M	2026-06-30
MORGAN STANLEY	80.40M	$9.44B	2.04%	+2.67M	2026-06-30
FMR LLC	76.06M	$8.93B	1.93%	+8.68M	2026-06-30
Capital Research Global Investors	67.17M	$7.89B	1.70%	+3.23M	2026-06-30
NORGES BANK	54.84M	$6.44B	1.39%	-3.24M	2026-06-30