CSCOCISCO SYSTEMS, INC.
Computer Communications Equipment
- Revenue
- $63.3B
- 12% YoY
- Operating margin
- 24.3%
- 17% YoY
- EBITDA
- $16.1B
- 29% YoY
- Market cap
- $412.4B
- Employees
- 25,400
- $2M revenue each
- Net debt / EBITDA
- 1.0×
- $15.7B net debt
- AI in 10-K
- 13.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$39M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo107% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo89% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes46% of assetsOver 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$2M · 94th pctBottom quartile of its SIC industry
- Quiet on AINo13.1 per 10K words · 95th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$412.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$106M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $51.6B | $57.0B | $53.8B | $56.7B | $63.3B | 12% |
| Operating income | $14.0B | $15.0B | $12.2B | $11.8B | $15.4B | 31% |
| Net income | $11.8B | $12.6B | $10.3B | $10.2B | $13.3B | 30% |
| Operating cash flow | $13.2B | $19.9B | $10.9B | $14.2B | $14.2B | 0.1% |
| Capex | $477M | $849M | $670M | $905M | $1.4B | 56% |
| Stock-based comp | $1.9B | $2.4B | $3.1B | $3.6B | $3.8B | 5.2% |
| Buybacks | $7.7B | $4.3B | $5.8B | $6.0B | $6.1B | 1.8% |
| Dividends | $6.2B | $6.3B | $6.4B | $6.4B | $6.6B | 1.8% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $106M · 95
- Net
- −$106M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $49M | $132M | 237 | 253 |
| FY2025 | $53M | $94M | 140 | 199 |
| FY2024 | $39M | $17M | 95 | 160 |
| FY2023 | $32M | $75M | 100 | 120 |
| FY2022 | $29M | $6M | 84 | 94 |