Cisco Systems (NasdaqGS:CSCO) - Share price, News & Analysis

Q: What is the Fair Price of CSCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CSCO ($41.29) is trading below our estimate of [[fair value]] ($87.62)

CSCO fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	2/6
Past Performance	4/6
Financial Health	6/6
Dividends	5/6

CSCO Stock Overview

Rewards

Trading at 52.9% below our estimate of its fair value

Earnings are forecast to grow 4.96% per year

Earnings have grown 18.3% per year over the past 5 years

Pays a reliable dividend of 3.68%

Trading at good value vs. peer average Price-To-Earnings ratio

Trading below our calculated fair Price-To-Earnings ratio

Analysts in good agreement that stock price will rise by 33.9%

Risk Analysis

No risks detected for CSCO from our risk checks.

Cisco Systems Competitors

Motorola Solutions

NYSE:MSI

US$37.4b

Arista Networks

NYSE:ANET

US$34.4b

Ubiquiti

NYSE:UI

US$17.7b

Juniper Networks

NYSE:JNPR

US$8.4b

Price History & Performance

Summary of all time highs, changes and price drops for Cisco Systems
Historical stock prices
Current Share Price	US$41.29
52 Week High	US$64.29
52 Week Low	US$39.96
Beta	0.94
1 Month Change	-7.40%
3 Month Change	-1.60%
1 Year Change	-23.86%
3 Year Change	-13.57%
5 Year Change	22.31%
Change since IPO	53,344.99%

Recent News & Updates

Oct 02

Cisco: Thesis Intact Despite Poor Execution

Summary Cisco struggled to fill orders over the past year due to COVID lockdowns in China. As a result, the stock has underperformed the overall market. Even with supply constraints, Cisco returned significant amounts of cash last year and is positioned to do so this year. 50% growth in web scale orders indicates Silicon One platform is gaining traction. Based on the low valuation, high cash flow, relatively low risk, and the asymmetric risk-return profile, Cisco is a Buy. Analysis of Previous Forecast Since my last article and the beginning of the year, Cisco (CSCO) has underperformed both the S&P 500 and the Nasdaq 100. Seeking Alpha Total return is close to my forecast Minimum scenario of -34%. Three key inputs were used to derive the total return forecast: revenue growth, gross margin, and multiple expansion. Fiscal 2022 revenue growth of 3% was between the Minimum (0th percentile) and Worst Case (10th percentile) scenarios for the same reason specified for the Minimum: "Supply constraints or COVID cause 0% growth." Supply was constrained due to Covid lockdowns in China. Seeking Alpha Fiscal 2022 gross margin of 62.5% was slightly worse than the forecast Worst Case (10th percentile) scenario of 63%. Seeking Alpha Price-to-earnings contracted to ~14 and was near the forecast Minimum scenario of -30% contraction. Seeking Alpha As a result, enterprise value is now approaching 5-year lows: Seeking Alpha Latest Results According to the 2022 Q4 Earnings Presentation, Cisco's backlog is at a record high even though Q4 order growth declined 6% year-over-year. As was true last year, both Current and Non-Current Unearned Revenue have continued to trend upwards. Seeking Alpha and Poppertech According to the 2022 Q4 Earnings call, web scale orders grew 50% on a trailing four quarter basis and the 8000 series routers, based on the Silicon One architecture, is the fastest growing platform in company history. Based on the current market capitalization, Cisco's 2022 earnings yield was 7%. Cash returned to equity holders via dividends and share repurchases yielded 8.6%. In addition, the company paid down long-term debt by $2 billion, and it is now less than $10 billion or ~5% of enterprise value. Even if the company were to miss its guidance again and perform at similar levels to last year, the cash returned to shareholders still should be significant. Key Inputs The three inputs to the valuation are: revenue growth, gross margin, and multiple expansion. These parameters are estimated for five different scenarios: Minimum (0th percentile), Worst Case (10th percentile), Most Likely, Best Case (90th percentile), and Maximum (100th percentile). Historical data, current data, management estimates, and best guesses underlie the following assumptions: Revenue Growth: Base case matches bottom of 4-6% FY 2022 guidance Minimum: Supply constraints or a recession cause -5% growth, or 9% below base Worst Case: Supply constraints or a recession cause 0%, or 4% below base Most Likely: Matches base case of 4% Best Case: Matches high side of guidance of 6%, or 2% above base Maximum: Matches high side of guidance and shrinks backlog yielding 7% growth, or 3% above base

Sep 29

Investors Should Be Encouraged By Cisco Systems' (NASDAQ:CSCO) Returns On Capital

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...

Sep 21

Cisco Systems: Great Margins, But Lacks Growth

Summary Lack of revenue and profitability growth poses a challenge for the company. A beta of nearly one does not protect a portfolio from market volatility. The 10-year Treasury Note yields as much as Cisco's dividend. A recession may further stress its profitability. Cisco Systems (CSCO) consistently generates excellent cash flows and has good profit margins. But, the lack of revenue growth is a challenge for the company. The company may be fully valued, given the lack of revenue growth coupled with the potential global recession. Cisco is currently trading at 10x EBITDA. The company offers a safe dividend with a yield of 3.5%, but the U.S. 10-year Treasury note provides a similar yield. Given the lack of growth and a dividend yield slightly less than the U.S. Treasury, it may be best to wait for a further pullback in the stock before buying it. The stock trades in line with the market's volatility; hence, if there is more selling pressure on the S&P 500 Index, Cisco Systems may sell off further. Cisco Lacks Revenue Growth But Offers Great Margins and Cash Flows The company is suffering from a lack of revenue growth. In Q4 2022, the company had 0% y/y revenue growth [Exhibit 1]. Cisco's End-to-End Security product portfolio showed impressive revenue growth of 20%, while the Optimized Application Experiences category showed 8% revenue growth. But, the company's Secure, Agile Networks product category continued its losing streak with a 1% revenue loss. This Networks product category accounted for 46% of Cisco's total revenue. Exhibit 1: Cisco Systems Q4 FY 2022 Investor Presentation Cisco Systems Q4 2022 Revenue by Product Category (Cisco Systems Q4 FY 2022 Investor Presentation (August 17, 2022)) The Remaining Performance Obligations [RPO] can drive revenue for Cisco. The company had $31 billion in RPO at the end of 2022. Nearly 30% or $17 billion of the company's annual revenue for 2023 is already in the bank. The lack of overall revenue growth is a persistent challenge for Cisco Systems. But, the company has consistent and impressive profit margins. Its gross margin for 2022 was an impressive 62.55%, and its net income margin is over 22% [Exhibit 2]. Exhibit 2: Cisco's Excellent and Consistent Profit Margins [2013 - 2022] Cisco's Excellent and Consistent Profit Margins [2013 - 2022] (Seeking Alpha, Sec.gov, Author Compilation) Dividends, Stock Buybacks, and Financial Performance Since the fiscal year 2013, Cisco Systems has spent $75.59 billion on stock buybacks. With these buybacks, the company reduced its diluted share count from 5.38 billion to 4.19 billion, a 22% reduction. The share buybacks must overcome the headwinds of dilution in outstanding shares caused by stock issued for executive compensation [Exhibit 3]. The company has spent $15.26 billion in share-based compensation since 2013. In essence, $15.2 billion of the share buybacks have gone towards countering the dilutive effects of the company's share-based compensation program. Exhibit 3: Cisco's Share Buybacks, Share-based Compensation Cisco's Share Buybacks, Share-based Compensation (SEC.GOV, Author Compilation) Even as the company conducts buybacks, this dilution in outstanding shares increases the effective price paid for each share. Cisco Systems paid an effective average cost of about $64 per share [$75.593 billion / 1.188 billion shares reduction in share count] since the fiscal year 2013. The shares currently trade at $43.30, about 32% below the effective price paid for each share. Management pitches share buybacks as "returning money to shareholders," but in most cases, it prevents further dilution of shares and helps prop up earnings per share. It also helps increase the return on equity for the company [See next section]. The company returns a massive amount of money in the form of dividends. In 2022, the dividend paid by the company totaled $6.22 billion, while share buybacks totaled $7.68 billion. The company reported an operating cash flow of $13.22 billion in 2022. In essence, Cisco Systems' dividend and share buybacks were greater than its operating cash flow. How Cisco Systems Increased its Return on Equity by 1000 Basis Points in a Decade? The company's shareholder's equity stood at $59.128 billion in 2013. By the end of the fiscal year 2022, shareholder's equity was reduced to $39.77 billion. Most of this reduction in shareholder's equity can be blamed on share buybacks. The company's net income has not grown fast enough to compensate for the adverse effects of buybacks on shareholder's equity. Since the shareholder's equity is much lower in 2022 compared to 2013, the company's return on equity increased from 16.8% in 2013 to 29.7% in 2022 - over a 1000 basis points increase in returns [Exhibit 4]. This increase in return on equity wouldn't be possible without the decrease in the shareholder's equity since this equity forms the denominator for the ROE calculation. Exhibit 4: Cisco's Net Income, Shareholder's Equity, and Return on Equity Cisco's Net Income, Shareholder's Equity, and Return on Equity (SEC.GOV, Author Compilation) The company's net income has increased from $9.98 billion in 2013 to $11.81 billion in 2022 - a CAGR of 1.89%, while shareholder's equity reduced by -4.3% annually. Even market darling and the world's most valuable company, Apple (AAPL), has done massive amounts of share buybacks, thus lowering its shareholder's equity. Apple has also seen its net income rise while Cisco's has barely budged. Cisco's return on invested capital [ROIC] is a very healthy 23% [Source: Seeking Alpha/YCharts]. Apple's return on equity is a massive 153%, while its return on invested capital is a more "mundane" 53% [Source: Seeking Alpha/YCharts]. Investors need to look at the quality of the company's financial returns rather than just the headline numbers. Cisco's Price Volatility and Monthly Return Comparison with the S&P 500 Index From June 2019 until August 2022, Cisco Systems had a subpar average monthly return of negative 0.07%, and 75% of the time [third quartile], the company's monthly return fell below 4.83% [Exhibit 5]. The company has returned a negative 23% in the past year compared to a negative 11.4% for the Vanguard S&P 500 Index ETF (VOO). Although Cisco has badly underperformed the market, its monthly returns have a solid positive correlation of 0.62 with the S&P 500 Index. Most of the time, Cisco's stock tends to move closely with the market and closely tracks the market's volatility, given that it has a Beta of 0.94. A linear regression of the monthly returns [June 2019 - August 2022] of Cisco and the Vanguard S&P 500 Index yielded a Beta of 0.91. Exhibit 5: Cisco Systems Monthly Returns - Average, Standard Deviation, First, and Third Quartile Monthly Returns [June 2019 - August 2022]

Sep 14

What Does Cisco Systems, Inc.'s (NASDAQ:CSCO) Share Price Indicate?

Let's talk about the popular Cisco Systems, Inc. ( NASDAQ:CSCO ). The company's shares saw significant share price...

Shareholder Returns

	CSCO	US Communications	US Market
7D	1.8%	-0.4%	-2.5%
1Y	-23.9%	-20.9%	-23.2%

Return vs Industry: CSCO underperformed the US Communications industry which returned -20.9% over the past year.

Return vs Market: CSCO matched the US Market which returned -23.2% over the past year.

Price Volatility

Is CSCO's price volatile compared to industry and market?
CSCO volatility
CSCO Average Weekly Movement	3.6%
Communications Industry Average Movement	7.2%
Market Average Movement	6.8%
10% most volatile stocks in US Market	15.5%
10% least volatile stocks in US Market	2.8%

Stable Share Price: CSCO is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CSCO's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1984	83,300	Chuck Robbins	https://www.cisco.com

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization. In addition, it provides Internet for the future product consists of routed optical networking, 5G, silicon, and optics solutions; collaboration products, such as meetings, collaboration devices, calling, contact center, and communication platform as a service; end-to-end security product consists of network security, cloud security, security endpoints, unified threat management, and zero trust; and optimized application experiences products including full stack observability and cloud-native platform.

Cisco Systems Fundamentals Summary

How do Cisco Systems's earnings and revenue compare to its market cap?
CSCO fundamental statistics
Market Cap	US$164.35b
Earnings (TTM)	US$11.81b
Revenue (TTM)	US$51.56b

14.4x

P/E Ratio

3.3x

P/S Ratio

Is CSCO overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CSCO income statement (TTM)
Revenue	US$51.56b
Cost of Revenue	US$19.31b
Gross Profit	US$32.25b
Other Expenses	US$20.44b
Earnings	US$11.81b

Last Reported Earnings

Jul 30, 2022

Next Earnings Date

Nov 16, 2022

Earnings per share (EPS)	2.87
Gross Margin	62.55%
Net Profit Margin	22.91%
Debt/Equity Ratio	23.9%

How did CSCO perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

53%

Payout Ratio

Does CSCO pay a reliable dividends?

See CSCO dividend history and benchmarks

When do you need to buy CSCO by to receive an upcoming dividend?
Cisco Systems dividend dates
Ex Dividend Date	Oct 04 2022
Dividend Pay Date	Oct 26 2022
Days until Ex dividend	0 days
Days until Dividend pay date	22 days

Does CSCO pay a reliable dividends?

See CSCO dividend history and benchmarks

We’ve recently updated our valuation analysis.

Valuation

Is CSCO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CSCO?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CSCO. This is calculated by dividing CSCO's market cap by their current preferred multiple.
What is CSCO's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$164.35b

CSCO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3x
Enterprise Value/EBITDA	9.8x
PEG Ratio	2.9x

Price to Earnings Ratio vs Peers

How does CSCO's PE Ratio compare to its peers?

CSCO PE Ratio vs Peers

The above table shows the PE ratio for CSCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	33.4x
MSI Motorola Solutions	31.1x	11.7%	US$37.4b
ANET Arista Networks	33.2x	10.5%	US$34.4b
UI Ubiquiti	46.8x	20.1%	US$17.7b
JNPR Juniper Networks	21.6x	10.7%	US$8.4b
CSCO Cisco Systems	13.9x	5.0%	US$164.4b

Price-To-Earnings vs Peers: CSCO is good value based on its Price-To-Earnings Ratio (14.4x) compared to the peer average (33.4x).

Price to Earnings Ratio vs Industry

How does CSCO's PE Ratio compare vs other companies in the US Communications Industry?

Price-To-Earnings vs Industry: CSCO is good value based on its Price-To-Earnings Ratio (14.4x) compared to the US Communications industry average (22.9x)

Price to Earnings Ratio vs Fair Ratio

What is CSCO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CSCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.4x
Fair PE Ratio	23.7x

Price-To-Earnings vs Fair Ratio: CSCO is good value based on its Price-To-Earnings Ratio (14.4x) compared to the estimated Fair Price-To-Earnings Ratio (23.7x).

Share Price vs Fair Value

What is the Fair Price of CSCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CSCO ($41.29) is trading below our estimate of fair value ($87.62)

Significantly Below Fair Value: CSCO is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Cisco Systems forecast to perform in the next 1 to 3 years based on estimates from 25 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

5.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSCO's forecast earnings growth (5% per year) is above the savings rate (1.9%).

Earnings vs Market: CSCO's earnings (5% per year) are forecast to grow slower than the US market (14.8% per year).

High Growth Earnings: CSCO's earnings are forecast to grow, but not significantly.

Revenue vs Market: CSCO's revenue (3.9% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: CSCO's revenue (3.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CSCO's Return on Equity is forecast to be high in 3 years time (29%)

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Past Performance

How has Cisco Systems performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

18.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CSCO has high quality earnings.

Growing Profit Margin: CSCO's current net profit margins (22.9%) are higher than last year (21.3%).

Past Earnings Growth Analysis

Earnings Trend: CSCO's earnings have grown by 18.3% per year over the past 5 years.

Accelerating Growth: CSCO's earnings growth over the past year (11.6%) is below its 5-year average (18.3% per year).

Earnings vs Industry: CSCO earnings growth over the past year (11.6%) underperformed the Communications industry 11.6%.

Return on Equity

High ROE: CSCO's Return on Equity (29.7%) is considered high.

Discover strong past performing companies

Financial Health

How is Cisco Systems's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CSCO's short term assets ($36.7B) exceed its short term liabilities ($25.6B).

Long Term Liabilities: CSCO's short term assets ($36.7B) exceed its long term liabilities ($28.6B).

Debt to Equity History and Analysis

Debt Level: CSCO has more cash than its total debt.

Reducing Debt: CSCO's debt to equity ratio has reduced from 51.1% to 23.9% over the past 5 years.

Debt Coverage: CSCO's debt is well covered by operating cash flow (139%).

Interest Coverage: CSCO earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Cisco Systems's current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

3.68%

Current Dividend Yield

Dividend Yield vs Market

Cisco Systems Dividend Yield vs Market

How does Cisco Systems dividend yield compare to the market?
Segment	Dividend Yield
Company (Cisco Systems)	3.7%
Market Bottom 25% (US)	1.7%
Market Top 25% (US)	4.7%
Industry Average (Communications)	3.7%
Analyst forecast in 3 Years (Cisco Systems)	3.9%

Notable Dividend: CSCO's dividend (3.68%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: CSCO's dividend (3.68%) is low compared to the top 25% of dividend payers in the US market (4.75%).

Stability and Growth of Payments

Stable Dividend: CSCO's dividends per share have been stable in the past 10 years.

Growing Dividend: CSCO's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (53%), CSCO's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (49%), CSCO's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure

CEO

Chuck Robbins (56 yo)

7.42yrs

Tenure

US$25,446,695

Compensation

Mr. Charles H. Robbins, also known as Chuck, has been Chief Executive Officer of Cisco Systems, Inc., since July 26, 2015 and has been its Chairman of the Board on December 11, 2017. He has been Director o...

CEO Compensation Analysis

Chuck Robbins's Compensation vs Cisco Systems Earnings

How has Chuck Robbins's remuneration changed compared to Cisco Systems's earnings?
Date	Total Comp.	Salary	Company Earnings
Jul 30 2022	n/a	n/a	US$12b
Apr 30 2022	n/a	n/a	US$12b
Jan 29 2022	n/a	n/a	US$12b
Oct 30 2021	n/a	n/a	US$11b
Jul 31 2021	US$25m	US$1m	US$11b
May 01 2021	n/a	n/a	US$10b
Jan 23 2021	n/a	n/a	US$10b
Oct 24 2020	n/a	n/a	US$10b
Jul 25 2020	US$23m	US$1m	US$11b
Apr 25 2020	n/a	n/a	US$11b
Jan 25 2020	n/a	n/a	US$11b
Oct 26 2019	n/a	n/a	US$11b
Jul 27 2019	US$26m	US$1m	US$12b
Apr 27 2019	n/a	n/a	US$13b
Jan 26 2019	n/a	n/a	US$13b
Oct 27 2018	n/a	n/a	US$1b
Jul 28 2018	n/a	n/a	US$110m
Apr 28 2018	n/a	n/a	-US$1b
Jan 27 2018	n/a	n/a	-US$1b
Oct 28 2017	n/a	n/a	US$10b
Jul 29 2017	US$17m	US$1m	US$10b
Apr 29 2017	n/a	n/a	US$10b
Jan 28 2017	n/a	n/a	US$10b
Oct 29 2016	n/a	n/a	US$11b
Jul 30 2016	US$16m	US$1m	US$11b

Compensation vs Market: Chuck's total compensation ($USD25.45M) is above average for companies of similar size in the US market ($USD13.04M).

Compensation vs Earnings: Chuck's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: CSCO's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: CSCO's board of directors are considered experienced (6.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of CSCO?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	296,017	0.007%
Individual Insiders	1,171,994	0.03%
State or Government	1,903,599	0.05%
General Public	1,049,151,494	25.5%
Institutions	3,056,321,063	74.4%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 42.92% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
9.06%	The Vanguard Group, Inc.	372,171,051	$15.4b	0.89%	0.35%
8.55%	BlackRock, Inc.	351,391,479	$14.5b	-0.05%	0.36%
4.45%	State Street Global Advisors, Inc.	182,861,764	$7.6b	-3.83%	0.42%
1.82%	Geode Capital Management, LLC	74,607,001	$3.1b	1.25%	0.4%
1.58%	Charles Schwab Investment Management, Inc.	64,940,889	$2.7b	21.66%	0.71%
1.4%	Wellington Management Group LLP	57,599,361	$2.4b	-14.52%	0.43%
1.34%	UBS Asset Management	54,915,418	$2.3b	1.56%	0.44%
1.33%	BNY Mellon Asset Management	54,521,014	$2.3b	1.73%	0.51%
1.3%	Northern Trust Global Investments	53,432,845	$2.2b	-2.01%	0.45%
1.19%	Columbia Management Investment Advisers, LLC	48,839,930	$2.0b	-5.47%	0.6%
1.15%	Dodge & Cox	47,111,072	$1.9b	0.88%	1.12%
1.07%	FMR LLC	43,963,019	$1.8b	-2.55%	0.17%
0.94%	Norges Bank Investment Management	38,463,558	$1.6b	0%	0.21%
0.93%	Wells Fargo & Company, Securities and Brokerage Investments	38,286,006	$1.6b	3.07%	0.69%
0.88%	Legal & General Investment Management Limited	36,134,446	$1.5b	1.72%	0.45%
0.81%	Morgan Stanley, Investment Banking and Brokerage Investments	33,366,792	$1.4b	-2.23%	0.27%
0.69%	First Trust Advisors LP	28,448,207	$1.2b	15.18%	1.34%
0.65%	Managed Account Advisors LLC	26,894,295	$1.1b	-30%	0.31%
0.63%	Eaton Vance Management	25,806,342	$1.1b	-3.84%	0.4%
0.6%	Goldman Sachs Asset Management, L.P.	24,527,412	$1.0b	3.44%	0.43%
0.58%	Bank of America Corporation, Asset Management Arm	23,954,323	$989.1m	9.44%	0.39%
0.55%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	22,406,525	$925.2m	-18.81%	0.31%
0.49%	California Public Employees' Retirement System	20,055,392	$828.1m	-11.35%	0.77%
0.48%	Boston Partners Global Investors, Inc.	19,782,636	$816.8m	-15.01%	0.69%
0.46%	Nordea Investment Management AB	18,888,034	$779.9m	17.84%	0.69%

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
CSCO	NasdaqGS (Nasdaq Global Select)	Yes	Common Shares	US	USD	Feb 1990
CSCO *	BMV (Bolsa Mexicana de Valores)	Yes	Common Shares	MX	MXN	Feb 1990
CIS	DB (Deutsche Boerse AG)	Yes	Common Shares	DE	EUR	Feb 1990
4333	SEHK (The Stock Exchange of Hong Kong Ltd.)	Yes	Common Shares	HK	HKD	Feb 1990
CSCO	SWX (SIX Swiss Exchange)	Yes	Common Shares	CH	CHF	Feb 1990
CIS	XTRA (XETRA Trading Platform)	Yes	Common Shares	DE	EUR	Feb 1990
CSCO	SNSE (Santiago Stock Exchange)	Yes	Common Shares	CL	USD	Feb 1990
CSCO	BVL (Bolsa de Valores de Lima)	Yes	Common Shares	PE	USD	Feb 1990
CIS-U	ETLX (Eurotlx)	Yes	Common Shares	IT	EUR	Feb 1990
CSCO	WBAG (Wiener Boerse AG)	Yes	Common Shares	AT	EUR	Feb 1990
CIS	ENXTBR (Euronext Brussels)	Yes	Common Shares	BE	USD	Feb 1990
CIS	BUL (Bulgaria Stock Exchange)	Yes	Common Shares	BG	EUR	Feb 1990
CSCOCL	SNSE (Santiago Stock Exchange)	Yes	Common Shares	CL	CLP	Feb 1990
CSCO	BASE (Buenos Aires Stock Exchange)		CEDEARS EACH 5 REPR 1 COM NPV	AR	ARS	Jan 2000
CSCOD	BASE (Buenos Aires Stock Exchange)		CEDEARS EACH 5 REPR 1 COM NPV	AR	USD	Jan 2000
CSCO34	BOVESPA (Bolsa de Valores de Sao Paulo)		BDR EACH 5 REP 1 COM	BR	BRL	Sep 2013

Data	Last Updated (UTC time)
Company Analysis	2022/10/03 00:00
End of Day Share Price	2022/10/03 00:00
Earnings	2022/07/30
Annual Earnings	2022/07/30