Stock Analysis on Net

Cisco Systems Inc. (NASDAQ:CSCO)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Cisco Systems Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Apr 26, 2025 Jan 25, 2025 Oct 26, 2024 Jul 27, 2024 Apr 27, 2024 Jan 27, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 23, 2021 Oct 24, 2020 Jul 25, 2020 Apr 25, 2020 Jan 25, 2020 Oct 26, 2019 Jul 27, 2019 Apr 27, 2019 Jan 26, 2019 Oct 27, 2018
Net fixed asset turnover 26.79 27.20 25.44 25.74 27.68 28.55 28.96 27.34 26.82 27.07 26.52 25.82 25.21 24.09 22.69 21.31 20.64 20.13 19.93 20.10 19.95 19.67 19.48 18.61
Total asset turnover 0.46 0.45 0.43 0.43 0.45 0.57 0.59 0.56 0.56 0.55 0.56 0.55 0.56 0.55 0.53 0.51 0.52 0.50 0.51 0.52 0.55 0.57 0.56 0.53
Equity turnover 1.21 1.19 1.17 1.18 1.21 1.24 1.28 1.29 1.30 1.28 1.30 1.30 1.28 1.31 1.19 1.21 1.21 1.23 1.26 1.30 1.42 1.45 1.51 1.55

Based on: 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26), 10-K (reporting date: 2019-07-27), 10-Q (reporting date: 2019-04-27), 10-Q (reporting date: 2019-01-26), 10-Q (reporting date: 2018-10-27).


Net Fixed Asset Turnover
The net fixed asset turnover ratio demonstrates a generally increasing trend from the earliest available data in late 2018 through to mid-2024. Starting around 18.61, the ratio steadily rose with minor fluctuations, reaching a peak slightly above 28.96 by mid-2023. After this peak, a slight decline is observed towards the end of the data period, where it decreases to approximately 26.79 by late 2024. Overall, this indicates improved efficiency in generating sales from fixed assets over time, although there is some moderation in this efficiency in the latest quarters.
Total Asset Turnover
The total asset turnover ratio generally fluctuates within a narrow range over the observed periods. Initially, the ratio starts near 0.53 in late 2018 and exhibits minor increases and decreases over the following years, peaking near 0.59 in early 2024. However, there is a noticeable downward trend beginning in early 2024, with the ratio falling to approximately 0.43 by mid-2024 before showing a slight improvement at the end of the period. This pattern suggests relatively stable asset utilization with some recent challenges or changes in asset management or sales generation efficiency.
Equity Turnover
The equity turnover ratio shows a declining trend from late 2018 through early 2021, moving from around 1.55 down to approximately 1.19. Following this period, the ratio remains relatively steady with minor fluctuations between 1.17 and 1.31. Toward the end of the data set, a small uptick is observed, concluding near 1.21 in late 2024. This trend may reflect changes in how effectively equity is being used to generate revenue, with initial decreases possibly indicating more equity relative to sales, followed by stabilization in the more recent periods.

Net Fixed Asset Turnover

Cisco Systems Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Apr 26, 2025 Jan 25, 2025 Oct 26, 2024 Jul 27, 2024 Apr 27, 2024 Jan 27, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 23, 2021 Oct 24, 2020 Jul 25, 2020 Apr 25, 2020 Jan 25, 2020 Oct 26, 2019 Jul 27, 2019 Apr 27, 2019 Jan 26, 2019 Oct 27, 2018
Selected Financial Data (US$ in millions)
Revenue 14,149 13,991 13,841 13,642 12,702 12,791 14,668 15,203 14,571 13,592 13,632 13,102 12,835 12,720 12,900 13,126 12,803 11,960 11,929 12,154 11,983 12,005 13,159 13,428 12,958 12,446 13,072
Property and equipment, net 2,076 1,992 2,082 2,090 2,000 2,005 2,004 2,085 2,047 1,964 1,972 1,997 2,046 2,140 2,238 2,338 2,367 2,386 2,412 2,453 2,535 2,621 2,669 2,789 2,834 2,931 2,956
Long-term Activity Ratio
Net fixed asset turnover1 26.79 27.20 25.44 25.74 27.68 28.55 28.96 27.34 26.82 27.07 26.52 25.82 25.21 24.09 22.69 21.31 20.64 20.13 19.93 20.10 19.95 19.67 19.48 18.61
Benchmarks
Net Fixed Asset Turnover, Competitors2
Apple Inc. 8.54 8.59 8.56 8.66 8.76 8.83 8.77 8.82 8.87 9.02 9.36 9.61 9.82 9.64 9.28 8.99 8.61 7.75 7.47 7.67 7.47 7.23 6.96
Arista Networks Inc. 60.02 70.85 71.08 65.55 62.08 57.69 54.54 51.74 49.98 46.11 40.75 38.14 36.13 37.49 36.78 81.23 75.84 71.90
Dell Technologies Inc. 14.85 14.58 14.39 13.75 14.65 14.97 15.51 16.48 18.00 18.53 18.99 18.69 14.34 14.47 14.48 14.65 14.52 14.34 15.11 15.22
Super Micro Computer Inc. 43.79 43.60 41.69 36.21 30.65 31.14 25.34 24.54 22.67 22.98 20.69 18.17 16.40 14.88 13.47 12.95 12.74 12.77 13.65 14.28 14.31 14.82 15.67 16.88

Based on: 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26), 10-K (reporting date: 2019-07-27), 10-Q (reporting date: 2019-04-27), 10-Q (reporting date: 2019-01-26), 10-Q (reporting date: 2018-10-27).

1 Q3 2025 Calculation
Net fixed asset turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Property and equipment, net
= (14,149 + 13,991 + 13,841 + 13,642) ÷ 2,076 = 26.79

2 Click competitor name to see calculations.


The financial data reveals notable trends in revenue, property and equipment net values, and fixed asset turnover over the observed periods.

Revenue
The revenue shows fluctuations across the periods with no consistent growth pattern. Initial revenue starts at a high point around 13,072 million US dollars, followed by some decline and recovery phases. Notably, there is a dip around early 2020, potentially reflecting external economic conditions during that time. Subsequently, the revenue experiences an upward trend reaching peaks near 15,203 million US dollars in mid-2023 before moderate declines occur towards the later periods. This pattern might suggest seasonality or external market influences affecting sales performance.
Property and Equipment, Net
The net value of property and equipment exhibits a gradual and steady decline over the entire timeline, starting approximately at 2,956 million US dollars and decreasing to around 1,992 million by mid-2024. This downward trend indicates possible asset disposals, depreciation outpacing new investments, or strategy shifts reducing fixed assets. The consistency of this reduction suggests a strategic move to optimize or downsize capital assets rather than volatility in asset valuation.
Net Fixed Asset Turnover
The net fixed asset turnover ratio demonstrates a clear, steady upward trajectory. Beginning with values near 18.61, the ratio increases progressively to surpass 27.00 in recent quarters. This rising ratio implies improved efficiency in generating revenue from fixed assets, possibly due to better asset management, enhanced operational efficiencies, or a shift to less capital-intensive business segments. It also signals that the company can generate more revenue per unit of fixed asset, which is consistent with the observed decline in net fixed assets, suggesting improved utilization of existing assets.

Overall, the data illustrates a company experiencing revenue variability while managing to improve asset utilization efficiency amidst decreasing property and equipment net values. The improvements in fixed asset turnover ratio, in the context of lower net fixed assets, suggest operational efficiencies and potentially strategic realignment in asset usage or capital investment.


Total Asset Turnover

Cisco Systems Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Apr 26, 2025 Jan 25, 2025 Oct 26, 2024 Jul 27, 2024 Apr 27, 2024 Jan 27, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 23, 2021 Oct 24, 2020 Jul 25, 2020 Apr 25, 2020 Jan 25, 2020 Oct 26, 2019 Jul 27, 2019 Apr 27, 2019 Jan 26, 2019 Oct 27, 2018
Selected Financial Data (US$ in millions)
Revenue 14,149 13,991 13,841 13,642 12,702 12,791 14,668 15,203 14,571 13,592 13,632 13,102 12,835 12,720 12,900 13,126 12,803 11,960 11,929 12,154 11,983 12,005 13,159 13,428 12,958 12,446 13,072
Total assets 119,782 121,375 123,333 124,413 122,998 101,174 98,782 101,852 97,529 95,840 93,054 94,002 92,797 94,262 95,981 97,497 93,896 95,601 95,003 94,853 91,394 90,426 92,492 97,793 97,287 102,462 105,429
Long-term Activity Ratio
Total asset turnover1 0.46 0.45 0.43 0.43 0.45 0.57 0.59 0.56 0.56 0.55 0.56 0.55 0.56 0.55 0.53 0.51 0.52 0.50 0.51 0.52 0.55 0.57 0.56 0.53
Benchmarks
Total Asset Turnover, Competitors2
Apple Inc. 1.21 1.15 1.07 1.16 1.13 1.09 1.09 1.15 1.16 1.12 1.12 1.15 1.10 0.99 1.04 1.05 0.97 0.83 0.85 0.86 0.84 0.79 0.77
Arista Networks Inc. 0.51 0.50 0.51 0.54 0.58 0.59 0.62 0.64 0.64 0.65 0.64 0.60 0.52 0.51 0.51 0.50 0.50 0.49
Dell Technologies Inc. 1.15 1.11 1.12 1.08 1.09 1.09 1.15 1.14 1.24 1.20 1.18 1.09 0.73 0.79 0.78 0.76 0.77 0.75 0.77 0.78
Super Micro Computer Inc. 2.01 2.14 1.73 1.53 1.33 1.71 1.80 1.94 2.06 2.16 1.82 1.62 1.51 1.56 1.58 1.59 1.69 1.72 1.82 1.74 1.68 1.81 1.96 2.08

Based on: 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26), 10-K (reporting date: 2019-07-27), 10-Q (reporting date: 2019-04-27), 10-Q (reporting date: 2019-01-26), 10-Q (reporting date: 2018-10-27).

1 Q3 2025 Calculation
Total asset turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Total assets
= (14,149 + 13,991 + 13,841 + 13,642) ÷ 119,782 = 0.46

2 Click competitor name to see calculations.


The revenue of the company exhibits fluctuations throughout the analyzed quarters, with values oscillating between approximately $11,983 million and $15,203 million. While some quarters show incremental growth, others reflect slight contractions, indicating moderate volatility in revenue generation. The highest revenue points occur in the quarters ending July 2023, with a peak near $15,203 million, followed by a decrease in subsequent quarters, ending near $14,149 million in July 2024.

Total assets demonstrate a gradual decline from the initial figure of approximately $105,429 million toward lower values around $90,000 million in mid-periods, followed by recovery and growth reaching about $124,413 million in January 2025. This rebound signals potential asset accumulation after a phase of contraction, suggesting strategic asset management or acquisition activities in the latter part of the timeline.

Total asset turnover ratios, available for most quarters, indicate a generally stable efficiency in asset utilization, hovering around 0.5 to 0.6. There is a noticeable dip to approximately 0.43–0.46 in the latest quarters, possibly reflecting a rapid increase in assets relative to revenue or a slowdown in revenue growth efficiency. This decline in turnover ratio warrants monitoring, as it may suggest diminishing returns from asset usage or recent investments not yet translating into proportional revenue.

Revenue Trend
Overall fluctuating with moderate growth peaks around mid-2023 followed by a slight decline.
Total Assets
Initial decrease followed by a sustained increase, ending with a marked asset base expansion.
Total Asset Turnover
Relatively stable with a recent decline, indicating reduced efficiency in asset conversion to revenue.

In summary, the company displays cyclical revenue performance coupled with strategic asset growth. The declining asset turnover ratio in recent periods suggests a need for focused attention on the efficiency of employing assets to generate sales, which could impact future profitability if the trend persists.


Equity Turnover

Cisco Systems Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Apr 26, 2025 Jan 25, 2025 Oct 26, 2024 Jul 27, 2024 Apr 27, 2024 Jan 27, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 23, 2021 Oct 24, 2020 Jul 25, 2020 Apr 25, 2020 Jan 25, 2020 Oct 26, 2019 Jul 27, 2019 Apr 27, 2019 Jan 26, 2019 Oct 27, 2018
Selected Financial Data (US$ in millions)
Revenue 14,149 13,991 13,841 13,642 12,702 12,791 14,668 15,203 14,571 13,592 13,632 13,102 12,835 12,720 12,900 13,126 12,803 11,960 11,929 12,154 11,983 12,005 13,159 13,428 12,958 12,446 13,072
Total equity 45,935 45,530 45,277 45,457 45,768 46,251 45,210 44,353 42,295 41,474 40,272 39,773 40,400 39,496 42,701 41,275 40,205 39,121 38,157 37,920 35,708 35,533 34,423 33,571 36,804 40,789 43,848
Long-term Activity Ratio
Equity turnover1 1.21 1.19 1.17 1.18 1.21 1.24 1.28 1.29 1.30 1.28 1.30 1.30 1.28 1.31 1.19 1.21 1.21 1.23 1.26 1.30 1.42 1.45 1.51 1.55
Benchmarks
Equity Turnover, Competitors2
Apple Inc. 5.99 5.93 6.87 5.78 5.14 5.21 6.17 6.37 6.20 6.83 7.78 6.67 5.73 5.26 5.80 5.40 4.70 4.44 4.20 3.79 3.42 2.99 2.88
Arista Networks Inc. 0.73 0.70 0.72 0.75 0.77 0.81 0.86 0.90 0.91 0.90 0.90 0.87 0.76 0.74 0.72 0.71 0.71 0.70
Dell Technologies Inc. 11.09 19.97 27.22 38.01 104.35
Super Micro Computer Inc. 3.38 3.34 3.20 2.77 2.32 3.01 3.41 3.61 3.72 3.65 3.70 3.64 3.63 3.51 3.38 3.25 3.21 3.06 3.08 3.13 3.18 3.26 3.43 3.72

Based on: 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26), 10-K (reporting date: 2019-07-27), 10-Q (reporting date: 2019-04-27), 10-Q (reporting date: 2019-01-26), 10-Q (reporting date: 2018-10-27).

1 Q3 2025 Calculation
Equity turnover = (RevenueQ3 2025 + RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024) ÷ Total equity
= (14,149 + 13,991 + 13,841 + 13,642) ÷ 45,935 = 1.21

2 Click competitor name to see calculations.


Revenue Trends
Revenue figures exhibit fluctuations over the analyzed periods. Starting at $13,072 million in October 2018, revenue experienced a slight decline in early 2019, reaching a low point around $11,983 million in April 2020. Subsequently, there was a recovery and an upward trend, peaking at $15,203 million in July 2023. More recently, revenue has shown modest decline and stabilization, ending near $14,149 million in July 2024. This indicates a period of volatility with recovery and growth in the latter periods analyzed.
Total Equity Movements
Total equity displays a downward trend from $43,848 million in October 2018 to a trough of approximately $33,571 million around July 2019. After this low point, equity gradually increased, reaching $45,210 million by January 2024, before slightly decreasing again towards $45,935 million in July 2024. The general pattern suggests initial contraction followed by steady rebuilding of equity over time.
Equity Turnover Analysis
Equity turnover ratios, although not available for the earliest periods, begin at 1.55 in April 2019 and show a gradual decline over the following quarters. The ratio falls to approximately 1.18 by January 2025, indicating a decrease in the frequency with which equity is being used to generate revenue. Minor fluctuations appear mid-series, but the overall trend points to a mild reduction in turnover efficiency.
Insights
The financial data outlines a period marked by revenue volatility and equity contraction early on, followed by recovery and growth phases. While total equity has stabilized and grown over the longer term, the decline in equity turnover may suggest either an increase in equity base relative to revenue or a slight slowing in revenue generation efficiency with respect to shareholders' equity. The interplay of these metrics signals cautious improvement in financial health accompanied by potential challenges in optimizing equity utilization.