Cisco Systems Inc., current enterprise value calculation

Current share price (P)	$106.70
No. shares of common stock outstanding	3,942,586,873
US$ in millions
Common equity (market value)¹	420,674)
Add: Preferred stock, $0.001 par value; none issued and outstanding (per books)	—)
Total equity	420,674)
Add: Short-term debt (per books)	10,161)
Add: Long-term debt, excluding current portion (per books)	19,372)
Total equity and debt	450,207)
Less: Cash and cash equivalents	7,218)
Less: Investments	8,700)
Enterprise value (EV)	434,289)

Based on: 10-K (reporting date: 2026-07-25).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 106.70 × 3,942,586,873

Cisco Systems Inc., EV calculation

	Jul 25, 2026	Jul 26, 2025	Jul 27, 2024	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021
Share price^1, 2	$109.46	$67.67	$49.13	$56.79	$45.37	$58.60
No. shares of common stock outstanding¹	3,942,586,873	3,953,196,953	3,990,734,794	4,054,857,783	4,108,844,167	4,217,735,917
US$ in millions
Common equity (market value)³	431,556)	267,513)	196,065)	230,275)	186,418)	247,159)
Add: Preferred stock, $0.001 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	431,556)	267,513)	196,065)	230,275)	186,418)	247,159)
Add: Short-term debt (book value)	10,161)	5,232)	11,341)	1,733)	1,099)	2,508)
Add: Long-term debt, excluding current portion (book value)	19,372)	22,861)	19,621)	6,658)	8,416)	9,018)
Total equity and debt	461,089)	295,606)	227,027)	238,666)	195,933)	258,685)
Less: Cash and cash equivalents	7,218)	8,346)	7,508)	10,123)	7,079)	9,175)
Less: Investments	8,700)	7,764)	10,346)	16,023)	12,188)	15,343)
Enterprise value (EV)	445,171)	279,496)	209,173)	212,520)	176,666)	234,167)

Based on: 10-K (reporting date: 2026-07-25), 10-K (reporting date: 2025-07-26), 10-K (reporting date: 2024-07-27), 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Cisco Systems Inc. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 109.46 × 3,942,586,873

The financial trajectory between 2021 and 2026 is characterized by initial volatility followed by a period of significant valuation expansion. The Enterprise Value (EV) demonstrates a high degree of correlation with the market value of common equity, indicating that fluctuations in market capitalization are the primary drivers of the overall corporate valuation.

Equity Valuation Trends: Common equity market value experienced a notable decline from US$ 247,159 million in July 2021 to US$ 186,418 million in July 2022. This was followed by a period of instability, with a recovery in 2023 to US$ 230,275 million and a subsequent decrease to US$ 196,065 million in 2024. A decisive upward trend began in 2025, with equity value rising to US$ 267,513 million and accelerating to US$ 431,556 million by July 2026.
Enterprise Value (EV) Analysis: The Enterprise Value mirrored the volatility of the equity market, dropping from US$ 234,167 million in 2021 to a low of US$ 176,666 million in 2022. After remaining relatively stagnant between 2023 and 2024, the EV entered a phase of rapid growth, increasing to US$ 279,496 million in 2025 and reaching US$ 445,171 million in 2026. This represents a substantial increase in the total theoretical takeover value of the firm over the final two years of the period.
Capital Structure Observations: A consistent disparity is observed between the Total Equity and Debt figures and the Enterprise Value. In every reporting period, the Enterprise Value remained lower than the combined value of total equity and debt. This pattern indicates the presence of significant cash and cash equivalents that offset the total debt, thereby reducing the net cost of the enterprise relative to its gross capital structure.

AI Ask an analyst for more

Download chart

Cisco Systems Inc. (NASDAQ:CSCO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)