Price to FCFE (P/FCFE)
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Cisco Systems Inc., FCFE calculation
US$ in millions
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).
The analysis of cash flow performance from July 2021 through July 2026 reveals significant volatility in both operating cash flows and free cash flow to equity (FCFE), characterized by a notable anomaly in the 2024 fiscal period.
- Net Cash Provided by Operating Activities
- Operating cash flows exhibited a fluctuating trajectory, peaking in July 2023 at US$ 19,886 million. Following this peak, a sharp contraction occurred in July 2024, where cash provided by operations dropped to US$ 10,880 million. A subsequent recovery is observed in 2025 and 2026, with values stabilizing near US$ 14,100 million.
- Free Cash Flow to Equity (FCFE) Trends
- FCFE demonstrated inconsistent growth patterns. While a general upward trend was maintained from 2021 to 2023, an extraordinary surge occurred in July 2024, with FCFE reaching US$ 29,540 million. This peak was followed by a severe correction in July 2025, where the figure fell to US$ 10,476 million, before recovering to US$ 14,180 million by July 2026.
- Analysis of Cash Flow Divergence
- A significant divergence between operating cash flows and FCFE is evident in July 2024. In most observed periods, FCFE remains below or closely aligned with operating cash flows. However, in 2024, FCFE exceeded operating cash flows by US$ 18,660 million. This indicates that the increase in cash available to equity holders during this period was not driven by core business operations, but likely resulted from substantial non-operating inflows, such as the liquidation of assets or significant new debt issuance.
Price to FCFE Ratio, Current
Cisco Systems Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Apple Inc. | |
| Arista Networks Inc. | |
| Dell Technologies Inc. | |
| Lumentum Holdings Inc. | |
| Super Micro Computer Inc. | |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2026-07-25).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Cisco Systems Inc., historical P/FCFE calculation, comparison to benchmarks
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Dell Technologies Inc. | |||||||
| Lumentum Holdings Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
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.
3 2026 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Cisco Systems Inc. Annual Report.
5 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited significant volatility between 2021 and 2026, characterized by a sustained period of valuation compression followed by a rapid expansion.
- Share Price Trajectory
- The share price experienced moderate fluctuations between 2021 and 2024, ranging from a low of 45.37 US$ to a high of 58.60 US$. A sharp bullish trend emerged in the final two years of the period, with the price increasing to 67.67 US$ in 2025 and peaking at 109.46 US$ in 2026.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed a strong growth trend from 2021, peaking at 7.40 US$ in 2024. This was followed by a substantial decline to 2.65 US$ in 2025, before a partial recovery to 3.60 US$ was recorded in 2026.
- P/FCFE Ratio Analysis
- A consistent downward trend in the P/FCFE ratio is observed from 2021 to 2024, falling from 21.02 to a trough of 6.64. This compression indicates that the increase in cash flow generation outpaced the growth in share price, suggesting a period of relative undervaluation. In contrast, the ratio expanded aggressively from 2025 onward, reaching 30.43 in 2026. This surge is attributed to the simultaneous increase in share price and the sharp contraction in FCFE per share, indicating a significant expansion in the valuation multiple.