Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
Cisco Systems Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2026-07-25), 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 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).
The valuation ratios exhibit a distinct two-phase trajectory. From October 2021 through October 2023, the metrics remained relatively stable or experienced a gradual compression. However, starting in January 2024, there is a significant and sustained expansion across all valuation multiples, peaking in April 2026 before showing a slight correction in the final observed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated between 14.30 and 20.46 during the first two years of the analyzed period. A sharp upward trend commenced in early 2024, with the ratio escalating from 14.54 in January 2024 to a peak of 38.03 in April 2026, indicating a substantial increase in the market's willingness to pay for each dollar of earnings.
- Price to Operating Profit (P/OP) Ratio
- Consistent with the P/E trend, the P/OP ratio reached a cyclical low of 12.32 in October 2023. It subsequently entered a period of aggressive expansion, reaching its highest point of 32.05 in April 2026, reflecting a heightened valuation relative to core operational profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio remained within a range of 3.35 to 4.59 between late 2021 and late 2023. A notable acceleration occurred in 2024, with the ratio climbing to 7.49 by April 2026, suggesting a significant premium placed on revenue generation during this period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed moderate volatility early on, reaching a low of 4.13 in April 2024. Following this trough, the ratio surged to a peak of 9.31 in April 2026, indicating a substantial expansion in market value relative to the company's equity base.
Overall, the synchronized movement of all four ratios suggests a period of significant valuation rerating. The transition from a period of valuation contraction (2021–2023) to rapid expansion (2024–2026) indicates a fundamental shift in market sentiment or expectations regarding the company's future growth and asset efficiency.
Price to Earnings (P/E)
Cisco Systems Inc., historical P/E calculation (quarterly data)
| Jul 25, 2026 | Apr 25, 2026 | Jan 24, 2026 | Oct 25, 2025 | Jul 26, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-07-25), 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
EPS
= (Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory of the equity valuation reveals a significant expansion in the price-to-earnings (P/E) multiple over the analyzed period. While the valuation remained relatively stable and conservative between late 2021 and late 2023, a distinct shift occurred starting in 2024, characterized by a substantial increase in market valuation relative to earnings.
- Share Price Performance
- The share price exhibited a period of volatility and consolidation from October 2021 through October 2023, fluctuating primarily between 44.00 and 56.79. However, a strong bullish trend emerged starting in early 2024. The price escalated from 48.28 in January 2024 to a peak of 115.38 in April 2026, representing a significant appreciation in market value before a slight correction to 109.46 in July 2026.
- Earnings Per Share (EPS) Trends
- Earnings per share remained remarkably stable for the first half of the period, oscillating between 2.70 and 3.34. A period of contraction was observed between July 2024 and January 2025, where EPS declined to a low of 2.31. Following this trough, a consistent recovery trend is evident, with earnings rising steadily to reach 3.37 by July 2026, indicating a restoration of profitability levels.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio reflects a transition from a value-oriented valuation to a growth-oriented valuation. From October 2021 to October 2023, the ratio generally fluctuated between 14.30 and 20.46. A sharp acceleration in the multiple began in late 2024, climbing from 14.54 in January 2024 to a peak of 38.03 in April 2026. This expansion suggests that the share price grew at a much faster rate than the underlying earnings, indicating increased investor optimism or a re-rating of the company's future growth prospects. The period concluded with a moderate contraction to 32.53 in July 2026.
Price to Operating Profit (P/OP)
Cisco Systems Inc., historical P/OP calculation (quarterly data)
| Jul 25, 2026 | Apr 25, 2026 | Jan 24, 2026 | Oct 25, 2025 | Jul 26, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-07-25), 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Operating profit per share
= (Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits a distinct two-phase trajectory between October 2021 and July 2026, transitioning from a period of relative stability and contraction to a phase of significant valuation expansion.
- Initial Valuation Stability and Contraction (October 2021 – April 2024)
- During this interval, the P/OP ratio primarily fluctuated between 12.32 and 17.02. A notable contraction occurred in April 2022, where the ratio dropped to 12.91, coinciding with a decline in share price to 44.00 US$. Despite fluctuations in operating profit per share, which peaked at 3.88 US$ in October 2023, the valuation multiple remained constrained, reaching a period low of 12.32 in October 2023.
- Rapid Valuation Expansion (October 2024 – July 2026)
- A structural shift in valuation is observed starting in October 2024, as the P/OP ratio climbed sharply from 16.10 in July 2024 to 22.12 in October 2024. This upward momentum continued, peaking at 32.05 in April 2026. This expansion represents a substantial increase in the multiple the market is willing to pay relative to operating profits, shifting the baseline from the mid-teens to the high twenties.
- Divergence Between Price and Operating Performance
- The expansion of the P/OP ratio is primarily driven by an aggressive increase in share price rather than commensurate growth in operating profitability. While the share price rose from 49.13 US$ in July 2024 to a peak of 115.38 US$ in April 2026, operating profit per share experienced a decline to 2.58 US$ in late 2023 and early 2024 before recovering to 3.90 US$ by July 2026. The disconnect between the rapid price appreciation and the more gradual recovery of operating profits resulted in the significant spike in the P/OP multiple.
- Recent Trend Analysis (January 2026 – July 2026)
- In the final two quarters of the observed period, a slight correction in the valuation multiple is evident. After reaching the peak of 32.05 in April 2026, the P/OP ratio declined to 28.08 by July 2026. This coincided with a decrease in share price from 115.38 US$ to 109.46 US$, even as operating profit per share continued its upward trend to 3.90 US$, suggesting a slight realignment of the price relative to underlying operational earnings.
Price to Sales (P/S)
Cisco Systems Inc., historical P/S calculation (quarterly data)
| Jul 25, 2026 | Apr 25, 2026 | Jan 24, 2026 | Oct 25, 2025 | Jul 26, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-07-25), 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
Sales per share
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation profile of the equity exhibits three distinct phases: a period of ratio compression, a phase of stabilization, and a subsequent aggressive valuation expansion. While sales per share maintained a consistent upward trajectory throughout the entire period, the price-to-sales (P/S) ratio was primarily driven by significant volatility and later growth in the share price.
- Share Price Trends
- The share price experienced an initial decline from 55.30 USD in October 2021 to a low of 44.00 USD in April 2022. Following a period of moderate fluctuation between 46.00 USD and 57.00 USD through 2023 and 2024, a sharp bullish trend emerged starting in January 2025. This momentum culminated in a peak of 115.38 USD by April 2026, before a slight correction to 109.46 USD in July 2026.
- Sales per Share Performance
- Operational growth remained steady and linear. Sales per share rose from 12.04 USD in October 2021 to 16.06 USD by July 2026. This consistent increase indicates a stable growth in revenue generation per outstanding share, independent of the market's valuation of that revenue.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio underwent significant shifts. An initial contraction occurred between October 2021 and October 2023, where the ratio fell from 4.59 to 3.35, as share price declines outweighed the growth in sales per share. A recovery phase began in 2024, leading into a period of rapid multiple expansion starting in January 2025. The ratio peaked at 7.49 in April 2026, representing a substantial increase in the market's willingness to pay for each dollar of sales. The period concluded with a ratio of 6.81 in July 2026.
The divergence between the steady growth of sales per share and the exponential increase in share price during the final quarters indicates a significant rerating of the asset. The expansion of the P/S ratio from 3.35 in late 2023 to a peak of 7.49 in early 2026 suggests an increase in investor optimism or a shift in perceived growth potential that far exceeded the actual rate of revenue growth.
Price to Book Value (P/BV)
Cisco Systems Inc., historical P/BV calculation (quarterly data)
| Jul 25, 2026 | Apr 25, 2026 | Jan 24, 2026 | Oct 25, 2025 | Jul 26, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total equity (in millions) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2026-07-25), 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 10-K (reporting date: 2025-07-26), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2026 Calculation
BVPS = Total equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibited a period of relative stability followed by a significant expansion in the latter portion of the observed timeframe. Between October 2021 and April 2024, the ratio fluctuated within a range of 4.13 to 5.92, reflecting a consistent valuation relative to the underlying net asset value.
- Book Value Progression
- Book value per share maintained a steady upward trajectory, increasing from 10.12 USD in October 2021 to 12.75 USD by July 2026. This gradual and consistent growth indicates a steady accumulation of net assets over the analyzed period.
- Share Price Volatility and Valuation Impact
- The share price remained largely range-bound between 44.00 USD and 57.00 USD from 2021 through late 2023, which kept the P/BV ratio within a moderate corridor. A distinct bullish trend emerged starting in late 2024, with the price ascending from 57.01 USD in July 2024 to a peak of 115.38 USD by April 2026.
- P/BV Ratio Expansion
- A trough in valuation was observed in April 2024, where the P/BV ratio reached 4.13. Subsequently, a rapid expansion occurred, with the ratio climbing to 6.52 by October 2025 and peaking at 9.31 in April 2026. This sharp increase indicates that the market began valuing the company at a significantly higher premium over its accounting book value, suggesting an increase in investor confidence or the anticipation of higher future returns on equity.
By July 2026, the P/BV ratio moderated slightly to 8.58, although it remained substantially elevated compared to the 2021-2024 average. The divergence between the linear growth of the book value and the exponential increase in the share price underscores a fundamental shift in the valuation multiple applied to the equity.