Cisco Stock Priced for Growth That Hasn't Yet Materialized

Cisco Systems' revenue growth over the last year has been slower than its peers, but it still trades on almost the same earnings multiple as Dell Technologies, which grew revenue by 49% in that period.

The company's operating margin is higher than Dell's at 25.4%, and a significant portion of Cisco's orders have come from AI infrastructure deals with hyperscalers, worth $9.3 billion in fiscal 2026.

However, revenue from these orders has lagged behind, with only $4 billion in fiscal 2026, leaving some investors wondering if the company is priced for growth that hasn't yet materialized.