Cisco Systems Inc
CSCO高于价值9 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2026-07-25- 营收增速
- +11.8%
- 净利率
- 21.0%
- ROE
- 26.4%
- FCF 利润率
- 20.2%
估值 · 价值带
高于合理价值
零增长底
$26
中枢 IV
$33
乐观上沿
$39
Cisco Systems Inc（CSCO）：保守价值带 $26–$39 / 股（零增长底到增速封顶的乐观上沿），中枢约 $33。今日价格高于这条带（价格 $109 截至 2026-09-04）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 资本开支两年翻倍，维持性投入难分清，价值带按保守口径读。
营收增 2%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 20 年 · 折现 10.6% · 零增长下行 $26
价格截至 2026-09-04 · yahoo · DGS10 4.8% @ 2026-09-03.
方法与数字
模型警示
- 资本开支两年翻倍：维持性 CapEx 下限后按 D&A 封顶（OE 可能偏乐观）；Greenwald 增长价值已关闭 — 成长只留在所有者盈利 DCF。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $25.71 – $39.19 · Greenwald 零增长 $32.49 · 零增长基准 $32.49 · 重置 $10.77
护城河 特许经营（护城河） · 终值占现值 18% · 所有者盈利收益率 3% 对 10Y 4.8%.
Graham earnings-power value (normalized NOPAT)$25.66 – $32.23 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：2026, 2025, 2024, 2023, 2022
v1 简化：Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 125% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$26.58 – $32.49 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2026, 2025, 2024, 2023, 2022
v1 简化：Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 125% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
重置价值 = 有形净资产 $-16.75B + 资本化研发 $26.17B（FY 2026, 2025, 2024, 2023, 2022） = $10.77 / 股. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
假设宽护城河 · 竞争优势期约 20 年（盈利未衰退、ROIC 历史稳定）。
增长价值被闸至零 — 资本开支两年翻倍（AI-hog），成长只留在所有者盈利 DCF，避免双重计入。
窗口 FY 2026, 2025, 2024, 2023, 2022 · 贴现带 9%–11% · 正常化税率 15% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 2% · OE FY 2026, 2025, 2024, 2023, 2022 · Discount band: 9.27%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-09-03). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 17.3%；公司过去营收年增 4.2%。
市场要它明显快过自己一贯的水平。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
9 位持有 · 合计 $760.1M · 本季 +2 新建 / -2 清仓
- 市值$300.4M权重（上季→本季）2.9% → 3.0% ▲
- 市值$231.6M权重（上季→本季）4.6% → 5.4% ▲
- 市值$150.5M权重（上季→本季）0.3% → 0.4% ▲
- 市值$41.8M权重（上季→本季）0.2% → 0.3% ▲
- 市值$17.0M权重（上季→本季）0.1% → 0.0% ▼
- 市值$10.4M权重（上季→本季）0.0% → 0.0% ▲
- 市值$3.6M权重（上季→本季）1.0% → 0.8% ▼
- 市值$3.5M权重（上季→本季）新建 · 0.3%
- 市值$1.4M权重（上季→本季）新建 · 0.0%
SEC 13F · 说明
文字说明
文字说明
Cisco Systems Inc（CSCO）被 Compounder 追踪的 9 位超级投资者持有，合计申报市值 $760.1M。仓位最大的是 Jim Cullen，占其组合 3.0%。
按市值，其他主要持有人包括 Nicolai Tangen（占其组合 5.4%），Richard Pzena（占其组合 0.4%） 和 Thomas Gayner（占其组合 0.3%）。
最近一个季度，追踪范围内有 2 位新建 CSCO 仓位，0 位加仓，5 位减仓，2 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Cisco Systems Inc（CSCO）的这些人还共同重仓 →
看哪些股票相对价值带便宜。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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