CSCO vs HPE: Cisco Systems and Hewlett Packard Enterprise compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Cisco Systems is the larger company, worth $542.6B, about 5.5 times Hewlett Packard Enterprise.
- Hewlett Packard Enterprise grew revenue faster over the last year (+33.7% vs +17.6%).
- Cisco Systems keeps more of each dollar of revenue as operating profit (24.3% vs 6.2%).
- Hewlett Packard Enterprise's price assumes faster free cash flow growth: about 33% a year, against 15% for Cisco Systems (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CSCO | HPE |
|---|---|---|
| Market cap | $542.6B | $99.1B |
| Share price | $118.39 | $73.46 |
| Revenue (last fiscal year) | $63.3B | $34.3B |
| Free cash flow (last fiscal year) | $12.8B | $627M |
| Revenue growth, last year | +17.6% | +33.7% |
| Revenue growth per year, last 5 fiscal years | +5.3% | +5.4% |
| Operating margin | 24.3% | 6.2% |
| Net margin | 20.9% | 6.7% |
| Return on equity | 26.4% | 10.5% |
| P/E (trailing) | 45.8x | — |
| Price / free cash flow | 40.8x | 158.1x |
| EV / EBITDA | 23.6x | 18.9x |
| FCF growth the price implies | 14.9% | 32.8% |
| Dividend yield | 1.2% | 0.71% |
| Debt / equity | 1.58x | 2.15x |
| Fundamental grade | B | C |
| Superinvestors holding it | 15 | 8 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cisco Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $51.6B | $12.7B | 27.1% |
| 2023 | $57.0B | $19.0B | 26.4% |
| 2024 | $53.8B | $10.2B | 22.6% |
| 2025 | $56.7B | $13.3B | 20.8% |
| 2026 | $63.3B | $12.8B | 24.3% |
Hewlett Packard Enterprise
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.8B | $3.4B | 4.1% |
| 2022 | $28.5B | $1.5B | 2.7% |
| 2023 | $29.1B | $1.6B | 7.2% |
| 2024 | $30.1B | $2.0B | 7.3% |
| 2025 | $34.3B | $627M | -1.3% |
Where the revenue comes from
Cisco Systems · by segments, 2026
Americas$37.8B60%
EMEA$16.6B26%
APJC$8.9B14%
Hewlett Packard Enterprise · by segments, 2025
Server$17.6B51%
Networking$6.8B20%
Hybrid Cloud$5.5B16%
Financial Services$3.5B10%
Corporate Investments and Other$769M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CSCO in InvestinglyQuestions
Which is bigger, Cisco Systems or Hewlett Packard Enterprise?
Cisco Systems (CSCO), at $542.6B against $99.1B.
Which grows faster, CSCO or HPE?
Hewlett Packard Enterprise: revenue grew +33.7% over the last year, against +17.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.