CSCO vs LITE: Cisco Systems and Lumentum 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 7.3 times Lumentum.
- Lumentum grew revenue faster over the last year (+109.3% vs +17.6%).
- Cisco Systems keeps more of each dollar of revenue as operating profit (24.3% vs 17.4%).
- On earnings, Cisco Systems is the cheaper stock (45.8x vs 167.2x).
- Lumentum's price assumes faster free cash flow growth: about 39% 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 | LITE |
|---|---|---|
| Market cap | $542.6B | $74.2B |
| Share price | $118.39 | $1,103.35 |
| Revenue (last fiscal year) | $63.3B | $3.0B |
| Free cash flow (last fiscal year) | $12.8B | $300M |
| Revenue growth, last year | +17.6% | +109.3% |
| Revenue growth per year, last 5 fiscal years | +5.3% | +15.2% |
| Operating margin | 24.3% | 17.4% |
| Net margin | 20.9% | -230.1% |
| Return on equity | 26.4% | -149.3% |
| P/E (trailing) | 45.8x | 167.2x |
| Price / free cash flow | 40.8x | — |
| EV / EBITDA | 23.6x | 125.7x |
| FCF growth the price implies | 14.9% | 39.2% |
| Dividend yield | 1.2% | — |
| Debt / equity | 1.58x | 0.57x |
| Fundamental grade | B | D |
| Superinvestors holding it | 15 | 5 |
| 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% |
Lumentum
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.7B | $368M | 17.7% |
| 2023 | $1.8B | $51M | -6.5% |
| 2024 | $1.4B | -$108M | -31.9% |
| 2025 | $1.6B | -$105M | -10.9% |
| 2026 | $3.0B | $300M | 17.4% |
Where the revenue comes from
Cisco Systems · by segments, 2026
Americas$37.8B60%
EMEA$16.6B26%
APJC$8.9B14%
Lumentum · by segments, 2026
Systems$2.0B67%
Components$1.0B33%
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 Lumentum?
Cisco Systems (CSCO), at $542.6B against $74.2B.
Is CSCO or LITE cheaper?
By trailing P/E, Cisco Systems (45.8x) is cheaper than Lumentum (167.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, CSCO or LITE?
Lumentum: revenue grew +109.3% 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.