This disclosure describes techniques that include representing, traversing, and processing directed graphs using one or more content-addressable memory devices. In one example, this disclosure describes a method that includes presenting query data to one or more ternary content-addressable memory (TCAM) devices, wherein the query data includes state data and key data; receiving, from the TCAM devices, information about a matching address identified by the TCAM devices; accessing, based on the information about the matching address, information in one or more storage devices; performing, based on the information in the one or more storage devices, at least one operation on data included within the one or more storage devices to generate processed data; outputting the processed data; determining, based on the information in the one or more storage devices, new state data and a new key value; and presenting new query data to the TCAM devices.