Tearsheet

Arista Networks (ANET)

Market Price (9/18/2025): $143.68 | Market Cap: $180.5 Bil
Sector: Information Technology | Industry: Communications Equipment

Arista Networks (ANET)

Market Price (9/18/2025): $143.68
Market Cap: $180.5 Bil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%	Expensive valuation multiples P/SPrice/Sales ratio is 23x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%, CFO LTM is 4.0 Bil, FCF LTM is 4.0 Bil

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%, CFO LTM is 4.0 Bil, FCF LTM is 4.0 Bil
3	Expensive valuation multiples P/SPrice/Sales ratio is 23x
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%

Market Valuation

	9/18/25	2024	2023	2022	2021
Share Price CYE	$143.68	$110.53	$58.88	$30.34	$35.94
Market Cap CYE ($ Bil)	180.5	139.3	73.4	37.2	44.2
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.1
Total Cash ($ Bil)	8.8	8.3	5.0	3.0	3.4
Enterprise Value ($ Bil)	171.7	139.3	73.4	37.2	44.3
Valuation Ratios
P/S TTM	22.7	19.8	12.4	8.5	14.9
P/EBIT TTM	52.6	47.2	32.3	24.4	47.6
P/E TTM	55.5	48.7	34.9	27.5	52.4
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.5	5.0
P/EBIT TTM (Sector)	3.9	-0.0	-0.1	-0.5	1.7
P/E TTM (Sector)	-0.4	-0.3	-0.4	-0.5	0.0

	9/18/25	2024	2023
Share Price CYE	$143.68	$110.53	$58.88
Market Cap CYE ($ Bil)	180.5	139.3	73.4
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	8.8	8.3	5.0
Enterprise Value ($ Bil)	171.7	139.3	73.4
Valuation Ratios
P/S TTM	22.7	19.8	12.4
P/EBIT TTM	52.6	47.2	32.3
P/E TTM	55.5	48.7	34.9
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8
P/EBIT TTM (Sector)	3.9	-0.0	-0.1
P/E TTM (Sector)	-0.4	-0.3	-0.4

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

Arista Networks, Inc. develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ANET Return	43%	98%	-16%	94%	88%	29%	996%
Peers Return	13%	47%	-27%	19%	47%	23%	162%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSI, NTAP, FFIV, CIEN, CSCO. See ANET Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than Arista Networks (ANET)

	ANET	Better Performance than ANET
Metric	Value	Industry (Communications Equipment)
Rev Chg LTM	26.0%	UI (33.4%), ASTS (249.4%), AAOI (77.9%), ONDS (75.2%), FEIM (26.3%)
Rev Chg 3Y Avg	32.1%	ASTS (35.3%), ONDS (155.5%), SYTA (40.4%)
Op Mgn LTM	43.1%	IDCC (60.4%)
CFO/Rev LTM	50.9%
FCF/Rev LTM	50.0%
Total Yield	1.8%	CSCO (6.2%), MSI (3.5%), UI (2.3%), ERIC (64.9%), NOK (4.0%)

	ANET	Better Performance than ANET
Metric	Value	Sector (Information Technology)
Rev Chg LTM	26.0%	NVDA (71.6%), AVGO (28.0%), PLTR (38.8%), AMD (27.2%), SHOP (29.0%)
Rev Chg 3Y Avg	32.1%	NVDA (92.0%), CRWD (33.5%), NET (34.5%), SNOW (36.3%), ZS (35.2%)
Op Mgn LTM	43.1%	NVDA (58.1%), MSFT (45.6%), FICO (44.2%), VRSN (67.9%), IDCC (60.4%)
CFO/Rev LTM	50.9%	VRSN (61.2%), ADEA (53.4%), NVEC (54.2%), KLAR (87.1%)
FCF/Rev LTM	50.0%	VRSN (59.4%), KLAR (85.7%)
Total Yield	1.8%	NVDA (2.1%), MSFT (3.3%), AAPL (3.2%), ORCL (2.1%), SAP (2.1%)

	ANET	Better Performance than ANET
Metric	Value	All Other Sectors
Rev Chg LTM	26.0%	LLY (36.8%), APP (48.2%), BX (34.9%), MELI (35.8%), WELL (31.1%)
Rev Chg 3Y Avg	32.1%	MELI (39.8%), RCL (65.4%), APO (129.8%), NU (70.1%), AXON (34.1%)
Op Mgn LTM	43.1%	V (66.5%), MA (58.0%), MCD (46.1%), APP (55.6%), MO (59.0%)
CFO/Rev LTM	50.9%	META (56.4%), V (60.4%), MA (53.3%), RY (135.4%), APP (53.7%)
FCF/Rev LTM	50.0%	V (56.8%), RY (131.7%), APP (53.7%), SCHW (79.4%), PLD (60.4%)
Total Yield	1.8%	GOOGL (4.1%), AMZN (2.9%), META (3.7%), BRK-B (5.9%), JPM (6.5%)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Arista Networks Earnings Notes
2	Things To Be Wary Of When Buying Arista Networks Stock	Buy or Fear
3	ANET Falls 8.9% In A Single Day: How Does It Compare With Others?
4	Will You Be Comfortable Buying Arista Networks Stock?	Return
5	ANET's One-Month Rally Offers a Chance to Reevaluate FANG	Counter-Intuitive Comparisons
6	Better Bet Than ANET Stock: Pay Less Than Arista Networks To Get More From NVDA, CALM
7	Better Bet Than ANET Stock: Pay Less Than Arista Networks To Get More From NVDA
8	Day 7 of Gains Streak for Arista Networks Stock with 12% Return (vs. 11% YTD) [7/31/2025]	Notification
9	Day 6 of Gains Streak for Arista Networks Stock with 11% Return (vs. 10% YTD) [7/30/2025]	Notification
10	Day 5 of Gains Streak for Arista Networks Stock with 8.1% Return (vs. 7.3% YTD) [7/29/2025]	Notification
11	ARTICLES
12	ANET Down 8.9% in One Day, Should You Buy The Stock Despite Its High Valuation?		September 13th, 2025
13	ANET Dips 8.9% In One Day: Does It Lead the Pack?		September 13th, 2025
14	ANET Fell 8.9% In A Day. What To Do Now?		September 13th, 2025
15	S&P 500 Movers \| Winners: WBD, PSKY, TSLA \| Losers: ANET, MRNA, ORCL		September 13th, 2025
16	Margins Like Software, Growth Like Cloud: Could Arista Stock Double?		September 12th, 2025

	Title
0	DASHBOARDS
1	ANET Down 8.9% in One Day, Should You Buy The Stock Despite Its High Valuation?
2	ANET Dips 8.9% In One Day: Does It Lead the Pack?
3	ANET Fell 8.9% In A Day. What To Do Now?
4	S&P 500 Movers \| Winners: WBD, PSKY, TSLA \| Losers: ANET, MRNA, ORCL
5	Margins Like Software, Growth Like Cloud: Could Arista Stock Double?
6	ARTICLES
7	Arista Networks Earnings Notes
8	Things To Be Wary Of When Buying Arista Networks Stock
9	ANET Falls 8.9% In A Single Day: How Does It Compare With Others?
10	Will You Be Comfortable Buying Arista Networks Stock?
11	ANET's One-Month Rally Offers a Chance to Reevaluate FANG
12	Better Bet Than ANET Stock: Pay Less Than Arista Networks To Get More From NVDA, CALM
13	Better Bet Than ANET Stock: Pay Less Than Arista Networks To Get More From NVDA
14	Day 7 of Gains Streak for Arista Networks Stock with 12% Return (vs. 11% YTD) [7/31/2025]
15	Day 6 of Gains Streak for Arista Networks Stock with 11% Return (vs. 10% YTD) [7/30/2025]
16	Day 5 of Gains Streak for Arista Networks Stock with 8.1% Return (vs. 7.3% YTD) [7/29/2025]

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3937.1%	307.9%
2	ATHA	Athira Pharma	890.3%	544.3%
3	SPRC	SciSparc	142.9%	1141.7%
4	ATCH	AtlasClear	87.4%	-83.1%
5	GV	Visionary	68.2%	14.8%
6	APLM	Apollomics	51.3%	89.1%
7	SQFT	Presidio Property Trust	46.3%	11.0%
8	CDT	CDT Equity	40.1%	-99.1%
9	EDUC	Educational Development	31.8%	9.1%
10	ILLR	Triller	29.8%	-37.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-83.5%	148.4%
2	CODX	Co-Diagnostics	-34.7%	-44.4%
3	BOXL	Boxlight	-34.5%	-13.5%
4	OPI	Office Properties Income Trust	-31.8%	-40.9%
5	BIAF	bioAffinity Technologies	-30.0%	-79.9%
6	ENVB	Enveric Biosciences	-29.3%	-88.0%
7	KAVL	Kaival Brands Innovations	-27.3%	-46.7%
8	AEI	Alset	-25.5%	211.8%
9	INBS	Intelligent Bio Solutions	-25.0%	0.7%
10	LVRO	Lavoro	-23.0%	-67.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3347.2%	307.9%
2	BDSX	Biodesix	1090.6%	-79.7%
3	CLSD	Clearside Biomedical	987.7%	-74.7%
4	ATHA	Athira Pharma	892.1%	544.3%
5	SDOT	Sadot	690.6%	-79.9%
6	ATCH	AtlasClear	684.9%	-83.1%
7	HSDT	Helius Medical Technologies	232.1%	-95.5%
8	CHEK	Check-Cap	222.2%	134.4%
9	APLM	Apollomics	197.8%	89.1%
10	SPRC	SciSparc	147.0%	1141.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-80.5%	148.4%
2	ATYR	aTyr Pharma	-80.4%	-71.7%
3	NAKA	Kindly MD	-70.2%
4	BNGO	Bionano Genomics	-64.0%	-89.8%
5	XAGE	Longevity Health	-57.6%	-86.1%
6	FAAS	DigiAsia	-55.4%	-88.0%
7	ASST	Strive	-54.5%	650.3%
8	VCIG	VCI Global	-51.0%	-98.9%
9	REX	REX American Resources	-50.7%	44.3%
10	RBNE	Robin Energy	-42.6%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11931.7%	11931.7%
2	GIBO	GIBO	10714.0%
3	LNZA	LanzaTech Global	8455.2%	-86.3%
4	GTI	Graphjet Technology	3998.4%	-93.1%
5	GWAV	Greenwave Technology Solutions	3582.8%	-91.4%
6	QMMM	QMMM	3409.6%	8153.1%
7	ECDA	ECD Automotive Design	2715.2%	307.9%
8	OESX	Orion Energy Systems	1373.7%	14.2%
9	OP	OceanPal	1266.5%	-95.6%
10	BCTX	BriaCell Therapeutics	1032.4%	-89.8%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-94.5%	-96.0%
2	STFS	Star Fashion Culture	-92.3%	-97.9%
3	ELPW	Elong Power	-91.1%	-76.9%
4	NXTT	Next Technology	-90.1%	-95.4%
5	EPIX	ESSA Pharma	-89.4%	-8.9%
6	NAKA	Kindly MD	-88.1%
7	BINI	Bollinger Innovations	-87.6%	-100.0%
8	JEM	707 Cayman	-87.4%	-98.2%
9	YAAS	Youxin Technology	-83.3%	-98.4%
10	NEON	Neonode	-82.5%	-51.0%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3937.1%	307.9%
2	ATHA	Athira Pharma	890.3%	544.3%
3	SPRC	SciSparc	142.9%	1141.7%
4	ATCH	AtlasClear	87.4%	-83.1%
5	GV	Visionary	68.2%	14.8%
6	APLM	Apollomics	51.3%	89.1%
7	SQFT	Presidio Property Trust	46.3%	11.0%
8	CDT	CDT Equity	40.1%	-99.1%
9	EDUC	Educational Development	31.8%	9.1%
10	ILLR	Triller	29.8%	-37.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-83.5%	148.4%
2	CODX	Co-Diagnostics	-34.7%	-44.4%
3	BOXL	Boxlight	-34.5%	-13.5%
4	OPI	Office Properties Income Trust	-31.8%	-40.9%
5	BIAF	bioAffinity Technologies	-30.0%	-79.9%
6	ENVB	Enveric Biosciences	-29.3%	-88.0%
7	KAVL	Kaival Brands Innovations	-27.3%	-46.7%
8	AEI	Alset	-25.5%	211.8%
9	INBS	Intelligent Bio Solutions	-25.0%	0.7%
10	LVRO	Lavoro	-23.0%	-67.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3347.2%	307.9%
2	BDSX	Biodesix	1090.6%	-79.7%
3	CLSD	Clearside Biomedical	987.7%	-74.7%
4	ATHA	Athira Pharma	892.1%	544.3%
5	SDOT	Sadot	690.6%	-79.9%
6	ATCH	AtlasClear	684.9%	-83.1%
7	HSDT	Helius Medical Technologies	232.1%	-95.5%
8	CHEK	Check-Cap	222.2%	134.4%
9	APLM	Apollomics	197.8%	89.1%
10	SPRC	SciSparc	147.0%	1141.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-80.5%	148.4%
2	ATYR	aTyr Pharma	-80.4%	-71.7%
3	NAKA	Kindly MD	-70.2%
4	BNGO	Bionano Genomics	-64.0%	-89.8%
5	XAGE	Longevity Health	-57.6%	-86.1%
6	FAAS	DigiAsia	-55.4%	-88.0%
7	ASST	Strive	-54.5%	650.3%
8	VCIG	VCI Global	-51.0%	-98.9%
9	REX	REX American Resources	-50.7%	44.3%
10	RBNE	Robin Energy	-42.6%

Peer Comparisons for Arista Networks

Financials

	ANET	MSI	NTAP	FFIV	CIEN	CSCO	Median
Name	Arista N.	Motorola.	NetApp	F5	Ciena	Cisco Sy.
Mkt Price	142.84	477.85	123.92	323.81	136.38	67.72	139.61
Mkt Cap	179.4	79.7	24.9	18.7	19.3	268.2	52.3
Rev LTM	7,951	11,094	6,590	3,025	4,542	56,654	7,270
Op Inc LTM	3,430	2,785	1,436	763	254	12,504	2,110
FCF LTM	3,975	2,384	1,658	955	605	13,288	2,021
FCF 3Y Avg	2,540	2,047	1,380	741	247	14,178	1,714
CFO LTM	4,047	2,612	1,838	988	784	14,193	2,225
CFO 3Y Avg	2,586	2,293	1,563	781	368	14,986	1,928

Growth & Margins

	ANET	MSI	NTAP	FFIV	CIEN	CSCO	Median
Name	Arista N.	Motorola.	NetApp	F5	Ciena	Cisco Sy.
Rev Chg LTM	26.0%	6.4%	3.3%	8.9%	13.0%	5.3%	7.7%
Rev Chg 3Y Avg	32.1%	9.5%	0.8%	4.2%	7.4%	3.4%	5.8%
Rev Chg Q	30.4%	5.2%	1.2%	12.2%	29.4%	7.6%	9.9%
QoQ Delta Rev Chg LTM	6.9%	1.3%	0.3%	2.9%	6.5%	1.9%	2.4%
Op Mgn LTM	43.1%	25.1%	21.8%	25.2%	5.6%	22.1%	23.6%
Op Mgn 3Y Avg	40.2%	23.8%	20.2%	21.8%	6.7%	24.5%	22.8%
QoQ Delta Op Mgn LTM	0.9%	0.1%	0.1%	0.4%	0.7%	0.3%	0.3%
CFO/Rev LTM	50.9%	23.5%	27.9%	32.7%	17.3%	25.1%	26.5%
CFO/Rev 3Y Avg	37.6%	21.9%	24.4%	27.1%	8.4%	26.7%	25.6%
FCF/Rev LTM	50.0%	21.5%	25.2%	31.6%	13.3%	23.5%	24.3%
FCF/Rev 3Y Avg	36.9%	19.6%	21.5%	25.7%	5.6%	25.3%	23.4%

Valuation

	ANET	MSI	NTAP	FFIV	CIEN	CSCO	Median
Name	Arista N.	Motorola.	NetApp	F5	Ciena	Cisco Sy.
Mkt Cap	179.4	79.7	24.9	18.7	19.3	268.2	52.3
P/S	22.6	7.2	3.8	6.2	4.3	4.7	5.5
P/EBIT	52.3	26.6	17.0	24.5	65.2	21.1	25.6
P/E	55.2	37.7	21.3	28.0	137.3	26.3	32.9
P/CFO	44.3	30.5	13.6	18.9	24.7	18.9	21.8
Total Yield	1.8%	3.5%	6.4%	3.6%	0.7%	6.2%	3.5%
Dividend Yield	0.0%	0.9%	1.7%	0.0%	0.0%	2.4%	0.4%
FCF Yield 3Y Avg	2.5%	3.3%	6.6%	6.3%	2.3%	6.4%	4.8%
D/E	0.0	0.1	0.1	0.0	0.1	0.1	0.1
Net D/E	-0.0	0.1	-0.0	-0.1	0.0	0.0	-0.0

Returns

	ANET	MSI	NTAP	FFIV	CIEN	CSCO	Median
Name	Arista N.	Motorola.	NetApp	F5	Ciena	Cisco Sy.
1M Rtn	3.5%	3.8%	13.8%	2.4%	48.4%	1.2%	3.7%
3M Rtn	58.3%	18.3%	20.6%	13.0%	84.7%	2.9%	19.5%
6M Rtn	69.2%	13.2%	33.3%	19.8%	106.9%	11.5%	26.6%
12M Rtn	58.3%	10.0%	5.7%	50.9%	141.6%	36.7%	43.8%
3Y Rtn	393.7%	106.6%	92.8%	117.5%	225.9%	70.3%	112.0%
1M Excs Rtn	1.1%	1.5%	11.4%	0.0%	46.0%	-1.2%	1.3%
3M Excs Rtn	49.0%	7.5%	9.8%	1.9%	75.4%	-6.7%	8.6%
6M Excs Rtn	52.5%	-3.7%	17.6%	4.7%	94.4%	-4.5%	11.2%
12M Excs Rtn	41.5%	-8.1%	-10.1%	36.6%	125.5%	21.6%	29.1%
3Y Excs Rtn	297.4%	35.0%	19.8%	38.0%	145.2%	-1.7%	36.5%

Comparison Analyses

	Title
0	Arista Networks vs. Motorola Solutions: With Return Forecast Of 12%, Arista Networks Is A Better Bet
1	Why ANET With 31% Upside May Beat FFIV?
2	With 31% Gains On The Table, ANET May Outshine JNPR
3	Arista Networks vs. Ciena: With Return Forecast Of 29%, Ciena Is A Better Bet
4	ANET Could Deliver 31% Returns And Outperform NTAP
5	Arista Networks vs. Fidelity National Information Services: With Return Forecast Of 30%, Fidelity National Information Services Is A Better Bet
6	Arista Networks vs. Synopsys: With Return Forecast Of 26%, Arista Networks Is A Better Bet
7	Arista Networks vs. Edwards Lifesciences: With Return Forecast Of 26%-27%, Both Seem Like Good Bets
8	Arista Networks vs. Verisk Analytics: With Return Forecast Of 24%, Arista Networks Is A Better Bet
9	Arista Networks vs. Fortinet: With Return Forecast Of 31%, Fortinet Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/6/2025	2/19/2025	2/13/2024	2/14/2023	2/15/2022	2/19/2021	2/14/2020
Key Financials
Total Revenue	7,951	7,003	5,860	4,381	2,948	2,318	2,411
EBITDA	3,487	3,007	2,328	1,590	975	735	839
Operating Income	3,430	2,945	2,257	1,527	925	700	806
Net Income	3,252	2,852	2,087	1,352	841	635	860
EPS	2.59	2.27	1.69	1.10	0.69	0.52	0.70
Growth Rates
Total Revenue Growth	26.0%	19.5%	33.8%	48.6%	27.2%	-3.9%	12.1%
EBITDA Growth	30.9%	29.2%	46.4%	63.0%	32.7%	-12.4%	162.7%
Operating Income Growth	31.8%	30.5%	47.8%	65.1%	32.2%	-13.2%	18.8%
Net Income Growth	32.1%	36.6%	54.3%	60.8%	32.5%	-26.2%	162.1%
Margins
EBITDA Margin	43.9%	42.9%	39.7%	36.3%	33.1%	31.7%	34.8%
Operating Income Margin	43.1%	42.0%	38.5%	34.9%	31.4%	30.2%	33.4%
Net Income Margin	40.9%	40.7%	35.6%	30.9%	28.5%	27.4%	35.7%
Cash & Debt
Total Cash	8,844	8,303	5,008	3,024	3,408	2,873	2,724
Total Debt	0	0	0	44	57	72	83
Net Debt / (Cash)	-8,844	-8,303	-5,008	-2,980	-3,352	-2,800	-2,641
Cash Flows
Net Cash from Operations	4,047	3,708	2,034	493	1,016	735	963
Free Cash from Operations	3,975	3,676	2,000	448	951	720	947
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1,172	424	112	670	412	395	266

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/6/2025	5/7/2025	2/19/2025	11/8/2024	7/31/2024	5/8/2024	2/13/2024	10/31/2023	8/1/2023	5/2/2023	2/14/2023	11/1/2022
Key Financials Quarterly
Total Revenue	2,205	2,005	1,930	1,811	1,690	1,571	1,540	1,509	1,459	1,351	1,276	1,177
Ebitda	999	873	815	801	715	676	654	620	548	505	486	435
Operating Income	986	859	800	785	700	660	640	603	530	485	469	417
Net Income	889	814	801	748	665	638	614	545	492	436	427	354
EPS	0.71	0.65	0.64	0.59	0.53	0.51	0.49	0.44	0.40	0.35	0.35	0.29
Key Financials TTM
Total Revenue TTM	7,951	7,437	7,003	6,613	6,312	6,080	5,860	5,595	5,263	4,856	4,381	3,930
Ebitda TTM	3,487	3,204	3,007	2,846	2,665	2,498	2,328	2,160	1,975	1,804	1,590	1,382
Operating Income TTM	3,430	3,143	2,945	2,785	2,602	2,433	2,257	2,086	1,901	1,734	1,527	1,324
Net Income TTM	3,252	3,028	2,852	2,665	2,462	2,289	2,087	1,901	1,709	1,517	1,352	1,165
Growth Rates Quarterly
Total Revenue Growth	30.4%	27.6%	25.3%	20.0%	15.9%	16.3%	20.8%	28.3%	38.7%	54.1%	54.7%	57.2%
EBITDA Growth	39.7%	29.1%	24.6%	29.2%	30.4%	33.7%	34.5%	42.6%	45.2%	73.7%	74.8%	76.7%
Operating Income Growth	41.0%	30.1%	25.0%	30.3%	32.0%	36.2%	36.5%	44.4%	46.1%	74.3%	76.4%	78.9%
Net Income Growth	33.6%	27.6%	30.5%	37.2%	35.3%	46.1%	43.7%	54.0%	64.5%	60.3%	78.5%	57.8%
Margins Quarterly
EBITDA Margin	45.3%	43.5%	42.2%	44.2%	42.3%	43.0%	42.5%	41.1%	37.6%	37.4%	38.1%	36.9%
Operating Income Margin	44.7%	42.8%	41.4%	43.4%	41.4%	42.0%	41.5%	39.9%	36.3%	35.9%	36.8%	35.5%
Net Income Margin	40.3%	40.6%	41.5%	41.3%	39.4%	40.6%	39.8%	36.1%	33.7%	32.3%	33.5%	30.1%
Cash & Debt
Total Cash	8,844	8,150	8,303	7,428	6,274	5,450	5,008	4,456	3,741	3,331	3,024	2,980
Total Debt	0	0	0	0	0	0	0	48	52	55	44	47
Net Debt / (Cash)	-8,844	-8,150	-8,303	-7,428	-6,274	-5,450	-5,008	-4,408	-3,689	-3,276	-2,980	-2,933
Cash Flows Quarterly
FCF from Operations	1,200	642	1,031	1,174	989	514	526	699	434	374	40	134
Cash Flows TTM
FCF from Operations TTM	4,047	3,836	3,708	3,204	2,728	2,173	2,034	1,548	983	650	493	678
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	196	787	124	65	172	63	-0	-0	30	82	3	48
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Product	5,029	3,716	2,378	1,831	2,021
Service	831	665	570	487	390
Total	5,860	4,381	2,948	2,318	2,411

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$142.84
Market Cap ($ Bil)	179.4
First Trading Date	06/06/2014
Distance from 52W High	-6.7%
	50 Days	200 Days
DMA Price	$128.62	$104.44
DMA Trend	up	up
Distance from DMA	11.1%	36.8%
	3M	1YR
Volatility	53.9%	55.7%
Downside Capture	215.96	200.05
Upside Capture	352.82	214.10
Correlation (SPY)	50.0%	58.3%

ANET Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.70	2.50	3.01	1.50	1.69	1.57
Up Beta	2.24	2.95	3.26	1.05	1.15	1.18
Down Beta	3.11	3.90	4.11	1.88	2.03	1.91
Up Capture	320%	329%	402%	275%	422%	1131%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	11	26	40	75	148	421
Down Capture	207%	2%	152%	137%	141%	107%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	10	15	22	50	100	328

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	12,522,995
Short Interest: % Change Since 8152025	-0.1%
Average Daily Volume	7,260,111
Days-to-Cover Short Interest	1.72
Basic Shares Quantity	1,256,300,000
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	Will You Be Comfortable Buying Arista Networks Stock?
1	ANET YTD Stock Return Of -11% Outperforms NTAP by 2.1% and Underperforms FFIV by -23%
2	ANET YTD Stock Return Of -1.5% Outperforms NTAP by 0.04% and Underperforms JNPR by -1.6%
3	Arista Networks Stock Return Comparison
4	Arista Networks Total Shareholder Return (TSR): -15.6% in 2022 and 33.6% 3-yr returns (above peer average)
5	[9/28/2021] Arista Networks (ANET) Stock Price Forecast: AI Forecasts ANET Stock Price To Be Around $358 In A Month (Up 3.2%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2025	17.5%	19.6%	19.5%
5/6/2025	-4.8%	7.1%	4.9%
2/18/2025	-6.4%	-16.4%	-24.0%
11/7/2024	-7.1%	-10.5%	-1.7%
7/30/2024	11.3%	3.9%	9.5%
5/7/2024	6.5%	14.5%	8.2%
2/12/2024	-5.5%	-7.6%	-0.1%
10/30/2023	14.0%	21.1%	24.8%
...
SUMMARY STATS
# Positive	13	12	15
# Negative	11	12	9
Median Positive	6.5%	11.3%	12.5%
Median Negative	-6.0%	-9.9%	-13.4%
Max Positive	20.4%	28.8%	25.7%
Max Negative	-24.2%	-20.5%	-33.9%

	Forward Returns
8/5/2025	17.5%	19.6%	19.5%
5/6/2025	-4.8%	7.1%	4.9%
2/18/2025	-6.4%	-16.4%	-24.0%
11/7/2024	-7.1%	-10.5%	-1.7%
7/30/2024	11.3%	3.9%	9.5%
5/7/2024	6.5%	14.5%	8.2%
2/12/2024	-5.5%	-7.6%	-0.1%
10/30/2023	14.0%	21.1%	24.8%
7/31/2023	19.7%	15.6%	19.6%
5/1/2023	-15.7%	-13.8%	3.9%
2/13/2023	4.0%	-1.1%	13.1%
10/31/2022	5.7%	8.0%	15.3%
8/1/2022	-0.4%	6.0%	3.0%
5/2/2022	-3.6%	-13.3%	-14.0%
2/14/2022	5.8%	-0.8%	1.1%
11/1/2021	20.4%	28.8%	18.8%
8/2/2021	0.5%	-0.4%	-2.0%
5/4/2021	3.7%	6.9%	12.5%
2/18/2021	0.7%	-9.3%	-7.7%
11/2/2020	15.4%	21.1%	25.7%
8/4/2020	-10.9%	-16.7%	-13.4%
5/5/2020	-5.6%	0.3%	3.7%
2/13/2020	-6.0%	-6.0%	-33.9%
10/31/2019	-24.2%	-20.5%	-21.0%
SUMMARY STATS
# Positive	13	12	15
# Negative	11	12	9
Median Positive	6.5%	11.3%	12.5%
Median Negative	-6.0%	-9.9%	-13.4%
Max Positive	20.4%	28.8%	25.7%
Max Negative	-24.2%	-20.5%	-33.9%

SEC Filings

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Report Date	Filing Date	Filing
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021
9302021	11022021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Ullal Jayshree	CEO and Chairperson	8272025	Sell	131.04	2,568	336,503	4,113,117	Form
1	Ullal Jayshree	CEO and Chairperson	8122025	Sell	139.67	26,625	3,718,732	785,469,049	Form
2	Ullal Jayshree	CEO and Chairperson	8112025	Sell	139.74	37,308	5,213,502	791,047,895	Form
3	Ullal Jayshree	CEO and Chairperson	8082025	Sell	134.70	18,942	2,551,465	798,152,756	Form
4	Ullal Jayshree	CEO and Chairperson	7302025	Sell	115.58	72,168	8,341,459	715,168,793	Form

Collapse to Preview

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Ullal Jayshree	CEO and Chairperson	8272025	Sell	131.04	2,568	336,503	4,113,117	Form
1	Ullal Jayshree	CEO and Chairperson	8122025	Sell	139.67	26,625	3,718,732	785,469,049	Form
2	Ullal Jayshree	CEO and Chairperson	8112025	Sell	139.74	37,308	5,213,502	791,047,895	Form
3	Ullal Jayshree	CEO and Chairperson	8082025	Sell	134.70	18,942	2,551,465	798,152,756	Form
4	Ullal Jayshree	CEO and Chairperson	7302025	Sell	115.58	72,168	8,341,459	715,168,793	Form
5	Ullal Jayshree	CEO and Chairperson	7292025	Sell	115.02	8,376	963,415	719,986,091	Form
6	Battles Kelly Bodnar		7292025	Sell	114.40	367	41,985	910,294	Form
7	Giancarlo Charles H		7032025	Sell	98.20	2,253	221,237	7,024,094	Form
8	Ullal Jayshree	President and CEO	7022025	Sell	102.40	89,985	9,214,887	1,372,223	Form
9	Giancarlo Charles H		6042025	Sell	86.92	1,300	112,997	11,341,774	Form
10	Wassenaar Yvonne		5232025	Sell	92.68	24	2,224	1,169,585	Form
11	Giancarlo Charles H		5052025	Sell	87.97	1,600	140,757	12,156,475	Form
12	Battles Kelly Bodnar		4242025	Sell	67.91	258	17,520	591,751	Form
13	Duda Kenneth	CTO and SVP Software Eng.	4092025	Sell	70.40	30	2,112	43,533,319	Form
14	Giancarlo Charles H		4032025	Sell	76.71	1,700	130,411	11,206,454	Form
15	Taxay Marc	SVP and General Counsel	3052025	Sell	85.46	10,118	864,695	3,566,292	Form
16	Giancarlo Charles H		3052025	Sell	85.23	800	68,183	13,209,100	Form
17	McCool John F	Chief Platform Officer	2282025	Sell	95.63	3,400	325,156	1,342,033	Form
18	Ullal Jayshree	President and CEO	2262025	Sell	92.42	29,410	2,718,107	18,630,450	Form
19	McCool John F	Chief Platform Officer	2262025	Sell	92.64	8,551	792,165	2,437,822	Form
20	Wassenaar Yvonne		2252025	Sell	101.89	88	8,966	1,445,141	Form
21	McCool John F	Chief Platform Officer	2212025	Sell	102.11	112	11,436		Form
22	Battles Kelly Bodnar		2182025	Sell	106.84	1,152	123,076	904,270	Form
23	Giancarlo Charles H		2052025	Sell	109.71	700	76,799	17,892,484	Form
24	Wassenaar Yvonne		1232025	Sell	120.33	69	8,302	1,627,648	Form
25	Giancarlo Charles H		1062025	Sell	110.48	2,093	231,231	18,747,173	Form
26	McCool John F	Chief Platform Officer	12112024	Sell	108.70	288	31,306		Form
27	Taxay Marc	SVP and General Counsel	12042024	Sell	406.47	100	40,647	1,040,563	Form
28	Giancarlo Charles H		12042024	Sell	405.83	35	14,204	18,226,231	Form
29	Ullal Jayshree	President and CEO	11252024	Sell	391.49	110	43,064	13,831,391	Form
30	McCool John F	Chief Platform Officer	11252024	Sell	394.33	1,585	625,009	28,392	Form
31	Giancarlo Charles H		11052024	Sell	387.62	98	37,986	18,159,030	Form
32	Battles Kelly Bodnar		10242024	Sell	393.90	64	25,209	985,140	Form
33	Giancarlo Charles H		10032024	Sell	379.59	275	104,387	18,474,947	Form
34	Giancarlo Charles H		9192024	Sell	361.29	406	146,682	18,259,415	Form
35	Battles Kelly Bodnar		9182024	Sell	352.73	20	7,055	1,028,925	Form
36	Duda Kenneth	CTO and SVP Software Eng.	9102024	Sell	316.48	339	107,285	58,215,668	Form

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Arista Networks (ANET)

Market Price (9/18/2025): $143.68 | Market Cap: $180.5 BilSector: Information Technology | Industry: Communications Equipment

Arista Networks (ANET)

Market Price (9/18/2025): $143.68Market Cap: $180.5 BilSector: Information TechnologyIndustry: Communications Equipment

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Market Price (9/18/2025): $143.68 | Market Cap: $180.5 Bil
Sector: Information Technology | Industry: Communications Equipment

Market Price (9/18/2025): $143.68
Market Cap: $180.5 Bil
Sector: Information Technology
Industry: Communications Equipment