Arista Networks, Inc. ANET

Information TechnologyCommunications & NetworkingUnited States of America

Last close 168.86 USD on Nov 1, 2026, +28.9% year to date

Quant rating

Quant rating A+ Rank 4 of 389 in Information Technology

Growth A 33 of 389
Valuation B 199 of 389
Quality A 19 of 389
Revisions A 45 of 389
Momentum B 194 of 389

Wall Street consensus Buy (1.76)Average target 240.33 USD +42.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 213.0B
Enterprise value: 199.6B
52-week range: 114.52 – 217.30
3-year range: 51.71 – 217.30
Dividend yield: –
Beta (5 years): 1.58
Shares outstanding: 1,261M
Next earnings: Nov 3, 2026

About the company

Arista Networks, Inc. is a provider of data-driven, client-to-cloud networking for large artificial intelligence (AI), data center, campus and routing environments. The Company's cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Ethernet switching and routing platforms. Its platforms deliver availability, agility, automation, analytics, and security through an advanced network operating stack. It offers a robust set of solutions, ranging from modular and fixed-form-factor campus spine switches to Power-over-Ethernet (PoE) leaf switches and Wi-Fi access points, all managed through CloudVision. The Company's network-as-a-service approach empowers customers of all sizes to leverage their data through offerings spanning three categories: Core (AI, Cloud, and Data Center Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Networks (Software and Services).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,006	7,003	5,860	4,381	2,948	–
Revenue growth	28.6%	19.5%	33.8%	48.6%	27.2%	31.2%
EPS (basic, normalized)	2.98	2.27	1.74	1.15	0.72	–
EPS growth	31.3%	30.8%	51.5%	59.6%	–	–
Gross margin	64.1%	64.1%	61.9%	61.1%	63.8%	63.0%
Net margin	39.0%	40.7%	35.6%	30.9%	28.5%	34.9%
ROE	31.4%	33.1%	34.5%	30.5%	23.0%	30.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	13,343
Current ratio	2.96x
Long-term debt (mil)	0
Net debt (mil)	−13,343
Total equity (mil)	14,798
Net debt / equity	−0.90x
Net debt / EBITDA	−3.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,006	+28.6%	22.2x	4,368	+31.7%	45.7x	2.98	+31.3%	56.7x
2026	12,680	+40.8%	15.7x	6,251	+43.1%	31.9x	4.12	+38.1%	41.0x
2027	16,341	+28.9%	12.2x	8,040	+28.6%	24.8x	5.22	+26.7%	32.4x
2028	20,055	+22.7%	10.0x	9,719	+20.9%	20.5x	6.47	+24.0%	26.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,680	+0.1%	+9.3%	+11.3%	4.12	+0.1%	+13.2%	+16.4%
2027	16,341	+0.4%	+14.3%	+17.3%	5.22	+0.4%	+16.9%	+21.1%
2028	20,055	+0.8%	+14.9%	+18.5%	6.47	+0.7%	+16.7%	+23.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,571	1,690	1,811	1,930	2,005	2,205	2,308	2,488	2,709	3,036
Sales mean (mil)	1,549	1,652	1,743	1,904	1,971	2,108	2,252	2,383	2,613	2,818
Surprise	+1.4%	+2.3%	+3.9%	+1.4%	+1.7%	+4.6%	+2.5%	+4.4%	+3.7%	+7.7%
EPS reported	0.50	0.53	0.60	0.65	0.65	0.73	0.75	0.82	0.87	1.02
EPS mean	0.44	0.49	0.52	0.57	0.59	0.65	0.71	0.76	0.81	0.88
Surprise	+14.3%	+7.9%	+15.2%	+14.3%	+9.9%	+12.4%	+5.1%	+8.4%	+7.9%	+15.3%

Peer comparison Communications & Networking

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ANET Arista Networks, Inc.	213.0B	−3.05x	39.0%	14.39x	41.0x	32.4x	31.9x	24.8x
CSCO Cisco Systems Inc	411.5B	0.55x	21.0%	8.20x	20.4x	18.7x	15.2x	14.1x
MSI Motorola Solutions Inc	81.3B	2.24x	18.4%	30.44x	27.8x	25.7x	19.9x	18.8x
LITE Lumentum Holdings Inc.	76.2B	−1.07x	−230.1%	16.04x	39.0x	24.3x	26.9x	16.4x
CIEN Ciena Corporation	45.5B	0.95x	2.6%	14.89x	45.3x	27.3x	32.1x	19.9x
EXTR Extreme Networks, Inc.	3.0B	−0.21x	3.3%	33.97x	16.5x	14.5x	10.8x	9.6x
Mean		−0.10x	−24.3%	19.66x	31.7x	23.8x	22.8x	17.3x
Median		0.17x	10.9%	15.46x	33.4x	25.0x	23.4x	17.6x

Technical analysis

1M−17.6%
3M−0.5%
1Y+7.7%
3Y+283.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Arista Networks, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,006	7,003	5,860	4,381	2,948	2,318
Cost of revenue	3,237	2,512	2,230	1,706	1,067	836
Gross profit	5,769	4,491	3,630	2,676	1,881	1,482
Selling, general & administrative expenses	675	550	518	420	369	296
Research & development	1,237	997	855	728	587	487
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	0
Other operating expenses	0	0	0	0	0	0
Operating income	3,856	2,945	2,257	1,527	925	700
Net interest income (expense)	383	311	171	55.0	7.2	40.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	10.2	9.4	−6.3	−0.3	−1.1	−1.6
Net income before taxes	4,250	3,265	2,422	1,582	931	739
Provision for taxes	738	413	335	229	90.0	104
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,511	2,852	2,087	1,352	841	635
Extraordinary items	–	–	–	–	–	–
Net income	3,511	2,852	2,087	1,352	841	635
EBIT, normalized	3,856	2,945	2,257	1,532	925	700
EBITDA, normalized	3,929	3,007	2,328	1,595	975	744
Basic EPS, normalized	2.98	2.27	1.74	1.15	0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Arista Networks, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	10,743	8,303	5,008	3,024	3,408	2,873
Receivables	1,887	1,140	1,034	934	541	406
Total inventory	2,247	1,835	1,945	1,452	696	498
Prepaid expenses	313	632	413	27.8	27.5	15.6
Other current assets	1,197	0	0	113	140	44.2
Total current assets	16,387	11,911	8,400	5,551	4,813	3,837
Property, plant & equipment	203	98.8	102	148	144	110
Goodwill	416	269	269	266	188	190
Intangibles	–	62.0	88.8	122	93.6	123
Long-term investments	–	81.3	62.3	39.5	20.2	8.3
Note receivable	–	–	–	–	–	–
Other long-term assets	2,442	1,622	1,035	649	476	472
Total assets	19,449	14,044	9,957	6,775	5,734	4,739
Liabilities
Accounts payable	652	381	435	233	203	134
Payable/accrued	–	–	–	–	–	–
Accrued expenses	475	457	428	312	247	161
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	4,249	1,894	1,056	749	660	473
Total current liabilities	5,376	2,732	1,919	1,294	1,110	768
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	1,702	1,317	818	596	646	650
Total liabilities	7,078	4,049	2,738	1,890	1,756	1,419
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.1	0.1	0.1	0	0	0
Additional paid-in capital	2,912	2,465	2,108	1,781	1,530	1,292
Retained earnings (accumulated deficit)	9,447	7,542	5,114	3,139	2,457	2,028
Treasury stock	–	–	–	–	–	–
Other equity	12.0	−13.2	−3.3	−33.9	−8.3	0.2
Total equity	12,370	9,995	7,219	4,886	3,979	3,320
Total liabilities & shareholders' equity	19,449	14,044	9,957	6,775	5,734	4,739

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Arista Networks, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,511	2,852	2,087	1,352	841	635
Depreciation, depletion & amortization	72.6	62.0	70.6	62.7	50.3	44.6
Deferred taxes	−312	−493	−371	−244	−99.3	−9.1
Non-cash items	412	302	263	235	231	151
Changes in working capital	688	985	−15.9	−913	−6.9	−85.7
Cash from operations	4,372	3,708	2,034	493	1,016	735
Investing activities
Capital expenditures	−120	−32.0	−34.4	−44.6	−64.7	−15.4
Other investing cash flows	−3,457	−2,425	−653	261	−861	−593
Cash from investing	−3,576	−2,457	−687	216	−926	−609
Financing activities
Financing cash flow items	−50.5	−58.4	−33.6	−32.7	−16.5	−8.7
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,545	−363	−50.2	−622	−344	−338
Cash from financing	−1,596	−422	−83.7	−655	−361	−346
Foreign exchange effects	1.7	−4.8	0.7	−3.6	−1.8	2.0
Net change in cash	−798	824	1,263	50.9	−272	−218
Free cash flow	4,252	3,676	2,000	448	951	720

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.