— Know what they know.
/
Not Investment Advice

ANET

NYSE · USD
Arista Networks, Inc.
Technology · Computer Hardware
CEO Jayshree V. Ullal Employees 5,115 R&D / revenue 13.7%
Last price
$176.98−4.63%last session
Market cap
$223.2B
P/E (TTM)
55.1x
From 52w high
−18.6%
From 52w low
+54.5%
1-year return
+21.2%
RSI 14 · vs SMA200
31.6 · +8.8%
IS score
84.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ANET   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129ANET 121SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
99
Profitability
79
Growth
28
Value
100
Momentum
100
Risk (safety)
91
Quality
97
Balance sheet
66
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Cost AdvantagePiotroski 5 / 9Altman Z 17.1Beta 1.623 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
374 open-market sales, $1.3B
Form 144 notices (12m): 58, $1.6B proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-07-10
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+230
374 new holders, 121 closed
2,259 filers hold 72.0% · 956 added, 738 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+342
1,644 funds adding shares
1,302 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
23.6%
20-day avg 43.6%, 50-day avg 47.3%
Latest 20.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.0B
Revenue growth YoY+28.6%
Gross margin64.1%
Operating income$3.9B
Operating margin42.8%
Net income$3.5B
Net margin39.0%
EPS (diluted)$2.75
Cash flow
Operating cash flow$4.4B
Capital expenditure$119.5M
Free cash flow$4.3B
FCF conversion (FCF / OCF)97.3%
Stock-based compensation$439.2M
FCF less SBC$3.8B
Buybacks$1.6B
Dividends$0
Balance sheet & returns
Cash & short-term investments$10.7B
Total debt$0
Net cash$10.7B
Shareholders' equity$12.4B
Goodwill & intangibles$416.1M
Debt / equity0.00
ROE (TTM)30.8%
ROIC (TTM)21.8%
Operating margin by fiscal year
31.4%FY202134.9%FY202238.5%FY202342.0%FY202442.8%FY2025
Revenue $2.9B (FY2021) to $9.0B (FY2025), a 32.2% CAGR.

Valuation

P/E (TTM)55.1x
EV / EBITDA43.5x
Price / sales21.18x
Price / FCF43.3x
FCF yield2.31%
Buyback yield0.72%
SBC / revenue4.8%
Price / book15.06x
Forward P/E FY202643.0x
Forward P/E FY202733.6x
Forward P/E FY202827.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $247.80 across 10 analysts last quarter is theirs, not ours.

ANET vs industry median

86 companies in Computer Hardware
Gross margin 63.0% 38.4% Operating margin 43.1% -0.1% Net margin 38.4% -3.2% ROIC 21.8% 1.1%
ANET (TTM)Industry median Asset turnover 0.44 vs industry 0.78 · financial leverage 1.60

Earnings delivery

Next report 2026-11-03 · consensus EPS $1.08
100%
beat rate, 12 of 12 quarters
+13.4%
median EPS surprise
12
longest beat streak
+16+22+14+8+15+15+10+12+4+8+8+15
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-30 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ANET Arista Networks, Inc. $223.2B55.1x30.8%38.4%+28.6% +21.2%
SNDK Sandisk Corporation $187.8B16.7x91.6%77.0%+965.1% +800.6%
DELL Dell Technologies Inc. $287.1B25.8x-542.7%8.8%+49.2% +202.3%
STX Seagate Technology Holdings $145.3B43.9x371.5%35.7%+34.1% +182.7%
WDC Western Digital Corporation $124.3B12.2x133.0%—−2.7% +163.9%
HPE Hewlett Packard Enterprise C $73.2B27.4x10.8%12.6%+26.6% —
P Everpure, Inc. $41.3B163.2x17.7%6.3%+45.1% —
NTAP NetApp, Inc. $40.0B28.4x114.8%18.5%+12.2% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-06-02Shareholder Vote
2026-05-05Earnings Release; Exhibits
2026-02-12Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-04Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-09-08Departure/Election of Directors; Appointment of Officers; Amendments to Articles of Incorporation or Bylaws; Other Events; Financial Statements and Exhibits

Context

Shares outstanding1,261,220,000
Free float83.3%
Institutional ownership72.0%
Beta1.62
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$198.73 / $162.41
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ANET sits among 21 scored companies in Computer Hardware (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureANETIndustry medianIndustry percentileSector median
P/E (TTM) 55.2x 25.2x
92nd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.68 0.74
71st		 1.36
Price / sales 21.2x 5.4x
75th		 3.9x
Price / book 15.1x 5.2x
82nd		 4.4x
Price / tangible book 15.3x 9.6x
60th		 8.8x
Price / free cash flow 43.3x 20.9x
82nd		 20.3x
Price / operating cash flow 42.1x 18.6x
91st		 17.9x
Enterprise value $209.9B $13.3B
95th		 $5.5B
EV / sales 19.9x 5.3x
75th		 4.1x
EV / EBITDA 42.1x 14.0x
92nd		 18.9x
EV / EBIT 42.9x 17.4x
92nd		 26.7x
EV / free cash flow 40.7x 22.3x
82nd		 21.9x
Earnings yield 1.8% 2.2%
45th		 2.0%
FCF yield 2.3% 2.3%
55th		 3.3%
Operating cash flow yield 2.4% 2.4%
50th		 4.4%
Graham number (per share) $28.78 $34.53
40th		 $28.08

Profitability (TTM)

MeasureANETIndustry medianIndustry percentileSector median
Gross margin 63.0% 37.8%
80th		 55.7%
EBITDA margin 47.3% 9.0%
89th		 13.7%
Operating margin 43.1% 5.6%
95th		 8.2%
EBIT margin 46.4% 6.4%
89th		 8.6%
Net margin 38.4% 5.7%
90th		 5.7%
NOPAT margin 35.0% 4.9%
95th		 7.0%
FCF margin 48.9% 5.7%
95th		 15.0%
Operating cash flow margin 50.3% 7.9%
95th		 18.4%
R&D / revenue 13.0% 9.8%
65th		 12.9%
SG&A / revenue 6.9% 30.5%
20th		 25.6%
Stock comp / revenue 4.8% 1.9%
65th		 4.4%
Effective tax rate 18.9% 19.9%
45th		 21.0%

Returns on capital

MeasureANETIndustry medianIndustry percentileSector median
ROE (on average equity) 31.5% 14.3%
71st		 9.4%
ROA 20.1% 5.5%
80th		 4.1%
ROIC 253.4% 14.1%
95th		 9.0%
ROCE 28.9% 13.1%
65th		 8.6%
Return on tangible assets 24.3% 7.5%
80th		 5.9%
Cash ROIC (OCF / invested capital) 364.9% 30.8%
95th		 20.7%
Gross profitability (GP / assets) 28.0% 25.6%
55th		 30.0%
ROIC, 3-yr average —
ROIC, 5-yr average 7.0% 1.8%
71st		 7.9%
ROE, 5-yr average 28.3% -3.9%
93rd		 6.9%
Incremental ROIC 26.9% 11.4%
60th		 15.3%

Growth

MeasureANETIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 32.6% 26.6%
55th		 14.3%
Revenue growth (QoQ) 12.1% 12.1%
50th		 6.6%
Revenue CAGR, 3 yr 26.1% 5.1%
79th		 9.6%
Revenue CAGR, 5 yr 32.0% 3.6%
71st		 11.5%
Gross profit CAGR, 3 yr 28.0% 11.0%
62nd		 10.9%
Operating income CAGR, 3 yr 33.7% 27.4%
62nd		 11.3%
Net income growth (TTM YoY) 24.4% 112.7%
30th		 21.6%
Net income CAGR, 3 yr 33.3% 34.0%
43rd		 9.9%
EPS growth (TTM YoY) 24.0% 90.5%
20th		 22.3%
EPS CAGR, 3 yr 32.9% 32.6%
57th		 11.2%
EPS CAGR, 5 yr 40.9% 19.8%
80th		 12.0%
FCF growth (TTM YoY) 29.7% 36.5%
40th		 24.6%
FCF CAGR, 3 yr 76.0% 15.5%
100th		 19.3%
Operating cash flow CAGR, 3 yr 75.4% 13.1%
100th		 17.9%
Book value CAGR, 3 yr 35.9% 20.5%
71st		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 31.5% 24.8%
60th		 14.2%

Margin history & stability

MeasureANETIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 63.8% 36.2%
89th		 53.2%
Operating margin, 3-yr average 42.5% 6.2%
100th		 6.6%
Net margin, 3-yr average 39.4% 4.8%
100th		 5.2%
FCF margin, 3-yr average 47.2% 4.6%
100th		 12.7%
Revenue stability (0-1) 0.97 0.46
95th		 0.87
Earnings stability (0-1) 0.99 0.38
100th		 0.45
Margin stability (0-1) 0.97 0.85
95th		 0.95

Liquidity (latest quarter)

MeasureANETIndustry medianIndustry percentileSector median
Cash & short-term investments $13.3B $1.6B
100th		 $494.1M
Net cash (− = net debt) $13.3B $386.0M
100th		 $49.8M
Working capital $13.3B $969.7M
95th		 $391.0M
Current ratio 2.96 2.31
60th		 1.92
Quick ratio 2.59 1.95
75th		 1.67
Cash ratio (cash + ST investments / current liabilities) 1.96 1.05
75th		 0.95
Defensive interval (days) 2,721 days 730 days
90th		 521 days

Leverage & solvency (latest quarter)

MeasureANETIndustry medianIndustry percentileSector median
Total debt $0 $109.2M
0th		 $349.3M
Debt / equity 0.00 0.03
0th		 0.29
Net debt / equity −0.90 −0.50
0th		 −0.13
Debt / assets 0.0% 4.3%
0th		 16.9%
Debt / capital 0.0% 3.2%
0th		 22.3%
Debt / EBITDA 0.00 0.72
0th		 1.78
Net debt / EBITDA −2.68 −0.41
0th		 −0.18
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.0 yrs 0.8 yrs
0th		 1.6 yrs
Liabilities / assets 37.6% 45.3%
40th		 48.7%
IS credit model rating AA — —
Implied credit spread (bps) 80 150
25th		 175

Efficiency

MeasureANETIndustry medianIndustry percentileSector median
Asset turnover 0.52 0.92
35th		 0.62
Fixed asset turnover 33.73 7.42
95th		 9.25
Inventory turnover 1.7 4.0
6th		 3.8
Receivables turnover 5.4 7.1
35th		 6.2
Days sales outstanding 67 days 52 days
65th		 59 days
Days inventory outstanding 215 days 92 days
94th		 94 days
Days payables outstanding 58 days 80 days
25th		 46 days
Cash conversion cycle (days) 224 days 53 days
90th		 50 days
Capex / revenue 1.4% 3.2%
30th		 2.3%
Capex / depreciation 1.63 1.11
80th		 0.56
Operating expense ratio 17.5% 33.0%
30th		 44.3%

Cash flow & earnings quality

MeasureANETIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.31 1.34
42nd		 1.61
FCF / net income 1.27 1.16
67th		 1.33
FCF / operating cash flow 97.1% 85.9%
91st		 88.0%
Capex / operating cash flow 2.9% 14.1%
9th		 12.0%
Accruals ratio -6.3% -5.4%
40th		 -6.3%
Sloan accruals ratio 18.9% 2.9%
75th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
17th		 0.75

Dividends & buybacks

MeasureANETIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 13.8%
0th		 0.0%
Dividends / FCF 0.0% 18.7%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.3% 0.3%
50th		 1.2%
Shareholder yield (dividends + buybacks) 0.3% 0.4%
45th		 1.7%
Share count change (YoY) 0.3% 4.3%
25th		 0.1%
Buybacks, last 5 years $5.3B $139.8M
85th		 $215.3M

Scores & forensic checks

MeasureANETIndustry medianIndustry percentileSector median
IS score 85 55
90th		 56
IS profitability 99 31
95th		 40
IS growth 79 65
80th		 65
IS value 28 45
15th		 39
IS momentum 100 80
90th		 78
IS risk (safety) 100 100
45th		 100
IS quality 91 63
85th		 67
IS balance sheet 97 81
100th		 72
IS earnings quality 66 61
55th		 61
IS cash flow 93 54
100th		 66
Piotroski F-score (0-9) 5 6
30th		 6
Altman Z-score 17.1 5.0
75th		 4.0
Beneish M-score −2.32 −2.37
58th		 −2.58
Ohlson O-score −11.10 −7.92
10th		 −8.00
IS credit score 89 74
75th		 69

Per share

MeasureANETIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.17 $0.73
65th		 $0.84
Book value per share $11.61 $7.08
75th		 $9.77
Tangible book per share $11.22 $1.76
80th		 $3.22
Revenue per share $8.27 $13.29
40th		 $13.00
FCF per share $4.04 $0.70
65th		 $1.78
Operating cash flow per share $4.16 $0.97
60th		 $2.40
Cash per share $10.47 $4.25
75th		 $4.50

Size (TTM)

MeasureANETIndustry medianIndustry percentileSector median
Market cap $223.2B $15.0B
95th		 $4.7B
Revenue $10.5B $4.3B
65th		 $1.2B
EBITDA $5.0B $986.1M
80th		 $185.8M
Net income $4.0B $253.3M
85th		 $84.9M
Free cash flow $5.2B $128.2M
90th		 $170.6M
Total assets $23.7B $5.2B
80th		 $2.4B
Shareholders' equity $14.8B $1.5B
90th		 $1.1B
Employees 5,115 5,115
50th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-09Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 18,656$217.10$4.1M4,774,691
2026-10-09Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 93,241$217.10$20.2M15,432,507
2026-10-08Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 4,000$217.05$868,1934,793,347
2026-10-08Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 19,990$217.05$4.3M15,525,748
2026-10-07Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 13,860$217.14$3.0M4,797,347
2026-10-07Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 69,272$217.14$15.0M15,545,738
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 13,179$211.36$2.8M4,863,793
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 51,805$212.27$11.0M4,811,988
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 781$213.06$166,4034,811,207
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 65,897$211.36$13.9M15,877,957
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 259,045$212.27$55.0M15,618,912
2026-10-06Ullal Jayshree
Director, CEO and Chairperson
 Open-market sale 3,902$213.06$831,37515,615,010

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired825,431—
Open-market saleDisposed3746,756,916$1.3B
Option exerciseDisposed33283,346—
Option exerciseAcquired32279,198—
OtherDisposed12821,569—
OtherAcquired9721,569—
Tax withholdingDisposed7134,625$23.5M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 58 notices · 9,034,203 shares · $1.6B
FiledFilerShares proposedEst. proceeds
2026-10-09Ullal Jayshree130,553$28.3M
2026-10-08Ullal Jayshree27,990$203,720
2026-10-07Ullal Jayshree96,992$21.1M
2026-10-06Chantelle Breithaupt1,224$253,246
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 18 trades (10 purchases) · Senate 6 (6 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-04Michael McCaulHouseSale$15,001 - $50,0002026-10-16
2026-07-10Dan NewhouseHousePurchase$1,001 - $15,0002026-07-20
2026-07-10Daniel Milton NewhouseHousePurchase$1,001 - $15,0002026-07-20
2026-07-09Daniel Milton NewhouseHousePurchase$1,001 - $15,0002026-07-20
2025-12-11John BoozmanSenatePurchase$1,001 - $15,0002026-01-13
2025-12-11John BoozmanSenatePurchase$1,001 - $15,0002026-01-12
2025-12-11John BoozmanSenatePurchase$1,001 - $15,0002026-01-12
2025-11-13John BoozmanSenatePurchase$1,001 - $15,0002025-12-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.91,383,843$15.5B7.25%
VANGUARD CAPITAL MANAGEMENT LLC68,688,349$11.7B5.45%
STATE STREET CORP48,165,803$8.2B3.82%
FMR LLC47,349,865$8.0B3.75%
GEODE CAPITAL MANAGEMENT, LLC27,505,753$4.7B2.18%
VANGUARD PORTFOLIO MANAGEMENT LLC25,808,745$4.4B2.05%
PRICE T ROWE ASSOCIATES INC /MD/23,227,202$3.9B1.84%
Cresset Asset Management, LLC19,368,054$3.3B1.54%
MORGAN STANLEY14,718,675$2.5B1.17%
Capital Research Global Investors13,164,137$2.2B1.04%
AMERIPRISE FINANCIAL INC12,800,606$2.2B1.01%
NORGES BANK12,246,920$2.1B0.97%
Nuveen, LLC10,735,597$1.8B0.85%
FRANKLIN RESOURCES INC9,927,990$1.7B0.79%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/9,725,196$1.7B0.77%

Institutional ownership by quarter

2023-092026-0672.0%
% of shares held by 13F filers
2023-092026-062,259
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,25972.0%374956738121
2026-03-312,02969.7%229870734153
2025-12-311,98668.7%312809689156
2025-09-301,87667.0%34067268198
2025-06-301,65567.0%256675571148
2025-03-311,56767.6%285676484209
2024-12-311,51766.3%1,516100
2024-09-3010.0%0000
2024-06-3010.0%0010
2024-03-3110.0%0000
2023-12-3120.1%1001
2023-09-3020.0%1000

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.30%$6.9B
VSMPX0.30%$6.9B
VTSAX0.30%$6.9B
VTI0.30%$6.9B
VFINX0.32%$5.6B
VOO0.32%$5.6B

Share structure

Shares outstanding1,261,220,000
Float1,050,574,907
Free float83.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.9B$4.4B$5.9B$7.0B$9.0B
Cost of revenue$1.1B$1.7B$2.2B$2.5B$3.2B
Gross profit$1.9B$2.7B$3.6B$4.5B$5.8B
R&D$586.8M$728.4M$854.9M$996.7M$1.2B
SG&A$369.3M$420.2M$518.1M$550.0M$675.3M
Operating income$924.7M$1.5B$2.3B$2.9B$3.9B
EBITDA$975.1M$1.6B$2.3B$3.0B$3.9B
Pretax income$930.9M$1.6B$2.4B$3.3B$4.2B
Income tax$90.0M$229.3M$334.7M$413.0M$738.3M
Net income$840.9M$1.4B$2.1B$2.9B$3.5B
EPS, diluted$0.66$1.07$1.65$2.23$2.75
Diluted shares1.3B1.3B1.3B1.3B1.3B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.4B$3.0B$5.0B$8.3B$10.7B
Receivables$516.5M$923.1M$1.0B$1.1B$1.9B
Inventory$650.1M$1.3B$1.9B$1.8B$2.2B
Total current assets$4.8B$5.6B$8.4B$11.9B$16.4B
PP&E, net$143.8M$95.0M$101.6M$98.8M$203.1M
Goodwill & intangibles$282.0M$388.1M$357.3M$330.5M$416.1M
Total assets$5.7B$6.8B$10.0B$14.0B$19.4B
Accounts payable$202.6M$232.6M$435.1M$381.1M$651.7M
Total current liabilities$1.1B$1.3B$1.9B$2.7B$5.4B
Long-term debt$0$0$0$0$0
Total liabilities$1.8B$1.9B$2.7B$4.0B$7.1B
Shareholders' equity$4.0B$4.9B$7.2B$10.0B$12.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$840.9M$1.4B$2.1B$2.9B$3.5B
Depreciation & amortization$50.3M$62.7M$70.6M$62.0M$72.6M
Stock-based compensation$186.9M$230.9M$296.8M$355.4M$439.2M
Change in working capital−$6.9M−$912.8M−$15.9M$985.2M$687.8M
Operating cash flow$1.0B$492.8M$2.0B$3.7B$4.4B
Capital expenditure−$64.7M−$44.6M−$34.4M−$32.0M−$119.5M
Free cash flow$951.1M$448.2M$2.0B$3.7B$4.3B
Investing cash flow−$925.6M$216.3M−$687.5M−$2.5B−$3.6B
Net debt issued / repaid$0$0$0$0$0
Buybacks−$411.6M−$670.3M−$112.3M−$423.6M−$1.6B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin63.8%61.1%61.9%64.1%64.1%
Operating margin31.4%34.9%38.5%42.0%42.8%
Net margin28.5%30.9%35.6%40.7%39.0%
FCF margin32.3%10.2%34.1%52.5%47.2%
ROE23.0%30.5%34.5%33.1%31.4%
ROIC133.3%68.5%88.0%152.1%195.8%
ROA16.1%21.6%24.9%23.8%21.0%
Debt / equity0.010.010.000.000.00
Interest coverage—————
Current ratio4.344.294.384.363.05
Revenue growth+27.2%+48.6%+33.8%+19.5%+28.6%
EPS growth+31.4%+63.2%+52.6%+35.8%+23.8%
P/E at year end54.7x28.3x36.0x49.7x47.6x
EV / EBITDA at year end43.7x22.2x30.1x44.4x37.9x
FCF yield at year end2.07%1.17%2.66%2.59%2.54%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Product$2.4B$3.7B$5.0B$5.9B$7.6B
Service$570.3M$665.2M$830.7M$1.1B$1.4B

Revenue by region · FY2025

Americas$7.1B · 79%
EMEA$1.1B · 12%
Asia Pacific$813.3M · 9%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $1.08 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.7B$12.6B – $12.9B$4.11$4.04 – $4.211843.0x
2027$16.6B$15.6B – $17.3B$5.26$4.79 – $5.641833.6x
2028$20.7B$16.8B – $23.6B$6.48$5.89 – $6.991127.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$0.89$1.02+15.1%$2.8B$3.0B+7.3%
2026-05-05$0.81$0.87+7.7%$2.6B$2.7B+3.4%
2026-02-12$0.76$0.82+8.2%$2.4B$2.5B+4.3%
2025-11-04$0.72$0.75+4.5%$2.3B$2.3B+1.9%
2025-08-05$0.65$0.73+12.5%$2.1B$2.2B+4.6%
2025-05-06$0.59$0.65+10.2%$2.0B$2.0B+1.9%
2025-02-18$0.57$0.65+14.6%$1.9B$1.9B+1.5%
2024-11-07$2.08$2.40+15.4%$1.8B$1.8B−0.1%
2024-07-29$1.95$2.10+7.7%$1.7B$1.7B+2.1%
2024-05-06$1.74$1.99+14.4%$1.6B$1.6B+1.3%
2024-02-12$1.70$2.08+22.4%$1.5B$1.5B+0.4%
2023-10-30$1.58$1.83+15.8%$1.5B$1.5B+2.0%
2023-07-31$1.44$1.58+9.7%$1.4B$1.5B+5.9%
2023-05-01$1.34$1.43+6.7%$1.3B$1.4B+3.5%
2023-02-13$1.21$1.41+16.5%$1.2B$1.3B+6.2%
2022-10-31$1.04$1.25+20.2%$1.1B$1.2B+10.9%
2022-08-01$0.91$1.08+18.7%$978.8M$1.1B+7.5%
2022-05-02$0.81$0.84+3.7%$856.1M$877.1M+2.4%
2022-02-14$0.73$0.82+12.3%$790.1M$824.5M+4.3%
2021-11-01$0.68$0.74+8.8%$738.3M$748.7M+1.4%
2021-08-02$0.64$0.68+6.3%$681.2M$707.3M+3.8%
2021-05-04$0.60$0.63+5.0%$642.0M$667.6M+4.0%
2021-02-18$0.60$0.62+3.3%$628.0M$648.5M+3.3%
2020-11-02$0.55$0.61+10.9%$552.9M$605.4M+9.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.306-151.606-221.806-292.307-062.107-131.307-202.107-273.308-032.008-101.508-171.408-241.008-31
Week ofNotionalSharesTrades
2026-08-31$986.8M5,176,096116,467
2026-08-24$1.4B6,948,115124,039
2026-08-17$1.5B8,069,436150,353
2026-08-10$2.0B9,801,900164,013
2026-08-03$3.3B17,102,048237,985
2026-07-27$2.1B12,241,115195,854

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1523.6%
DateShort shareShort volumeTotal volume
2026-10-1523.6%1,234,4175,228,514
2026-10-1435.5%988,5092,780,840
2026-10-1337.2%1,187,1833,195,239
2026-10-1246.1%716,6921,555,802
2026-10-0938.8%879,8382,268,990
2026-10-0842.5%955,6932,249,900
2026-10-0745.3%1,015,7642,240,645
2026-10-0637.9%1,253,8063,310,861
2026-10-0552.9%851,0501,608,942
2026-10-0247.7%840,7891,764,223
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.2Jan+3.7Feb+4.2Mar-0.7Apr+1.9May+3.6Jun+6.5Jul+4.5Aug+0.1Sep+3.1Oct+7.4Nov+1.6Dec
MonthAvg returnUp yearsYears
Jan+2.2%75%12
Feb+3.7%50%12
Mar+4.2%75%12
Apr−0.7%55%11
May+1.9%64%11
Jun+3.6%58%12
Jul+6.5%67%12
Aug+4.5%67%12
Sep+0.1%50%12
Oct+3.1%75%12
Nov+7.4%75%12
Dec+1.6%75%12
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1431.6
MFI35.0
ADX22.4
Stochastic %K / %D9.2 / 22.0
Williams %R-99.5
CCI-291
TSI / signal-3.5 / 11.8
Chaikin money flow0.06
ATR$8.37
Bollinger width18.1%
Volume vs 20-day avg1.08x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$204.44 (−13.4%)
SMA 50$198.42 (−10.8%)
SMA 200$162.64 (+8.8%)
EMA 21$200.75 (−11.8%)
EMA 50$196.19 (−9.8%)
EMA 200$168.94 (+4.8%)
Bollinger upper$222.88 (−20.6%)
Bollinger lower$185.99 (−4.8%)
Parabolic SAR$213.81 (−17.2%)
Open the live chart, 110+ indicators

About Arista Networks, Inc.

Arista Networks, Inc. is a leading global technology firm that designs, promotes, and distributes innovative cloud networking solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions. Its comprehensive product portfolio features advanced extensible operating systems, a collection of powerful network applications, and high-performance gigabit Ethernet switching and routing hardware. The company also offers robust post-contract customer support, which includes technical assistance, hardware repairs, parts replacement beyond standard warranty, and critical bug fixes, patches, and upgrades. Arista serves a diverse clientele, encompassing major internet companies, telecommunication providers, financial services organizations, government agencies, and entities in the media and entertainment sectors. Its sales strategy involves multiple channels, utilizing distributors, system integrators, value-added resellers, original equipment manufacturer partners, and a dedicated direct sales force. Established in 2004 as Arastra, Inc., the company adopted the name Arista Networks, Inc. in October 2008 and is headquartered in Santa Clara, California.

https://www.arista.com

Key executives

NameTitlePayBorn
Kenneth DudaCo-Founder, President, Chief Technology Officer & Director$610,3601972
Jayshree V. UllalChief Executive Officer & Chairperson$609,3601961
Chantelle BreithauptSenior Vice President & Chief Financial Officer$585,4451972
Todd NightingalePresident & COO$446,2951980
Christopher SchmidtChief Sales Officer——
Hugh HolbrookChief Development Officer——
Isabelle Bertin-BaillyGroup Vice President of Worldwide Human Resources & Operations——
Mark FossSenior Vice President of Global Operations & Marketing——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Todd Nightingale President, Chief Operating Officer2025$183,160$52.0M$75,000$52.3M
Chantelle Breithaupt Chief Financial Officer2025$325,322$6.7M$250,000$7.2M
Kenneth Duda President, Chief Technology Officer2025$300,000$6.6M$300,000$7.2M
Jayshree Ullal Chief Executive Officer2025$300,000$2.3M$300,000$2.9M
Marc Taxay Former Senior Vice President, General Counsel2025$116,401$1.6M$0$1.7M

Employees

2k20182k20193k20203k20214k20224k20234k20245k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Cost Advantage · 2026-06-30
Cost advantage86
Intangibles60
Switching costs61
Network effect60
Efficient scale85
Our component scores (0-100) and overall 69.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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