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Arista Networks, Inc.
ANET Technology Computer Hardware
Arista Networks, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 28.6% from fiscal 2024. In the quarter to June 2026, revenue grew 37.7%, EPS grew 35.2% and free cash flow fell 10.4%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years, operating cash flow growth for three.
210.88
5.86
−2.70%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
4 | 8 | 5 | 7 | 5 | 6 | 6 | 7 | 5 | 4 |
P/E ratio |
36.37 | 39.55 | 48.15 | 18.06 | 34.75 | 52.37 | 27.42 | 34.36 | 48.58 | 46.80 |
Altman Z-Score |
8.64 | 15.42 | 12.42 | 9.85 | 11.69 | 17.48 | 14.60 | 18.80 | 23.30 | 16.45 |
P/S ratio |
5.92 | 10.14 | 7.32 | 6.44 | 9.53 | 14.95 | 8.46 | 12.22 | 19.83 | 18.30 |
P/FCF ratio |
45.23 | 27.32 | 33.22 | 16.47 | 30.90 | 46.58 | 83.66 | 35.92 | 37.83 | 38.81 |
Altman Z″-Score (non-manufacturers) |
7.69 | 9.24 | 8.74 | 9.55 | 9.09 | 9.10 | 9.86 | 10.24 | 10.04 | 8.46 |
P/Operating CF |
101.87 | 90.90 | 53.25 | 47.43 | 118.11 | 195.64 | 915.64 | 136.07 | 134.70 | 130.63 |
Beneish M-Score |
(2.01) | (2.82) | (2.00) | (2.09) | (2.63) | (2.46) | (1.13) | (2.34) | (2.66) | (2.24) |
P/B ratio |
6.03 | 10.05 | 7.35 | 5.36 | 6.65 | 11.08 | 7.58 | 9.92 | 13.89 | 13.32 |
Price to Tangible BV |
6.03 | 10.05 | 7.76 | 5.55 | 7.34 | 11.92 | 8.24 | 10.44 | 14.28 | 13.79 |
EV/Sales |
5.18 | 9.23 | 6.43 | 5.32 | 8.30 | 13.80 | 7.78 | 11.38 | 18.65 | 17.11 |
EV/EBITDA |
22.11 | 30.86 | 46.46 | 15.42 | 25.82 | 40.61 | 21.26 | 28.64 | 43.43 | 39.23 |
EV/Operating CF |
33.57 | 24.06 | 27.49 | 13.32 | 26.17 | 40.06 | 69.13 | 32.77 | 35.22 | 35.25 |
EV/FCF |
39.62 | 24.87 | 29.17 | 13.62 | 26.93 | 43.02 | 76.91 | 33.42 | 35.57 | 36.29 |
Quick Ratio |
2.44 | 3.36 | 3.77 | 5.22 | 4.25 | 3.54 | 3.05 | 3.15 | 3.46 | 2.35 |
Current Ratio |
3.32 | 4.28 | 4.48 | 5.81 | 4.99 | 4.34 | 4.29 | 4.38 | 4.36 | 3.05 |
Net Debt/EBITDA |
(3.13) | (3.04) | (6.45) | (3.28) | (3.85) | (3.40) | (1.89) | (2.15) | (2.76) | (2.73) |
Debt/Assets |
2.29% | 1.53% | 1.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.04 | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.78 | 0.79 | 0.78 | 0.66 | 0.52 | 0.56 | 0.70 | 0.70 | 0.58 | 0.54 |
Operating CF/Net income |
0.95 | 1.50 | 1.53 | 1.12 | 1.16 | 1.21 | 0.36 | 0.97 | 1.30 | 1.25 |
Capex/Depreciation |
(1.01) | (0.69) | (0.98) | (0.60) | (0.34) | (0.84) | (0.59) | (0.49) | (0.52) | (1.65) |
Interest Coverage |
77.62 | 169.16 | 8.54 | 15.80 | 25.91 | 132.11 | 54.54 | — | — | — |
| 19.30% | 30.50% | 17.24% | 34.12% | 20.42% | 23.04% | 30.51% | 34.49% | 33.14% | 31.40% | |
| 12.67% | 20.16% | 11.83% | 23.65% | 14.22% | 16.06% | 21.62% | 24.95% | 23.77% | 20.97% | |
ROIC |
54.41% | 179.18% | 76.72% | 295.69% | 97.74% | 101.35% | 51.26% | 63.81% | 108.81% | 148.08% |
Return on Tangible Assets |
16.00% | 23.33% | 15.02% | 29.50% | 20.46% | 22.24% | 31.07% | 31.71% | 30.74% | 31.31% |
Average Days of Receivables |
81.82 | 54.84 | 56.29 | 59.35 | 61.35 | 63.95 | 76.90 | 64.43 | 59.44 | 76.48 |
Research and Development Expense of Revenue |
24.23% | 21.24% | 20.57% | 19.20% | 21.00% | 19.90% | 16.63% | 14.59% | 14.23% | 13.74% |
Selling, General and Administrative Expense of Revenue |
18.25% | 14.69% | 11.74% | 11.44% | 12.76% | 12.53% | 9.59% | 8.84% | 7.85% | 7.50% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.04 | 0.02 | 0.07 | 0.05 | 0.06 | 0.04 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
5.23% | 4.58% | 4.24% | 4.20% | 5.91% | 6.34% | 5.27% | 5.06% | 5.07% | 4.88% |
Graham Net Nets |
0.14 | 0.09 | 0.11 | 0.14 | 0.11 | 0.07 | 0.10 | 0.08 | 0.06 | 0.06 |
Graham Number |
1.94 | 3.44 | 3.32 | 6.13 | 5.67 | 7.08 | 9.94 | 14.87 | 20.18 | 24.89 |
Earnings Yield |
2.75% | 2.53% | 2.08% | 5.54% | 2.88% | 1.91% | 3.65% | 2.91% | 2.06% | 2.14% |
Free Cash Flow Yield |
2.21% | 3.66% | 3.01% | 6.07% | 3.24% | 2.15% | 1.20% | 2.78% | 2.64% | 2.58% |
Revenue per Share |
1.03 | 1.42 | 1.80 | 1.97 | 1.91 | 2.40 | 3.57 | 4.74 | 5.57 | 7.16 |
Operating CF per Share |
0.16 | 0.55 | 0.42 | 0.79 | 0.60 | 0.83 | 0.40 | 1.64 | 2.95 | 3.48 |
Capex per Share |
(0.02) | (0.01) | (0.02) | (0.01) | (0.01) | (0.05) | (0.04) | (0.03) | (0.03) | (0.09) |
Free Cash Flow per Share |
0.14 | 0.53 | 0.40 | 0.78 | 0.59 | 0.78 | 0.37 | 1.62 | 2.93 | 3.38 |
Cash per Share |
0.79 | 1.33 | 1.64 | 2.23 | 2.36 | 2.78 | 2.47 | 4.05 | 6.61 | 8.54 |
Shareholders Equity per Share |
1.01 | 1.44 | 1.79 | 2.37 | 2.73 | 3.25 | 3.99 | 5.83 | 7.96 | 9.83 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.01 | 1.44 | 1.79 | 2.37 | 2.73 | 3.25 | 3.99 | 5.83 | 7.96 | 9.83 |
Free Cash Flow |
152.88 | 616.35 | 479.29 | 947.28 | 719.73 | 951.12 | 448.17 | 1,999.60 | 3,676.20 | 4,252.40 |
Working Capital |
1,066.57 | 1,736.52 | 2,108.30 | 2,874.56 | 3,068.76 | 3,702.85 | 4,257.22 | 6,480.63 | 9,178.70 | 11,010.50 |
Capital Expenditures |
(21.42) | (15.28) | (23.83) | (15.75) | (15.38) | (64.74) | (44.64) | (34.40) | (32.00) | (119.50) |
Net Current Asset Value |
904.94 | 1,467.48 | 1,776.21 | 2,181.03 | 2,418.37 | 3,056.85 | 3,661.16 | 5,662.49 | 7,861.80 | 9,308.90 |
EV/EBIT |
24.04 | 32.31 | 50.60 | 15.92 | 27.50 | 44.00 | 22.31 | 29.53 | 44.35 | 39.97 |
Capex to Sales |
0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.00 | 0.01 |
Price to Operating Income |
27.44 | 35.50 | 57.62 | 19.26 | 31.55 | 47.65 | 24.27 | 31.73 | 47.16 | 42.75 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.28 | 0.30 | 0.32 | 0.66 | 1.41 | 0.98 | 0.79 | 0.70 | 0.63 | 0.36 |
Cash ROIC |
7.59% | 19.05% | 11.59% | 16.86% | 11.62% | 12.88% | 5.67% | 16.35% | 20.09% | 18.40% |
Accounts Receivable Turnover |
5.68 | 6.58 | 7.43 | 6.66 | 5.93 | 6.51 | 6.09 | 5.99 | 6.44 | 5.95 |
Accounts Payable Turnover |
6.58 | 8.88 | 10.66 | 9.32 | 7.38 | 6.34 | 7.84 | 6.68 | 6.16 | 6.27 |
Inventory Turnover |
2.47 | 2.15 | 2.73 | 3.41 | 2.31 | 1.89 | 1.76 | 1.38 | 1.33 | 1.59 |
Average Days of Payables |
71.42 | 32.60 | 43.99 | 38.80 | 58.63 | 69.30 | 49.77 | 71.21 | 55.38 | 73.48 |
Days of Inventory on Hand |
212.58 | 191.24 | 124.12 | 102.72 | 209.52 | 222.34 | 276.00 | 318.40 | 266.59 | 253.38 |
Average Receivables |
198.69 | 250.23 | 289.56 | 361.88 | 390.76 | 453.02 | 719.80 | 978.75 | 1,087.45 | 1,513.70 |
Average Payables |
61.71 | 65.83 | 72.98 | 92.93 | 113.17 | 168.44 | 217.60 | 333.82 | 408.08 | 516.40 |
Average Inventory |
164.31 | 271.34 | 285.38 | 254.19 | 361.75 | 564.89 | 969.91 | 1,617.44 | 1,889.89 | 2,040.85 |
Average Assets |
1,444.45 | 2,094.93 | 2,771.42 | 3,633.64 | 4,462.10 | 5,236.67 | 6,254.92 | 8,366.02 | 12,000.27 | 16,746.25 |
Average Common Equity |
947.99 | 1,384.87 | 1,902.65 | 2,519.04 | 3,107.49 | 3,649.45 | 4,432.21 | 6,052.44 | 8,606.93 | 11,182.65 |
Columns are period end dates