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