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.
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Arista Networks, Inc. (ANET) Altman Z-score
Arista Networks, Inc.'s Altman Z-score for fiscal 2025 is 16.45, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 16.45 | (6.85) |
| FY2024 | 23.30 | 4.50 |
| FY2023 | 18.80 | 4.20 |
| FY2022 | 14.60 | (2.88) |
| FY2021 | 17.48 | 5.79 |
| FY2020 | 11.69 | 1.84 |
| FY2019 | 9.85 | (2.57) |
| FY2018 | 12.42 | (3.00) |
| FY2017 | 15.42 | 6.78 |
| FY2016 | 8.64 | (1.86) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.57 | — | 0.68 | |
| Retained earnings / total assets | 0.49 | — | 0.68 | |
| EBIT / total assets | 0.20 | — | 0.65 | |
| Market value of equity / total liabilities | 23.29 | — | 13.97 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Safe zone | 16.45 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.46 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SNDK Sandisk Corporation compare | 33.3× |
| WDC Western Digital Corporation compare | 29.6× |
| STX Seagate Technology Holdings PLC compare | 18.2× |
| ANET Arista Networks, Inc. | 16.4× |
| P Everpure, Inc. compare | 5.1× |
| SMCI Super Micro Computer, Inc. compare | 3.4× |
| IONQ IonQ, Inc. compare | 2.6× |
| DELL Dell Technologies Inc. compare | 1.8× |
| HPQ HP Inc. compare | 1.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
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- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement