Arista Networks, Inc. (ANET)
Information Technology · Communications Equipment · US stock · S&P 500 component
$176.98
▼ -8.60 (4.63%)
Fair valueOvervalued
$114 −35.8% to fair value
$57fair band $80–$148$171
Day's range
$176.77 – $184.70
52-week range
$114.52 – $217.41
About Arista Networks, Inc.
Arista Networks designs and sells high-speed Ethernet switches and routers, along with the software that runs them. Its main customers are large cloud and internet companies, plus enterprises and service providers that build data center and campus networks. Revenue comes from hardware sales, which carry its Extensible Operating System, and from recurring software subscriptions and support services. Demand is closely tied to spending on data center capacity.
Revenue has grown 27.1% a year over three years, leaving the last twelve months at $10.5 billion. Operating margin is 43.1%. Return on invested capital comes to 253%. It does not pay a dividend. This gives an X-Ray Score of 64 out of 100. These numbers describe past results and current financial position, and they are shown for reference only.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $114.52 – $217.41Volume 6,842,900Daily, split-adjusted
Vitals
Market cap$225.8B
52-week range$114.52 – $217.41
Volume (last day)6,842,900
P/E (TTM)423.4
EBIT / EV yield2.1%
Free-cash-flow yield2.3%
Dividend yieldNo dividend
Revenue (TTM)$10.5B
Net income (TTM)$533M
Operating margin43.1%
Return on capital253.4%
Debt incl. leasesData missing
Cash & securities$13.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$114model spread $80 – $116
Overvalued
−35.8% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $177
Undervalued < $80Fair $80 – $148Overvalued > $148
10-year DCF (market-scaled)
$181
Peer multiples
$112
Earnings power floor (not blended)
$39
Fundamentals-adjusted multiple
$49
Growth the price implies
30.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Weak
34/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.1%
Free-cash-flow yield2.3%
Fair value vs price0.6×
Growth
Strong
87/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)27.1%
EPS growth (3y)37.0%
Growth consistency100%
Profitability
Strong
75/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital253.4%
Operating margin43.1%
Gross profitability28.0%
Financial health
Fair
54/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score4 / 9
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+27.6%
Mar '25
+30.4%
Jun '25
+27.5%
Sep '25
+28.9%
Dec '25
+35.1%
Mar '26
+37.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.0B, diluted EPS $0.95.
Compare with peers
FFIV F5, Inc.60 MSI Motorola Solutions, In...49 CSCO Cisco Systems, Inc.44 CIEN Ciena Corp39Other Communications Equipment companies by X-Ray Score.
Fundamentals checklist
● 10 Good · ● 2 Average · ● 3 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 69/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B |
| Operating income | $925M | $1.5B | $2.3B | $2.9B | $3.9B |
| Net income | $841 | $1,352 | $2,087 | $2,852 | $3,511 |
| Operating cash flow | $1.0B | $493M | $2.0B | $3.7B | $4.4B |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Free cash flow | $951M | $448M | $2.0B | $3.7B | $4.3B |
| Diluted EPS | $2.63 | $1.07 | $1.65 | $2.23 | $2.75 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 203.9 | Bearish |
| EMA 10 | 198.1 | Bearish |
| SMA 20 | 204.4 | Bearish |
| EMA 20 | 200.8 | Bearish |
| SMA 50 | 198.4 | Bearish |
| EMA 50 | 196.2 | Bearish |
| SMA 100 | 184.1 | Bearish |
| EMA 100 | 185.5 | Bearish |
| SMA 200 | 162.6 | Bullish |
| EMA 200 | 168.9 | Bullish |
Oscillators (daily)
| RSI (14) | 31.60 | Neutral |
| MACD (12, 26) | -1.15 | Bearish |
| Momentum (12) | -13.07 | Bearish |
| Stochastic %K (14) | 0.52 | Bullish |
| Williams %R (14) | -99.48 | Bullish |
| CCI (20) | -291.4 | Bullish |
Pivot points (classic, last session)
S3 166.3 | S2 171.6 | S1 174.3 | Pivot 179.5 | R1 182.2 | R2 187.4 | R3 190.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ANET SEC filings
5 Aug 2026
10-QSEC EDGAR
Quarterly report
4 Aug 2026
8-KSEC EDGAR
Results of operations
2 Jun 2026
8-KSEC EDGAR
Shareholder vote results
6 May 2026
10-QSEC EDGAR
Quarterly report
5 May 2026
8-KSEC EDGAR
Results of operations
16 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
17 Feb 2026
10-KSEC EDGAR
Annual report
12 Feb 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.