Arista Networks, Inc.
ANET· NYSE· Computer Communications Equipment
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 47.2%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +31.2%
We record prices for the companies we cover; ANET is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 1.28B
- Revenue
- $9.0B
- Free cash flow
- $4.3B
- Owner earnings
- $3.8B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 64.1%
- Operating
- 42.8%
- Net
- 39.0%
- Free cash flow
- 47.2%
- Owner earnings
- 42.3%
- Stock pay
- 4.9%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 28.4%
- ROE, 5 yr avg
- 26.9%
Growth (CAGR)
- Revenue, 3 yr
- 27.1%
- Revenue, 5 yr
- 31.2%
- Revenue, 9 yr
- 25.9%
- Diluted EPS, 3 yr
- 37.0%
- Diluted EPS, 5 yr
- 40.6%
- Diluted EPS, 9 yr
- 37.5%
- Free cash flow, 3 yr
- 111.7%
- Free cash flow, 5 yr
- 42.7%
- Free cash flow, 9 yr
- 44.7%
Financial health · FY2025
- Cash and investments
- $10.7B
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.1%
Financials: ten years from the 10-Ks
Revenue
$9.0B
+25.9% a year over 9 years
FY2016FY2025
Margins
Gross64.1%Operating42.8%Net39.0%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$4.3BOwner earnings$3.8B
Free cash flow +44.7% a year
FY2016FY2025
Diluted shares
1.28B
+8.9% over 9 years, net dilution
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $1.1B | $1.6B | $2.2B | $2.4B | $2.3B | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B |
| Revenue growth | 34.8% | 45.8% | 30.7% | 12.1% | -3.9% | 27.2% | 48.6% | 33.8% | 19.5% | 28.6% |
| Gross margin | 64.0% | 64.5% | 63.8% | 64.1% | 63.9% | 63.8% | 61.1% | 61.9% | 64.1% | 64.1% |
| Operating margin | 21.6% | 28.6% | 12.7% | 33.4% | 30.2% | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Net income | $184.2M | $423.2M | $328.1M | $859.9M | $634.6M | $840.9M | $1.4B | $2.1B | $2.9B | $3.5B |
| Net margin | 16.3% | 25.7% | 15.3% | 35.7% | 27.4% | 28.5% | 30.9% | 35.6% | 40.7% | 39.0% |
| Diluted EPS | $0.16s | $0.33s | $0.25s | $0.67s | $0.50s | $0.66s | $1.07 | $1.65 | $2.23 | $2.75 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $174.3M | $631.6M | $503.1M | $963.0M | $735.1M | $1.0B | $492.8M | $2.0B | $3.7B | $4.4B |
| Capital expenditure | $21.4M | $15.3M | $23.8M | $15.8M | $15.4M | $64.7M | $44.6M | $34.4M | $32.0M | $119.5M |
| Free cash flow | $152.9M | $616.3M | $479.3M | $947.3M | $719.7M | $951.1M | $448.2M | $2.0B | $3.7B | $4.3B |
| Stock-based compensation | $59.0M | $75.4M | $91.2M | $101.3M | $137.0M | $186.9M | $230.9M | $296.8M | $355.4M | $439.2M |
| Owner earnings? | $93.8M | $540.9M | $388.1M | $846.0M | $582.7M | $764.2M | $217.2M | $1.7B | $3.3B | $3.8B |
| Free cash flow per share | $0.13 | $0.49 | $0.37 | $0.73 | $0.57 | $0.74 | $0.35 | $1.58 | $2.87 | $3.33 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | $0 | $0 | $266.1M | $395.2M | $411.6M | $670.3M | $112.3M | $423.6M | $1.6B |
| Diluted shares | 1.17Bs | 1.26Bs | 1.29Bs | 1.29Bs | 1.27Bs | 1.28Bs | 1.27B | 1.27B | 1.28B | 1.28B |
| Share count change? | 2.5% | 7.9% | 2.4% | 0.0% | -1.7% | 0.4% | -0.9% | 0.2% | 1.0% | -0.4% |
| Balance sheet | ||||||||||
| Cash and equivalents | $567.9M | $859.2M | $650.0M | $1.1B | $893.2M | $620.8M | $671.7M | $1.9B | $2.8B | $2.0B |
| Short-term investments | $299.9M | $676.4M | $1.3B | $1.6B | $2.0B | $2.8B | $2.4B | $3.1B | $5.5B | $8.8B |
| Total debt | – | – | – | – | – | – | – | – | – | – |
| Net debt | – | – | – | – | – | – | – | – | – | – |
| Shareholders' equity | $1.1B | $1.7B | $2.1B | $2.9B | $3.3B | $4.0B | $4.9B | $7.2B | $10.0B | $12.4B |
Latest filings
| 2026-08-05 | 10-Q | Quarterly report |
| 2026-08-04 | 8-K | Earnings release |
| 2026-05-06 | 10-Q | Quarterly report |
| 2026-05-05 | 8-K | Earnings release |
| 2026-04-16 | DEF 14A | Proxy statement |
| 2026-02-17 | 10-K | Annual report |
| 2026-02-12 | 8-K | Earnings release |
| 2025-11-05 | 10-Q | Quarterly report |
| 2025-11-04 | 8-K | Earnings release |
| 2025-08-06 | 10-Q | Quarterly report |
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