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US maker of high-performance cloud and AI data-center networking switches and software.
US maker of high-performance cloud and AI data-center networking switches and software.
Sells switches bundled with its own operating software, so a cloud customer's purchase is mainly hardware with support contracts attached. A small number of cloud companies account for a large share of sales, which makes orders lumpy. It has been widening into enterprise and campus networks.
Moat: narrow (switching costs, brand, process know-how). Single EOS software stack across its whole product line lowers customers' operating cost, driving durable hyperscaler design wins.
Headquarters: Santa Clara, California, US · Founded: 2004 · Employees: 5,115
Size Arista Networks (ANET) is a United States Information Technology company (Computer Peripherals) with a market value of $215B, the 51st largest of 3,117 United States companies the cockpit tracks. Shares closed at $170.80 on 6 Nov 2026.
Performance Over six months the shares gained 20.5%, against +0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 40.7% over the last twelve months (peer median +17.4%); the operating margin is 43.8% (peer median 12.9%).
Valuation It trades at 30.4× forward earnings against a peer median of 12.3× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 184.3 points above its cost of capital (12.9% WACC).
Short interest Short interest is 1.0% of the free float (15 Oct 2026).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.9B | $9.01B | $7.00B | $5.86B | $4.38B |
| Revenue growth | — | +29% | +20% | +34% | — |
| Gross profit | $7.48B | $5.77B | $4.49B | $3.63B | $2.68B |
| EBITDA | $5.30B | $3.93B | $3.01B | $2.33B | $1.59B |
| Net income | $4.75B | $3.51B | $2.85B | $2.09B | $1.35B |
| Free cash flow | $5.02B | $4.25B | $3.68B | $2.00B | $448M |
| Capital expenditure | $222M | $120M | $32.0M | $34.4M | $44.6M |
| Total debt | $0 | $0 | $59.6M | $65.5M | $63.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Arista Networks ANET | $215B | +20% | +41% | 44% | 30.4× | 29.8% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% |
| Ciena CIEN | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ANET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.0% | -22.5% | 8th highest of 21 |
| 6-month return | +20.5% | +0.4% | 6th highest of 21 |
| Distance from 52-week high | -21.4% | -38.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +40.7% | +17.4% | 4th highest of 21 |
| Operating margin | 43.8% | 12.9% | 2nd highest of 21 |
| Forward P/E | 30.4× | 12.3× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 29.8% | 9.4% | 4th most demanding of 13 |
| Growth delivered (Del g) | +31.2% | +7.6% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -1.4 pp | +3.4 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +184.3 pp | +6.1 pp | highest of 20 |
| EV / EBITDA | 37.9× | 12.9× | 3rd most expensive of 14 |
| Net debt / EBITDA | -2.7× | -0.4× | least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arista Networks ANET | United States | $215B | +20% | +41% | 44% | 30.4× | 29.8% | +31.2% |
| Sandisk SNDK | United States | $119B | -47% | +272% | 73% | 3.4× | 3.5% | +49.3% |
| Seagate Technology STX | United States | $106B | -41% | +44% | 40% | 9.8× | 22.1% | +2.7% |
| Western Digital WDC | United States | $98.7B | -45% | +21% | 41% | 9.2× | 20.7% | -5.3% |
| Hon Hai Precision Industry 2317.TW | Taiwan | $95.6B | -3% | +25% | 4% | 10.5× | n/a | n/a |
| NetApp NTAP | United States | $33.2B | +43% | +12% | 26% | 17.0× | 15.2% | +3.8% |
| Everpure P | United States | $32.2B | +24% | +27% | 5% | 29.6× | 58.7% | +16.8% |
| Canon 7751.T | Japan | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% | +7.9% |
| Jentech Precision Industrial 3653.TW | Taiwan | $23.1B | +9% | +28% | 33% | 48.3× | 32.5% | +24.3% |
| Lite-on Technology 2301.TW | Taiwan | $13.2B | +16% | +24% | 13% | 13.8× | n/a | n/a |
| Logitech International LOGN.SW | Switzerland | $13.2B | -1% | -1% | 18% | 16.8× | -5.7% | -4.3% |
| Unisplendour 000938.SZ | China | $10.4B | -24% | +25% | 3% | 21.8× | n/a | n/a |
| Biwin Storage Technology 688525.SS | China | $8.99B | -52% | +221% | 41% | 5.0× | n/a | n/a |
| Hubei Dinglong 300054.SZ | China | $8.79B | -2% | +7% | 30% | 51.4× | 32.2% | +15.0% |
| Everdisplay Optronics (Shanghai) 688538.SS | China | $6.72B | -9% | -2% | -31% | n/a | n/a | n/a |
| Brother Industries 6448.T | Japan | $6.52B | +39% | +7% | 13% | 10.5× | -6.3% | +7.2% |
| Shenzhen Kaifa Technology 000021.SZ | China | $6.13B | -11% | +14% | 11% | 29.2× | n/a | n/a |
| AUO 2409.TW | Taiwan | $6.02B | +49% | -1% | -2% | n/a | n/a | n/a |
| Gigabyte Technology 2376.TW | Taiwan | $6.01B | +7% | +38% | 5% | 8.1× | n/a | n/a |
| Seiko Epson 6724.T | Japan | $5.39B | +27% | +8% | 6% | 11.9× | 0.8% | +7.2% |
| E Ink 8069.TWO | Taiwan | $4.98B | +2% | -3% | 29% | 12.4× | -0.3% | +18.6% |