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Arista Networks, Inc. (ANET) USD

At a glance: strengths & risks
✓Revenue growing (+29%)✓Profit growing (+23%)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 54.2 vs avg 39.8)

Sector: Technology

US_ANET

Price chart

198.82 USDDay -2.36%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
198.82 USD · -2.36%
Market cap
253.6 bn USD

Growth

Δ revenue y/y
37.7%
Δ EBITDA y/y
40.3%

Multiples

P/E (LTM)
62.7x
3y avg: 44.3x
P/B (FY)
20.5x
P/E (ann.)
52.3x
EV/EBITDA (LTM)
54.2x
3y avg: 39.8x
EV/EBITDA (ann.)
44.8x

Cash return

Dividend yield
—
FCF yield (LTM)
0.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+10.9%
↓ details

Liquidity

Daily turnover (US listing)
934.8 mln USD

Shares: yahoo_fundamentals_timeseries/ANET

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK3035.7
y/y 37.7%
1378.0
y/y 39.7%
23.4
y/y 82.8%
1401.4
y/y 40.3%
1212.9
y/y 36.5%
1083.0-29.723720.1
y/y 43.5%
14797.7
y/y 35.7%
34.3%-2290.2—
2026-03-31Q1 2026 (3M)PARTIAL2709.0
y/y 35.1%
1157.8
y/y 34.8%
23.3
y/y 68.8%
1181.1
y/y 35.4%
1022.9
y/y 25.7%
1693.5-54.521656.5
y/y 49.2%
13487.1
y/y 33.3%
31.6%-2729.9Link
2025-12-31Q4 2025 (3M)PARTIAL2487.8
y/y 28.9%
1032.9
y/y 29.2%
22.8
y/y 49.0%
1055.7
y/y 29.6%
955.8
y/y 19.3%
1261.9-337.019448.6
y/y 38.5%
12370.5
y/y 23.8%
28.9%-1904.3Link
2025-09-30Q3 2025 (3M)PARTIAL2308.3
y/y 27.5%
978.2
y/y 24.6%
23.2
y/y 48.7%
1001.4
y/y 25.0%
853.0
y/y 14.0%
1268.2-30.118048.8
y/y 40.5%
11907.1
y/y 28.8%
10.0%-2267.0Link
2025-06-30Q2 2025 (3M)PARTIAL2204.8
y/y 30.4%
986.2
y/y 41.0%
12.8
y/y -17.4%
999.0
y/y 39.7%
888.8
y/y 33.6%
1200.1-24.016534.2
y/y 42.3%
10901.6
y/y 29.3%
33.8%-2165.9Link
2025-03-31Q1 2025 (3M)PARTIAL2004.8
y/y 27.6%
858.8
y/y 30.1%
13.8
y/y -11.5%
872.6
y/y 29.1%
813.8
y/y 27.6%
641.7-28.414514.6
y/y 37.6%
10119.1
y/y 28.7%
32.4%-1785.5Link
2024-12-31Q4 2024 (3M)OK1930.4
y/y 25.3%
799.5
y/y 24.9%
15.3
y/y 6.5%
814.8
y/y 24.5%
801.0
y/y 30.5%
1030.9-12.414043.9
y/y 41.1%
9994.8
y/y 38.5%
29.6%-2702.8Link
2024-09-30Q3 2024 (3M)PARTIAL1810.9
y/y 20.0%
785.3
y/y 30.3%
15.6
y/y -8.3%
800.9
y/y 29.2%
748.0
y/y 37.2%
1174.5-7.012846.7
y/y 41.7%
9245.9
y/y 42.1%
11.3%-3109.6Link
2024-06-30Q2 2024 (3M)PARTIAL1690.4
y/y 15.9%
699.6
y/y 32.0%
15.5
y/y -15.4%
715.1
y/y 30.4%
665.4
y/y 35.3%
989.0-3.211623.2
y/y 42.0%
8430.8
y/y 43.9%
32.7%-2363.5Link
2024-03-31Q1 2024 (3M)PARTIAL1571.4
y/y 16.3%
660.2
y/y 36.2%
15.6
y/y -25.4%
675.8
y/y 33.7%
637.7
y/y 46.1%
513.8-9.410550.2
y/y 39.9%
7862.3
y/y 47.5%
33.8%-2026.6Link
2023-12-31Q4 2023 (3M)OK1540.5
y/y —
640.0
y/y —
14.4
y/y —
654.3
y/y —
613.6
y/y —
526.5-7.89956.6
y/y —
7219.0
y/y —
30.4%-1873.1Link
2023-09-30Q3 2023 (3M)OK1509.5
y/y —
602.7
y/y —
17.0
y/y —
619.7
y/y —
545.3
y/y —
699.0-11.29069.0
y/y —
6505.6
y/y —
11.8%-1700.8Link
2023-06-30Q2 2023 (3M)PARTIAL1458.9
y/y —
530.1
y/y —
18.3
y/y —
548.4
y/y —
491.9
y/y —
434.1-11.68186.0
y/y —
5857.6
y/y —
35.2%-1210.1Link
2023-03-31Q1 2023 (3M)PARTIAL1351.4
y/y —
484.6
y/y —
20.9
y/y —
505.5
y/y —
436.5
y/y —
374.5-5.67543.1
y/y —
5329.2
y/y —
—-901.0Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)22
Long-term debt (incl. LT leases)37
− Cash & equivalents2 790
Net debt-2 730

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-4 000-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.21x of reported net profit; after capex, 1.13x.
year20212022202320242025
cash flow / profit1.21x0.36x0.97x1.30x1.25x
accruals, % of assets-3.0%12.7%0.5%-6.1%-4.4%
Last twelve months (to 2025-Q3): 1.31x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 0.9x of depreciation · share count +41.4% a year
● Diluted share count grew 41.4% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +10.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (1 401 − 999) × 3.31
1 332
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (253 635 + -2 290) ÷ 4 640
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 124 + 0 + 0 − 56
124
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.2% × 253 635
−519
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 332 × 21.0 + 124 − 519) ÷ 253 635
+10.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 0.2%/yr (valued at market: -519)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +29% vs +20% the year before — a +9.1 pp move. 3-year CAGR +27%.
revenue growth by year: 2023 +34% · 2024 +20% · 2025 +29%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 54.3x · 3-year average 46.3x

EV/EBITDA3-year 75th pct

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Arista Networks, Inc. (ANET) — from primary filings.

High-speed datacenter switching and routing for cloud and enterprise networks.

Frequently asked questions

What is Arista Networks, Inc. (ANET)'s P/E ratio?
Arista Networks, Inc. (ANET) trades at a P/E of 62.7x (price to trailing 12-month earnings).
What is Arista Networks, Inc. (ANET)'s EV/EBITDA?
Arista Networks, Inc. (ANET) trades at 54.2x EV/EBITDA.
What is Arista Networks, Inc. (ANET)'s P/B ratio?
Arista Networks, Inc. (ANET) trades at a P/B of 20.5x.
What is Arista Networks, Inc. (ANET)'s return on equity (ROE)?
Arista Networks, Inc. (ANET)'s ROE is 34.3%.
What is Arista Networks, Inc. (ANET)'s market capitalization?
Arista Networks, Inc. (ANET)'s market cap is 253.6 bn USD.

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