ANET
Arista Networks, Inc.
Technology • CIK 0001596532
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Market Cap
$154.39B
P/E (TTM)
41.5x
Rev Growth (TTM)
+30.6%
Net Margin (TTM)
38.3%
FCF Yield (TTM)
3.4%
FCF Margin (TTM)
54.4%
Filings your agent reads
Primary-source SEC disclosures, read end-to-end — every figure traceable to its filing.
CALLMay 2026Earnings calltranscript
8-KJun 20262026-06-02source
10-QQ1 20262026-05-06source
8-KEarnings2026-05-05source
10-KFY 20252026-02-17source
8-KEarnings2026-02-12source
Point your agent at ANET and it navigates these the same way — citing each number back to the filing.
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.3B
Q1 '26
$1.6B+30%
Q4 '25
$1.3B+2%
FCF Margin
TTM54.4%
Q1 '2660.5%+19%
Sector: 8.5%Top 10%
OCF Margin55.9%
OCF/NI1.46x
CapEx Coverage39.6x
FCF Yield3.4%
FCF Growth (2Y)+105%
Cash Conversion Cycle
229 days
DSO: 63+DIO: 222−DPO: 56
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.5%
Div Yield0.0%
+Buyback (TTM)0.5%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$5.3B
Stock Repurchases (TTM)$816.0M
Capital Return / FCF15.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
28.8%
Stable
-0.0% YoY-1.7%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
34.9%
8Q: 36.1%
Asset Turnover
0.54x
8Q: 0.56x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 18.8% ≈ 28.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
54.31x
8Q:66.74x
-2913.4%
Invested Cap Turn
0.86x
8Q:0.86x
Flat
CapEx Intensity
1.2%
8Q:0.9%
CapEx/Depreciation
1.67x
Asset-based ROIC formula
Valuation Analysis
Fair Value
Price-to-EarningsTTM
41.5x
Volatile
8Q: 164.0x+823%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
41.5x
vs – sector
Cash Flow
27.3x
EV/FCF vs –
Growth-Adj
1.8xPEG
Fair for growth
Quality-Adj
1.4P/E per %ROIC
ROIC: 28.8%
Shareholder Returns
Dividend
–
Buyback
0.5%
Total Yield
0.5%
Market Cap$154.39B
EV$144.40B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
98/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
31.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
28.8%
8Q:–
Flat
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 34.9%
Asset Turnover: 0.54x
Earnings Quality
Cash Conversion
1.46x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin63.5%
Capital Efficiency
Invested Capital Turnover0.86x
Working Capital
Cash Conversion Cycle229 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
30.6%
OpInc Growth YoY
34.8%
EPS Growth YoY
23.5%
FCF 3Y CAGR
105.4%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
63.5%
Operating
42.8%
Top 25% in sector
Net
38.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+16.1 pts
FCF: 54.4% | Net: 38.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $12.35B
Interest Coverage
–
+Net cash position: $12.35B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis