ANET
Arista Networks, Inc.
Technology • CIK: 0001596532
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Market Cap
$183.39B
P/E (TTM)
54.4x
Rev Growth (TTM)
—
Net Margin (TTM)
39.7%
FCF Yield (TTM)
2.2%
FCF Margin (TTM)
48.0%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.1B
Q3 '25
$1.2B+5%
Q2 '25
$1.2B+92%
FCF Margin
TTM48.0%
Q3 '2553.6%
Sector: 14.5%Top 10%
OCF Margin49.0%
OCF/NI1.23x
CapEx Coverage46.3x
FCF Yield2.2%
FCF Growth (2Y)–
Cash Conversion Cycle
245 days
DSO: 60+DIO: 237−DPO: 51
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.6%
Div Yield0.0%
+Buyback (TTM)0.6%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$4.1B
Stock Repurchases (TTM)$1.1B
Capital Return / FCF27.3%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
161.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
36.0%
Asset Turnover
0.56x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 20.1% ≈ 161.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
66.54x
8Q:–
Invested Cap Turn
4.49x
8Q:–
CapEx Intensity
4.8%
8Q:–
CapEx/Depreciation
1.37x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $8.4B | $2.3B↑4.7% | $2.2B↑10.0% | $2.0B↑3.9% | $1.9B↑6.6% | $1.8B↑7.1% | $1.7B↑7.6% | $1.6B↑2.0% | $1.5B |
Operating Income | $3.6B | $978.2M↓0.8% | $986.2M↑14.8% | $858.8M↑7.4% | $799.6M↑1.8% | $785.3M↑12.2% | $699.6M↑6.0% | $660.2M↑3.2% | $639.9M |
Net Income | $3.4B | $853.0M↓4.0% | $888.8M↑9.2% | $813.8M↑1.6% | $801.0M↑7.1% | $748.0M↑12.4% | $665.4M↑4.3% | $637.7M↑3.9% | $613.6M |
Operating Cash Flow | $4.1B | $1.3B↑5.7% | $1.2B↑87.0% | $641.7M↓37.8% | $1.0B↓12.2% | $1.2B↑18.8% | $989.0M↑92.5% | $513.8M↓2.4% | $526.5M |
Free Cash Flow | $4.1B | $1.2B↑5.3% | $1.2B↑91.8% | $613.3M↓40.5% | $1.0B↓11.7% | $1.2B↑18.4% | $985.8M↑95.4% | $504.4M↓4.2% | $526.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
54.4x
Valuation Lenses
Earnings
54.4x
vs – sector
Cash Flow
29.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.3P/E per %ROIC
ROIC: 161.6%
Shareholder Returns
Dividend
–
Buyback
0.6%
Total Yield
0.6%
Market Cap$183.39B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
100/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
32.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
1.6%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 36.0%
Asset Turnover: 0.56x
Earnings Quality
Cash Conversion
1.23x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin64.3%
Capital Efficiency
Invested Capital Turnover4.49x
Working Capital
Cash Conversion Cycle245 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
24.6%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
64.3%
Operating
42.9%
Top 25% in sector
Net
39.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+8.2 pts
FCF: 48.0% | Net: 39.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $10.11B
Interest Coverage
–
+Net cash position: $10.11B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis