ANET - Arista Networks, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$183.30
DETAILS
HIGH:
$200.00
LOW:
$164.00
MEDIAN:
$183.00
CONSENSUS:
$183.30
UPSIDE:
19.00%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| Revenue | 9,005.7 | 7,003.1 | 5,860.2 | 4,381.3 | 2,948.0 | 2,317.5 | 2,410.7 | 2,151.4 | 1,646.2 | 1,129.2 | 837.6 | 584.1 | 361.2 | 193.4 | 139.8 |
| Cost of Revenue | 3,237 | 2,511.8 | 2,229.9 | 1,705.6 | 1,067.3 | 835.6 | 866.4 | 778.0 | 584.4 | 406.1 | 294.0 | 192.0 | 122.7 | 61.3 | 43.4 |
| Gross Profit | 5,768.7 | 4,491.3 | 3,630.3 | 2,675.7 | 1,880.8 | 1,481.9 | 1,544.3 | 1,373.4 | 1,061.8 | 723.1 | 543.6 | 392.1 | 238.5 | 132.2 | 96.5 |
| Operating Expenses | |||||||||||||||
| R&D Expenses | 1,237.3 | 996.7 | 854.9 | 728.4 | 586.8 | 486.6 | 462.8 | 442.5 | 349.6 | 273.6 | 209.4 | 148.9 | 98.6 | 55.2 | 26.4 |
| SG&A Expenses | 675.3 | 550 | 518.1 | 420.2 | 369.3 | 295.6 | 275.8 | 252.6 | 241.9 | 206.1 | 184.8 | 117.7 | 73.8 | 37.1 | 25.7 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 405 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 1,912.6 | 1,546.7 | 1,373.0 | 1,148.6 | 956.0 | 782.2 | 738.6 | 1,100.0 | 591.5 | 479.7 | 394.3 | 266.6 | 172.4 | 92.3 | 52.1 |
| Operating Income | |||||||||||||||
| Operating Income | 3,856.1 | 2,944.6 | 2,257.2 | 1,527.1 | 924.7 | 699.7 | 805.8 | 273.3 | 470.3 | 243.4 | 149.3 | 125.5 | 66.1 | 39.9 | 44.4 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.7 | 2.8 | 3.1 | 3.2 | 6.3 | 7.1 | 7.1 | 6.4 |
| Interest Income | 383.4 | 311 | 152.4 | 27.6 | 7.2 | 27.1 | 51.1 | 31.7 | 8.1 | 3.0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||||||||
| EBITDA | 3,928.7 | 3,006.6 | 2,327.9 | 1,589.8 | 975.1 | 734.8 | 838.6 | 319.2 | 498.2 | 265.1 | 162.8 | 137.8 | 70.4 | 41.8 | 45.3 |
| EBIT | 3,856.1 | 2,944.6 | 2,257.2 | 1,527.1 | 924.7 | 699.7 | 805.8 | 291.5 | 477.5 | 245.4 | 149.2 | 127.8 | 65.4 | 40.0 | 44.0 |
| Income Before Tax | 4,249.7 | 3,265.1 | 2,422.0 | 1,581.8 | 930.9 | 738.9 | 862.3 | 288.8 | 474.8 | 242.2 | 146.0 | 121.5 | 58.3 | 33.0 | 37.6 |
| Income Tax Expense | 738.3 | 413 | 334.7 | 229.3 | 90.0 | 104.3 | 2.4 | (39.3) | 51.6 | 58.0 | 24.9 | 34.7 | 15.8 | 11.6 | 3.6 |
| Net Income | 3,511.4 | 2,852.1 | 2,087.3 | 1,352.4 | 840.9 | 634.6 | 859.9 | 328.1 | 423.2 | 184.2 | 121.1 | 86.8 | 42.5 | 21.3 | 34.0 |
| Per Share Data | |||||||||||||||
| EPS (Basic) | 2.79 | 2.27 | 1.69 | 1.10 | 0.69 | 0.52 | 0.70 | 0.27 | 0.37 | 0.17 | 0.11 | 0.09 | 0.02 | 0.01 | 0.04 |
| EPS (Diluted) | 2.75 | 2.23 | 1.65 | 1.07 | 0.66 | 0.50 | 0.66 | 0.25 | 0.33 | 0.16 | 0.10 | 0.08 | 0.02 | 0.01 | 0.04 |
| Shares Outstanding | 1,258 | 1,256.3 | 1,237.4 | 1,225.9 | 1,226.0 | 1,215.7 | 1,221.0 | 1,196 | 1,156.1 | 1,100.3 | 1,055.4 | 774.8 | 1,221.0 | 1,221.0 | 821.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 1,963.9 | 2,762.4 | 1,938.6 | 671.7 | 620.8 | 893.2 | 1,111.3 | 650.0 | 859.2 | 567.9 |
| Short-Term Investments | 8,779.1 | 5,541.1 | 3,069.4 | 2,352.0 | 2,787.5 | 1,979.6 | 1,613.1 | 1,306.2 | 676.4 | 299.9 |
| Net Receivables | 1,886.9 | 1,140.5 | 1,034.4 | 923.1 | 516.5 | 389.5 | 392.0 | 331.8 | 247.3 | 253.1 |
| Inventory | 2,247.1 | 1,834.6 | 1,945.2 | 1,289.7 | 650.1 | 479.7 | 243.8 | 264.6 | 306.2 | 236.5 |
| Other Current Assets | 1,510 | 632.3 | 0 | 0 | 172.9 | 60.6 | 64.5 | 95.7 | 96.2 | 79.1 |
| Total Current Assets | 16,387 | 11,910.8 | 8,400.1 | 5,550.7 | 4,812.7 | 3,837.0 | 3,471.6 | 2,714.8 | 2,266.4 | 1,526.1 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 203.1 | 98.8 | 101.6 | 95.0 | 143.8 | 109.5 | 127.0 | 75.4 | 74.3 | 77.0 |
| Goodwill | 416.1 | 268.5 | 268.5 | 265.9 | 188.4 | 189.7 | 54.9 | 53.7 | 0 | 0 |
| Intangible Assets | 0 | 62.0 | 88.8 | 122.2 | 93.6 | 122.8 | 45.2 | 58.6 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 39.5 | 20.2 | 8.3 | 4.2 | 30.3 | 36.1 | 36.1 |
| Other Non-Current Assets | 668.8 | 263.3 | 151.9 | 127.1 | 33.4 | 30.1 | 30.3 | 22.7 | 18.9 | 18.8 |
| Total Non-Current Assets | 3,061.6 | 2,133.1 | 1,556.6 | 1,224.7 | 921.8 | 901.9 | 713.7 | 367.2 | 194.4 | 202.9 |
| Total Assets | 19,448.6 | 14,043.9 | 9,956.6 | 6,775.4 | 5,734.4 | 4,738.9 | 4,185.3 | 3,082.0 | 2,460.9 | 1,729.0 |
| Current Liabilities | ||||||||||
| Account Payables | 651.7 | 381.1 | 435.1 | 232.6 | 202.6 | 134.2 | 92.1 | 93.8 | 52.2 | 79.5 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 4,002.6 | 1,727.3 | 915.2 | 637.4 | 593.6 | 396.3 | 312.7 | 358.6 | 327.7 | 273.4 |
| Other Current Liabilities | 722.2 | 336.4 | 296.1 | 248.1 | 87.0 | 94.4 | 52.1 | 30.9 | 16.2 | 15.8 |
| Total Current Liabilities | 5,376.5 | 2,732.2 | 1,919.4 | 1,293.5 | 1,109.8 | 768.2 | 597.1 | 606.5 | 529.9 | 459.6 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0.0 | 129.1 | 227.9 | 254.7 | 3.8 | 0 | 0 |
| Other Non-Current Liabilities | 331.8 | 252.8 | 227.1 | 148.2 | 124.7 | 95.5 | 93.2 | 64.3 | 43.8 | 22.5 |
| Total Non-Current Liabilities | 1,701.6 | 1,316.9 | 818.1 | 596.1 | 646 | 650.4 | 693.5 | 332.1 | 269.0 | 161.6 |
| Total Liabilities | 7,078.1 | 4,049.1 | 2,737.6 | 1,889.6 | 1,755.8 | 1,418.6 | 1,290.6 | 938.6 | 798.9 | 621.2 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | 9,446.6 | 7,542.5 | 5,114.0 | 3,139.0 | 2,456.8 | 2,027.6 | 1,788.2 | 1,190.8 | 859.1 | 435.1 |
| Accumulated Other Comprehensive Income | 12 | (13.2) | (3.3) | (33.9) | (8.3) | 0.2 | 0.1 | (4.0) | (1.9) | (1.5) |
| Total Stockholders' Equity | 12,370.5 | 9,994.8 | 7,219.1 | 4,885.8 | 3,978.6 | 3,320.3 | 2,894.7 | 2,143.4 | 1,661.9 | 1,107.8 |
| Total Liabilities & Equity | 19,448.6 | 14,043.9 | 9,956.6 | 6,775.4 | 5,734.4 | 4,738.9 | 4,185.3 | 3,082.0 | 2,460.9 | 1,729.0 |
| Debt Metrics | ||||||||||
| Total Debt | 0 | 0 | 0 | 44.0 | 56.5 | 72.4 | 83.0 | 35.4 | 37.7 | 39.6 |
| Net Debt | (1,963.9) | (2,762.4) | (1,938.6) | (627.7) | (564.3) | (820.8) | (1,028.3) | (614.5) | (821.5) | (528.3) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 3,511.4 | 2,852.1 | 2,087.3 | 1,352.4 | 840.9 | 634.6 | 859.9 | 328.1 | 423.2 | 184.2 |
| Depreciation & Amortization | 72.6 | 62.0 | 70.6 | 62.7 | 50.3 | 44.6 | 32.8 | 27.7 | 20.6 | 19.7 |
| Stock-Based Compensation | 439.2 | 355.4 | 296.8 | 230.9 | 186.9 | 137.0 | 101.3 | 91.2 | 75.4 | 59.0 |
| Change in Working Capital | 687.8 | 985.2 | (15.9) | (912.8) | (6.9) | (85.7) | 40.8 | 103.6 | 102.5 | (68.4) |
| Other Non-Cash Items | (27.1) | (53.5) | (34.0) | 3.9 | 44.0 | 13.8 | 4.0 | 10.4 | 1.5 | (41.4) |
| Operating Cash Flow | 4,371.9 | 3,708.2 | 2,034.0 | 492.8 | 1,015.9 | 735.1 | 963.0 | 503.1 | 631.6 | 131.4 |
| Investing Activities | ||||||||||
| Capital Expenditure | (119.5) | (32.0) | (34.4) | (44.6) | (64.7) | (15.4) | (15.8) | (23.8) | (15.3) | (21.4) |
| Acquisitions | (300) | 0 | 1.8 | (145.1) | (19.9) | (224.0) | 26.9 | (104.8) | 0 | (2.5) |
| Purchases of Investments | (6,748.4) | (4,526.1) | (2,606.9) | (1,418.9) | (2,317.3) | (2,688.1) | (1,503.9) | (1,174.3) | (585.4) | (439.7) |
| Sales/Maturities of Investments | 3,576.8 | 2,107.4 | 1,955.2 | 1,837.6 | 1,475.1 | 2,318.7 | 1,208.7 | 547.8 | 206.3 | 137.9 |
| Other Investing Activities | 14.9 | (6.6) | (3.2) | (12.7) | 1.3 | 0 | 0 | 0 | 1.7 | (0.2) |
| Investing Cash Flow | (3,576.2) | (2,457.4) | (687.5) | 216.3 | (925.6) | (608.8) | (284.1) | (755.1) | (392.6) | (326.0) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1.9) | (1.6) | (1.3) |
| Stock Repurchased | (1,603.1) | (423.6) | (112.3) | (670.3) | (411.6) | (395.2) | (266.1) | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (50.5) | (58.4) | (33.6) | (32.7) | (16.5) | (8.7) | (9.2) | (8.9) | (4.0) | 41.8 |
| Financing Cash Flow | (1,595.9) | (421.8) | (83.7) | (654.6) | (360.9) | (346.3) | (218.0) | 42.9 | 51.5 | 75.6 |
| Cash Position | ||||||||||
| Net Change in Cash | (798.5) | 824.3 | 1,263.5 | 50.9 | (272.4) | (218.1) | 461.4 | (210.5) | 291.3 | (119.4) |
| Cash at Beginning | 2,763.8 | 1,939.5 | 676.0 | 625.0 | 897.5 | 1,115.5 | 654.2 | 864.7 | 567.9 | 687.3 |
| Cash at End | 1,965.3 | 2,763.8 | 1,939.5 | 676.0 | 625.0 | 897.5 | 1,115.5 | 654.2 | 859.2 | 567.9 |
| Free Cash Flow | 4,252.4 | 3,676.2 | 1,999.6 | 448.2 | 951.1 | 719.7 | 947.3 | 479.3 | 616.3 | 110.0 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||
| Revenue | 9,005.7 | 7,003.1 | 5,860.2 | 4,381.3 | 2,948.0 | 2,317.5 | 2,410.7 | 2,151.4 | 1,646.2 | 1,129.2 | 837.6 | 584.1 | 361.2 | 193.4 | 139.8 |
| Gross Profit | 5,768.7 | 4,491.3 | 3,630.3 | 2,675.7 | 1,880.8 | 1,481.9 | 1,544.3 | 1,373.4 | 1,061.8 | 723.1 | 543.6 | 392.1 | 238.5 | 132.2 | 96.5 |
| Operating Income | 3,856.1 | 2,944.6 | 2,257.2 | 1,527.1 | 924.7 | 699.7 | 805.8 | 273.3 | 470.3 | 243.4 | 149.3 | 125.5 | 66.1 | 39.9 | 44.4 |
| Net Income | 3,511.4 | 2,852.1 | 2,087.3 | 1,352.4 | 840.9 | 634.6 | 859.9 | 328.1 | 423.2 | 184.2 | 121.1 | 86.8 | 42.5 | 21.3 | 34.0 |
| EPS (Diluted) | 2.75 | 2.23 | 1.65 | 1.07 | 0.66 | 0.50 | 0.66 | 0.25 | 0.33 | 0.16 | 0.10 | 0.08 | 0.02 | 0.01 | 0.04 |
| Balance Sheet | |||||||||||||||
| Cash & Equivalents | 1,963.9 | 2,762.4 | 1,938.6 | 671.7 | 620.8 | 893.2 | 1,111.3 | 650.0 | 859.2 | 567.9 | |||||
| Total Assets | 19,448.6 | 14,043.9 | 9,956.6 | 6,775.4 | 5,734.4 | 4,738.9 | 4,185.3 | 3,082.0 | 2,460.9 | 1,729.0 | |||||
| Total Debt | 0 | 0 | 0 | 44.0 | 56.5 | 72.4 | 83.0 | 35.4 | 37.7 | 39.6 | |||||
| Stockholders' Equity | 12,370.5 | 9,994.8 | 7,219.1 | 4,885.8 | 3,978.6 | 3,320.3 | 2,894.7 | 2,143.4 | 1,661.9 | 1,107.8 | |||||
| Cash Flow | |||||||||||||||
| Operating Cash Flow | 4,371.9 | 3,708.2 | 2,034.0 | 492.8 | 1,015.9 | 735.1 | 963.0 | 503.1 | 631.6 | 131.4 | |||||
| Capital Expenditure | (119.5) | (32.0) | (34.4) | (44.6) | (64.7) | (15.4) | (15.8) | (23.8) | (15.3) | (21.4) | |||||
| Free Cash Flow | 4,252.4 | 3,676.2 | 1,999.6 | 448.2 | 951.1 | 719.7 | 947.3 | 479.3 | 616.3 | 110.0 | |||||