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Arista Networks, Inc. (ANET)

NYSE: ANET · Real-Time Price · USD
$142
+0.01 (+0.0%)· Live
StockMarketAgent Research

Our analysis: ANET rated Strong Buy

Strong Buy. Hyper-growth fundamentals, explicit AI Ethernet tailwinds, and an impregnable software-defined moat decisively justify the premium 30x terminal valuation.

Fair value (mid)
$184 / share
$104 – $276
Upside to FV
+30.1%
from $142
Confidence
88/100
Moat
9/10
Read full analysis →View archive · 24mo
9-phase methodology · same model every month
Biggest opportunityBull case · highest-impact upside lever

Bull: Rapid adoption of AI Ethernet networking and sweeping upgrades to 800G switches drive intense port demand. Arista takes significant share from legacy players, sustaining a hyper-growth velocity that entirely defies standard base-case normalization models.

Biggest riskTop kill scenario by severity
InfiniBand Dominance

InfiniBand Dominance: Hyperscalers standardize exclusively on InfiniBand for backend AI networking, structurally capping high-margin Ethernet switch demand.

Recommended actionConviction: high
Strong Buy

ANET is rated Strong Buy at $141.77 versus the reconciled fair value midpoint of $184.49, implying +30.13% upside/downside. Confidence is separately disclosed at 88/100.

Position sizing playbook →
Market cap$178.5B
Revenue (ttm)9.7B
Net income (ttm)3.7B
EPS (ttm)$2.91
Shares out1.3B
P/E (trailing)48.7x
P/E (forward)32.0x
Volume20,371,588
Beta1.67
Price target$181+28.0%
Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm)
9.7B
Net income (ttm)
3.7B
EPS (ttm)
$2.91
P/E (trailing)
48.7x
P/E (forward)
32.0x
Market cap
$178.5B

Scenarios & expected return

Probability-weighted: +31.5% expected return to fair value
Bull25%
Price target
$275.61
+94.4% from spot

Rapid adoption of AI Ethernet networking and sweeping upgrades to 800G switches drive intense port demand. Arista takes significant share from legacy players, sustaining a hyper-growth velocity that entirely defies standard base-case normalization models.

  • Revenue growth sustains above 25% post-Year 2.
  • Operating margins permanently hold at 42%+ historical peaks.
  • Terminal multiple structurally expands to 35x.
Base50%
Price target
$184.49
+30.1% from spot

Arista successfully navigates the AI supercycle, capturing foundational cloud build-outs while systematically diversifying into enterprise campus networks. Margins normalize slightly as hardware mix shifts, but structural ROIC and free cash flow conversion remain profoundly elite.

  • Y1 revenue spikes 65.54%, logically decelerating to 22.65% Y2.
  • Operating margin safely normalizes to a 40.0% run-rate.
  • Anchored by a realistic 30x terminal multiple.
Bear25%
Price target
$104.03
-26.6% from spot

Heavy reliance on top-tier cloud providers triggers severe revenue lumpiness as capex pauses. Core AI networking transitions aggressively toward InfiniBand, reducing core Ethernet demand. Commoditization erodes EOS pricing power, breaking the hyper-growth compounder thesis.

  • Hyperscalers standardize heavily on proprietary InfiniBand.
  • Revenue growth decelerates violently to low double-digits.
  • Operating margins permanently compress below 35%.

Valuation models & bridge

Each model produces an independent fair value. Weighted average = $184.
ModelWeightFV / sharevs spotContribution
Forward earnings60%$254+79.1%
Discounted earnings20%$77.9-45.0%
FCFF DCF15%$88.9-37.3%
Peg adjusted peer5%$64.5-54.5%
Owner earnings0%$74.1-47.7%
Reverse DCF0%$0.00-100.0%
Composite FV (weighted)100%$184+30.1%

Sensitivity: Ke × terminal growth

Ke ↓ / g →2.5%3.0%3.5%4.0%4.5%
10.0%$208$223$240$260$284
11.0%$184$195$208$223$240
12.0%$165$174$184$195$208
13.0%$149$156$165$174$184
14.0%$136$142$149$156$165

Scorecard

Factor radar (left) · 9-category weighted composite (right)
ValuationManagementBalanceProfitabilityRevenueRiskCompetitiveEarningsCapital
Valuation5.0
Management7.3
Balance Sheet8.5
Profitability8.5
Revenue Growth9.0
Risk Assessment7.0
Competitive Moat9.0
Earnings Quality9.0
Capital Efficiency7.5
Weighted composite
7.9/10
High quality
CategoryWeightScoreReading
Valuation11%5.0
Management11%7.3
Balance Sheet11%8.5
Profitability11%8.5
Revenue Growth11%9.0
Risk Assessment11%7.0
Competitive Moat11%9.0
Earnings Quality11%9.0
Capital Efficiency11%7.5

Position sizing & entry playbook

Pre-committed rules, followed irrespective of news flow.
Conviction tier
High
Confidence 88/100
Target weight
Overweight for high-growth mandates; monitor heavily for customer concentration risks.
of equity sleeve
Accumulate selectively at current $141.77 levels. Buy aggressively on any macro-driven or broad semiconductor sector pullbacks below the $130 floor.
Current / pullbacks
Current price
Today’s last trade
$142
Trim exposure decisively if operating margins visibly break below 38% or if major hyperscaler capex demonstrably shifts entirely away from Ethernet architecture.
Thesis break
Risk to thesis
  • Trim exposure decisively if operating margins visibly break below 38% or if major hyperscaler capex demonstrably shifts entirely away from Ethernet architecture.
Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming
DateLoading
Window—
EPS estimate—
Revenue estimate—

Sector percentile context

Refreshed 2026-05-10 22:07 UTC
Forward P/E32
P25 n/aP50 n/aP75 n/a
Trailing P/E0
P25 n/aP50 n/aP75 n/a
ROE31.5
P25 n/aP50 n/aP75 n/a
ROIC237.4
P25 n/aP50 n/aP75 n/a
Benchmarks · 1M
S&P 500n/a
Nasdaq Compositen/a
Dow Jones Industrial Averagen/a
Russell 2000n/a

All ANET indicators

Market & fundamental data
Available fields
265
Groups with data
11
Currency
USD
Showing 265 of 265 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

27
MetricValue
Cik
0001596532
Company name
Arista Networks, Inc.
Country
United States
Country code
US
Cusip
040413205
Employees
5,115
Employees Change
703%
Employees Change Percent
15.93
Enterprise value
$166.2B
Exchange
NYSE
Financial currency
USD
First seen
2026-05-09
In Index
SP500
Industry
Computer Hardware
IPO Date
2014-06-06
Isin
US0404132054
Last refreshed
2026-05-10
Market cap
$178.5B
Market cap category
Large-Cap
Price
$142
Price currency
USD
Rev Per Employee
1,898,318.67x
Sector
Technology
Sic
3576
Symbol
ANET
Tags
artificial-intelligence
Website
https://www.arista.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

17
MetricValue
Earnings Yield
2.08%
EV Earnings
44.66x
EV Sales Forward
13.66x
EV/EBIT
39.99x
EV/EBITDA
39.22x
EV/FCF
31.48x
EV/Sales
17.11x
FCF yield
2.96%
Forward P/E
37.45x
P/B ratio
13.24x
P/E ratio
48.72x
P/S ratio
18.39x
PE Ratio10 Y
38.6x
PE Ratio3 Y
40.62x
PE Ratio5 Y
38.8x
PEG ratio
1.96x
PS Forward
14.68x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

27
MetricValue
EBIT Margin
42.79%
EBITDA Margin
43.64%
FCF margin
54.36%
Gross margin
63.54%
Gross Profit
$6.2B
Gross Profit Growth
29.45%
Gross Profit Growth Q
31.4%
Gross Profit Growth3 Y
28.22%
Gross Profit Growth5 Y
31.5%
Net Income
$3.7B
Net Income Growth
22.86%
Net Income Growth Q
25.69%
Net Income Growth Quarters
21%
Net Income Growth Years
5%
Net Income Growth3 Y
34.87%
Net Income Growth5 Y
40.63%
Pretax Margin
47.03%
Profit Margin
38.32%
Profit Per Employee
$727,370
Profitable Years
15
ROA
14.36
Roa5y
14.58
ROCE
27.52
ROE
31.52
Roe5y
30.52
ROIC
237.4
Roic5y
129.4

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

25
MetricValue
Cagr10y
42.26%
Cagr1y
64.05%
Cagr3y
60.16%
Cagr5y
47.18%
EPS Growth
22.8
EPS Growth Q
25
EPS Growth Quarters
21
EPS Growth Years
5
EPS Growth3 Y
34.32
EPS Growth5 Y
40.34
FCF Growth
39.44%
FCF Growth Q
167.24%
FCF Growth3 Y
104.77%
FCF Growth5 Y
46.67%
OCF Growth
41.39%
OCF Growth Q
163.91%
OCF Growth10 Y
35.66%
OCF Growth3 Y
102.81%
OCF Growth5 Y
46.82%
Revenue Growth
30.57x
Revenue Growth Q
35.13x
Revenue Growth Quarters
22x
Revenue Growth Years
5x
Revenue Growth3 Y
25.99x
Revenue Growth5 Y
31.58x

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

18
MetricValue
Asset Turnover
$0.54
Assets
$21.7B
Cash
$12.4B
Current Assets
$18.6B
Current Liabilities
$6.6B
Equity
$13.5B
Liabilities
$8.2B
Long Term Assets
$3.1B
Long Term Liabilities
$1.6B
Net Cash
$12.4B
Net Cash By Market Cap
$6.92
Net Cash Growth
51.58%
Net Debt EBITDA
$-2.92
Net Debt Equity
$-0.92
Net Debt FCF
$-2.34
Tangible Book Value
$12.8B
Tangible Book Value Per Share
$10.16
WACC
13.45

Liquidity

Current-asset coverage and working-capital efficiency metrics.

6
MetricValue
Current ratio
2.83
Inventory Turnover
1.63
Net Working Capital
$-356.6M
Quick ratio
2.18
Working Capital
$12B
Working Capital Turnover
$0.92

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

2
MetricValue
Buyback Yield
0.52%
Dividend Yield
0%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

41
MetricValue
10Y total return
3,294.16%
1Y total return
63.99%
200-day SMA
138.6
3Y total return
310.99%
50-day SMA
145.2
50-day SMA vs 200-day SMA
50over200
5Y total return
590.47%
All Time High
179.8
All Time High Change
-21.15%
All Time High Date
2026-04-24
All Time Low
3.28
All Time Low Change
4,219.62%
All Time Low Date
2016-02-09
ATR
8.14
Beta
1.67
Beta1y
1.87
Beta2y
2.04
Ch YTD
8.2
High
144
High52
179.8
High52 Date
2026-04-24
High52ch
-21.15%
Low
138.6
Low52
83.86
Low52 Date
2025-05-30
Low52ch
69.06%
Ma50ch
-2.38%
Premarket Change Percent
0.12
Premarket Price
$142
Premarket Volume
189,121
Price vs 200-day SMA
2.25%
RSI
38.3
RSI Monthly
58.32
RSI Weekly
50.71
Sharpe ratio
1.13x
Sortino ratio
1.81
Total Return
0.52%
Tr YTD
8.2
Tr1m
6.08%
Tr1w
-17.91%
Tr3m
3.11%

Analyst estimates

Ratings, targets, revisions, and forward estimate fields.

18
MetricValue
Analyst Count
17
Analyst Count Top
12
Analyst Price Target Top
$188
Analyst Ratings
Strong Buy
Analyst Ratings Top
Strong Buy
Earnings EPS Estimate
$0.79
Earnings EPS Estimate Growth
21.54
Earnings Revenue Estimate
2,619,001,328x
Earnings Revenue Estimate Growth
30.62x
Operating Income
$4.2B
Operating Income Growth
32.19
Operating Income Growth Q
34.82
Operating Income Growth3 Y
33.82
Operating Income Growth5 Y
40.79
Operating margin
42.79
Price target
$181
Price Target Change
$27.96
Price Target Change Top
$32.49

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

10
MetricValue
Float
1,042,550,397%
Float Percent
82.79%
Shares Insiders
17.11%
Shares Institutions
70.6%
Shares Out
1,259,202,593
Shares Qo Q
-0.16%
Shares Yo Y
-0.52%
Short Float
1.66%
Short Ratio
2.56
Short Shares
1.38

Other indicators

Additional ticker metrics that do not fit the primary research groupings yet.

74
MetricValue
Adjusted FCF
$4.8B
Average Volume
9,832,983.25x
Bv Per Share
10.71
CAPEX
$-145.6M
Ch10y
3,294.1
Ch1m
6.08
Ch1w
-17.91
Ch1y
63.99
Ch3m
3.11
Ch3y
311
Ch5y
590.5
Ch6m
5.29
Change
0.01%
Change From Open
-0.62
Close
141.8
Days Gap
0.63
Depreciation Amortization
82,100,000
Dollar Volume
2,888,080,030.8
Earnings Date
2026-05-05
Earnings Time
amc
EBIT
$4.2B
EBITDA
$4.2B
EPS
$2.91
F Score
4
FCF
$5.3B
FCF EV Yield
3.18x
FCF Per Share
$4.19
Financing CF
-802,100,000
Fiscal Year End
December
Founded
2,004
Goodwill
416,100,000
Graham Number
26.48253
Graham Upside
-81.32
Income Tax
$845.6M
Investing CF
-3,675,600,000
Is Primary Listing
1
Is Spac
No
Last Earnings Date
2026-05-05
Last Report Date
2026-03-31
Last Split Date
2024-12-04
Last Split Type
Forward
Last10k Filing Date
2026-02-17
Lynch Fair Value
$72.75
Lynch Upside
-48.68
Ma150
139.4
Ma150ch
1.73%
Ma20
163.9
Ma20ch
-13.51%
Net CF
944,400,000
Next Earnings Date
2026-08-04
Open
142.7
Optionable
Yes
P FCF Ratio
33.82
P OCF Ratio
32.91
Position In Range
58.81
Post Close
141.8
Postmarket Change Percent
-0.28
Postmarket Price
$141
Ppne
250,300,000
Pre Close
141.8
Price Date
2026-05-08
Price EBITDA
$42.13
Ptbv Ratio
13.95
Relative Volume
2.07x
Revenue
9,709,900,000x
SBC By Revenue
4.81x
Share Based Comp
467,100,000
Tax By Revenue
8.71x
Tax Rate
18.52%
Tr6m
5.29%
Us State
California
Views
495
Volume
20,371,588
Z Score
13.67

Deeper analysis on ANET

14 sections in the full report · jump straight to what you need
Forecast
Bull, base, and bear cases with expected-return framing.
→
Valuation
Fair-value bridge, DCF, owner earnings, and peer multiples.
→
Sensitivity
Cost-of-equity and terminal-growth stress table.
→
Risks
Kill scenarios, soft-pass flags, and downside catalysts.
→
Earnings
Next earnings setup and beat / inline / miss thresholds.
→
Position sizing
Entry, exit, conviction, and quarterly monitoring rules.
→
Financials
Revenue, margins, cash flow, and balance-sheet context.
→
Peers
Relative valuation and profitability against the cohort.
→
Moat
Economic-profit evidence and competitive advantage risk.
→
Industry cycle
Sector phase, capital cycle, and secular tailwinds.
→
Scorecard
Six-factor overlay and 9-category weighted scorecard.
→
Recommendation
Final action, action steps, opportunity, and biggest risk.
→
Perspectives
Growth, value, and income investor reads.
→
Archive
Prior monthly reports and rating changes.
→

Frequently asked questions

About this ANET report
What is the current ANET stock rating?
Arista Networks, Inc. is currently shown with Strong Buy in the latest report. The hub links directly to the full analysis surface where the rating, fair-value bridge, risks, and scorecard are documented together.
Where can I read the full ANET analysis?
The full report lives at /stocks/ANET/analysis. The bare ticker page is a product hub that summarizes the latest read and sends readers into the relocated analysis tabs without making the analysis surface depend on the hub.
What fair-value range is used for ANET?
The latest report frames ANET around $104 to $276. Treat that range as the entry point, then check the valuation, sensitivity, and bear-case tabs before making an investment decision.
How often is the ANET page updated?
The hub updates with the latest published stock report and live backend market data. The analysis pages remain reachable under /analysis, so a hub rollback does not remove the report reader.
Strong BuyANET · Fair value $184+30.1% · Confidence 88/100
Read full analysis →