Arista Networks, Inc. ANET
In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner. Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service. Our "Centers of Data" strategy is a fundamental pivot from legacy networking approaches that create incongruent silos to a unified, data-driven approach in which the network is a service that interconnects four primary domains: AI Centers, Data Centers, Campus Centers, and WAN Centers. Anchored by Arista's state-oriented Extensible Operating System (EOS) and Network Data Lake (NetDL), our network-as-a-service platform delivers a seamless, consolidated networking experience regardless of data location.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B | $2.41B | $2.15B | $1.65B | $1.13B |
| Cost of revenue | $3.24B | $2.51B | $2.23B | $1.71B | $1.07B | $835.6M | $866.4M | $778.0M | $584.4M | $406.1M |
| Gross profit | $5.77B | $4.49B | $3.63B | $2.68B | $1.88B | $1.48B | $1.54B | $1.37B | $1.06B | $723.1M |
| R&D | $1.24B | $996.7M | $854.9M | $728.4M | $586.8M | $486.6M | $462.8M | $442.5M | $349.6M | $273.6M |
| SG&A | $141.9M | $122.7M | $119.1M | $93.2M | $83.1M | $66.2M | $61.9M | $65.4M | $86.8M | $75.2M |
| Total operating expenses | $1.91B | $1.55B | $1.37B | $1.15B | $956.0M | $782.2M | $738.6M | $1.10B | $591.5M | $479.7M |
| Operating income | $3.86B | $2.94B | $2.26B | $1.53B | $924.7M | $699.7M | $805.8M | $273.3M | $470.3M | $243.4M |
| Interest expense | — | — | — | — | — | — | — | $2.7M | $2.8M | $3.1M |
| Pre-tax income | $4.25B | $3.27B | $2.42B | $1.58B | $930.9M | $738.9M | $862.3M | $288.8M | $474.8M | $242.2M |
| Income tax | $738.3M | $413.0M | $334.7M | $229.3M | $90.0M | $104.3M | $2.4M | $39.3M | $51.6M | $58.0M |
| Net income | $3.5K | $2.9K | $2.1K | $1.4K | $841 | $634.6M | $859.9M | $328.1M | $423.2M | $184.2M |
| EPS, basic | 2.79 | 2.27 | 1.69 | 1.10 | 2.74 | 2.09 | 2.82 | 4.39 | 5.85 | 2.66 |
| EPS, diluted | 2.75 | 2.23 | 1.65 | 1.07 | 2.63 | 2.00 | 2.66 | 4.06 | 5.35 | 2.50 |
| Shares, diluted (wtd. avg.) | $1.28B | $1.28B | $1.27B | $1.27B | $319.2M | $317.9M | $323.5M | $80.8M | $79.0M | $73.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.96B | $2.76B | $1.94B | $676.0M | $625.0M | $897.5M | $1.12B | $654.2M | $864.7M | $572.2M |
| Short-term investments | $8.78B | $5.54B | $3.07B | $2.35B | $2.79B | $1.98B | $1.61B | $1.31B | $676.4M | $299.9M |
| Receivables | $1.89B | $1.14B | $1.03B | $923.1M | $516.5M | $389.5M | $392.0M | $331.8M | $247.3M | $253.1M |
| Inventory | $2.25B | $1.83B | $1.95B | $1.29B | $650.1M | $479.7M | $243.8M | $264.6M | $306.2M | $236.5M |
| Total current assets | $16.39B | $11.91B | $8.40B | $5.55B | $4.81B | $3.84B | $3.47B | $2.71B | $2.27B | $1.53B |
| Property, plant and equipment | $203.1M | $98.8M | $101.6M | $95.0M | $78.6M | $32.2M | $39.3M | $75.4M | $74.3M | $77.0M |
| Goodwill | $416.1M | $268.5M | $268.5M | $265.9M | $188.4M | $189.7M | $54.9M | $53.7M | $0 | — |
| Other intangibles | $288.8M | $62.0M | $88.8M | $122.2M | $93.6M | $122.8M | $45.2M | $58.6M | $0 | — |
| Total assets | $19.45B | $14.04B | $9.96B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B | $1.73B |
| Accounts payable | $651.7M | $381.1M | $435.1M | $232.6M | $202.6M | $134.2M | $92.1M | $93.8M | $52.2M | $79.5M |
| Total current liabilities | $5.38B | $2.73B | $1.92B | $1.29B | $1.11B | $768.2M | $597.1M | $606.5M | $529.9M | $459.6M |
| Total liabilities | $7.08B | $4.05B | $2.74B | $1.89B | $1.76B | $1.42B | $1.29B | $938.6M | $798.9M | $621.2M |
| Retained earnings | $9.45B | $7.54B | $5.11B | $3.14B | $2.46B | $2.03B | $1.79B | $1.19B | $859.1M | $435.1M |
| Total equity | $12.37B | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B | $2.89B | $2.14B | $1.66B | $1.11B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.37B | $3.71B | $2.03B | $492.8M | $1.02B | $735.1M | $963.0M | $503.1M | $631.6M | $174.3M |
| Depreciation and amortisation | $72.6M | $62.0M | $70.6M | $62.7M | $50.3M | $35.2M | $32.8M | $27.7M | $20.6M | $19.7M |
| Stock-based compensation | $439.2M | $355.4M | $296.8M | $230.9M | $186.9M | $137.0M | $101.3M | $91.2M | $75.4M | $59.0M |
| Capital expenditure | $119.5M | $32.0M | $34.4M | $44.6M | $64.7M | $15.4M | $15.8M | $23.8M | $15.3M | $21.4M |
| Investing cash flow | -$3.58B | -$2.46B | -$687.5M | $216.3M | -$925.6M | -$608.8M | -$284.1M | -$755.1M | -$391.3M | -$325.8M |
| Financing cash flow | -$1.60B | -$421.8M | -$83.8M | -$654.6M | -$360.9M | -$346.3M | -$218.0M | $42.9M | $51.5M | $32.7M |
| Buybacks | $1.60B | $423.6M | $112.3M | $670.3M | $411.6M | $395.2M | $266.1M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-158942.
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| CSCO | CISCO SYSTEMS, INC. | $430.53B | 32.8x | 11.8% |
| FFIV | F5, INC. | $22.11B | 33.1x | 9.7% |
| EXTR | EXTREME NETWORKS INC | $2.83B | 70.0x | 12.6% |
| DGII | DIGI INTERNATIONAL INC | $2.63B | 64.2x | 1.5% |
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| NTGR | NETGEAR, INC. | $579.2M | — | 3.8% |
| LTRX | LANTRONIX INC | $243.8M | — | -1.6% |
| CIIT | Tianci International, Inc. | $29.4M | — | 7.7% |