Arista Networks, Inc. (ANET) Financial Ratios
14 years of historical data (2012–2025) · Technology · Computer Hardware
EV/EBITDA
↓
53.88
↑+42% vs avg
5yr avg: 37.95
30Y Low18.4·High54.6
P/FCF
↓
50.24
+1% vs avg
5yr avg: 49.83
30Y Low17.4·High85.7
P/B Ratio
↑
17.50
↑+52% vs avg
5yr avg: 11.48
30Y Low5.7·High14.2
ROE
↑
31.4%
↓+3% vs avg
5yr avg: 30.5%
30Y Low17%·High113%
Debt/EBITDA
↓
N/A
—
5yr avg: 0.04
30Y Low0.0·High2.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ANET Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Arista Networks, Inc. trades at 61.7x earnings, 43% above its 5-year average of 43.1x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 113%. On a free-cash-flow basis, the stock trades at 50.2x P/FCF, roughly in line with the 5-year average of 49.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $213.6B | $167.2B | $141.6B | $74.7B | $38.4B | $45.9B | $23.1B | $16.4B | $17.0B | $18.6B | $7.1B |
| Enterprise Value | $211.7B | $165.2B | $138.8B | $72.8B | $37.8B | $45.3B | $22.3B | $15.4B | $16.4B | $17.8B | $6.6B |
| P/E Ratio → | 61.70 | 47.65 | 49.57 | 35.68 | 28.36 | 54.45 | 36.32 | 19.26 | 51.95 | 44.61 | 37.81 |
| P/S Ratio | 23.72 | 18.56 | 20.22 | 12.75 | 8.77 | 15.57 | 9.96 | 6.82 | 7.92 | 11.30 | 6.28 |
| P/B Ratio | 17.50 | 13.51 | 14.17 | 10.35 | 7.86 | 11.54 | 6.95 | 5.68 | 7.95 | 11.19 | 6.40 |
| P/FCF | 50.24 | 39.31 | 38.52 | 37.35 | 85.69 | 48.25 | 32.08 | 17.36 | 35.54 | 30.18 | 64.42 |
| P/OCF | 48.87 | 38.23 | 38.18 | 36.72 | 77.93 | 45.18 | 31.41 | 17.08 | 33.86 | 29.45 | 53.92 |
P/E links to full P/E history page with 30-year chart
ANET EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Arista Networks, Inc.'s enterprise value stands at 53.9x EBITDA, 42% above its 5-year average of 37.9x. The Technology sector median is 16.7x, placing the stock at a 223% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.34 | 19.82 | 12.41 | 8.62 | 15.38 | 9.61 | 6.40 | 7.63 | 10.80 | 5.81 |
| EV / EBITDA | 53.88 | 42.05 | 46.18 | 31.25 | 23.76 | 46.49 | 30.30 | 18.39 | 54.55 | 36.22 | 24.93 |
| EV / EBIT | 54.89 | 42.84 | 47.15 | 32.23 | 24.74 | 49.02 | 31.83 | 19.14 | 56.33 | 37.23 | 26.73 |
| EV / FCF | — | 38.85 | 37.77 | 36.38 | 84.29 | 47.66 | 30.94 | 16.28 | 34.26 | 28.85 | 59.62 |
ANET Profitability
Margins and return-on-capital ratios measuring operating efficiency
Arista Networks, Inc. earns an operating margin of 42.8%. Operating margins have expanded from 38.5% to 42.8% over the past 3 years, signaling improving operational efficiency. Return on equity of 31.4% is exceptionally high. ROIC of 32.8% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.1% | 64.1% | 64.1% | 61.9% | 61.1% | 63.8% | 63.9% | 64.1% | 63.8% | 64.5% | 64.0% |
| Operating Margin | 42.8% | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% | 33.4% | 12.7% | 28.6% | 21.6% |
| Net Profit Margin | 39.0% | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% | 35.7% | 15.3% | 25.7% | 16.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.4% | 31.4% | 33.1% | 34.5% | 30.5% | 23.0% | 20.4% | 34.1% | 17.2% | 30.6% | 19.4% |
| ROA | 21.0% | 21.0% | 23.8% | 24.9% | 21.6% | 16.1% | 14.2% | 23.7% | 11.8% | 20.2% | 12.8% |
| ROIC | 32.8% | 32.8% | 35.3% | 35.5% | 29.9% | 23.5% | 24.0% | 35.6% | 17.3% | 49.7% | 50.5% |
| ROCE | 30.4% | 30.4% | 30.4% | 33.4% | 30.2% | 21.5% | 18.5% | 26.6% | 12.4% | 29.4% | 22.2% |
ANET Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $2.0B exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.02 | 0.04 |
| Debt / EBITDA | — | — | — | — | 0.03 | 0.06 | 0.10 | 0.10 | 0.12 | 0.08 | 0.15 |
| Net Debt / Equity | — | -0.16 | -0.28 | -0.27 | -0.13 | -0.14 | -0.25 | -0.36 | -0.29 | -0.49 | -0.48 |
| Net Debt / EBITDA | -0.50 | -0.50 | -0.92 | -0.83 | -0.39 | -0.58 | -1.12 | -1.23 | -2.04 | -1.67 | -2.01 |
| Debt / FCF | — | -0.46 | -0.75 | -0.97 | -1.40 | -0.59 | -1.14 | -1.09 | -1.28 | -1.33 | -4.80 |
| Interest Coverage | — | — | — | — | — | — | — | — | 107.92 | 171.78 | 78.24 |
Net cash position: cash ($2.0B) exceeds total debt ($0)
ANET Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Arista Networks, Inc.'s current ratio of 3.05x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.63x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 4.38x to 3.05x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.05 | 3.05 | 4.36 | 4.38 | 4.29 | 4.34 | 4.99 | 5.81 | 4.48 | 4.28 | 3.32 |
| Quick Ratio | 2.63 | 2.63 | 3.69 | 3.36 | 3.29 | 3.75 | 4.37 | 5.41 | 4.04 | 3.70 | 2.81 |
| Cash Ratio | 2.00 | 2.00 | 3.04 | 2.61 | 2.34 | 3.07 | 3.74 | 4.56 | 3.23 | 2.90 | 1.89 |
| Asset Turnover | — | 0.46 | 0.50 | 0.59 | 0.65 | 0.51 | 0.49 | 0.58 | 0.70 | 0.67 | 0.65 |
| Inventory Turnover | 1.44 | 1.44 | 1.37 | 1.15 | 1.32 | 1.64 | 1.74 | 3.55 | 2.94 | 1.91 | 1.72 |
| Days Sales Outstanding | — | 76.48 | 59.44 | 64.43 | 76.90 | 63.95 | 61.35 | 59.35 | 56.29 | 54.84 | 81.82 |
ANET Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Arista Networks, Inc. returns 0.8% to shareholders annually primarily through share buybacks. The earnings yield of 1.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.1% | 2.0% | 2.8% | 3.5% | 1.8% | 2.8% | 5.2% | 1.9% | 2.2% | 2.6% |
| FCF Yield | 2.0% | 2.5% | 2.6% | 2.7% | 1.2% | 2.1% | 3.1% | 5.8% | 2.8% | 3.3% | 1.6% |
| Buyback Yield | 0.8% | 1.0% | 0.3% | 0.2% | 1.7% | 0.9% | 1.7% | 1.6% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.8% | 1.0% | 0.3% | 0.2% | 1.7% | 0.9% | 1.7% | 1.6% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.2B |
Peer Comparison
Compare ANET with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ANETYou | $214B | 61.7 | 53.9 | 50.2 | 64.1% | 42.8% | 31.4% | 32.8% | — |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 EXTR | $4B | -556.4 | 116.3 | 33.1 | 62.2% | 1.5% | -16.4% | 14.4% | 6.2 |
 CIEN | $61B | 503.8 | 135.5 | 91.1 | 42.0% | 6.5% | 4.4% | 6.9% | 3.5 |
 NTGR | $630M | -20.2 | — | — | 36.2% | -5.1% | -6.3% | -8.4% | — |
 HPE | $63B | -1063.0 | 18.5 | 100.1 | 28.8% | 4.8% | 0.2% | 3.4% | 5.5 |
 DELL | $272B | 47.2 | 25.5 | 31.8 | 20.0% | 7.4% | — | 34.2% | 2.7 |
 FFIV | $22B | 32.7 | 24.4 | 24.0 | 81.4% | 24.8% | 20.6% | 21.8% | 0.6 |
 CALX | $2B | 146.0 | 60.3 | 21.2 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 NVDA | $5.1T | 43.0 | 38.3 | 52.8 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 MRVL | $272B | 101.2 | 104.2 | 194.6 | 51.0% | 16.3% | 19.3% | 6.0% | 1.8 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 14 years · Updated daily
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ANET — Frequently Asked Questions
Quick answers to the most common questions about buying ANET stock.
What is Arista Networks, Inc.'s P/E ratio?
Arista Networks, Inc.'s current P/E ratio is 61.7x. The historical average is 41.8x. This places it at the 100th percentile of its historical range.
What is Arista Networks, Inc.'s EV/EBITDA?
Arista Networks, Inc.'s current EV/EBITDA is 53.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.9x.
What is Arista Networks, Inc.'s ROE?
Arista Networks, Inc.'s return on equity (ROE) is 31.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 37.2%.
Is ANET stock overvalued?
Based on historical data, Arista Networks, Inc. is trading at a P/E of 61.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Arista Networks, Inc.'s profit margins?
Arista Networks, Inc. has 64.1% gross margin and 42.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.