Arista Networks, Inc. (ANET) Key Metrics
ANET valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $223.21B
- Enterprise value
- $243.28B
- P/E (TTM)
- 55.8 10-yr median 41.2
- Forward P/E
- 39.2
- PEG ratio
- 1.52
- Price / sales
- 21.2 10-yr median 10.6
- Price / book
- 17.3 10-yr median 9.1
- EV / EBITDA
- 52.4 10-yr median 31.3
- Dividend yield
- —
- Beta
- 1.60
ANET key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsANET valuation Price multiples at each fiscal year-end price.
ANET returns How much profit the business earns on the capital it uses.
ANET per-share figures Results divided by the shares outstanding at year-end.
ANET financial health Debt, liquidity and how easily interest is covered.
ANET efficiency & capital use Working capital cycle and where the cash goes.
ANET valuation history
ANET returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ANET debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ANET cash returned to shareholders
ANET price vs earnings per share
ANET key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $167.15B | $141.60B | $74.69B | $38.40B | $45.89B | $23.09B | $16.45B | $17.03B | $18.61B | $7.09B |
| Enterprise value | $156.41B | $133.35B | $69.75B | $35.42B | $42.54B | $20.29B | $13.81B | $15.11B | $17.24B | $6.35B |
| P/E ratio | 47.6 | 49.6 | 35.8 | 28.4 | 54.6 | 36.4 | 19.1 | 51.9 | 44.0 | 38.5 |
| Price / sales | 18.6 | 20.2 | 12.7 | 8.8 | 15.6 | 10.0 | 6.8 | 7.9 | 11.3 | 6.3 |
| Price / book | 13.5 | 14.2 | 10.3 | 7.9 | 11.5 | 7.0 | 5.7 | 7.9 | 11.2 | 6.4 |
| Price / free cash flow | 39.3 | 38.5 | 37.4 | 85.7 | 48.2 | 32.1 | 17.4 | 35.5 | 30.2 | 64.4 |
| Price / operating cash flow | 38.2 | 38.2 | 36.7 | 77.9 | 45.2 | 31.4 | 17.1 | 33.9 | 29.5 | 53.9 |
| EV / sales | 17.4 | 19.0 | 11.9 | 8.1 | 14.4 | 8.8 | 5.7 | 7.0 | 10.5 | 5.6 |
| EV / EBITDA | 36.2 | 40.1 | 28.0 | 21.5 | 43.4 | 27.6 | 16.5 | 47.4 | 34.6 | 23.9 |
| EV / free cash flow | 36.8 | 36.3 | 34.9 | 79.0 | 44.7 | 28.2 | 14.6 | 31.5 | 28.0 | 57.7 |
| Earnings yield | 2.1% | 2.0% | 2.8% | 3.5% | 1.8% | 2.7% | 5.2% | 1.9% | 2.3% | 2.6% |
| Free cash flow yield | 2.5% | 2.6% | 2.7% | 1.2% | 2.1% | 3.1% | 5.8% | 2.8% | 3.3% | 1.6% |
| Shareholder yield (dividends + buybacks) | 1.0% | 0.3% | 0.2% | 1.7% | 0.9% | 1.7% | 1.6% | 0.1% | 0.0% | 0.0% |
| Share price at fiscal year-end | $131.03 | $110.53 | $58.88 | $30.34 | $35.94 | $18.16 | $12.71 | $13.17 | $14.72 | $6.05 |
| Per share | ||||||||||
| Revenue per share | $7.06 | $5.47 | $4.62 | $3.46 | $2.31 | $1.82 | $1.86 | $1.66 | $1.30 | $0.96 |
| Earnings per share | $2.75 | $2.23 | $1.65 | $1.07 | $0.66 | $0.50 | $0.66 | $0.25 | $0.33 | $0.16 |
| Operating cash flow per share | $3.43 | $2.89 | $1.60 | $0.39 | $0.80 | $0.58 | $0.74 | $0.39 | $0.50 | $0.11 |
| Free cash flow per share | $3.33 | $2.87 | $1.58 | $0.35 | $0.74 | $0.57 | $0.73 | $0.37 | $0.49 | $0.09 |
| Cash per share | $8.42 | $6.48 | $3.95 | $2.39 | $2.67 | $2.26 | $2.11 | $1.51 | $1.22 | $0.74 |
| Book value per share | $9.70 | $7.80 | $5.69 | $3.86 | $3.12 | $2.61 | $2.24 | $1.66 | $1.32 | $0.95 |
| Tangible book value per share | $9.37 | $7.54 | $5.41 | $3.55 | $2.89 | $2.37 | $2.16 | $1.57 | $1.32 | $0.95 |
| Capex per share | $0.09 | $0.03 | $0.03 | $0.04 | $0.05 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 |
| Debt per share | — | $0.05 | $0.05 | $0.03 | $0.04 | $0.06 | $0.06 | $0.03 | $0.14 | $0.11 |
| Shares outstanding | 1.28B | 1.28B | 1.27B | 1.27B | 1.28B | 1.27B | 1.29B | 1.29B | 1.26B | 1.17B |
| Change in shares outstanding | −0.4% | +1.0% | +0.2% | −0.9% | +0.4% | −1.7% | +0.0% | +2.4% | +7.9% | +2.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 31.4% | 33.1% | 34.5% | 30.5% | 23.0% | 20.4% | 34.1% | 17.2% | 30.6% | 19.4% |
| Return on invested capital (ROIC) | 188.6% | 127.7% | 93.0% | 103.1% | 145.7% | 155.4% | 337.0% | 104.9% | 125.4% | 72.0% |
| Return on assets (ROA) | 21.0% | 23.8% | 25.0% | 21.6% | 16.1% | 14.2% | 23.7% | 11.8% | 20.2% | 12.8% |
| Return on tangible assets | 18.4% | 20.8% | 21.8% | 21.2% | 15.4% | 14.3% | 21.0% | 11.0% | 17.2% | 10.7% |
| Free cash flow margin | 47.2% | 52.5% | 34.1% | 10.2% | 32.3% | 31.1% | 39.3% | 22.3% | 37.4% | 9.7% |
| Income quality (OCF / net income) | 1.25 | 1.30 | 0.97 | 0.36 | 1.21 | 1.16 | 1.12 | 1.53 | 1.49 | 0.71 |
| Financial health | ||||||||||
| Total debt | — | $59.6M | $65.5M | $44.0M | $56.5M | $72.4M | $83.0M | $36.3M | $171.5M | $130.5M |
| Cash & short-term investments | $10.74B | $8.30B | $5.01B | $3.02B | $3.41B | $2.87B | $2.72B | $1.96B | $1.54B | $867.8M |
| Net debt | −$10.74B | −$8.24B | −$4.94B | −$2.98B | −$3.35B | −$2.80B | −$2.64B | −$1.92B | −$1.36B | −$737.3M |
| Debt / equity | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.10 | 0.12 |
| Debt / assets | — | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.07 | 0.08 |
| Net debt / EBITDA | −2.49 | −2.48 | −1.98 | −1.81 | −3.42 | −3.81 | −3.15 | −6.02 | −2.74 | −2.78 |
| Current ratio | 3.05 | 4.36 | 4.39 | 4.29 | 4.34 | 4.99 | 5.81 | 4.48 | 4.28 | 3.32 |
| Quick ratio | 2.63 | 3.69 | 3.38 | 3.29 | 3.75 | 4.37 | 5.41 | 4.04 | 3.70 | 2.81 |
| Interest coverage | — | — | — | 27.9 | 150.6 | 17.9 | 14.3 | 101.2 | 169.2 | 77.6 |
| Working capital | $11.01B | $9.18B | $6.48B | $4.26B | $3.70B | $3.07B | $2.87B | $2.11B | $1.74B | $1.07B |
| Invested capital | $1.63B | $1.75B | $2.28B | $1.91B | $626.8M | $519.8M | $253.3M | $223.5M | $297.9M | $370.5M |
| Tangible asset value | $11.95B | $9.66B | $6.86B | $4.50B | $3.70B | $3.01B | $2.79B | $2.03B | $1.66B | $1.11B |
| Net current asset value | $9.31B | $7.86B | $5.66B | $3.66B | $3.06B | $2.42B | $2.18B | $1.78B | $1.47B | $904.9M |
| Graham number | $24.51 | $19.77 | $14.52 | $9.63 | $6.79 | $5.42 | $5.78 | $3.08 | $3.15 | $1.83 |
| Graham net-net per share | $4.86 | $4.70 | $3.17 | $1.95 | $1.85 | $1.56 | $1.43 | $1.08 | $0.85 | $0.47 |
| Capital allocation | ||||||||||
| Share buybacks (net) | $1.60B | $423.6M | $112.3M | $670.3M | $411.6M | $395.2M | $266.1M | $8.9M | $4.0M | $0 |
| Dividends + buybacks / free cash flow | 37.7% | 11.5% | 5.6% | 149.6% | 43.3% | 54.9% | 28.1% | 1.9% | 0.7% | 0.0% |
| Capex / revenue | 1.3% | 0.5% | 0.6% | 1.0% | 2.2% | 0.7% | 0.7% | 1.1% | 0.9% | 1.9% |
| Capex / operating cash flow | 2.7% | 0.9% | 1.7% | 9.1% | 6.4% | 2.1% | 1.6% | 4.7% | 2.4% | 16.3% |
| Capex / depreciation | 1.65 | 0.52 | 0.49 | 0.71 | 1.29 | 0.44 | 0.48 | 0.86 | 0.74 | 1.08 |
| Stock-based compensation / revenue | 4.9% | 5.1% | 5.1% | 5.3% | 6.3% | 5.9% | 4.2% | 4.2% | 4.6% | 5.2% |
| R&D / revenue | 13.7% | 14.2% | 14.6% | 16.6% | 19.9% | 21.0% | 19.2% | 20.6% | 21.2% | 24.2% |
| SG&A / revenue | 7.5% | 7.9% | 8.8% | 9.6% | 12.5% | 12.8% | 11.4% | 11.7% | 14.7% | 18.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 61.3 | 56.4 | 60.7 | 60.0 | 56.1 | 61.5 | 54.8 | 49.1 | 55.5 | 64.2 |
| Days of inventory on hand | 230.1 | 274.6 | 264.8 | 207.6 | 193.2 | 158.0 | 107.1 | 133.9 | 169.5 | 147.7 |
| Days payables outstanding | 58.2 | 59.3 | 54.6 | 46.6 | 57.6 | 49.4 | 39.2 | 34.2 | 41.1 | 55.5 |
| Cash conversion cycle (days) | 233.2 | 271.7 | 270.8 | 221.0 | 191.7 | 170.1 | 122.7 | 148.8 | 183.8 | 156.5 |
| Receivables turnover | 5.95 | 6.47 | 6.02 | 6.09 | 6.51 | 5.93 | 6.66 | 7.43 | 6.58 | 5.68 |
| Payables turnover | 6.27 | 6.16 | 6.68 | 7.84 | 6.34 | 7.38 | 9.32 | 10.66 | 8.88 | 6.58 |
| Inventory turnover | 1.59 | 1.33 | 1.38 | 1.76 | 1.89 | 2.31 | 3.41 | 2.73 | 2.15 | 2.47 |
| Asset turnover | 0.54 | 0.58 | 0.70 | 0.70 | 0.56 | 0.52 | 0.66 | 0.78 | 0.79 | 0.78 |
| Average receivables | $1.51B | $1.08B | $973.8M | $719.8M | $453.0M | $390.8M | $361.9M | $289.6M | $250.2M | $198.7M |
| Average payables | $516.4M | $408.1M | $333.8M | $217.6M | $168.4M | $113.2M | $92.9M | $73.0M | $65.8M | $61.7M |
| Average inventory | $2.04B | $1.89B | $1.62B | $969.9M | $564.9M | $361.7M | $254.2M | $285.4M | $271.3M | $164.3M |
| Intangibles / total assets | 2.1% | 2.4% | 3.6% | 5.7% | 4.9% | 6.6% | 2.4% | 3.6% | 0.0% | 0.0% |
Computed from ANET's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ANET valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Arista Networks traded at 47.6 times earnings, against a 10-year median of 41.2. Based on the latest twelve months, the trailing P/E is 55.8 and the forward P/E is 39.2. Arista Networks earned a return on equity of 31.4% and a return on invested capital of 188.6% in fiscal 2025. It returned $1.6 billion to shareholders: $0 in dividends and $1.6 billion in share buybacks, 38% of free cash flow. The share count rose 8.9% from 1.17B to 1.28B over 9 years.
See the ANET income statement, the ANET chart for price history, or the ANET stock overview for the latest quote and news.
ANET key metrics FAQ
What is Arista Networks's P/E ratio?
Arista Networks's trailing P/E ratio is 55.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 39.2. At the end of fiscal 2025 it was 47.6, compared with a 10-year median of 41.2.
What is Arista Networks's EV/EBITDA?
Arista Networks's enterprise value was 36.2 times EBITDA at the end of fiscal 2025 (enterprise value $156.4 billion, EBITDA $4.3 billion); the current EV/EBITDA is 52.4.
What is Arista Networks's return on equity?
Arista Networks's return on equity (ROE) was 31.4% in fiscal 2025: net income of $3.5 billion on average shareholders' equity of $11.2 billion.
What is Arista Networks's ROIC?
Arista Networks's return on invested capital was 188.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
Does Arista Networks buy back its shares?
Yes. Arista Networks spent $1.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.4% over the year, to 1.28B..
What is Arista Networks's free cash flow yield?
Arista Networks generated $4.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.5% on its market value at year-end ($167.2 billion).
What is Arista Networks's current ratio?
Arista Networks's current ratio was 3.05 at the end of fiscal 2025: current assets were 3.05 times current liabilities.