Arista Networks, Inc.
- Open
- 164.11
- Day high
- 171.43
- Day low
- 157.25
- Prev close
- 168.56
- Volume
- 7.3M
- Mkt cap
- $212.3B
- P/E (TTM)
- 57.0
- EPS (TTM)
- $2.96
- P/B
- 15.7
- P/S
- 21.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$417.7M over the last 3 months (0 open-market buys, 170 sales)
- 🏛Institutions accumulating (13F)
Arista Networks, Inc. (ANET) is a Technology company listed on NYSE. The stock is up 51% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 170 sales (SEC Form 4). Drillr has 4 published research articles covering ANET.
Arista Networks, Inc. (ANET) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ANET earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.81 | $0.87 | +7.7% | $2.7B | +3.5% |
| Feb 12, 2026 | $0.76 | $0.82 | +8.2% | $2.5B | +4.3% |
| Feb 18, 2025 | $0.57 | $0.65 | +14.6% | $1.9B | +1.5% |
| Nov 7, 2024 | $2.08 | $2.40 | +15.4% | $1.8B | -0.1% |
| May 1, 2023 | $1.34 | $1.43 | +6.7% | $1.4B | +3.5% |
| Feb 13, 2023 | $1.21 | $1.41 | +16.5% | $1.3B | +6.2% |
| Oct 31, 2022 | $1.04 | $1.25 | +20.2% | $1.2B | +10.9% |
| May 2, 2022 | $0.81 | $0.84 | +3.7% | $877M | +2.4% |
| Feb 14, 2022 | $0.73 | $0.82 | +12.3% | $824M | +4.3% |
| May 4, 2021 | $0.60 | $0.63 | +5.0% | $668M | +4.0% |
| Feb 18, 2021 | $0.60 | $0.62 | +3.3% | $648M | +3.3% |
| Aug 4, 2020 | $0.49 | $0.53 | +8.2% | $541M | +8.2% |
ANET insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 8,302 | $158.40 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 7,385 | $161.17 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 20,218 | $165.09 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 25,845 | $159.23 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 6,363 | $167.07 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 19,442 | $160.16 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 4,113 | $157.24 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 47,004 | $164.23 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 77,753 | $163.18 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 5,477 | $166.34 |
| Jul 7, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 18,098 | $162.48 |
| Jul 6, 2026 | Giancarlo Charles Hdirector | Sell | 490 | $164.00 |
| Jul 6, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 47,597 | $167.84 |
| Jul 6, 2026 | BECHTOLSHEIM ANDREAS10 percent owner | Sell | 23,870 | $166.69 |
| Jul 6, 2026 | Giancarlo Charles Hdirector | Sell | 1,002 | $169.23 |
Source: ANET SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full ANET insider & 13F page →ANET research & analysis
AI Chip Export Controls Delayed: 5 Stocks — NVDA, AMD, MSFT — Get Relief
Bureaucratic delays in Trump's AI chip export controls provide relief to U.S. AI infrastructure firms, enabling focus on domestic growth. NVDA, AMD, SMCI, ANET, and MSFT stand to benefit most, ranked by conviction with financials highlighting growth and valuations. Policy risks remain, but near-term tailwinds favor hardware leaders.
NVDAAMDSMCIAI Capex Super-Cycle: Ranking the Top 10 Infrastructure Beneficiaries by Order Book Strength
The AI infrastructure capex super-cycle is channeling $200B+ in hyperscaler spending into data centers, power, networking, and cooling. Arista Networks and Vertiv lead the ranking with the strongest order book visibility, while Amphenol offers the best growth-to-valuation ratio and Dell provides deep value at 12.8x forward earnings.
VRTAPHDELLWhere does the $200B+ AI infrastructure spend concentrate: chips, networking, power, or cooling?
The $200B+ AI infrastructure buildout concentrates most heavily in compute (NVIDIA), with networking (Arista), power/cooling (Vertiv), servers (Dell), and optical interconnects (Coherent) capturing progressively smaller but fast-growing shares. NVIDIA and Arista offer the highest-conviction exposure, Dell the best value, and Vertiv and Coherent the most explosive but riskiest upside.
NVDAVRTDELLWhich picks-and-shovels names have the highest AI revenue concentration heading into 2027?
Astera Labs leads the group with near-100% AI revenue concentration, followed by Arista Networks at ~30% and rising. Vertiv, Coherent, and Modine offer varying degrees of AI exposure at more moderate valuations, with Modine's pending divestiture set to sharpen its data center focus heading into 2027.
ALABVRTCOHR
Arista Networks, Inc. company profile
Overview
Arista Networks, Inc. (NYSE:ANET) is a leading provider of cloud networking solutions founded in 2004 and headquartered in Santa Clara, California. Originally incorporated as Arastra, Inc., the company changed its name to Arista Networks in 2008 and went public in 2014. Arista has established itself as a premier supplier of high-performance Ethernet switching and routing platforms, primarily serving cloud titans, enterprises, and service providers with mission-critical networking infrastructure that powers modern data centers and AI workloads.
Business
Arista Networks operates in the cloud networking infrastructure industry, developing and selling sophisticated networking hardware and software solutions that enable high-speed data transmission in data centers and enterprise networks. The company's core offering is Extensible Operating System (EOS), a unified network operating system that runs across all Arista platforms, providing consistent network management and advanced features. The company's primary products include Gigabit Ethernet switching and routing platforms that handle data speeds ranging from 10 gigabits per second to 800 gigabits per second. These switches and routers form the backbone of modern data centers, connecting servers, storage systems, and other network equipment. Arista's hardware is particularly designed for cloud-scale deployments, where massive amounts of data need to be processed and transmitted with minimal latency. Arista serves three main customer segments: 1. Cloud titans and AI companies (approximately 48% of revenue) including major hyperscalers like Microsoft and Meta, who use Arista's equipment to build massive data centers and AI training clusters. 2. Enterprise and financial services (approximately 35% of revenue) including banks, healthcare organizations, and government agencies that require high-performance, reliable networking for their operations. 3. Service providers (approximately 17% of revenue) including telecommunications companies and internet service providers who need carrier-grade networking equipment. The company has been aggressively expanding into AI networking, developing specialized products like the Etherlink AI platforms that support artificial intelligence training clusters with tens of thousands of GPUs. Additionally, Arista offers campus networking solutions for enterprise customers and software services including network monitoring, management, and subscription-based support services that represent approximately 18% of total revenue.
Revenue model
Arista generates revenue through multiple complementary streams. The primary revenue source is product sales of networking hardware, including switches, routers, and specialized AI networking equipment. These products typically carry gross margins of 60-65%, reflecting the company's focus on high-performance, differentiated solutions rather than commodity networking gear. The company also generates substantial recurring revenue through services and software subscriptions, which account for approximately 18% of total revenue. This includes technical support, hardware maintenance, software updates, and advanced network management services. The recurring nature of these services provides revenue predictability and higher margins. Arista's customers are primarily large organizations with substantial networking needs. Cloud titans like Microsoft and Meta represent the largest customer segment, purchasing equipment for massive data center buildouts and AI infrastructure. Enterprise customers in financial services, healthcare, and government sectors purchase networking equipment for mission-critical applications where performance and reliability are paramount. Service providers buy Arista equipment to build out their network infrastructure. Several factors influence Arista's margins and profitability. Positive margin drivers include the company's focus on high-performance, differentiated products that command premium pricing, the growing mix of software and services revenue, and economies of scale in manufacturing. The shift toward AI networking represents a significant opportunity, as AI clusters require specialized, high-margin networking equipment. Margin pressures come from supply chain constraints and component cost inflation, competitive pricing pressure in commodity networking segments, and the cyclical nature of large customer deployments. The company faces potential headwinds from tariffs on imported components and the need for continuous R&D investment to maintain technological leadership. Additionally, large cloud customers have significant negotiating power and may seek volume discounts on major deployments.
Competitive moat
Arista Networks possesses a moderately strong competitive moat built primarily around its proprietary software platform and customer switching costs. The company's most significant competitive advantage is its Extensible Operating System (EOS), a unified network operating system that provides consistent functionality across all Arista hardware platforms. This software differentiation is difficult for competitors to replicate and creates substantial value for customers through simplified network management and advanced features. The company benefits from high customer switching costs, as enterprise and cloud customers invest significant time and resources in network design, staff training, and operational procedures built around Arista's platforms. Migrating to alternative vendors requires substantial re-engineering, retraining, and potential service disruption, creating customer stickiness. Arista's engineering expertise and innovation capability in high-performance networking represents another moat element. The company has consistently delivered industry-leading products for demanding applications like AI training clusters and cloud-scale data centers. This technical leadership, combined with strong customer relationships with major cloud titans, creates barriers for competitors. However, Arista's moat faces several challenges. The networking industry includes formidable competitors like Cisco, Juniper Networks, and emerging white-box solutions that offer lower-cost alternatives. White-box networking, where customers use generic hardware with open-source software, poses a particular threat to commodity networking segments. Additionally, NVIDIA's expansion into networking through acquisitions like Mellanox creates a well-funded competitor with strong GPU partnerships. The company's dependence on a relatively small number of large customers also creates vulnerability. Cloud titans have substantial negotiating power and technical capabilities that could enable them to develop internal networking solutions or switch vendors more easily than typical enterprise customers. While Arista's technical differentiation and customer relationships provide meaningful competitive protection, the moat is not insurmountable and requires continuous innovation and investment to maintain.
Risks & safety
Arista Networks demonstrates a strong margin of safety with excellent financial health and reasonable valuation metrics for a growing technology company. • Financial Strength: Zero debt with $2.8 billion in cash and short-term investments, providing substantial financial flexibility. Current ratio of 4.4x indicates strong liquidity position. • Cash Generation: Exceptional free cash flow of $3.7 billion in fiscal 2024, representing 52% of revenue. Strong cash flow from operations provides self-funding capability for growth investments. • Profitability: Impressive net margins of 41% and return on equity of 29%, demonstrating highly efficient operations and strong competitive positioning. • Valuation Metrics: Trading at 29x forward P/E ratio, which appears reasonable for a company growing revenue at 17-25% annually. EV/EBITDA of 27x reflects premium valuation but justified by growth profile and market position. • Growth Trajectory: Revenue growing from $4.4 billion in 2022 to projected $8.2 billion in 2025, driven by AI networking expansion and market share gains. • Risk Considerations: High customer concentration with cloud titans representing ~48% of revenue creates some customer dependency risk. Premium valuation leaves limited room for execution disappointments.
Recent development
Over the past few years, Arista has executed a strategic transformation focused on AI networking leadership and market expansion. The company has aggressively pursued the artificial intelligence infrastructure opportunity, developing specialized products like the Etherlink AI platforms designed for massive GPU clusters. Management has set ambitious targets of $750 million in AI back-end networking revenue for 2025, with comprehensive AI center networking potentially reaching $1.5 billion. The company has significantly expanded its product portfolio beyond traditional data center switching. Arista launched routing solutions to compete with Cisco in wide-area networking, developed campus networking products targeting the enterprise market with a goal of $750 million in campus revenue by 2025, and introduced advanced software services including CloudVision for network observability and management. Customer base diversification has been another key strategic focus. While maintaining strong relationships with cloud titans like Microsoft and Meta, Arista has successfully expanded into enterprise verticals including financial services, healthcare, and government sectors. The company celebrated reaching 10,000 customers and has grown its 400-gigabit customer base from 300 to over 1,000 customers. Arista has also invested heavily in software and services capabilities, with subscription-based services now representing 18% of total revenue. This includes technical support, network management software, and emerging Network-as-a-Service offerings that provide recurring revenue streams and higher margins. The company has navigated supply chain challenges and competitive pressures while maintaining strong growth. Management has made multi-year supplier commitments, focused on newest high-margin products, and maintained gross margins in the 60-65% range despite inflationary pressures. Recent organizational changes include leadership transitions and internal promotions to cultivate next-generation management talent.
ANET company profile · for informational purposes only — not investment advice.
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