# Arista Networks (ANET) — Stock CV

Arista Networks is a $274B technology company. Revenue grew 32.6% over the last year, it keeps 38¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 67.6× earnings — near the highest of its own history.

> Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system that runs a single image across every single one of its devices.

## Identity

- **Ticker**: ANET
- **Sector**: Technology
- **Industry**: Computer Communications Equipment
- **Headquarters**: SANTA CLARA, CA
- **Employees**: 5 115
- **Website**: https://www.arista.com
- **Market cap**: $274B
- **Last price**: $217.31
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $10.5B
- **Net income**: $4.04B
- **Free cash flow**: $5.16B
- **Net cash**: $10.7B
- **P/E**: 67.6
- **Revenue growth (YoY)**: 32.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 5 |
| Growth | 95 |
| Profitability | 100 |
| Health | 100 |
| Quality | 72 |
| Moat | 100 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +32.6% YoY
- [x] Profitable — $4.04B TTM
- [x] Profit growing — +37.1% YoY
- [x] Generates cash — $5.16B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $274B market cap
- [x] Not printing shares — +0.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 20.6 — safe
- [ ] Valuation not extreme — P/E 67.6

## Experience (career milestones)

- **FY2025** — Best year on record: $3.51B net income
- **2025** — Arista expanded its AI-driven campus and branch networking offerings and acquired the VeloCloud SD-WAN…
- **2022** — Arista Networks acquired Pluribus Networks, a unified cloud network company, for an undisclosed sum
- **2020** — Arista acquired Big Switch Networks
- **2018** — Arista Networks acquired Mojo Networks
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.13B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — Arista Networks had its initial public offering on the New York Stock Exchange under the symbol ANET
- **2014** — Cisco filed two lawsuits against Arista alleging intellectual property infringement
- **2008** — Arista Networks was founded and incorporated in 2008, evolving from its roots in Arastra, established in 2004

## Strengths

- High gross margin (63.0%)
- Strongly profitable — 38.4% net margin
- Revenue growing 32.6% year over year
- Strong cash conversion — FCF is 48.9% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.95B | $841M | $951M |
| FY2022 | $4.38B | $1.35B | $448M |
| FY2023 | $5.86B | $2.09B | $2.00B |
| FY2024 | $7.00B | $2.85B | $3.68B |
| FY2025 | $9.01B | $3.51B | $4.25B |

---

Source: https://stockcv.com/ANET — derived from company filings; may be delayed or incomplete. Information, not investment advice.