Arista Networks, Inc. (ANET) Stock

Arista Networks, Inc. (ANET) is a Technology stock trading at $168.93 (as of 2026-07-20), with a market capitalization of $212.72B and a trailing P/E of 57.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Arista Networks, Inc. develops and sells cloud networking solutions that include extensible operating systems, network applications, and switching and routing platforms, and it also provides post–warranty support services such as technical support, hardware repair, and software updates. Its offerings are sold to customers across the Americas, Europe, the Middle East, Africa, and Asia-Pacific.

Understand Arista Networks, Inc.: how it makes money

Arista Networks sells cloud networking solutions, including extensible operating systems and network switching and routing platforms, and it also earns revenue from post contract customer support (technical support, hardware repair, and parts replacement, beyond standard warranty).

Arista monetizes the same customer ecosystem twice, first through product sales (switching and routing platforms plus extensible operating systems and applications), then through post contract customer support that extends beyond standard warranty.

Revenue by segment (latest quarter)
Product	$2.3B
Services	$0.4B

Business quality (Exceptional): High profitability (61.9% gross margin, 42.7% operating margin) supported by a product plus services mix (2.31B product revenue, 0.4B service revenue) and strong customer satisfaction (Net Promoter Score 89). Key watch-outs include working capital and inventory behavior (ending inventory 2.38B, inventory turns 1.7).

Valuation: At 56× earnings, ANET trades 76% above the Tech Hardware average (32×). Note: one-time items can distort reported P/E.

Bull case

Strong profitability: Gross margin is 61.9% and operating margin is 42.7% for the quarter ended 2026-03-31.
Customer satisfaction appears strong: Net Promoter Score is 89, and 94% of customers are strongly positive (Net Promoter Score).
Profit model can be supported by an installed base: Arista sells cloud networking platforms and extensible operating systems, and it also provides post contract customer support such as technical support, hardware repair, and parts replacement beyond standard warranty.

Bear case

Revenue mix tilt toward products: Product revenue is 2.31B versus service revenue of 0.4B, so changes in product demand can have a larger impact than services.
Inventory and cash conversion are things to monitor: Ending inventory is 2.38B, inventory turns are 1.7, and days sales outstanding are 70.0 (all of which can affect cash flow and near term performance).
Some international exposure: International revenue is 0.42B, which can create additional demand and execution variability versus purely domestic markets.

Valuation — source: SEC EDGAR (first-party)
Price	$168.93
Market Cap	$212.72B
P/E Ratio	57.2
EV / EBITDA	49.5
Price / Book	15.77
Price / Sales	21.91
FCF Yield	2.5%
DCF Value (model)	$46.39
DCF Upside vs Price	-72.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$9.01B
Net Margin	39.0%
Revenue Growth (YoY)	35.1%
EPS Growth (YoY)	24.6%
FCF Growth (YoY)	167.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	20.47 (safe)

Valuation vs Sector & Industry
Stock P/E	57.2
Sector P/E (Technology)	34.9
Industry P/E (Computers)	31.1
vs Sector	63.7%
vs Industry	83.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($13.26B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Computers
CEO	Jayshree V. Ullal
Employees	4,412
Country	US
IPO Date	2014-06-06

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Data as of 2026-07-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.