YouTube · Q2 FY2027 · 2026-09-03
ANET · NYSE
Arista Networks
Computer Hardware · United States
USD 196.686.3% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$248.49B
- Trailing P/E
- 52.73x
- Forward P/E
- 32.58x
- Quarterly revenue growth
- 58.5%
- Trailing net margin
- 40.0%
- Indicated dividend yield
- —
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
Arista Networks, Inc. engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for AI, data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications. The company offers data center, cloud and AI networking, cognitive adjacencies, and cognitive network software and services. It also provides post contract customer support services, such as technical support, hardware repair and replacement parts beyond standard warranty, bug fixes, patches, and upgrade services. The company serves a range of industries comprising internet companies, cloud service providers, financial services organizations, government agencies, media and entertainment, healthcare, oil and gas, education, manufacturing, industrial, and others. It markets and sells its products through distributors, system integrators, value-added resellers, and original equipment manufacturer partners, as well as through its direct sales force. Arista Networks, Inc. was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. The company was incorporated in 2004 and is headquartered in Santa Clara, California.
Company websiteQ3 2026
Go beyond the headline.
ANET Stock: The $11.4B Supply Bet Behind the AI Surge — Q3 2026
Published 2026-11-11
Q3 2026 REPORT HIGHLIGHTS
What’s changed for ANET
Arista grew revenue 58.5%, but larger supply commitments make cash conversion the next test; our HOLD call uses a $150 current-value anchor.
Growth accelerated.
Q3 revenue rose 58.5% and beat the company's $3.3B guide by 10.8%.
Supply risk expanded.
Non-cancellable purchases reached $11.4B versus $6.8B at year-end, with inventory also rising.
EPS needs a bridge.
A $134.5M strategic-investment gain helps explain why GAAP EPS exceeds adjusted EPS.
Cash has timing support.
Deferred revenue provided $1.467B of nine-month cash; that contribution cannot be assumed perpetual.
Value remains below price.
Three explicit routes support $150 current fair value versus the $185.02 reference close.
Comparable businesses
ANET peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | ANETArista Networks, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | DELLDell Technologies Inc.Snapshot 2026-11-11Financial period: 2026-07-31 | HPQHP Inc.Snapshot 2026-11-11Financial period: 2026-07-31 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$248.49B | US$237.59B | US$26.12B |
| Forward P/EProvider forward earnings estimate | 32.58x | 12.33x | 9.18x |
| EV / EBITDAEnterprise value / trailing EBITDA | 41.36x | 13.33x | 6.86x |
| Revenue growthLatest quarter vs prior-year quarter | 58.5% | 57.7% | 12.5% |
| Operating marginLatest reported quarter | 43.8% | 9.9% | 6.5% |
| Free cash flow yieldTrailing cash flow / market cap | 1.2% | 2.5% | 13.0% |
| Net debt / EBITDANet debt / trailing EBITDA | -2.71x | 1.34x | 1.33x |
| Debt / equityTotal debt / positive book equity | — | — | — |
| Trailing P/ETrailing twelve-month earnings | 52.73x | 21.73x | 11.05x |
| Price / bookPrice / positive book equity per share | 15.11x | — | — |
| EV / salesEnterprise value / trailing revenue | 18.45x | 1.56x | 0.54x |
| Earnings growthLatest quarter vs prior-year quarter | 82.1% | 272.9% | -11.3% |
| Gross marginTrailing twelve months | 62.9% | 19.9% | 19.7% |
| Net marginTrailing twelve months | 40.0% | 7.5% | 4.1% |
| Return on equityProvider trailing return; positive equity only | 33.5% | — | — |
| Free cash flow marginTrailing free cash flow / revenue | 25.2% | 4.0% | 5.7% |
| Dividend yieldIndicated annual dividend / price | — | 0.7% | 4.1% |
| Earnings payoutProvider trailing dividend payout | 0.0% | 13.4% | 45.4% |
| Current ratioCurrent assets / current liabilities | 3.29x | 0.96x | 0.79x |
| BetaProvider historical market sensitivity | 1.64 | 1.44 | 1.21 |
YouTube · Q2 FY2027 · 2026-09-03
YouTube · Q3 FY2026 · 2026-08-30
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for ANET
Q3 20262026-11-11
FREE RESEARCH PACKET · Q3 2026
ANET: The $11.4 Billion Supply Bet Behind the AI Surge
Arista grew revenue 58.5%, but larger supply commitments make cash conversion the next test; our HOLD call uses a $150 current-value anchor.
Research published November 10, 2026 · Download original report
Read Research PacketANET Stock: The $11.4B Supply Bet Behind the AI Surge — Q3 2026
Presentation · 2026-11-11 · YouTube
Q2 20262026-08-05
Arista (ANET): First $3B Quarter, 45% Margins — Our Call Is AVOID. Is ANET Stock a Buy?
Presentation · 2026-08-05 · YouTube
Q1 20262026-05-06
ANET Stock: EPS Beats by 7% — Q1 2026 Earnings Analysis
Presentation · 2026-05-06 · YouTube
Q4 20252026-04-15
ANET Stock: EPS Beats by 14% — Q4 2025 Earnings Analysis
Presentation · 2026-04-15 · YouTube
ANET Stock: EPS Beats by 14% — Q4 2025 Earnings Analysis
Presentation · 2026-04-15 · YouTube