Stock 0HHR ARISTA NETWORKS, INC.
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Financials Arista Networks, Inc. London S.E.

Equities

0HHR

US0404131064

Communications & Networking

Real-time Estimate Cboe BZX
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 10:40:32 2024-06-27 am EDT 		5-day change 1st Jan Change
348.8 USD +4.68% Intraday chart for Arista Networks, Inc. -1.69% +41.22%
11:57am BNP Paribas Exane Adjusts Price Target on Arista Networks to $425 From $325, Maintains Outperform Rating MT
11:56am Citigroup Adjusts Price Target on Arista Networks to $385 From $330, Keeps Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,540 21,985 44,172 37,081 73,267 104,883 - -
Enterprise Value (EV) 1 12,815 19,112 40,764 34,058 68,259 97,818 95,879 92,402
P/E ratio 19.1 x 36.4 x 54.7 x 28.4 x 35.8 x 44.5 x 40 x 31.8 x
Yield - - - - - - - -
Capitalization / Revenue 6.45 x 9.49 x 15 x 8.46 x 12.5 x 15.6 x 13.5 x 11.6 x
EV / Revenue 5.32 x 8.25 x 13.8 x 7.77 x 11.6 x 14.6 x 12.3 x 10.3 x
EV / EBITDA 13.4 x 20.8 x 34.2 x 18.3 x 25.5 x 32.3 x 27.9 x 22.8 x
EV / FCF 13.5 x 26.6 x 42.9 x 76 x 34.1 x 39.5 x 30.6 x 24.4 x
FCF Yield 7.39% 3.77% 2.33% 1.32% 2.93% 2.53% 3.26% 4.09%
Price to Book 5.37 x 6.65 x 11.1 x 7.61 x 10.1 x 11.1 x 8.83 x 7.23 x
Nbr of stocks (in thousands) 305,596 302,646 307,284 305,573 311,100 313,363 - -
Reference price 2 50.85 72.64 143.8 121.4 235.5 334.7 334.7 334.7
Announcement Date 2/13/20 2/18/21 2/14/22 2/13/23 2/12/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,411 2,318 2,948 4,381 5,860 6,712 7,779 9,005
EBITDA 1 955.6 919.3 1,191 1,859 2,674 3,027 3,438 4,046
EBIT 1 922.7 874.7 1,141 1,796 2,603 2,976 3,407 3,926
Operating Margin 38.28% 37.75% 38.7% 41% 44.43% 44.33% 43.8% 43.6%
Earnings before Tax (EBT) 1 862.3 738.9 930.9 1,582 2,422 2,962 3,332 3,966
Net income 1 859.9 634.6 840.9 1,352 2,087 2,434 2,742 3,345
Net margin 35.67% 27.38% 28.52% 30.87% 35.62% 36.26% 35.24% 37.15%
EPS 2 2.658 1.998 2.630 4.270 6.580 7.519 8.369 10.54
Free Cash Flow 1 947.3 719.7 951.1 448.2 2,000 2,479 3,130 3,782
FCF margin 39.29% 31.06% 32.26% 10.23% 34.12% 36.93% 40.24% 42%
FCF Conversion (EBITDA) 99.13% 78.29% 79.85% 24.11% 74.78% 81.89% 91.05% 93.48%
FCF Conversion (Net income) 110.17% 113.42% 113.11% 33.14% 95.8% 101.84% 114.17% 113.06%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/13/20 2/18/21 2/14/22 2/13/23 2/12/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 824.5 877.1 1,052 1,177 1,276 1,351 1,459 1,509 1,540 1,571 1,651 1,716 1,776 1,785 1,885
EBITDA 1 336.7 348.7 440.4 509.3 560.7 577.7 624.8 713.2 758.4 759.7 743.8 752.3 777.2 798.6 842.9
EBIT 1 324.2 335.6 425.5 492.1 543.2 556.8 606.5 696.2 744 744 732 742.2 767.9 783.6 830.9
Operating Margin 39.32% 38.26% 40.45% 41.82% 42.58% 41.2% 41.57% 46.12% 48.3% 47.35% 44.33% 43.26% 43.23% 43.9% 44.08%
Earnings before Tax (EBT) 1 267.3 309.5 362.3 424.2 485.8 496.7 586.4 644.5 694.4 722.8 727.4 739.9 759.6 793.2 831.3
Net income 1 239.3 272.3 299.1 354 427.1 436.5 491.9 545.3 613.6 637.7 587.3 594.9 612.1 663.6 706.8
Net margin 29.02% 31.04% 28.43% 30.08% 33.48% 32.3% 33.72% 36.13% 39.84% 40.58% 35.57% 34.68% 34.46% 37.18% 37.5%
EPS 2 0.7500 0.8500 0.9400 1.130 1.350 1.380 1.550 1.720 1.920 1.990 1.812 1.813 1.859 2.029 2.167
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 2/14/22 5/2/22 8/1/22 10/31/22 2/13/23 5/1/23 7/31/23 10/30/23 2/12/24 5/7/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,724 2,873 3,408 3,024 5,008 7,065 9,003 12,480
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 947 720 951 448 2,000 2,479 3,130 3,782
ROE (net income / shareholders' equity) 31.2% 23.1% 25.1% 32.7% 36.3% 29.8% 25.5% 23.8%
ROA (Net income/ Total Assets) 21.7% 16.1% 17.5% 23.2% 26.3% 23% 20.7% 20.3%
Assets 1 3,971 3,941 4,812 5,841 7,935 10,591 13,221 16,476
Book Value Per Share 2 9.470 10.90 12.90 15.90 23.30 30.20 37.90 46.30
Cash Flow per Share 2 2.980 2.310 3.180 1.560 6.410 8.400 10.20 12.10
Capex 1 15.8 15.4 64.7 44.6 34.4 47.2 58.8 64.4
Capex / Sales 0.65% 0.66% 2.2% 1.02% 0.59% 0.7% 0.76% 0.71%
Announcement Date 2/13/20 2/18/21 2/14/22 2/13/23 2/12/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Arista Networks, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
334.7 USD
Average target price
327.3 USD
Spread / Average Target
-2.20%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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