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Arista Networks

ANET
81
Computer Hardware · Technology
Also trades as: 0HHR.L GBP 1.79 (-2.23%)
Price
$176.98
-8.60 (-4.63%)
Market Cap
$223.21B
Exchange
United States
Winston Score
81
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Exceptional
19/20
Cash Flow
Exceptional
10/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Not counted
n/a

77 of 95 counted points = Winston Score 81. Pillars marked n/a do not apply to this company and are left out of the total.

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§Winston Score History

The full picture

Arista Networks makes the hardware and software that powers large computer networks. Its main products are network switches and routers — devices that move data quickly between servers inside data centers. Its biggest customers are large cloud companies like Microsoft and Meta, as well as financial firms and big enterprises.

Arista makes money by selling its networking hardware and then charging for software licenses and support contracts on top of that. The company operates mainly in North America but sells globally, and with a market cap around $200 billion it is one of the larger players in enterprise networking. Its main competitive edge is its software, called EOS, which is easier to manage and update than rivals like Cisco. The key growth driver is rising demand for data center capacity tied to artificial intelligence workloads, though heavy reliance on a small number of very large cloud customers remains a meaningful concentration risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+35.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.2B/ year

↑ Rising (+24% vs prior year)

13.7% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

17.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$13.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Arista Networks grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.28B (2021) → 1.28B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
62.9%
Premium pricing power — 62.9% gross margin
Profit after running costs
Operating Margin
45.4%
Excellent — 45.4% operating margin
Return on the money invested
ROCE
30.7%
Exceptional — 30.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+32.6%
Fast-growing sales (+32.6% YoY)
Profit growth
EPS YoY
+23.5%
Earnings growing fast (+23.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
131%
Turns 131% of profit into real cash
Spare cash per sale
FCF Margin
48.9%
Converts sales into free cash efficiently (48.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
55.1x
Expensive — P/E 55.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+15.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (55.1 → 39.5)

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Dividends

Not applicable for this business.
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