Projected Income Statement: Arista Networks, Inc.

Forecast Balance Sheet: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -3,408 -3,024 -5,008 -8,303 -10,743 -15,143 -19,224 -22,669
Change - 11.27% -65.61% -65.79% -29.39% -40.96% -26.95% -17.92%
Announcement Date 2/14/22 2/13/23 2/12/24 2/18/25 2/12/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 64.74 44.64 34.43 32.03 119.5 213.5 135.2 147.2
Change - -31.04% -22.87% -6.98% 273.06% 78.67% -36.69% 8.9%
Free Cash Flow (FCF) 1 951.1 448.2 2,000 3,676 4,252 5,130 5,593 6,371
Change - -52.88% 346.17% 83.85% 15.67% 20.63% 9.04% 13.89%
Announcement Date 2/14/22 2/13/23 2/12/24 2/18/25 2/12/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 40.41% 42.43% 45.63% 48.39% 48.96% 47.76% 47.95% 48.12%
EBIT Margin (%) 38.7% 41% 44.43% 47.5% 48.16% 46.91% 47.42% 47.79%
EBT Margin (%) 31.58% 36.1% 41.33% 46.62% 47.19% 45.48% 45.09% 45.64%
Net margin (%) 28.52% 30.87% 35.62% 40.73% 38.99% 36.97% 36.61% 36.33%
FCF margin (%) 32.26% 10.23% 34.12% 52.49% 47.22% 44.25% 39.01% 36.79%
FCF / Net Income (%) 113.11% 33.14% 95.8% 128.9% 121.1% 119.68% 106.57% 101.28%

Profitability

        
ROA 17.47% 23.15% 26.31% 21.64% 22.73% 20.84% 21.37% 20.45%
ROE 25.07% 32.68% 36.34% 30.24% 34.03% 31.02% 29.8% 28.9%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 2.2% 1.02% 0.59% 0.46% 1.33% 1.84% 0.94% 0.85%
CAPEX / EBITDA (%) 5.43% 2.4% 1.29% 0.95% 2.71% 3.86% 1.97% 1.77%
CAPEX / FCF (%) 6.81% 9.96% 1.72% 0.87% 2.81% 4.16% 2.42% 2.31%

Items per share

        
Cash flow per share 1 0.7955 0.3893 1.603 2.895 3.427 3.774 4.625 6.2
Change - -51.06% 311.84% 80.53% 18.4% 10.11% 22.56% 34.06%
Dividend per Share 1 - - - - - - - -
Change - - - - - - - -
Book Value Per Share 1 3.233 3.986 5.834 7.956 9.834 13.13 16.83 22.78
Change - 23.29% 46.38% 36.37% 23.6% 33.56% 28.17% 35.33%
EPS 1 0.6575 1.068 1.645 2.23 2.75 3.368 4.186 5.258
Change - 62.36% 54.1% 35.56% 23.32% 22.47% 24.29% 25.62%
Nbr of stocks (in thousands) 1,229,134 1,222,290 1,244,401 1,259,760 1,259,285 1,259,203 1,259,203 1,259,203
Announcement Date 2/14/22 2/13/23 2/12/24 2/18/25 2/12/26 - - -
1USD
Estimates
2026 *2027 *
P/E 50.4x 40.5x
PBR 12.9x 10.1x
EV / Sales 17.1x 13.6x
Yield - -

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
169.67USD
Average target price
190.09USD
Spread / Average Target
+12.03%

Quarterly revenue - Rate of surprise

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  4. Financials Arista Networks, Inc.
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