Company Valuation: Arista Networks, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 44,172 37,081 73,267 139,241 165,004 241,449 - -
Change - -16.05% 97.59% 90.05% 18.5% 46.33% - -
Enterprise Value (EV) 1 40,764 34,058 68,259 130,938 154,261 226,036 221,227 216,942
Change - -16.45% 100.42% 91.82% 17.81% 46.53% -2.13% -1.94%
P/E 54.7x 28.4x 35.8x 49.6x 47.6x 50.5x 39.6x 31.8x
PBR 11.1x 7.61x 10.1x 13.9x 13.3x 14.1x 10.7x 8.17x
PEG - 0.5x 0.7x 1.4x 2x 1.3x 1.4x 1.3x
Capitalization / Revenue 15x 8.46x 12.5x 19.9x 18.3x 19.1x 14.9x 12.3x
EV / Revenue 13.8x 7.77x 11.6x 18.7x 17.1x 17.8x 13.7x 11x
EV / EBITDA 34.2x 18.3x 25.5x 38.6x 35x 35.8x 26.9x 21.9x
EV / EBIT 35.7x 19x 26.2x 39.4x 35.6x 36.6x 27.8x 22.1x
EV / FCF 42.9x 76x 34.1x 35.6x 36.3x 39.7x 33.2x 27.9x
FCF Yield 2.33% 1.32% 2.93% 2.81% 2.76% 2.52% 3.01% 3.59%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.6575 1.068 1.645 2.23 2.75 3.792 4.83 6.012
Distribution rate - - - - - - - -
Net sales 1 2,948 4,381 5,860 7,003 9,006 12,666 16,156 19,648
EBITDA 1 1,191 1,859 2,674 3,389 4,410 6,311 8,224 9,902
EBIT 1 1,141 1,796 2,603 3,327 4,337 6,173 7,954 9,796
Net income 1 840.9 1,352 2,087 2,852 3,511 4,865 6,078 7,333
Net Debt 1 -3,408 -3,024 -5,008 -8,303 -10,743 -15,413 -20,222 -24,507
Reference price 2 35.94 30.34 58.88 110.53 131.03 191.44 191.44 191.44
Nbr of stocks (in thousands) 1,229,134 1,222,290 1,244,401 1,259,760 1,259,285 1,261,225 - -
Announcement Date 2/14/22 2/13/23 2/12/24 2/18/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
33.67x7.05x18.22x1.51% 431B
49.08x17.31x34.75x-.--% 235B
20.83x0.84x14.93x2.22% 182B
26.55x8.75x21.14x0.48% 143B
34.75x6.72x19.21x0.97% 79.26B
41.07x12.16x27.57x-.--% 78.09B
40.67x2.14x13.95x1.77% 55.21B
27.56x6.22x20.76x1.5% 53.24B
67.86x7.92x36.48x-.--% 50.13B
Average 38.01x 7.68x 23.00x 0.94% 145.33B
Weighted average by Cap. 35.73x 8.29x 22.29x 1.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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