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 73,267 139,241 165,004 244,400 - -
Change - -16.05% 97.59% 90.05% 18.5% 48.12% - -
Enterprise Value (EV) 1 40,764 34,058 68,259 130,938 154,261 228,987 224,178 219,893
Change - -16.45% 100.42% 91.82% 17.81% 48.44% -2.1% -1.91%
P/E 54.7x 28.4x 35.8x 49.6x 47.6x 51.1x 40.1x 32.2x
PBR 11.1x 7.61x 10.1x 13.9x 13.3x 14.2x 10.8x 8.26x
PEG - 0.5x 0.7x 1.4x 2x 1.3x 1.5x 1.3x
Capitalization / Revenue 15x 8.46x 12.5x 19.9x 18.3x 19.3x 15.1x 12.4x
EV / Revenue 13.8x 7.77x 11.6x 18.7x 17.1x 18.1x 13.9x 11.2x
EV / EBITDA 34.2x 18.3x 25.5x 38.6x 35x 36.3x 27.3x 22.2x
EV / EBIT 35.7x 19x 26.2x 39.4x 35.6x 37.2x 28.2x 22.4x
EV / FCF 42.9x 76x 34.1x 35.6x 36.3x 40.2x 33.6x 28.2x
FCF Yield 2.33% 1.32% 2.93% 2.81% 2.76% 2.49% 2.97% 3.54%
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 6,147 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 58.88 110.53 131.03 193.78 193.78 193.78
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.82x5.96x15.44x1.56% 431B
51.1x18.08x36.28x-.--% 244B
21.47x0.86x15.4x2.16% 188B
26.28x8.56x20.69x0.49% 142B
33.96x6.59x18.81x0.99% 77.46B
41.57x12.31x27.92x-.--% 79.05B
41.38x2.18x14.21x1.74% 56.32B
27.66x6.24x20.84x1.49% 53.43B
17.75x2.76x11.86x4.14% 47.6B
Average 32.00x 7.06x 20.16x 1.4% 146.58B
Weighted average by Cap. 32.13x 7.91x 20.84x 1.21%

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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