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 -15,413 -20,222 -24,507
Change - 11.27% -65.61% -65.79% -29.39% -43.47% -31.2% -21.19%
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 32.03 119.5 180.8 154.9 159.2
Change - -31.04% -22.87% -6.98% 273.06% 51.29% -14.29% 2.77%
Free Cash Flow (FCF) 1 951.1 448.2 2,000 3,676 4,252 5,697 6,667 7,784
Change - -52.88% 346.17% 83.85% 15.67% 33.97% 17.03% 16.76%
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% 49.82% 50.9% 50.4%
EBIT Margin (%) 38.7% 41% 44.43% 47.5% 48.16% 48.73% 49.23% 49.86%
EBT Margin (%) 31.58% 36.1% 41.33% 46.62% 47.19% 48.64% 45.22% 44.67%
Net margin (%) 28.52% 30.87% 35.62% 40.73% 38.99% 38.46% 37.65% 37.39%
FCF margin (%) 32.26% 10.23% 34.12% 52.49% 47.22% 44.97% 41.26% 39.62%
FCF / Net Income (%) 113.11% 33.14% 95.8% 128.9% 121.1% 116.93% 109.59% 105.98%

Profitability

        
ROA 17.47% 23.15% 26.31% 21.64% 22.73% 22.71% 23.53% 22.71%
ROE 25.07% 32.68% 36.34% 30.24% 34.03% 34.15% 32.77% 30.82%

Financial Health

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

Capital Intensity

        
CAPEX / Current Assets (%) 2.2% 1.02% 0.59% 0.46% 1.33% 1.43% 0.96% 0.81%
CAPEX / EBITDA (%) 5.43% 2.4% 1.29% 0.95% 2.71% 2.86% 1.88% 1.61%
CAPEX / FCF (%) 6.81% 9.96% 1.72% 0.87% 2.81% 3.17% 2.32% 2.05%

Items per share

        
Cash flow per share 1 0.7955 0.3893 1.603 2.895 3.427 4.198 5.166 7.135
Change - -51.06% 311.84% 80.53% 18.4% 22.48% 23.06% 38.12%
Dividend per Share 1 - - - - - - - -
Change - - - - - - - -
Book Value Per Share 1 3.233 3.986 5.834 7.956 9.834 13.59 17.89 23.5
Change - 23.29% 46.38% 36.37% 23.6% 38.24% 31.59% 31.4%
EPS 1 0.6575 1.068 1.645 2.23 2.75 3.797 4.844 6.056
Change - 62.36% 54.1% 35.56% 23.32% 38.08% 27.57% 25.02%
Nbr of stocks (in thousands) 1,229,134 1,222,290 1,244,401 1,259,760 1,259,285 1,261,225 1,261,225 1,261,225
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 39.5x
PBR 14.1x 10.7x
EV / Sales 17.6x 13.5x
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
188.67USD
Average target price
241.82USD
Spread / Average Target
+28.17%

Quarterly revenue - Rate of surprise

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  5. Financials Arista Networks, Inc.