Arista Networks (ANET) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Mar 2025Income Metrics
Revenue
2.0B
Gross Profit
1.3B
63.65%
Operating Income
858.8M
42.84%
Net Income
813.8M
40.59%
EPS (Diluted)
$0.64
Balance Sheet Metrics
Total Assets
14.5B
Total Liabilities
4.4B
Shareholders Equity
10.1B
Debt to Equity
0.43
Cash Flow Metrics
Operating Cash Flow
641.7M
Free Cash Flow
613.3M
Revenue & Profitability Trend
Arista Networks Income Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 7.0B | 5.9B | 4.4B | 2.9B | 2.3B |
| Cost of Goods Sold | 2.5B | 2.2B | 1.7B | 1.1B | 835.6M |
| Gross Profit | 4.5B | 3.6B | 2.7B | 1.9B | 1.5B |
| Gross Margin % | 64.1% | 61.9% | 61.1% | 63.8% | 63.9% |
| Operating Expenses | |||||
| Research & Development | 996.7M | 854.9M | 728.4M | 586.8M | 486.6M |
| Selling, General & Administrative | 550.0M | 518.1M | 420.2M | 369.3M | 295.6M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 1.5B | 1.4B | 1.1B | 956.0M | 782.2M |
| Operating Income | 2.9B | 2.3B | 1.5B | 924.7M | 699.7M |
| Operating Margin % | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% |
| Non-Operating Items | |||||
| Interest Income | 311.0M | 152.4M | 27.6M | 7.2M | 27.1M |
| Interest Expense | - | - | - | - | 0 |
| Other Non-Operating Income | 9.4M | 12.4M | 27.1M | 6.1M | 12.0M |
| Pre-tax Income | 3.3B | 2.4B | 1.6B | 930.9M | 738.9M |
| Income Tax | 413.0M | 334.7M | 229.4M | 90.0M | 104.3M |
| Effective Tax Rate % | 12.6% | 13.8% | 14.5% | 9.7% | 14.1% |
| Net Income | 2.9B | 2.1B | 1.4B | 840.9M | 634.6M |
| Net Margin % | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% |
| Key Metrics | |||||
| EBITDA | 3.0B | 2.3B | 1.6B | 975.1M | 730.7M |
| EPS (Basic) | $2.27 | $1.69 | $4.41 | $2.74 | $2.09 |
| EPS (Diluted) | $2.23 | $1.65 | $4.27 | $2.63 | $2.00 |
| Basic Shares Outstanding | 1256303000 | 1237416000 | 306473000 | 306512000 | 303936000 |
| Diluted Shares Outstanding | 1256303000 | 1237416000 | 306473000 | 306512000 | 303936000 |
Income Statement Trend
Arista Networks Balance Sheet From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 2.8B | 1.9B | 671.7M | 620.8M | 893.2M |
| Short-term Investments | 5.5B | 3.1B | 2.4B | 2.8B | 2.0B |
| Accounts Receivable | 1.1B | 1.0B | 923.1M | 516.5M | 389.5M |
| Inventory | 1.8B | 1.9B | 1.3B | 650.1M | 479.7M |
| Other Current Assets | 632.3M | - | 124.4M | 172.9M | 60.6M |
| Total Current Assets | 11.9B | 8.4B | 5.6B | 4.8B | 3.8B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 0 | 0 | 175.8M | 65.2M | 77.3M |
| Goodwill | 599.1M | 625.8M | 654.1M | 470.3M | 502.2M |
| Intangible Assets | 62.0M | 88.8M | 122.2M | 93.6M | 122.8M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 1.7B | 1.1B | 741.5M | 475.7M | 471.6M |
| Total Non-Current Assets | 2.1B | 1.6B | 1.2B | 921.8M | 901.9M |
| Total Assets | 14.0B | 9.9B | 6.8B | 5.7B | 4.7B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 381.1M | 435.1M | 232.6M | 202.6M | 134.2M |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 188.6M | 152.0M | 131.0M | 87.0M | 94.4M |
| Total Current Liabilities | 2.7B | 1.9B | 1.3B | 1.1B | 768.2M |
| Non-Current Liabilities | |||||
| Long-term Debt | - | - | 44.0M | 56.5M | 72.4M |
| Deferred Tax Liabilities | - | - | 42.0K | 129.1M | 227.9M |
| Other Non-Current Liabilities | 252.8M | 131.4M | 102.4M | 54.7M | 42.4M |
| Total Non-Current Liabilities | 1.3B | 818.1M | 596.1M | 646.0M | 650.4M |
| Total Liabilities | 4.0B | 2.7B | 1.9B | 1.8B | 1.4B |
| Equity | |||||
| Common Stock | 126.0K | 31.0K | 31.0K | 31.0K | 30.0K |
| Retained Earnings | 7.5B | 5.1B | 3.1B | 2.5B | 2.0B |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 10.0B | 7.2B | 4.9B | 4.0B | 3.3B |
| Key Metrics | |||||
| Total Debt | 0 | 0 | 44.0M | 56.5M | 72.4M |
| Working Capital | 9.2B | 6.5B | 4.3B | 3.7B | 3.1B |
Balance Sheet Composition
Arista Networks Cash Flow Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 2.9B | 2.1B | 1.4B | 840.9M | 634.6M |
| Depreciation & Amortization | 62.0M | 70.6M | 62.7M | 50.3M | 35.2M |
| Stock-Based Compensation | 355.4M | 296.8M | 230.9M | 186.9M | 137.0M |
| Working Capital Changes | 985.2M | -15.9M | -912.8M | -6.9M | -111.1M |
| Operating Cash Flow | 3.8B | 2.1B | 507.5M | 989.0M | 703.5M |
| Investing Activities | |||||
| Capital Expenditures | -32.0M | -34.4M | -44.6M | -64.7M | -15.4M |
| Acquisitions | 0 | 1.8M | -145.1M | 1.3M | -224.0M |
| Investment Purchases | -4.5B | -2.6B | -1.4B | -2.3B | -2.7B |
| Investment Sales | 2.1B | 2.0B | 1.8B | 1.5B | 2.3B |
| Investing Cash Flow | -2.5B | -687.5M | 216.3M | -924.3M | -608.8M |
| Financing Activities | |||||
| Share Repurchases | -423.6M | -112.3M | -670.3M | -411.6M | -395.2M |
| Dividends Paid | - | - | - | - | - |
| Debt Issuance | - | - | - | - | - |
| Debt Repayment | - | - | - | - | 0 |
| Financing Cash Flow | -482.0M | -145.8M | -703.0M | -428.1M | -403.9M |
| Free Cash Flow | 3.7B | 2.0B | 448.2M | 951.1M | 719.7M |
| Net Change in Cash | 829.4M | 1.3B | 20.8M | -363.4M | -309.2M |
Cash Flow Trend
Arista Networks Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
58.10
Forward P/E
15.17
Price to Book
17.01
Price to Sales
23.33
PEG Ratio
1.71
Profitability Ratios
Profit Margin
40.90%
Operating Margin
44.73%
Return on Equity
33.64%
Return on Assets
15.23%
Financial Health
Current Ratio
3.33
Debt to Equity
0.00
Beta
1.50
Per Share Data
EPS (TTM)
$2.54
Book Value per Share
$8.67
Revenue per Share
$6.32
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| anet | 182.7B | 58.10 | 17.01 | 33.64% | 40.90% | 0.00 |
| Dell Technologies | 91.2B | 19.81 | -32.65 | -331.07% | 4.77% | -10.67 |
| Seagate Technology | 48.6B | 33.87 | -106.76 | -324.28% | 16.15% | -11.86 |
| Western Digital | 38.2B | 25.26 | 7.30 | 19.81% | 19.84% | 0.85 |
| Pure Storage | 29.0B | 216.41 | 21.94 | 10.04% | 4.16% | 17.11 |
| Super Micro | 27.9B | 27.90 | 4.42 | 17.90% | 4.77% | 80.28 |
Financial data is updated regularly. All figures are in the company's reporting currency.