Arista Networks
ANET on NYSE. Arista sells networking gear and software to companies that run data centers. Market value $260.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.90 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 35 of 100. Our list needs 70 on quality and 60 on price.
$215.36 a share, 88% above its 1-year low
Over the past year the price has ranged from $114.52 to $216.07.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.9bn | $4.4bn | $5.9bn | $7.0bn | $9.0bn |
| Operating margin | |||||
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.31bn | 0.31bn | 0.31bn | 1.26bn | 1.26bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 31.2% a year
- Buying back its own sharesNo, 313% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 billion last quarter, up 38% on a year ago.
- Profit: $1.2 billion, up 36% on a year ago.
- It keeps 43 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $5.2 billion, up from $4 billion.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.8bn |
| December 2024 | $1.9bn |
| March 2025 | $2.0bn |
| June 2025 | $2.2bn |
| September 2025 | $2.3bn |
| December 2025 | $2.5bn |
| March 2026 | $2.7bn |
| June 2026 | $3.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $748m |
| December 2024 | $801m |
| March 2025 | $814m |
| June 2025 | $889m |
| September 2025 | $853m |
| December 2025 | $956m |
| March 2026 | $1.0bn |
| June 2026 | $1.2bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 2,258 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $37m
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $753,078
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Giverny CapitalFrançois Rochon | $58m | 1.9% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $37m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $753,078 | <0.1% | |
| GAMCO InvestorsMario Gabelli | $690,053 | <0.1% | Added |
Largest holders overall
- BlackRock$15.5bn
- Vanguard Capital Management$11.7bn
- State Street$8.2bnAdded
- FMR$8.0bnCut
- Geode Capital Management$4.7bn
- Vanguard Portfolio Management$4.4bn
- Price T Rowe Associates$3.9bnCut
- Morgan Stanley$3.3bnAdded
- Cresset Asset Management$3.3bnCut
- Capital Research Global Investors$2.2bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor6.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $778m, $778m of it under preset trading plans.
- TEMPLETON MARK BDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 5,000
- Price
- $204.37
- Value
- $1m
- Ullal JayshreeCEO and Chairperson, DirectorSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 62,622
- Price
- $211.40
- Value
- $13m
- Duda KennethPresident and CTO, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 43,333
- Price
- $203.50
- Value
- $9m
- TEMPLETON MARK BDirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 5,000
- Price
- $197.16
- Value
- $985,788
- Breithaupt Chantelle YvetteSenior Vice President, CFOSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 612
- Price
- $195.77
- Value
- $119,811
- Ullal JayshreeCEO and Chairperson, DirectorSoldunder a preset trading plan
- Date
- 25 August 2026
- Shares
- 13,809
- Price
- $191.79
- Value
- $3m
- Battles Kelly BodnarDirectorSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 422
- Price
- $187.34
- Value
- $79,057
- Duda KennethPresident and CTO, DirectorSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 43,333
- Price
- $185.42
- Value
- $8m
- Ullal JayshreeCEO and Chairperson, DirectorSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 573,509
- Price
- $208.13
- Value
- $119m
- Ullal JayshreeCEO and Chairperson, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 767,029
- Price
- $201.22
- Value
- $154m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | TEMPLETON MARK B Director | Sold under a preset trading plan | 5,000 | $204.37 | $1m |
| 25 September 2026 | Ullal Jayshree CEO and Chairperson, Director | Sold under a preset trading plan | 62,622 | $211.40 | $13m |
| 21 September 2026 | Duda Kenneth President and CTO, Director | Sold under a preset trading plan | 43,333 | $203.50 | $9m |
| 8 September 2026 | TEMPLETON MARK B Director | Sold under a preset trading plan | 5,000 | $197.16 | $985,788 |
| 1 September 2026 | Breithaupt Chantelle Yvette Senior Vice President, CFO | Sold under a preset trading plan | 612 | $195.77 | $119,811 |
| 25 August 2026 | Ullal Jayshree CEO and Chairperson, Director | Sold under a preset trading plan | 13,809 | $191.79 | $3m |
| 21 August 2026 | Battles Kelly Bodnar Director | Sold under a preset trading plan | 422 | $187.34 | $79,057 |
| 20 August 2026 | Duda Kenneth President and CTO, Director | Sold under a preset trading plan | 43,333 | $185.42 | $8m |
| 12 August 2026 | Ullal Jayshree CEO and Chairperson, Director | Sold under a preset trading plan | 573,509 | $208.13 | $119m |
| 5 August 2026 | Ullal Jayshree CEO and Chairperson, Director | Sold under a preset trading plan | 767,029 | $201.22 | $154m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 26% last year. Losing that customer would hurt.
“Sales to one end customer represented 16%, 15%, and 21% of our total revenue, and sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
From the 10-K filed 17 February 2026, Item 7. Management's Discussion and Analysis. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.