Financials Arista Networks Inc

Equities

ANET

US0404132054

Communications & Networking

Real-time Estimate Cboe BZX Other stock markets 11:38:07 2025-06-23 am EDT			5-day change	1st Jan Change
92.04 ^USD	+6.71%		-3.59%	-17.05%

07:10am	Evercore ISI Adjusts Price Target on Arista Networks to $110 From $105, Maintains Outperform Rating	MT
Jun. 16	Arista Networks Inc - Appoints Todd Nightingale As President And COO	RE

Projected Income Statement: Arista Networks Inc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,318	2,948	4,381	5,860	7,003	8,387	9,897	11,669
Change	-	27.21%	48.62%	33.75%	19.5%	19.76%	18%	17.91%
EBITDA ¹	919.3	1,191	1,859	2,674	3,416	3,796	4,483	5,275
Change	-	29.57%	56.07%	43.84%	27.73%	11.15%	18.08%	17.67%
EBIT ¹	874.7	1,141	1,796	2,603	3,327	3,783	4,446	5,376
Change	-	30.42%	57.46%	44.93%	27.78%	13.72%	17.52%	20.91%
Interest Paid ¹	-	-	-	-	-	-64	-102	-
Earnings before Tax (EBT) ¹	738.9	930.9	1,582	2,422	3,265	3,744	4,392	5,315
Change	-	25.99%	69.92%	53.12%	34.81%	14.68%	17.3%	21.01%
Net income ¹	634.6	840.9	1,352	2,087	2,852	3,101	3,666	4,489
Change	-	32.51%	60.84%	54.34%	36.64%	8.72%	18.24%	22.45%
Announcement Date	2/18/21	2/14/22	2/13/23	2/12/24	2/18/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	540.6	605.4	648.5	667.6	707.3	748.7	824.5	877.1	1,052	1,177	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,106	2,102	2,166	2,285	2,394	2,486	2,627	2,492
Change	-	12%	7.11%	2.94%	5.96%	5.85%	10.12%	6.38%	19.93%	11.87%	8.39%	5.94%	7.96%	3.46%	2.05%	2.01%	7.57%	7.13%	6.6%	3.85%	5.04%	-0.19%	3.06%	5.5%	4.78%	3.81%	5.69%	-5.16%
EBITDA ¹	216.7	242.3	256.1	263.9	284.3	306.3	336.7	348.7	440.4	509.3	560.7	577.7	624.8	713.2	758.4	759.7	801.1	905.6	929.2	971.2	987.8	925.1	925.9	1,046	1,086	1,092	1,123	1,156
Change	-	11.84%	5.69%	3.05%	7.7%	7.77%	9.9%	3.57%	26.31%	15.64%	10.1%	3.02%	8.16%	14.15%	6.33%	0.17%	5.45%	13.05%	2.6%	4.53%	1.7%	-6.34%	0.08%	13.03%	3.79%	0.57%	2.84%	2.93%
EBIT ¹	205.7	231.5	243.5	251.3	271.7	293.7	324.2	335.6	425.5	492.1	543.2	556.8	606.5	696.2	744	744	785.6	890.1	907.1	957.4	961.4	932.6	960.3	1,029	1,079	1,117	1,181	1,138
Change	-	12.55%	5.17%	3.19%	8.12%	8.11%	10.38%	3.51%	26.79%	15.67%	10.37%	2.5%	8.93%	14.79%	6.86%	0.01%	5.58%	13.3%	1.91%	5.55%	0.41%	-2.99%	2.96%	7.17%	4.81%	3.55%	5.76%	-3.63%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	175.2	201.6	200.2	207.9	221.1	234.6	267.3	309.5	362.3	424.2	485.8	496.7	586.4	644.5	694.4	722.8	770.4	882.9	888.9	955	938.5	912.8	936.9	952	1,015	1,073	1,115	-
Change	-	15.05%	-0.71%	3.84%	6.36%	6.13%	13.91%	15.78%	17.08%	17.07%	14.54%	2.24%	18.05%	9.91%	7.74%	4.09%	6.6%	14.6%	0.68%	7.43%	-1.73%	-2.73%	2.64%	1.61%	6.62%	5.66%	3.98%	-
Net income ¹	144.8	168.4	183	180.4	196.9	224.3	239.3	272.3	299.1	354	427.1	436.5	491.9	545.3	613.6	637.7	665.4	747.9	801	813.8	781.4	761.5	778.3	830.9	886.1	917.5	959	1,000
Change	-	16.29%	8.66%	-1.42%	9.16%	13.93%	6.68%	13.78%	9.86%	18.36%	20.65%	2.2%	12.7%	10.86%	12.53%	3.92%	4.35%	12.4%	7.09%	1.6%	-3.99%	-2.54%	2.21%	6.76%	6.64%	3.55%	4.52%	4.32%
Announcement Date	8/4/20	11/2/20	2/18/21	5/4/21	8/2/21	11/1/21	2/14/22	5/2/22	8/1/22	10/31/22	2/13/23	5/1/23	7/31/23	10/30/23	2/12/24	5/7/24	7/30/24	11/7/24	2/18/25	5/6/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Arista Networks Inc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,873	-3,408	-3,024	-5,008	-8,303	-10,100	-12,541	-16,848
Change	-	-18.62%	11.27%	-65.61%	-65.79%	-21.64%	-24.17%	-34.34%
Announcement Date	2/18/21	2/14/22	2/13/23	2/12/24	2/18/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Arista Networks Inc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	15.38	64.74	44.64	34.43	32.03	89.62	63.39	71.28
Change	-	320.8%	-31.04%	-22.87%	-6.98%	179.79%	-29.27%	12.45%
Free Cash Flow (FCF) ¹	719.7	951.1	448.2	2,000	3,676	3,295	4,027	4,735
Change	-	32.15%	-52.88%	346.17%	83.85%	-10.38%	22.23%	17.58%
Announcement Date	2/18/21	2/14/22	2/13/23	2/12/24	2/18/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Arista Networks Inc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	39.67%	40.41%	42.43%	45.63%	48.77%	45.26%	45.29%	45.2%
EBIT Margin (%)	37.75%	38.7%	41%	44.43%	47.5%	45.11%	44.92%	46.07%
EBT Margin (%)	31.88%	31.58%	36.1%	41.33%	46.62%	44.64%	44.38%	45.55%
Net margin (%)	27.38%	28.52%	30.87%	35.62%	40.73%	36.97%	37.05%	38.47%
FCF margin (%)	31.06%	32.26%	10.23%	34.12%	52.49%	39.28%	40.69%	40.58%
FCF / Net Income (%)	113.42%	113.11%	33.14%	95.8%	128.9%	106.25%	109.84%	105.47%
Profitability
ROA	16.1%	17.47%	23.15%	26.31%	21.64%	20.16%	19.45%	19.45%
ROE	23.12%	25.07%	32.68%	36.34%	30.24%	27.48%	25.6%	24.67%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.66%	2.2%	1.02%	0.59%	0.46%	1.07%	0.64%	0.61%
CAPEX / EBITDA (%)	1.67%	5.43%	2.4%	1.29%	0.94%	2.36%	1.41%	1.35%
CAPEX / FCF (%)	2.14%	6.81%	9.96%	1.72%	0.87%	2.72%	1.57%	1.51%
Items per share
Cash flow per share ¹	0.5782	0.7955	0.3893	1.603	2.895	2.598	3.253	4.018
Change	-	37.59%	-51.06%	311.84%	80.53%	-10.24%	25.22%	23.5%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	2.731	3.233	3.986	5.834	7.956	9.795	12.4	15.73
Change	-	18.37%	23.29%	46.38%	36.37%	23.12%	26.65%	26.78%
EPS ¹	0.4994	0.6575	1.068	1.645	2.23	2.431	2.84	3.395
Change	-	31.66%	62.36%	54.1%	35.56%	9.03%	16.82%	19.52%
Nbr of stocks (in thousands)	1,210,583	1,229,134	1,222,290	1,244,401	1,259,760	1,255,921	1,255,921	1,255,921
Announcement Date	2/18/21	2/14/22	2/13/23	2/12/24	2/18/25	-	-	-