ANET vs DELL: Arista Networks and Dell Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Dell Technologies is the larger company, worth $371.2B, about 1.3 times Arista Networks.
- Dell Technologies grew revenue faster over the last year (+57.8% vs +37.7%).
- Arista Networks keeps more of each dollar of revenue as operating profit (43.1% vs 9.4%).
- On earnings, Dell Technologies is the cheaper stock (65.7x vs 75.8x).
- Arista Networks's price assumes faster free cash flow growth: about 21% a year, against 15% for Dell Technologies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ANET | DELL |
|---|---|---|
| Market cap | $277.8B | $371.2B |
| Share price | $216.74 | $586.06 |
| Revenue (last fiscal year) | $9.0B | $113.5B |
| Free cash flow (last fiscal year) | $4.3B | $8.6B |
| Revenue growth, last year | +37.7% | +57.8% |
| Revenue growth per year, last 5 fiscal years | +32.2% | +2.9% |
| Operating margin | 43.1% | 9.4% |
| Net margin | 38.4% | 7.5% |
| Return on equity | 27.3% | — |
| P/E (trailing) | 75.8x | 65.7x |
| Price / free cash flow | 65.3x | 43.4x |
| EV / EBITDA | 51.9x | 22.0x |
| FCF growth the price implies | 20.6% | 15.1% |
| Dividend yield | — | 0.36% |
| Debt / equity | 0.60x | — |
| Fundamental grade | B | C |
| Superinvestors holding it | 8 | 6 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Arista Networks
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | $951M | 31.4% |
| 2022 | $4.4B | $448M | 34.9% |
| 2023 | $5.9B | $2.0B | 38.5% |
| 2024 | $7.0B | $3.7B | 42.0% |
| 2025 | $9.0B | $4.3B | 42.8% |
Dell Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $101.2B | $7.5B | 4.6% |
| 2023 | $102.3B | $562M | 5.6% |
| 2024 | $88.4B | $5.9B | 6.1% |
| 2025 | $95.6B | $1.9B | 6.5% |
| 2026 | $113.5B | $8.6B | 7.2% |
Where the revenue comes from
Arista Networks · by products, 2025
Product$7.6B84%
Service$1.4B16%
Dell Technologies · by segments, 2026
Infrastructure Solutions Group$60.8B54%
Client Solutions Group$51.0B46%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ANET in InvestinglyQuestions
Which is bigger, Arista Networks or Dell Technologies?
Dell Technologies (DELL), at $371.2B against $277.8B.
Is ANET or DELL cheaper?
By trailing P/E, Dell Technologies (65.7x) is cheaper than Arista Networks (75.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANET or DELL?
Dell Technologies: revenue grew +57.8% over the last year, against +37.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.