ANET vs HPQ: Arista Networks and HP compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Arista Networks is the larger company, worth $277.8B, about 10.2 times HP.
- Arista Networks grew revenue faster over the last year (+37.7% vs +12.5%).
- Arista Networks keeps more of each dollar of revenue as operating profit (43.1% vs 5.5%).
- On earnings, HP is the cheaper stock (11.3x vs 75.8x).
- Arista Networks's price assumes faster free cash flow growth: about 21% a year, against -4% for HP (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 | HPQ |
|---|---|---|
| Market cap | $277.8B | $27.3B |
| Share price | $216.74 | $30.20 |
| Revenue (last fiscal year) | $9.0B | $55.3B |
| Free cash flow (last fiscal year) | $4.3B | $2.8B |
| Revenue growth, last year | +37.7% | +12.5% |
| Revenue growth per year, last 5 fiscal years | +32.2% | -3.4% |
| Operating margin | 43.1% | 5.5% |
| Net margin | 38.4% | 4.1% |
| Return on equity | 27.3% | — |
| P/E (trailing) | 75.8x | 11.3x |
| Price / free cash flow | 65.3x | 9.77x |
| EV / EBITDA | 51.9x | 8.89x |
| FCF growth the price implies | 20.6% | -4.5% |
| Dividend yield | — | 3.9% |
| Debt / equity | 0.60x | — |
| Fundamental grade | B | D |
| 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% |
HP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $63.5B | $5.8B | 8.4% |
| 2022 | $62.9B | $3.7B | 7.2% |
| 2023 | $53.7B | $3.0B | 6.4% |
| 2024 | $53.6B | $3.2B | 7.1% |
| 2025 | $55.3B | $2.8B | 5.7% |
Where the revenue comes from
Arista Networks · by products, 2025
Product$7.6B84%
Service$1.4B16%
HP · by segments, 2025
Personal Systems$38.5B70%
Printing$16.7B30%
Corporate Investments$62M0%
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 HP?
Arista Networks (ANET), at $277.8B against $27.3B.
Is ANET or HPQ cheaper?
By trailing P/E, HP (11.3x) is cheaper than Arista Networks (75.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANET or HPQ?
Arista Networks: revenue grew +37.7% over the last year, against +12.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.