ANET vs STX: Arista Networks and Seagate Technology 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 1.7 times Seagate Technology.
- Seagate Technology grew revenue faster over the last year (+48.5% vs +37.7%).
- Arista Networks keeps more of each dollar of revenue as operating profit (43.1% vs 33.6%).
- On earnings, Seagate Technology is the cheaper stock (68.5x vs 75.8x).
- Arista Networks's price assumes faster free cash flow growth: about 21% a year, against 18% for Seagate Technology (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 | STX |
|---|---|---|
| Market cap | $277.8B | $161.3B |
| Share price | $216.74 | $783.00 |
| Revenue (last fiscal year) | $9.0B | $12.2B |
| Free cash flow (last fiscal year) | $4.3B | $3.1B |
| Revenue growth, last year | +37.7% | +48.5% |
| Revenue growth per year, last 5 fiscal years | +32.2% | +1.1% |
| Operating margin | 43.1% | 33.6% |
| Net margin | 38.4% | 26.1% |
| Return on equity | 27.3% | 146.9% |
| P/E (trailing) | 75.8x | 68.5x |
| Price / free cash flow | 65.3x | 197.2x |
| EV / EBITDA | 51.9x | 37.7x |
| FCF growth the price implies | 20.6% | 17.5% |
| Dividend yield | — | 0.42% |
| Debt / equity | 0.60x | 3.60x |
| Fundamental grade | B | B |
| Superinvestors holding it | 8 | 0 |
| 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% |
Seagate Technology
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $11.7B | $1.3B | 16.8% |
| 2023 | $7.4B | $626M | -4.6% |
| 2024 | $6.6B | $664M | 6.9% |
| 2025 | $9.1B | $818M | 20.8% |
| 2026 | $12.2B | $3.1B | 33.6% |
Where the revenue comes from
Arista Networks · by products, 2025
Product$7.6B84%
Service$1.4B16%
Seagate Technology · by regions, 2026
United States$6.1B50%
Singapore$4.9B40%
The Netherlands$1.2B10%
Other$4M0%
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 Seagate Technology?
Arista Networks (ANET), at $277.8B against $161.3B.
Is ANET or STX cheaper?
By trailing P/E, Seagate Technology (68.5x) is cheaper than Arista Networks (75.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANET or STX?
Seagate Technology: revenue grew +48.5% 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.