ANET vs WDC: Arista Networks and Western Digital 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 2.1 times Western Digital.
- Western Digital grew revenue faster over the last year (+43.8% vs +37.7%).
- Arista Networks keeps more of each dollar of revenue as operating profit (43.1% vs 34.5%).
- On earnings, Western Digital is the cheaper stock (23.4x vs 75.8x).
- Arista Networks's price assumes faster free cash flow growth: about 21% a year, against 14% for Western Digital (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 | WDC |
|---|---|---|
| Market cap | $277.8B | $134.8B |
| Share price | $216.74 | $397.28 |
| Revenue (last fiscal year) | $9.0B | $12.9B |
| Free cash flow (last fiscal year) | $4.3B | $3.5B |
| Revenue growth, last year | +37.7% | +43.8% |
| Revenue growth per year, last 5 fiscal years | +32.2% | -8.9% |
| Operating margin | 43.1% | 34.5% |
| Net margin | 38.4% | 73.0% |
| Return on equity | 27.3% | 106.3% |
| P/E (trailing) | 75.8x | 23.4x |
| Price / free cash flow | 65.3x | 105.0x |
| EV / EBITDA | 51.9x | 21.9x |
| FCF growth the price implies | 20.6% | 13.5% |
| Dividend yield | — | 0.12% |
| Debt / equity | 0.60x | 0.56x |
| Fundamental grade | B | B |
| Superinvestors holding it | 8 | 6 |
| Insider purchases, last 12 months | 2 | 3 |
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% |
Western Digital
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $18.8B | $758M | 12.7% |
| 2023 | $6.3B | -$1.2B | -8.8% |
| 2024 | $6.3B | -$781M | -6.4% |
| 2025 | $9.5B | $1.3B | 24.5% |
| 2026 | $12.9B | $3.5B | 34.5% |
Where the revenue comes from
Arista Networks · by products, 2025
Product$7.6B84%
Service$1.4B16%
Western Digital · by segments, 2024
Flash$6.7B51%
HDD$6.3B49%
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 Western Digital?
Arista Networks (ANET), at $277.8B against $134.8B.
Is ANET or WDC cheaper?
By trailing P/E, Western Digital (23.4x) is cheaper than Arista Networks (75.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ANET or WDC?
Western Digital: revenue grew +43.8% 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.