Arista Networks (ANET)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $269.3B, Arista Networks's free cash flow of $4.3B (fiscal 2025) would need to grow about 20% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Arista Networks's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ANET's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Arista Networks's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B |
| Net income | $841M | $1.4B | $2.1B | $2.9B | $3.5B |
| Free cash flow | $951M | $448M | $2.0B | $3.7B | $4.3B |
| EPS (diluted) | $0.66 | $1.07 | $1.65 | $2.23 | $2.75 |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own ANET
From each investor's latest 13F filing (what a 13F shows). 8 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Added | $1.0B | 0.84% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $1.0B | 0.35% | Q2 2026 |
| Francois Rochon Giverny Capital Inc. |
Trimmed | $58M | 1.9% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $37M | 0.08% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $17M | 0.03% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Held | $3M | 0.00% | Q2 2026 |
| Lee Ainslie Maverick Capital |
New position | $1M | 0.01% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $690,053 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Arista Networks's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 24, 2026 | Ro Khanna |
0 | $128.63 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $128.63 | — |
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In the full deep dive
Questions
What growth does Arista Networks's stock price imply?
At a market value of $269.3B, Arista Networks would need its free cash flow to grow about 20% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 45% a year.
Are Arista Networks insiders buying the stock?
2 open-market insider purchases of ANET in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Arista Networks?
8 of the superinvestors Investingly tracks hold ANET in their latest 13F, including Hersh Cohen, Cliff Asness, Francois Rochon.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.