Arista Networks (ANET): analysis in plain words
Is Arista Networks cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Arista Networks (ANET) is listed on the NYSE and we classify it in hardware and devices. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Arista Networks according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Arista Networks (ANET) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $178.48 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 47.8x | Price over earnings per share |
| Revenue growth | +37.7% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 38.4% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $225.1 billion | What the stock market values it at |
The Arista Networks figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any ANET figure that is not available shows as N/A: we do not estimate it.
How Arista Networks makes money
Arista Networks sells high-speed Ethernet switches and the EOS software that runs them, used inside cloud data centers and AI networks. Most revenue comes from products, with the rest from support services. Its biggest customers are cloud giants such as Microsoft and Meta, along with large enterprises and service providers.
Over the last 12 months, Arista Networks brought in revenue of $10.5 billion. For every 100 it sells, Arista Networks keeps 63.0 after the direct cost of what it sells (gross margin) and 45.4 after all operating costs (operating margin).
Arista Networks against its sector
To know whether a Arista Networks figure is high or low you have to put it next to similar companies. This table compares Arista Networks with the median of the 7 hardware and devices companies Fintols covers, with data as of November 4, 2026.
| Figure | Arista Networks | hardware and devices median |
|---|---|---|
| P/E | 47.8x | 31.1x (7) |
| Revenue growth | +37.7% | +27.6% (8) |
| Net margin | 38.4% | 6.6% (8) |
| Dividend yield | 0.00% | 0.47% (8) |
| Net debt / EBITDA | -2.9x | 0.6x (7) |
In short, against the typical hardware and devices company, Arista Networks trades on a higher P/E, grows faster and earns a wider margin. By size, Arista Networks ranks number 4 of 7 hardware and devices companies quoted in USD on Fintols.
The bull case for Arista Networks
What works in favour of Arista Networks, according to its figures as of November 4, 2026:
- Arista Networks grew sales +37.7% in its latest quarter against the same quarter a year earlier, while the median hardware and devices company Fintols tracks grew +27.6%.
- Arista Networks keeps 38.4 of every 100 it sells as net profit, against 6.6 for the median hardware and devices company: a margin like that leaves money to invest, buy back shares or pay dividends.
The main risk for Arista Networks
The price already assumes a lot: Arista Networks trades at 47.8x its last 12 months of earnings, against 31.1x for the hardware and devices median. If growth disappoints, the multiple can shrink and the share price with it.
And, like the rest of hardware and devices, Arista Networks is exposed to demand for devices slowing, because companies and consumers can put off upgrades.
Frequently asked questions about Arista Networks
Is it a good time to buy Arista Networks stock?
Fintols does not tell you whether to buy or sell Arista Networks, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Arista Networks stock trades at $178.48, 18% below its 52-week high ($217.41) and 56% above its low ($114.52). Its P/E is 47.8x against a hardware and devices median of 31.1x, and 33.1x on the earnings analysts expect over the next 12 months. With Arista Networks, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Arista Networks pay a dividend?
No. As of November 4, 2026, Arista Networks does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Arista Networks today is counting on the share price rising, not on income.
Is Arista Networks stock expensive?
It depends on what you compare it with. On P/E, Arista Networks trades at 47.8x its last 12 months of earnings: more expensive than the hardware and devices median (31.1x). A high P/E alone does not make Arista Networks expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Arista Networks's competitors?
On Fintols we compare Arista Networks with Cisco, Apple and Dell, which are also in hardware and devices. As of November 4, 2026, Cisco is worth $408.5 billion and trades on a P/E of 31.1; Apple is worth $5.08 trillion and trades on a P/E of 38.9; Dell is worth $236.8 billion and trades on a P/E of 21.6. Each has a side-by-side comparison with Arista Networks below.
Arista Networks competitors
- Cisco (CSCO) analysis · Arista Networks vs Cisco comparison
- Apple (AAPL) analysis · Arista Networks vs Apple comparison
- Dell (DELL) analysis · Arista Networks vs Dell comparison
To understand Arista Networks better
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- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Arista Networks: hardware and devices stocks and S&P 500 companies. Open the full ANET analysis with its valuation and scenarios. Educational content about Arista Networks, not investment advice.