Stock Analysis on Net

Arista Networks Inc. (NYSE:ANET)

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

Arista Networks Inc., profitability ratios (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Return on Sales
Gross profit margin 64.13% 64.41% 64.01% 62.94% 61.95% 60.76% 60.18% 60.27% 61.07% 61.82% 62.77% 63.64% 63.80% 63.95% 63.87% 63.72% 63.94%
Operating profit margin 42.05% 42.11% 41.23% 40.01% 38.52% 37.29% 36.12% 35.71% 34.86% 33.69% 32.55% 31.56% 31.37% 30.79% 30.76% 30.72% 30.19%
Net profit margin 40.73% 40.29% 39.01% 37.64% 35.62% 33.97% 32.48% 31.24% 30.87% 29.63% 29.55% 29.54% 28.52% 28.30% 27.72% 27.48% 27.38%
Return on Investment
Return on equity (ROE) 28.54% 28.82% 29.20% 29.11% 28.91% 29.22% 29.18% 28.46% 27.68% 26.56% 25.84% 22.46% 21.13% 20.30% 19.70% 19.60% 19.11%
Return on assets (ROA) 20.31% 20.74% 21.18% 21.69% 20.98% 20.96% 20.88% 20.11% 19.96% 18.90% 17.77% 15.27% 14.66% 14.43% 13.99% 13.82% 13.39%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Arista Networks Inc. gross profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024 not reaching Q2 2024 level.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Arista Networks Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Arista Networks Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Arista Networks Inc. ROE deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
ROA A profitability ratio calculated as net income divided by total assets. Arista Networks Inc. ROA deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Gross Profit Margin

Arista Networks Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Gross profit 1,230,994 1,161,717 1,097,213 1,001,379 999,226 942,419 884,129 804,507 768,606 709,980 643,265 553,845 522,714 478,615 454,178 425,272 414,584 384,962 344,089 338,251
Revenue 1,930,436 1,810,936 1,690,400 1,571,374 1,540,437 1,509,456 1,458,924 1,351,351 1,275,552 1,176,801 1,051,891 877,066 824,459 748,697 707,319 667,562 648,482 605,431 540,570 523,029
Profitability Ratio
Gross profit margin1 64.13% 64.41% 64.01% 62.94% 61.95% 60.76% 60.18% 60.27% 61.07% 61.82% 62.77% 63.64% 63.80% 63.95% 63.87% 63.72% 63.94%
Benchmarks
Gross Profit Margin, Competitors2
Apple Inc. 46.21% 45.96% 45.59% 45.03% 44.13% 43.45% 43.18% 43.06% 43.31% 43.31% 43.32% 43.02% 41.78% 41.01% 39.88% 38.78% 38.23% 38.19% 38.11% 37.95%
Cisco Systems Inc. 64.73% 64.65% 64.22% 63.69% 62.73% 61.99% 61.92% 62.23% 62.55% 63.14% 63.30% 63.73% 64.02% 63.94% 64.17% 64.07% 64.26% 64.41% 63.97% 63.44%
Dell Technologies Inc. 23.60% 23.38% 23.36% 22.57% 22.18% 21.42% 20.92% 21.40% 21.63% 24.59% 27.13% 29.32% 31.22% 31.42% 31.49% 31.46% 31.40%
Super Micro Computer Inc. 15.97% 16.39% 17.44% 18.01% 18.23% 17.80% 16.78% 15.40% 14.22% 13.68% 14.18% 15.03% 15.14% 16.03% 15.91% 15.76% 16.22% 15.72% 15.12%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Gross profit margin = 100 × (Gross profitQ4 2024 + Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (1,230,994 + 1,161,717 + 1,097,213 + 1,001,379) ÷ (1,930,436 + 1,810,936 + 1,690,400 + 1,571,374) = 64.13%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Arista Networks Inc. gross profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024 not reaching Q2 2024 level.

Operating Profit Margin

Arista Networks Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Income from operations 799,652 785,250 699,573 660,141 639,914 602,695 530,062 484,578 468,919 417,347 362,853 277,987 265,788 233,294 219,365 206,292 194,638 188,395 166,989 149,662
Revenue 1,930,436 1,810,936 1,690,400 1,571,374 1,540,437 1,509,456 1,458,924 1,351,351 1,275,552 1,176,801 1,051,891 877,066 824,459 748,697 707,319 667,562 648,482 605,431 540,570 523,029
Profitability Ratio
Operating profit margin1 42.05% 42.11% 41.23% 40.01% 38.52% 37.29% 36.12% 35.71% 34.86% 33.69% 32.55% 31.56% 31.37% 30.79% 30.76% 30.72% 30.19%
Benchmarks
Operating Profit Margin, Competitors2
Apple Inc. 31.51% 31.27% 30.98% 30.76% 29.82% 29.23% 29.16% 29.41% 30.29% 30.53% 30.93% 30.90% 29.78% 28.79% 27.32% 25.24% 24.15% 24.52% 24.48% 24.71%
Cisco Systems Inc. 22.64% 24.95% 27.21% 27.17% 26.37% 25.89% 26.10% 26.91% 27.09% 27.36% 27.09% 26.98% 25.76% 25.60% 25.93% 26.23% 27.63% 27.81% 27.47% 26.91%
Dell Technologies Inc. 5.89% 5.39% 5.54% 5.45% 5.64% 5.88% 5.12% 4.99% 4.60% 5.26% 5.51% 5.72% 5.46% 4.00% 3.71% 3.01% 2.85%
Super Micro Computer Inc. 9.72% 9.40% 9.65% 10.68% 10.64% 10.39% 8.75% 6.45% 4.52% 3.27% 3.20% 3.48% 2.79% 2.85% 2.52% 2.57% 3.23% 3.17% 3.05%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Operating profit margin = 100 × (Income from operationsQ4 2024 + Income from operationsQ3 2024 + Income from operationsQ2 2024 + Income from operationsQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (799,652 + 785,250 + 699,573 + 660,141) ÷ (1,930,436 + 1,810,936 + 1,690,400 + 1,571,374) = 42.05%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Arista Networks Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.

Net Profit Margin

Arista Networks Inc., net profit margin calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 800,996 747,938 665,428 637,692 613,636 545,327 491,885 436,473 427,089 353,999 299,099 272,259 239,295 224,305 196,888 180,366 182,958 168,375 144,793 138,431
Revenue 1,930,436 1,810,936 1,690,400 1,571,374 1,540,437 1,509,456 1,458,924 1,351,351 1,275,552 1,176,801 1,051,891 877,066 824,459 748,697 707,319 667,562 648,482 605,431 540,570 523,029
Profitability Ratio
Net profit margin1 40.73% 40.29% 39.01% 37.64% 35.62% 33.97% 32.48% 31.24% 30.87% 29.63% 29.55% 29.54% 28.52% 28.30% 27.72% 27.48% 27.38%
Benchmarks
Net Profit Margin, Competitors2
Apple Inc. 23.97% 26.44% 26.31% 26.16% 25.31% 24.68% 24.49% 24.56% 25.31% 25.71% 26.41% 26.58% 25.88% 25.00% 23.45% 21.73% 20.91% 21.33% 21.35% 21.49%
Cisco Systems Inc. 19.18% 21.88% 23.49% 23.40% 22.13% 20.89% 21.26% 22.00% 22.91% 23.28% 22.94% 22.44% 21.26% 20.92% 21.09% 21.76% 22.75% 21.32% 21.44% 21.15%
Dell Technologies Inc. 3.63% 2.92% 2.03% 2.01% 2.39% 1.74% 5.07% 5.49% 5.50% 6.83% 3.92% 4.21% 3.45% 2.64% 2.29% 4.85% 5.01%
Super Micro Computer Inc. 8.88% 7.92% 8.29% 8.98% 8.93% 8.70% 7.38% 5.49% 3.96% 3.00% 2.89% 3.14% 2.69% 2.71% 2.56% 2.52% 2.72% 2.58% 2.37%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Net profit margin = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (800,996 + 747,938 + 665,428 + 637,692) ÷ (1,930,436 + 1,810,936 + 1,690,400 + 1,571,374) = 40.73%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Arista Networks Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Equity (ROE)

Arista Networks Inc., ROE calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 800,996 747,938 665,428 637,692 613,636 545,327 491,885 436,473 427,089 353,999 299,099 272,259 239,295 224,305 196,888 180,366 182,958 168,375 144,793 138,431
Stockholders’ equity 9,994,807 9,245,889 8,430,808 7,862,315 7,219,059 6,505,555 5,857,582 5,329,174 4,885,820 4,385,218 4,005,792 4,153,177 3,978,600 3,865,260 3,697,841 3,451,338 3,320,291 3,083,877 3,036,483 2,848,826
Profitability Ratio
ROE1 28.54% 28.82% 29.20% 29.11% 28.91% 29.22% 29.18% 28.46% 27.68% 26.56% 25.84% 22.46% 21.13% 20.30% 19.70% 19.60% 19.11%
Benchmarks
ROE, Competitors2
Apple Inc. 164.59% 152.84% 135.31% 136.18% 156.08% 157.22% 151.74% 167.77% 196.96% 171.46% 151.24% 139.79% 150.07% 135.04% 110.31% 96.54% 87.87% 80.83% 72.96% 64.25%
Cisco Systems Inc. 22.70% 26.47% 29.06% 30.04% 28.44% 27.12% 27.25% 28.56% 29.70% 29.72% 29.94% 26.69% 25.66% 25.41% 25.89% 27.42% 29.57% 30.20% 31.11% 31.95%
Dell Technologies Inc. 75.81% 78.28% 114.54% 131.10% 275.31%
Super Micro Computer Inc. 20.59% 23.80% 28.29% 32.45% 33.21% 31.80% 27.33% 20.00% 14.41% 10.53% 9.77% 10.20% 8.65% 8.32% 7.88% 7.91% 8.63% 8.43% 8.12%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
ROE = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Stockholders’ equity
= 100 × (800,996 + 747,938 + 665,428 + 637,692) ÷ 9,994,807 = 28.54%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Arista Networks Inc. ROE deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Assets (ROA)

Arista Networks Inc., ROA calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 800,996 747,938 665,428 637,692 613,636 545,327 491,885 436,473 427,089 353,999 299,099 272,259 239,295 224,305 196,888 180,366 182,958 168,375 144,793 138,431
Total assets 14,043,921 12,846,723 11,623,235 10,550,179 9,946,806 9,069,035 8,186,041 7,543,066 6,775,410 6,162,010 5,824,545 6,108,186 5,734,429 5,437,350 5,208,280 4,893,730 4,738,919 4,399,372 4,335,851 4,111,845
Profitability Ratio
ROA1 20.31% 20.74% 21.18% 21.69% 20.98% 20.96% 20.88% 20.11% 19.96% 18.90% 17.77% 15.27% 14.66% 14.43% 13.99% 13.82% 13.39%
Benchmarks
ROA, Competitors2
Apple Inc. 25.68% 30.75% 29.75% 28.55% 27.51% 28.28% 28.40% 27.45% 28.29% 29.63% 29.07% 26.38% 26.97% 26.32% 22.63% 18.06% 17.73% 18.41% 17.86% 16.89%
Cisco Systems Inc. 8.29% 9.85% 13.29% 13.75% 12.38% 11.76% 11.79% 12.36% 12.57% 12.94% 12.54% 11.87% 10.86% 10.88% 10.60% 11.01% 11.82% 11.80% 12.22% 11.89%
Dell Technologies Inc. 3.91% 3.20% 2.22% 2.32% 2.73% 2.15% 6.11% 6.50% 6.00% 5.00% 3.08% 3.28% 2.63% 2.04% 1.73% 3.71% 3.88%
Super Micro Computer Inc. 11.84% 13.55% 14.96% 17.42% 18.39% 18.81% 13.45% 8.90% 5.98% 4.67% 4.56% 4.99% 4.56% 4.67% 4.65% 4.39% 4.57% 4.67% 4.64%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
ROA = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Total assets
= 100 × (800,996 + 747,938 + 665,428 + 637,692) ÷ 14,043,921 = 20.31%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Arista Networks Inc. ROA deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.