Arista Networks Inc., current enterprise value calculation

Current share price (P)	$119.95
No. shares of common stock outstanding	1,259,759,532
US$ in thousands
Common equity (market value)¹	151,108,156)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (per books)	—)
Total equity	151,108,156)
Add: Total debt (book value)	—)
Total equity and debt	151,108,156)
Less: Cash and cash equivalents	1,938,606)
Less: Marketable securities	3,069,362)
Enterprise value (EV)	146,100,188)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 119.95 × 1,259,759,532

Arista Networks Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$66.38	$35.37	$32.49	$19.44	$13.97
No. shares of common stock outstanding¹	1,250,534,448	1,225,581,536	1,231,066,312	1,221,305,168	1,223,667,632
US$ in thousands
Common equity (market value)³	83,010,477)	43,348,819)	39,997,344)	23,742,172)	17,094,637)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	83,010,477)	43,348,819)	39,997,344)	23,742,172)	17,094,637)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	83,010,477)	43,348,819)	39,997,344)	23,742,172)	17,094,637)
Less: Cash and cash equivalents	1,938,606)	671,707)	620,813)	893,219)	1,111,286)
Less: Marketable securities	3,069,362)	2,352,022)	2,787,502)	1,979,649)	1,613,082)
Enterprise value (EV)	78,002,509)	40,325,090)	36,589,029)	20,869,304)	14,370,269)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Arista Networks Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 66.38 × 1,250,534,448

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Arista Networks Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Arista Networks Inc. (NYSE:ANET)

Enterprise Value (EV)