Stock Analysis on Net

Arista Networks Inc. (NYSE:ANET)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Arista Networks Inc., historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 47.33 44.22 39.94 39.77 32.79 33.61 27.44 32.05 33.51 34.44 37.69 47.56 48.17 39.92 36.92 37.41 26.50 23.74 19.75 19.88
Price to operating profit (P/OP) 45.29 41.84 37.57 36.77 29.88 30.23 24.00 28.38 29.48 31.27 35.28 43.25 44.27 35.97 33.03 33.92 27.72 24.78 20.69 21.21
Price to sales (P/S) 19.07 17.25 15.03 14.16 11.14 10.92 8.57 9.89 9.93 10.18 11.13 13.57 13.63 11.07 10.15 10.24 8.50 7.87 6.73 7.09
Price to book value (P/BV) 13.64 12.91 11.62 11.50 9.58 9.81 7.81 8.87 8.90 8.90 8.46 10.05 9.78 7.87 7.24 7.15 6.12 5.89 5.53 5.90 5.33 7.41 8.72

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Arista Networks Inc. P/E ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Arista Networks Inc. P/OP ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Arista Networks Inc. P/S ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Arista Networks Inc. P/BV ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Earnings (P/E)

Arista Networks Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 314,939,883 314,152,875 313,363,097 312,633,612 311,100,142 309,580,630 308,282,799 306,395,384 305,572,616 304,280,458 308,263,538 307,766,578 307,283,580 306,866,532 305,287,260 305,326,292 302,645,856 304,102,400 302,818,064 305,916,908 305,596,208 306,577,208 306,490,176
Selected Financial Data (US$)
Net income (in thousands) 747,938 665,428 637,692 613,636 545,327 491,885 436,473 427,089 353,999 299,099 272,259 239,295 224,305 196,888 180,366 182,958 168,375 144,793 138,431 260,692 208,895 189,251 201,029
Earnings per share (EPS)2 8.46 7.84 7.30 6.68 6.11 5.52 4.92 4.41 3.81 3.40 3.03 2.73 2.55 2.37 2.22 2.08 2.35 2.48 2.63 2.81 0.00 0.00 0.00
Share price1, 3 400.45 346.55 291.67 265.51 200.37 185.61 134.98 141.46 127.71 117.14 114.03 129.94 122.97 94.79 81.82 77.74 62.37 58.78 52.00 55.87 46.33 61.03 68.33
Valuation Ratio
P/E ratio4 47.33 44.22 39.94 39.77 32.79 33.61 27.44 32.05 33.51 34.44 37.69 47.56 48.17 39.92 36.92 37.41 26.50 23.74 19.75 19.88
Benchmarks
P/E Ratio, Competitors5
Apple Inc. 32.79 28.01 28.44 28.33 30.03 28.94 25.69 24.82 26.21 25.03 27.64 25.96 27.61 29.19 36.00 32.24 31.11 21.90 24.67 20.00
Cisco Systems Inc. 15.61 14.54 14.30 18.26 17.20 18.01 17.28 15.78 15.18 19.78 20.46 23.34 21.99 19.39 16.91 15.46 17.64 17.87 17.54 17.69
Super Micro Computer Inc. 46.35 44.27 22.19 21.10 12.26 7.82 9.13 12.72 14.48 15.76 21.50 16.15 19.94 18.28 17.15 17.04 14.90 16.76 15.68 15.81

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
EPS = (Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024 + Net incomeQ4 2023) ÷ No. shares of common stock outstanding
= (747,938,000 + 665,428,000 + 637,692,000 + 613,636,000) ÷ 314,939,883 = 8.46

3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= 400.45 ÷ 8.46 = 47.33

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Arista Networks Inc. P/E ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Operating Profit (P/OP)

Arista Networks Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 314,939,883 314,152,875 313,363,097 312,633,612 311,100,142 309,580,630 308,282,799 306,395,384 305,572,616 304,280,458 308,263,538 307,766,578 307,283,580 306,866,532 305,287,260 305,326,292 302,645,856 304,102,400 302,818,064 305,916,908 305,596,208 306,577,208 306,490,176
Selected Financial Data (US$)
Income from operations (in thousands) 785,250 699,573 660,141 639,914 602,695 530,062 484,578 468,919 417,347 362,853 277,987 265,788 233,294 219,365 206,292 194,638 188,395 166,989 149,662 175,989 228,606 206,837 194,342
Operating profit per share2 8.84 8.28 7.76 7.22 6.71 6.14 5.62 4.98 4.33 3.75 3.23 3.00 2.78 2.64 2.48 2.29 2.25 2.37 2.51 2.63 0.00 0.00 0.00
Share price1, 3 400.45 346.55 291.67 265.51 200.37 185.61 134.98 141.46 127.71 117.14 114.03 129.94 122.97 94.79 81.82 77.74 62.37 58.78 52.00 55.87 46.33 61.03 68.33
Valuation Ratio
P/OP ratio4 45.29 41.84 37.57 36.77 29.88 30.23 24.00 28.38 29.48 31.27 35.28 43.25 44.27 35.97 33.03 33.92 27.72 24.78 20.69 21.21
Benchmarks
P/OP Ratio, Competitors5
Apple Inc. 27.72 23.78 24.19 24.04 25.35 24.31 21.45 20.74 22.07 21.37 23.78 22.56 23.98 25.06 31.00 27.92 27.07 19.10 21.45 17.29
Cisco Systems Inc. 13.69 12.56 12.32 15.32 13.88 14.67 14.12 13.35 12.91 16.75 17.02 19.26 17.97 15.77 14.03 12.73 13.53 13.95 13.79 14.46
Super Micro Computer Inc. 42.32 37.27 19.05 17.74 10.29 6.55 7.70 10.82 12.71 14.45 19.41 14.57 19.28 17.44 17.42 16.77 12.55 13.65 12.18 11.69

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Operating profit per share = (Income from operationsQ3 2024 + Income from operationsQ2 2024 + Income from operationsQ1 2024 + Income from operationsQ4 2023) ÷ No. shares of common stock outstanding
= (785,250,000 + 699,573,000 + 660,141,000 + 639,914,000) ÷ 314,939,883 = 8.84

3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 400.45 ÷ 8.84 = 45.29

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Arista Networks Inc. P/OP ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Sales (P/S)

Arista Networks Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 314,939,883 314,152,875 313,363,097 312,633,612 311,100,142 309,580,630 308,282,799 306,395,384 305,572,616 304,280,458 308,263,538 307,766,578 307,283,580 306,866,532 305,287,260 305,326,292 302,645,856 304,102,400 302,818,064 305,916,908 305,596,208 306,577,208 306,490,176
Selected Financial Data (US$)
Revenue (in thousands) 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 1,051,891 877,066 824,459 748,697 707,319 667,562 648,482 605,431 540,570 523,029 552,546 654,415 608,321 595,424
Sales per share2 21.00 20.09 19.40 18.74 17.99 17.00 15.75 14.30 12.86 11.51 10.24 9.58 9.02 8.57 8.06 7.59 7.34 7.47 7.72 7.88 0.00 0.00 0.00
Share price1, 3 400.45 346.55 291.67 265.51 200.37 185.61 134.98 141.46 127.71 117.14 114.03 129.94 122.97 94.79 81.82 77.74 62.37 58.78 52.00 55.87 46.33 61.03 68.33
Valuation Ratio
P/S ratio4 19.07 17.25 15.03 14.16 11.14 10.92 8.57 9.89 9.93 10.18 11.13 13.57 13.63 11.07 10.15 10.24 8.50 7.87 6.73 7.09
Benchmarks
P/S Ratio, Competitors5
Apple Inc. 8.67 7.37 7.44 7.17 7.41 7.09 6.31 6.28 6.74 6.61 7.35 6.72 6.90 6.85 7.82 6.74 6.64 4.68 5.30 4.25
Cisco Systems Inc. 3.42 3.42 3.35 4.04 3.59 3.83 3.80 3.62 3.53 4.54 4.59 4.96 4.60 4.09 3.68 3.52 3.76 3.83 3.71 3.96
Super Micro Computer Inc. 4.11 3.50 1.84 1.90 1.10 0.68 0.67 0.70 0.57 0.47 0.62 0.51 0.54 0.50 0.44 0.43 0.40 0.43 0.37 0.32

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Sales per share = (RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024 + RevenueQ4 2023) ÷ No. shares of common stock outstanding
= (1,810,936,000 + 1,690,400,000 + 1,571,374,000 + 1,540,437,000) ÷ 314,939,883 = 21.00

3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 400.45 ÷ 21.00 = 19.07

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Arista Networks Inc. P/S ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Book Value (P/BV)

Arista Networks Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 314,939,883 314,152,875 313,363,097 312,633,612 311,100,142 309,580,630 308,282,799 306,395,384 305,572,616 304,280,458 308,263,538 307,766,578 307,283,580 306,866,532 305,287,260 305,326,292 302,645,856 304,102,400 302,818,064 305,916,908 305,596,208 306,577,208 306,490,176
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 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 2,894,686 2,656,004 2,525,560 2,400,367
Book value per share (BVPS)2 29.36 26.84 25.09 23.09 20.91 18.92 17.29 15.95 14.35 13.16 13.47 12.93 12.58 12.05 11.31 10.87 10.19 9.99 9.41 9.46 8.69 8.24 7.83
Share price1, 3 400.45 346.55 291.67 265.51 200.37 185.61 134.98 141.46 127.71 117.14 114.03 129.94 122.97 94.79 81.82 77.74 62.37 58.78 52.00 55.87 46.33 61.03 68.33
Valuation Ratio
P/BV ratio4 13.64 12.91 11.62 11.50 9.58 9.81 7.81 8.87 8.90 8.90 8.46 10.05 9.78 7.87 7.24 7.15 6.12 5.89 5.53 5.90 5.33 7.41 8.72
Benchmarks
P/BV Ratio, Competitors5
Apple Inc. 50.11 37.90 38.73 44.21 47.21 43.92 43.09 48.89 44.95 37.86 38.64 38.96 37.28 32.20 34.75 28.33 25.14 15.98 15.85 12.21 9.98 9.15 6.61
Cisco Systems Inc. 4.13 4.23 4.30 5.19 4.66 4.91 4.94 4.69 4.51 5.92 5.46 5.99 5.59 5.02 4.64 4.57 5.33 5.56 5.60 6.12 6.57 5.36 4.56
Super Micro Computer Inc. 9.55 10.54 6.28 6.85 4.07 2.49 2.49 2.54 2.09 1.66 2.10 1.65 1.72 1.52 1.35 1.35 1.29 1.41 1.27 1.21 1.25 1.27 1.30

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 9,245,889,000 ÷ 314,939,883 = 29.36

3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 400.45 ÷ 29.36 = 13.64

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Arista Networks Inc. P/BV ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.