Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2014
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Historical Valuation Ratios (Summary)
Arista Networks Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
- Price to Earnings (P/E) Ratio
- Over the analyzed periods, the P/E ratio exhibited a fluctuating trend. Initially, it increased from 36.93 to a peak of 48.16 between March and September 2021, indicating rising investor expectations or improved earnings performance. Following this peak, the ratio decreased steadily to 27.44 by March 2023, suggesting either earnings growth outpacing price appreciation or a decline in market valuation. However, from March 2023 onward, the P/E ratio again showed an upward trend, reaching values above 50 in mid to late 2025, reflecting renewed optimism or increased price levels relative to earnings in the later periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the P/E ratio's pattern with an initial rise from 33.03 to a high of 44.26 in the third quarter of 2021. This was followed by a decline to approximately 24.01 by the first quarter of 2023. Subsequently, the ratio increased once more reaching near 50 by the middle of 2025, indicating that the market price relative to operating profits had become more elevated in the later periods after a period of compression during early 2023.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a notable upward trajectory throughout the timeline. Starting at 10.15 in March 2021, it gradually increased with minor fluctuations and experienced a steep rise after March 2023, peaking around 21.94 in mid-2025. This indicates that investors were willing to pay more for each dollar of sales over time, possibly reflecting strong revenue growth prospects or improved sales quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a generally rising trend from 7.24 in early 2021 to 13.64 at the end of 2024, with some fluctuations. It dipped slightly in early 2025 before rising sharply to a peak of 16 by mid-2025. This upward movement suggests increasing market valuation relative to the company’s net asset value, possibly due to anticipated growth, improved asset utilization, or shifts in investor sentiment.
Price to Earnings (P/E)
Arista Networks Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price has shown a consistent upward trajectory over the reported periods. Beginning at $20.46, it experienced moderate growth through 2021, reaching $32.49 by year-end. In 2022, the price continued to climb steadily, peaking at $35.37 in December. The following years demonstrate accelerated growth, with a notable surge in 2023 where the price jumped from $33.75 to $66.38 by the end of the year. This growth momentum sustained through 2024 and into 2025, culminating in a peak share price of $140.42 by September 2025, indicating strong market confidence and valuation expansion over time.
- Earnings Per Share (EPS) Trend
- EPS exhibits a consistent and healthy increase throughout the periods analyzed. From $0.55 in the first quarter of 2021, EPS steadily rose each quarter without any regression. By the end of 2021, EPS reached $1.10 and continued to advance through each half-year and fiscal year milestone, exceeding $2.00 by 2024. The EPS reached $2.67 by September 2025. This steady progression suggests improving profitability and operational efficiency.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio displays more variability than the share price and EPS. Initially, it began at a high level near 37 in early 2021, peaking above 48 during mid to late 2021, reflecting high market valuation relative to earnings. During 2022, the P/E ratio declined, falling to 32.05 at year-end, indicating a relative price moderation or accelerated earnings growth. However, in 2023 and into 2024, the P/E ratio increased again, reaching values as high as approximately 47 in late 2024, before dropping to around 35 by mid-2025. The latter rise and fall in P/E might suggest changing investor sentiment or expectations about future growth, possibly reflecting increased volatility in valuation multiples despite steady earnings improvement.
- Overall Interpretation
- The data reflects a company with solid and continuous earnings growth along with rapidly increasing share price valuation, particularly from 2023 onwards. The steady increase in EPS supports the notion of fundamental business strength, while the share price surge suggests growing investor confidence. The fluctuating P/E ratio indicates varying market sentiment periods, where valuation multiples expanded and contracted in response to earnings progression and broader market conditions. The combination of strong EPS growth and a rising share price, alongside some P/E volatility, highlights favorable financial performance tempered by normal market valuation adjustments.
Price to Operating Profit (P/OP)
Arista Networks Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend across the periods analyzed. Starting from $20.46, the price demonstrated steady growth with occasional fluctuations. Notably, there was significant acceleration in the later periods, particularly from March 2023 onwards, where the share price rose sharply from $33.75 to a peak of $140.42 by September 2025. Despite some moderate declines, the trajectory remained predominantly positive, indicating strong market confidence or perceived value growth over time.
- Operating Profit Per Share (OPPS)
- Operating profit per share increased consistently throughout the quarters. The figure started at $0.62 and progressed steadily each quarter, reaching $2.88 by September 2025. This steady growth in operating profitability suggests improved operational efficiency or increasing revenue generation ability per share without significant dilution, reflecting a strengthening of underlying business performance.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio displayed notable volatility. Initially high at 33.03, it rose to peaks above 44 in the first 2022 cycle, then dipped to the mid-20s in late 2022 and early 2023, indicating a period where the market price was relatively low compared to operating profit. Following this, the ratio escalated significantly in subsequent periods, peaking near 50.86 in June 2025 and slightly declining afterwards. The swings in this ratio suggest fluctuating market expectations and valuations relative to operating profitability, with periods of both undervaluation and overvaluation as perceived by investors.
- Overall Assessment
- The data reveals an improving profitability profile accompanied by strong share price appreciation, especially pronounced in the last two years. However, the increasing and volatile P/OP ratio highlights that the market pricing of shares relative to operating profit is somewhat inconsistent, possibly reflecting changing investor sentiment, external market factors, or expectations about future growth. The consistent rise in operating profit per share underpins sound business fundamentals, while the price fluctuations and valuation multiples suggest dynamic market conditions impacting investor valuation.
Price to Sales (P/S)
Arista Networks Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Analysis
- The share price exhibited a general upward trend over the examined periods. Starting at $20.46, it experienced steady growth with some fluctuations, reaching a peak over $140 by the later dates. Notable surges occurred towards the end of 2023 and continuing into 2024 and 2025, indicating increased market valuation and investor confidence during these intervals. Some volatility is observed around the $86 mark, but the overall direction remains positive with significant appreciation in market value.
- Sales per Share Analysis
- Sales per share consistently increased across the periods, starting at $2.02 and advancing steadily to $6.71 by the most recent quarter. This reflects a continuous improvement in revenue generation on a per-share basis, signaling strong underlying business growth. The growth appears steady and incremental without abrupt changes, indicating sustainable sales expansion over time.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio exhibited variability but showed a general upward trajectory with some cyclical behavior. Initially, the ratio was around 10.15 and experienced a dip to under 10, followed by a recovery and significant increase peaking near 21.94 in one of the later periods. The elevated P/S ratios in the most recent quarters suggest growing investor willingness to pay a premium relative to sales, possibly reflecting expectations of higher profitability, growth prospects, or market sentiment shifting favorably towards the company.
- Overall Financial Trends and Insights
- The data indicates strong and consistent growth in fundamental sales metrics alongside a more volatile but generally increasing stock valuation. The share price growth outpaces sales per share increases, as reflected by the rising P/S ratio, suggesting that market valuation is increasingly driven by forward-looking growth expectations rather than just current sales. The increasing P/S ratio combined with rising sales per share points to improving market sentiment and perceived future potential. Investors appear to be valuing the company more highly over time, likely based on positive performance trends and growth opportunities.
Price to Book Value (P/BV)
Arista Networks Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a consistent upward trajectory over the analyzed quarters, starting at $20.46 and rising substantially to $140.42 by the end of the period. Notable acceleration in price growth is observed particularly in later quarters, with the share price reaching above $100 after an initial gradual increase. The most significant jumps appear in the quarters from June 2023 onwards, indicating increased market confidence or improved company performance.
- Book Value Per Share (BVPS) Trends
- The book value per share showed steady and consistent growth throughout the periods. Beginning at $2.83, it increased incrementally each quarter, reaching $9.46 by the final quarter. This suggests sustained accumulation of net assets or retained earnings on a per-share basis, reflecting ongoing strengthening of the company’s equity base.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio shows notable fluctuations despite the general upward movement in share price and book value. Initially, the ratio rises from approximately 7.24 to exceed 10, indicating increasing market valuation relative to book value. Thereafter, the metric fluctuates between roughly 7.8 and 13.6 with spikes reaching a peak of 16 in mid-late 2025. This volatility in P/BV suggests changing market perceptions of the company’s growth prospects or varying investor sentiment across quarters. The periods of ratio escalation coincide with sharp increases in share price, implying that market valuation outpaced the growth in book value during these times.
- Overall Insights
- The data reveals a strong positive trend in both market valuation and intrinsic equity value per share over time. The substantial rise in share price alongside steady book value growth points to favorable market dynamics and improving company fundamentals. However, the fluctuating P/BV ratio also signals intermittent periods of increased optimism or speculative interest among investors relative to the company’s accounting-based valuation. The strengthening book value corroborates sustainable growth, while the high P/BV ratios in later quarters reflect elevated investor expectations for future performance or earnings potential.