Company Valuation: Arista Networks, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 44,172 37,081 73,267 1,39,241 1,65,004 2,56,773 - -
Change - -16.05% 97.59% 90.05% 18.5% 55.62% - -
Enterprise Value (EV) 1 40,764 34,058 68,259 1,30,938 1,54,261 2,41,359 2,36,551 2,32,266
Change - -16.45% 100.42% 91.82% 17.81% 56.46% -1.99% -1.81%
P/E 54.7x 28.4x 35.8x 49.6x 47.6x 53.4x 41.7x 33.4x
PBR 11.1x 7.61x 10.1x 13.9x 13.3x 14.7x 10.8x 7.99x
PEG - 0.5x 0.7x 1.4x 2x 1.4x 1.5x 1.4x
Capitalization / Revenue 15x 8.46x 12.5x 19.9x 18.3x 20.3x 15.8x 12.9x
EV / Revenue 13.8x 7.77x 11.6x 18.7x 17.1x 19.1x 14.5x 11.7x
EV / EBITDA 34.2x 18.3x 25.5x 38.6x 35x 38.2x 28.8x 23.5x
EV / EBIT 35.7x 19x 26.2x 39.4x 35.6x 39.2x 29.6x 23.5x
EV / FCF 42.9x 76x 34.1x 35.6x 36.3x 42.2x 35x 29.2x
FCF Yield 2.33% 1.32% 2.93% 2.81% 2.76% 2.37% 2.85% 3.43%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.6575 1.068 1.645 2.23 2.75 3.813 4.887 6.094
Distribution rate - - - - - - - -
Net sales 1 2,948 4,381 5,860 7,003 9,006 12,666 16,290 19,900
EBITDA 1 1,191 1,859 2,674 3,389 4,410 6,311 8,224 9,902
EBIT 1 1,141 1,796 2,603 3,327 4,337 6,151 7,986 9,870
Net income 1 840.9 1,352 2,087 2,852 3,511 4,885 6,143 7,428
Net Debt 1 -3,408 -3,024 -5,008 -8,303 -10,743 -15,413 -20,222 -24,507
Reference price 2 35.94 30.34 58.88 110.53 131.03 203.59 203.59 203.59
Nbr of stocks (in thousands) 12,29,134 12,22,290 12,44,401 12,59,760 12,59,285 12,61,225 - -
Announcement Date 14/02/22 13/02/23 12/02/24 18/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
53.2x18.98x38.1x-.--% 26TCr
26.07x5.84x15.13x1.59% 42TCr
19.3x0.78x14.1x2.35% 17TCr
26.3x8.33x20.12x0.47% 14TCr
45.92x13.52x30.13x-.--% 8.73TCr
32.28x6.31x18.27x1.08% 7.38TCr
42.72x2.32x14.97x1.66% 5.81TCr
28.98x6.56x21.89x1.43% 5.6TCr
61.19x7.92x35.02x-.--% 5.03TCr
16.43x2.53x10.88x4.34% 4.39TCr
Average 35.24x 7.31x 21.86x 1.29% 13.62TCr
Weighted average by Cap. 33.76x 8.29x 21.84x 1.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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