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 2,61,515 - -
Change - -16.05% 97.59% 90.05% 18.5% 58.49% - -
Enterprise Value (EV) 1 40,764 34,058 68,259 1,30,938 1,54,261 2,46,102 2,41,293 2,37,008
Change - -16.45% 100.42% 91.82% 17.81% 59.54% -1.95% -1.78%
P/E 54.7x 28.4x 35.8x 49.6x 47.6x 54.4x 42.4x 34x
PBR 11.1x 7.61x 10.1x 13.9x 13.3x 15x 11x 8.14x
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 20.6x 16.1x 13.1x
EV / Revenue 13.8x 7.77x 11.6x 18.7x 17.1x 19.4x 14.8x 11.9x
EV / EBITDA 34.2x 18.3x 25.5x 38.6x 35x 39x 29.3x 23.9x
EV / EBIT 35.7x 19x 26.2x 39.4x 35.6x 40x 30.2x 24x
EV / FCF 42.9x 76x 34.1x 35.6x 36.3x 43x 35.7x 29.8x
FCF Yield 2.33% 1.32% 2.93% 2.81% 2.76% 2.32% 2.8% 3.36%
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 58.88 110.53 131.03 207.35 207.35 207.35
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.($)
27.35x6.12x15.86x1.52% 44TCr
54.37x19.43x38.99x-.--% 26TCr
19.23x0.78x14.05x2.36% 17TCr
26.15x8.29x20.02x0.47% 14TCr
51.2x15.08x33.67x-.--% 9.74TCr
32.37x6.32x18.32x1.08% 7.4TCr
43.86x2.38x15.39x1.61% 5.93TCr
28.07x6.34x21.17x1.47% 5.42TCr
67.47x8.72x38.58x-.--% 5.55TCr
Average 38.90x 8.16x 24.01x 0.95% 15.09TCr
Weighted average by Cap. 35.77x 8.84x 23.05x 1.03%

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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