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ANETArista Networks

Technology · Networking Equipment · NYSE

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Where it stands

ANET among the 75 companies we cover

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Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+28.6%12th of 75 · median +14.1%

Net margin

40.0%10th of 75 · median 19.1%

Return on equity

28.9%27th of 69 · median 23.9%

Free cash flow margin

42.2%7th of 71 · median 22.3%

ANET and 9 peers, year by year

The 9 Technology companies closest to ANET in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ANET Arista Networks	FY2025	$9.0B	+28.6%	64.1%	42.8%	39.0%	47.2%	28.4%	-
PANW Palo Alto Networks	FY2026	$11.5B	+24.5%	70.4%	6.1%	2.7%	35.8%	1.1%	-
MSI Motorola Solutions	FY2025	$11.7B	+8.0%	51.7%	25.6%	18.4%	22.0%	89.4%	3.80
WDAY Workday, Inc.	FY2026	$9.6B	+13.1%	-	7.5%	7.3%	29.1%	8.9%	0.38
NXPI NXP Semiconductors	FY2025	$12.3B	−2.7%	54.7%	24.8%	16.5%	19.7%	20.1%	1.30
STX Seagate Technology	FY2026	$12.2B	+34.1%	-	33.6%	26.1%	25.5%	146.9%	1.65
ADI Analog Devices	FY2025	$11.0B	+16.9%	61.5%	26.6%	20.6%	38.8%	6.7%	0.25
MRVL Marvell Technology	FY2026	$8.2B	+42.1%	51.0%	16.1%	32.6%	17.0%	18.7%	0.35
SNPS Synopsys	FY2025	$7.1B	+15.1%	77.0%	13.0%	18.9%	19.1%	4.7%	0.48
WDC Western Digital	FY2026	$12.9B	+35.7%	48.9%	34.5%	72.9%	27.2%	106.3%	0.12

Revenuepeer median $11.5B

Sales growthpeer median +16.9%

Gross marginpeer median 54.7%

Operating marginpeer median 24.8%

Net marginpeer median 18.9%

FCF marginpeer median 25.5%

Return on equitypeer median 18.7%

Debt / equitypeer median 0.43

MSI 3.80
STX 1.65
NXPI 1.30
SNPS 0.48
WDAY 0.38
MRVL 0.35
ADI 0.25
WDC 0.12
ANET -
PANW -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	$1.1B	$1.6B	$2.2B	$2.4B	$2.3B	$2.9B	$4.4B	$5.9B	$7.0B	$9.0B
PANW Jul	$1.4B	$1.8B	$2.3B	$2.9B	$3.4B	$4.3B	$5.5B	$6.9B	$8.0B	$9.2B
MSI Dec	$6.0B	$6.4B	$7.3B	$7.9B	$7.4B	$8.2B	$9.1B	$10.0B	$10.8B	$11.7B
WDAY Jan	$1.2B	$1.6B	$2.1B	$2.8B	$3.6B	$4.3B	$5.1B	$6.2B	$7.3B	$8.4B
NXPI Dec	$9.5B	$9.3B	$9.4B	$8.9B	$8.6B	$11.1B	$13.2B	$13.3B	$12.6B	$12.3B
STX Jul	$11.2B	$10.8B	$11.2B	$10.4B	$10.5B	$10.7B	$11.7B	$7.4B	$6.6B	-
ADI Nov	$3.4B	$5.2B	$6.2B	$6.0B	$5.6B	$7.3B	$12.0B	$12.3B	$9.4B	$11.0B
MRVL Jan	-	-	-	-	$2.7B	$3.0B	$4.5B	$5.9B	$5.5B	$5.8B
SNPS Oct	$2.4B	$2.7B	$3.1B	$3.4B	$3.7B	$4.2B	$5.1B	$5.3B	$6.1B	$7.1B
WDC Jul	-	$19.1B	$20.6B	$16.6B	$16.7B	$16.9B	$18.8B	$6.3B	$6.3B	$9.5B
Peer median	$3.4B	$5.8B	$6.8B	$6.9B	$5.6B	$7.3B	$9.1B	$6.9B	$7.3B	$9.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	+34.8%	+45.8%	+30.7%	+12.1%	−3.9%	+27.2%	+48.6%	+33.8%	+19.5%	+28.6%
PANW Jul	-	+27.8%	+29.5%	+27.5%	+17.5%	+24.9%	+29.3%	+25.3%	+16.5%	+14.9%
MSI Dec	+6.0%	+5.7%	+15.1%	+7.4%	−6.0%	+10.2%	+11.5%	+9.5%	+8.4%	+8.0%
WDAY Jan	-	+36.1%	+36.1%	+31.7%	+28.5%	+19.0%	+19.0%	+21.0%	+16.8%	+16.4%
NXPI Dec	+55.7%	−2.5%	+1.6%	−5.6%	−3.0%	+28.5%	+19.4%	+0.5%	−5.0%	−2.7%
STX Jul	-	−3.5%	+3.8%	−7.1%	+1.1%	+1.6%	+9.2%	−36.7%	−11.3%	-
ADI Nov	−0.4%	+49.3%	+18.6%	−3.8%	−6.5%	+30.6%	+64.2%	+2.4%	−23.4%	+16.9%
MRVL Jan	-	-	-	-	-	+10.0%	+50.3%	+32.7%	−7.0%	+4.7%
SNPS Oct	+8.0%	+12.5%	+14.5%	+7.7%	+9.7%	+14.1%	+20.9%	+15.2%	+15.2%	+15.1%
WDC Jul	-	-	+8.1%	−19.8%	+1.0%	+1.1%	+11.1%	−34.5%	+1.0%	+50.7%
Peer median	+7.0%	+12.5%	+14.8%	+1.8%	+1.1%	+14.1%	+19.4%	+9.5%	+1.0%	+15.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	64.0%	64.5%	63.8%	64.1%	63.9%	63.8%	61.1%	61.9%	64.1%	64.1%
PANW Jul	73.2%	72.6%	71.6%	72.1%	70.7%	70.0%	68.8%	72.3%	74.3%	73.4%
MSI Dec	47.5%	47.4%	47.4%	49.8%	48.7%	49.4%	46.4%	49.8%	51.0%	51.7%
WDAY Jan	-	-	-	-	-	-	-	-	-	-
NXPI Dec	42.8%	49.9%	51.6%	52.0%	49.2%	54.8%	56.9%	56.9%	56.4%	54.7%
STX Jul	-	-	-	-	-	-	-	-	-	-
ADI Nov	65.1%	60.4%	68.3%	67.0%	65.9%	61.8%	62.7%	64.0%	57.1%	61.5%
MRVL Jan	-	-	-	-	50.3%	50.1%	46.3%	50.5%	41.6%	41.3%
SNPS Oct	77.6%	76.0%	76.4%	77.6%	78.4%	79.5%	73.2%	80.6%	79.7%	77.0%
WDC Jul	-	31.8%	37.3%	22.6%	22.6%	26.7%	31.3%	22.2%	28.1%	38.8%
Peer median	65.1%	55.1%	59.9%	59.5%	50.3%	54.8%	56.9%	56.9%	56.4%	54.7%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	21.6%	28.6%	12.7%	33.4%	30.2%	31.4%	34.9%	38.5%	42.0%	42.8%
PANW Jul	−11.4%	−9.4%	−4.6%	−1.9%	−5.3%	−7.1%	−3.4%	5.6%	8.5%	13.5%
MSI Dec	17.4%	20.1%	17.1%	20.0%	18.7%	20.4%	18.2%	23.0%	24.8%	25.6%
WDAY Jan	−21.6%	−22.4%	−14.1%	−16.4%	−13.8%	−5.8%	−2.3%	−3.6%	2.5%	4.9%
NXPI Dec	−1.6%	22.7%	28.8%	7.2%	4.9%	23.3%	28.8%	27.6%	27.1%	24.8%
STX Jul	4.0%	9.8%	14.6%	14.3%	12.4%	14.0%	16.8%	−4.6%	6.9%	-
ADI Nov	30.0%	22.2%	30.5%	28.6%	26.7%	23.1%	27.3%	31.1%	21.6%	26.6%
MRVL Jan	-	-	-	-	−9.0%	−8.7%	−7.8%	4.0%	−10.3%	−12.5%
SNPS Oct	13.1%	12.8%	11.5%	15.5%	16.8%	17.5%	22.6%	23.9%	22.1%	13.0%
WDC Jul	-	10.2%	17.5%	0.5%	2.0%	7.2%	12.7%	−8.8%	−6.4%	24.5%
Peer median	4.0%	11.5%	15.9%	10.8%	4.9%	14.0%	16.8%	5.6%	8.5%	19.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	16.3%	25.7%	15.3%	35.7%	27.4%	28.5%	30.9%	35.6%	40.7%	39.0%
PANW Jul	−14.0%	−11.5%	−5.4%	−2.8%	−7.8%	−11.7%	−4.9%	6.4%	32.1%	12.3%
MSI Dec	9.3%	−2.4%	13.2%	11.0%	12.8%	15.2%	15.0%	17.1%	14.6%	18.4%
WDAY Jan	−23.8%	−24.4%	−15.0%	−14.8%	−13.3%	−6.5%	0.6%	−5.9%	19.0%	6.2%
NXPI Dec	2.1%	23.9%	23.5%	2.7%	0.6%	16.9%	21.1%	21.1%	19.9%	16.5%
STX Jul	2.2%	7.2%	10.6%	19.4%	9.6%	12.3%	14.1%	−7.2%	5.1%	-
ADI Nov	25.2%	15.4%	24.2%	22.8%	21.8%	19.0%	22.9%	26.9%	17.3%	20.6%
MRVL Jan	-	-	-	-	58.7%	−9.3%	−9.4%	−2.8%	−16.9%	−15.3%
SNPS Oct	11.0%	5.0%	13.9%	15.8%	18.0%	18.0%	19.4%	23.1%	36.9%	18.9%
WDC Jul	-	2.1%	3.3%	−4.6%	−1.5%	4.9%	8.2%	−26.9%	−12.6%	19.8%
Peer median	2.2%	3.5%	11.9%	6.9%	9.6%	12.3%	14.1%	6.4%	17.3%	17.5%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	$152.9M	$616.3M	$479.3M	$947.3M	$719.7M	$951.1M	$448.2M	$2.0B	$3.7B	$4.3B
PANW Jul	$586.1M	$705.4M	$926.1M	$924.4M	$821.3M	$1.4B	$1.8B	$2.6B	$3.1B	$3.5B
MSI Dec	$894.0M	$1.1B	$878.0M	$1.6B	$1.4B	$1.6B	$1.6B	$1.8B	$2.1B	$2.6B
WDAY Jan	$125.0M	$229.8M	$324.2M	$404.2M	-	-	-	$1.3B	$1.9B	$2.2B
NXPI Dec	$1.9B	$1.9B	$3.8B	$1.8B	$2.1B	$2.3B	$2.8B	$2.7B	$2.1B	$2.4B
STX Jul	$1.1B	$1.5B	$1.7B	$1.2B	$1.1B	$1.1B	$1.3B	$626.0M	$664.0M	-
ADI Nov	$1.2B	$950.3M	$2.2B	$2.0B	$1.8B	$2.4B	$3.8B	$3.6B	$3.1B	$4.3B
MRVL Jan	-	-	-	-	$278.4M	$710.5M	$650.1M	$1.1B	$1.0B	$1.4B
SNPS Oct	$519.7M	$562.2M	$325.4M	$602.4M	$836.6M	$1.4B	$1.6B	$1.5B	$1.3B	$1.3B
WDC Jul	$1.4B	$2.9B	$3.4B	$671.0M	$177.0M	$752.0M	$758.0M	−$1.2B	−$781.0M	$1.3B
Peer median	$993.5M	$1.0B	$1.3B	$1.0B	$982.8M	$1.4B	$1.6B	$1.5B	$1.9B	$2.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	13.5%	37.4%	22.3%	39.3%	31.1%	32.3%	10.2%	34.1%	52.5%	47.2%
PANW Jul	42.5%	40.0%	40.7%	31.9%	24.1%	32.6%	32.6%	38.2%	38.6%	37.6%
MSI Dec	14.8%	17.5%	12.0%	20.0%	18.8%	19.5%	17.2%	17.9%	19.7%	22.0%
WDAY Jan	10.8%	14.6%	15.1%	14.3%	-	-	-	20.8%	26.4%	26.0%
NXPI Dec	20.2%	20.5%	39.9%	20.8%	24.3%	20.9%	21.4%	20.2%	16.3%	19.7%
STX Jul	9.8%	13.8%	15.6%	11.2%	10.7%	10.6%	10.9%	8.5%	10.1%	-
ADI Nov	34.0%	18.1%	35.1%	33.0%	32.9%	32.7%	31.4%	28.9%	33.1%	38.8%
MRVL Jan	-	-	-	-	10.3%	23.9%	14.6%	18.3%	18.8%	24.2%
SNPS Oct	21.5%	20.6%	10.4%	17.9%	22.7%	33.3%	31.5%	28.5%	20.7%	19.1%
WDC Jul	-	15.0%	16.3%	4.0%	1.1%	4.4%	4.0%	−19.6%	−12.4%	13.4%
Peer median	20.2%	17.8%	16.0%	18.9%	20.8%	22.4%	19.3%	20.2%	19.7%	23.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	16.6%	25.5%	15.3%	29.7%	19.1%	21.1%	27.7%	28.9%	28.5%	28.4%
PANW Jul	−21.5%	−26.7%	−10.5%	−5.2%	−24.2%	−78.6%	−127.1%	25.2%	49.9%	14.5%
MSI Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	92.6%	89.4%
WDAY Jan	−22.4%	−30.1%	−20.3%	−21.4%	−19.3%	−8.6%	0.6%	−6.6%	17.1%	5.8%
NXPI Dec	1.8%	16.4%	21.0%	2.6%	0.6%	28.7%	37.4%	32.4%	27.3%	20.1%
STX Jul	15.6%	56.6%	71.0%	93.1%	56.2%	n/m	n/m	n/m	n/m	-
ADI Nov	16.7%	7.9%	13.4%	11.6%	10.2%	3.7%	7.5%	9.3%	4.6%	6.7%
MRVL Jan	-	-	-	-	18.3%	−3.3%	−2.7%	−1.0%	−6.3%	−6.6%
SNPS Oct	8.4%	4.2%	12.4%	13.0%	13.5%	14.3%	17.9%	20.0%	25.2%	4.7%
WDC Jul	2.2%	3.5%	5.9%	−7.6%	−2.6%	7.6%	12.5%	−15.4%	−7.4%	35.6%
Peer median	2.2%	4.2%	12.4%	2.6%	5.4%	3.7%	7.5%	9.3%	21.1%	10.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	-	-	-	-	-	-	-	-	-	-
PANW Jul	0.56	0.69	1.65	0.90	2.80	5.08	17.51	1.14	-	-
MSI Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	8.31	3.52	3.80
WDAY Jan	-	-	-	-	0.51	0.55	0.41	0.53	0.37	0.33
NXPI Dec	0.84	0.49	0.70	0.78	0.86	1.63	1.51	1.30	1.35	1.30
STX Jul	2.57	3.68	2.89	1.97	2.34	8.14	8.84	n/m	n/m	-
ADI Nov	0.00	0.03	0.01	0.03	0.00	0.19	0.18	0.20	0.22	0.25
MRVL Jan	-	-	-	-	-	0.17	0.29	0.32	0.29	0.31
SNPS Oct	0.06	0.04	0.13	0.03	0.03	0.02	0.00	0.00	0.00	0.48
WDC Jul	1.52	1.15	0.97	1.06	1.00	0.81	0.57	0.64	0.69	0.89
Peer median	0.70	0.59	0.83	0.84	0.86	0.68	0.49	0.59	0.37	0.48

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ANET Dec	$0.16	$0.33	$0.25	$0.67	$0.50	$0.66	$1.07	$1.65	$2.23	$2.75
PANW Jul	−$0.37	−$0.37	−$0.22	−$0.14	−$0.46	−$0.86	−$0.45	$0.64	$3.64	$1.60
MSI Dec	$3.24	−$0.95	$5.62	$4.95	$5.45	$7.17	$7.93	$9.93	$9.23	$12.75
WDAY Jan	−$1.45	−$1.94	−$1.55	−$1.93	−$2.12	−$1.19	$0.12	−$1.44	$5.21	$1.95
NXPI Dec	$0.58	$6.41	$6.72	$0.85	$0.18	$6.79	$10.55	$10.70	$9.73	$7.95
STX Jul	$0.82	$2.58	$4.05	$7.06	$3.79	$5.36	$7.36	−$2.56	$1.58	-
ADI Nov	-	-	-	-	$3.28	$3.46	$5.25	$6.55	$3.28	$4.56
MRVL Jan	-	-	-	-	$2.34	−$0.41	−$0.53	−$0.19	−$1.08	−$1.02
SNPS Oct	$1.73	$0.88	$2.82	$3.45	$4.27	$4.81	$6.29	$7.92	$14.51	$8.04
WDC Jul	$1.00	$1.34	$2.20	−$2.58	−$0.84	$2.66	$4.89	−$5.37	−$2.61	$5.12
Peer median	$0.82	$0.88	$2.82	$0.85	$2.34	$3.46	$5.25	$0.64	$3.64	$4.84

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ANET and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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