Arista Networks, Inc. (ANET) intrinsic value & 10-year financials
Arista Networks, Inc. (ANET) has a Graham intrinsic value of $91.34 per share. At $176.98 on Oct 17, 2026, the stock trades 94% above that value. Over the last 10 fiscal years revenue grew 25.9% a year to $9.0B, with an average return on invested capital of 35.2%.
- Graham intrinsic value
- $91.34
- Share price (Oct 17, 2026)
- $176.98
- Price vs Graham value
- 94% above
- Market cap
- $225.8B
- Revenue (FY2025)
- $9.0B
- Revenue growth (10-yr CAGR)
- 25.9%
- ROIC (10-yr avg)
- 35.2%
- Free cash flow (FY2025)
- $4.3B
ANET 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.0B | $3.5B | $2.75 | $4.3B | 42.8% | 43.8% |
| FY2024 | $7.0B | $2.9B | $2.23 | $3.7B | 42.0% | 40.8% |
| FY2023 | $5.9B | $2.1B | $1.65 | $2.0B | 38.5% | 40.6% |
| FY2022 | $4.4B | $1.4B | $1.07 | $448.2M | 34.9% | 34.0% |
| FY2021 | $2.9B | $840.9M | $0.66 | $951.1M | 31.4% | 28.2% |
| FY2020 | $2.3B | $634.6M | $0.50 | $719.7M | 30.2% | 27.5% |
| FY2019 | $2.4B | $859.9M | $0.66 | $947.3M | 33.4% | 47.3% |
| FY2018 | $2.2B | $328.1M | $0.25 | $479.3M | 12.7% | 23.1% |
| FY2017 | $1.6B | $423.2M | $0.33 | $616.3M | 28.6% | 49.9% |
| FY2016 | $1.1B | $184.2M | $0.16 | $110.0M | 21.6% | 16.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Arista Networks is a consistent compounder, expanding top-line revenue at 25.9% annually over the past decade.
Arista Networks has earned high returns on invested capital, averaging 37.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Arista Networks has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Arista Networks is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $91.34 per share.