Arista Networks (ANET) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Arista Networks stock $161, price $178, that is 9.8% below the price, quality 75 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 10% below what the stock costs today.
Quality 75/100
Healthy Growth(revenue 5y +31.2 %/yr in USD)
Highly profitable · 38.4% net margin (TTM)
Low debt
Generates free cash flow
Wide moat98/100
Last quarter vs. a year ago: revenue +38%, profit +36%.
Mixed vs. peers(8/14)
Neutral coverage
Insiders sold $656.9M (6M)
Some data
Fair value $160.94 · Overvalued (−9.8%)
Quality growth
Risks from the AI analysis
🚩Price drop: Broad AI-infrastructure valuation reset driven by concerns over sustainability and customer concentration🚩Dependence on two hyperscalers🚩Nvidia Spectrum-X and NVLink encroachment🚩Broadcom silicon dependence and component costs
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $21.48 – $216.74 · fair‑value band $98.12 – $293.50 · the $178.48 price screens above the $160.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Arista Networks, Inc. engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for AI, data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
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Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.
The company offers data center, cloud and AI networking, cognitive adjacencies, and cognitive network software and services.
It also provides post contract customer support services, such as technical support, hardware repair and replacement parts beyond standard warranty, bug fixes, patches, and upgrade services.
The company serves a range of industries comprising internet companies, cloud service providers, financial services organizations, government agencies, media and entertainment, healthcare, oil and gas, education, manufacturing, industrial, and others.
It markets and sells its products through distributors, system integrators, value-added resellers, and original equipment manufacturer partners, as well as through its direct sales force.
Arista Networks, Inc. was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. The company was incorporated in 2004 and is headquartered in Santa Clara, California.
Stock analysis
Arista Networks (ANET) currently trades at $178.48, while our model-based Fair Value estimate is $160.94, 10% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $112.89 per share, and 0 of the 24 models we run sit above the $178.48 price.
Bear case: the Economic Profit group reads lowest at $24.04, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $98.12 (bear) to $293.50 (bull), the price of $178.48 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 75/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Arista Networks reported revenue of $9.0B in FY2025 versus $2.9B in FY2021, a compound +32.2%/yr. Reported net income was $3.5B in FY2025, compounding +43.0%/yr from FY2021.
Key figures
Market cap $228B Mega · P/E ratio 47.8 · P/S ratio 21.6 · EPS (TTM) $3.73 · Net margin 38.4% · Return on equity 31.5% · Return on assets (EBIT) 20.4% · Operating margin 45.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 98 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −29% fair-value upside, at −10%, ANET screens cheaper than that median.
Fair Value models
Bear$98.12Fair Value $160.94Bull$293.50
Price $178.48 · Downside -9.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.16 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 7 officers or directors sold shares worth $656.9M and none bought.
SaleMark B TempletonDirector3× since Sep 8, 2026: 15,000 shares, avg. $189.13$2.8MNov 2, 202610b5-1 plan
SaleAndreas Bechtolsheim10% owner13× since May 22, 2026: 3,524,740 shares, avg. $177.38$625.2MOct 30, 202610b5-1 plan
SaleKenneth DudaPresident and CTO, Director12× since Nov 17, 2025: 616,665 shares, avg. $153.14$94.4MOct 20, 202610b5-1 plan
SaleJayshree UllalCEO and Chairperson, Director18× since Nov 25, 2025: 4,271,007 shares, avg. $191.98$820.0MOct 9, 202610b5-1 plan
SaleChantelle Yvette BreithauptSenior Vice President, CFO4× since Apr 14, 2026: 13,174 shares, avg. $162.85$2.1MOct 6, 202610b5-1 plan
SaleKelly Bodnar BattlesDirector4× since Nov 21, 2025: 1,688 shares, avg. $144.75$244,335Aug 21, 202610b5-1 plan
SaleCharles H GiancarloDirector9× since Dec 1, 2025: 72,000 shares, avg. $149.95$10.8MAug 3, 202610b5-1 plan
SaleYvonne WassenaarDirector4× since Feb 25, 2026: 5,576 shares, avg. $139.56$778,163May 20, 202610b5-1 plan
Plus 33 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.2%
Start year 2020 (pandemic). Over 10 years: +26.8% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+36.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.33.1% vs 38.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 43%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+28.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+38.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +25.6% a year for the price and +34.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Strong margins and software differentiation underpin a moat in cloud networking while insufficient public HR data and cyclical hardware demand limit visibility into durable advantages.
Main risk: Two unnamed end customers accounted for 42 percent of fiscal 2025 revenue, so any pause or shift in their AI data-center buildouts could immediately reduce orders and pressure revenue.
Bull case: Arista could deepen its open Ethernet position with hyperscalers and AMD partners through rack-scale Etherlink designs, turning Nvidia integration pressure into broader adoption of standards-based alternatives across more customers and workloads.
Bear case: If the two largest customers slow AI capex or shift to Nvidia's full stack while Broadcom costs rise and supply remains tight, revenue growth could stall and margins compress as Arista loses share in AI networking fabrics.
Arista posted its strongest quarterly revenue growth as a public company on surging AI and enterprise demand while raising full-year and 2027 guidance. Yet shares still sit well below their peak after a broad AI-infrastructure valuation reset driven by concerns over sustainability and customer concentration. Does the company capture more from accelerating AI fabric buildouts than it loses to margin pressure and competition?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Computer Hardware · 214 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score75 · Top 25%
Fair Value upside−9.8% · Above median
Profitability
Return on equity (12 months)31.5% · Top 25%
Return on assets18.1% · Top 25%
Net margin (12 months)38.4% · Top 25%
Operating margin (12 months)45.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)37.7% · Above median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Computer Hardware median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Arista Networks Fair Value". https://www.fairvalue-calculator.com/stock/ANET
Frequently asked questions
Is Arista Networks (ANET) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $160.94 versus a price of $178.48, about 10% lower (overvalued).
What is the fair value of ANET?
Our model-based fair value for Arista Networks is $160.94 (as of Nov 4, 2026), built from audited fundamentals. The current price: $178.48.
What is the quality score of ANET?
Arista Networks has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Arista Networks (ANET)?
Our model-based price target is the fair value of $160.94 (as of Nov 4, 2026) from 24 valuation models. Cautious scenario $98.12, optimistic scenario $293.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Arista Networks stock forecast for 2026?
Our models put fair value at $160.94, about 10% lower versus a price of $178.48 (overvalued). Cautious scenario $98.12, optimistic scenario $293.50. The calculation is refreshed regularly with new filings.
What is the revenue of Arista Networks (ANET)?
Arista Networks reported trailing-twelve-month revenue of about $10.5B (latest available figure, as of Nov 4, 2026).
What growth is priced into Arista Networks (ANET)?
For today's price to be fair in a discounted-cash-flow model, Arista Networks would have to grow free cash flow by +28.6 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +31.2 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ANET use?
Our models discount Arista Networks at 10.1 %: a base by market capitalisation (mega), damped by beta 1.64, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Arista Networks that is +28.6 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Arista Networks (ANET) delivered so far?
Over the past 5 years revenue at Arista Networks grew +31.2 % a year. The price currently implies +28.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Arista Networks (ANET) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Arista Networks (+28.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Arista Networks (ANET)?
The free-cash-flow yield on the price is 1.87 %: that much free cash flow Arista Networks produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Arista Networks (ANET)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Arista Networks it is $160.94 per share (as of Nov 4, 2026), against a price of $178.48. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Arista Networks stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ANET trades above its calculated fair value: price $178.48, fair value $160.94, a gap of about −10% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ANET?
No. The price is what the market pays today ($178.48); the fair value is what the company's own numbers justify ($160.94). For Arista Networks the two are $17.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Arista Networks worth?
The market values Arista Networks at about $228B (market capitalisation, as of Nov 4, 2026). Per share that is $178.48; our models calculate a fair value of $160.94 per share.
What do the bullish and bearish scenarios say about ANET?
Our models span a range for Arista Networks: cautious scenario $98.12, base $160.94, optimistic $293.50 per share (as of Nov 4, 2026, price $178.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ANET?
Arista Networks trades at a price-to-earnings ratio of 47.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $160.94 is built from several models across several years. Other multiples: PEG 1.2, P/B 18.4, P/S 21.6, EV/EBITDA 48.6.
What is the PEG ratio of ANET?
The PEG ratio of Arista Networks is 1.21 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Arista Networks (ANET)?
Balance-sheet figures for Arista Networks (as of Nov 4, 2026): return on equity 31.5%, debt of 0.00 per unit of equity. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is ANET from its 52-week high?
Arista Networks trades at $178.48, about 18% below its 52-week high of $216.74 and 54% above the low of $116.13 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $160.94 is for.
Which stocks are comparable to Arista Networks?
From the same area (Technology) we also value Dell Technologies Inc, Sandisk Corporation, Seagate Technology Holdings, Western Digital Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Arista Networks stock attractive at the current price?
The data as of Nov 4, 2026: price $178.48, calculated fair value $160.94 (−10%), Quality Score 75/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANET calculated?
We run Arista Networks through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $160.94, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Arista Networks itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Arista Networks (ANET)?
The closing price on Nov 4, 2026 was $178.48. Our model-based fair value is $160.94, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Arista Networks right now?
The model range is unusually wide ($98.12 to $293.50). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Arista Networks (ANET) come from?
Earnings per share at Arista Networks grew +37.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +24.4 %, EBIT margin +8.2 %, tax rate +1.1 %, residual (interest, one-offs) +1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Arista Networks
How large is the market capitalisation of Arista Networks (ANET)?
The market capitalisation of Arista Networks is $228B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Arista Networks (ANET)?
The price-to-sales ratio of Arista Networks is 21.6 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Arista Networks (ANET)?
Earnings per share at Arista Networks are $3.73 (price ÷ EPS = P/E 47.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Arista Networks (ANET)?
The net margin of Arista Networks is 38.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Arista Networks (ANET)?
The return on equity (ROE) of Arista Networks is 31.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Arista Networks (ANET)?
On an EBIT basis the return on assets of Arista Networks is 20.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Arista Networks (ANET)?
The operating margin of Arista Networks is 45.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Arista Networks (ANET)?
Revenue at Arista Networks is growing +37.7% versus a year earlier (3y avg +27.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Arista Networks (ANET)?
Earnings per share at Arista Networks are growing +35.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Arista Networks (ANET) hold?
Arista Networks holds more cash than debt, $2.0B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 4, 2026