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Form 13F-HR institutional holdings disclosure · Filed 2026-10-17

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ANET

Arista Networks, Inc.

$187.00

+$9.76 (5.51%)Oct 27 close

Information TechnologyS&P 500 Compare Technicals

Model valuationRoughly fairly valuedDCF base $205

1M 3M 6M 1Y 2Y

ANETSPY

Wall St. Highest PT $290.00 (+55.1%) Wall St. Avg PT $243.59 (+30.3%)

Underwater Drawdown %Max DD -28.3%Current -13.7%

Relative Strength vs SPY+5.7% vs SPYOutperforming

+$5.81 (3.21%)

−$19.55 (9.47%)

+$17.29 (10.19%)

+$21.71 (13.13%)

YTD

+$55.97 (42.72%)

+$30.19 (19.25%)

Chart

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Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar

Wall Street analyst consensus

Strong Buy

32 analysts · mean score 1.28

1 = Strong Buy · 5 = Sell

Strong Buy2475%

Buy722%

Hold13%

Underperform00%

Sell00%

Wall Street consensus · as of Oct 21, 2026

Analyst price targets

Current price$187.00

Average target$243.59

+$56.59 (+30.3%) upsideaverage target vs current price

CurrentAverageMedian

Low$190.00

Median$248.00

High$290.00

12-month Wall Street target range · as of Oct 21, 2026

Third-party ratings, not SURVYR.'s views.

Health check

Financial health

Safe zone

Altman Z-score 17.1

Above 2.99 is the safe zone, below 1.81 the distress zone.

Quality

Average

Piotroski F-score 5 of 9

See the tests

✓Positive net income
✓Positive operating cash flow
✗Return on assets improved
✓Cash flow above net income
✓Long-term debt / assets fell
✗Current ratio improved
✓No share dilution
✗Gross margin improved
✗Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Jun 30, 2026). Descriptive, not a forecast.

Key stats & company

Market value$217.4B

P/E (last 12 months)58.6

P/E (next 12 months, estimated)33.0

52-week range$114.52 – $217.41

Revenue growth (latest quarter vs a year ago)+37.7%

Dividend yieldNo dividend

Analyst consensusStrong Buy (29)

Average analyst price target$243.59 (+30%)

What they do

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. 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.

Technology · Computer Hardware

Valuation and fundamentals

Valuation & fundamentals

Bottom line

Roughly fairly valued

Model read-out from the numbers below, not advice. Score +0 (DCF counts double).

•DCF (base case)above the price by 10%

▼Forward P/E vs sector33.0x vs median 17.3x

•Piotroski F-score5/9

▲Altman Z17.1 (safe)

▲Net debt / EBITDA-2.9x

▲Analyst target+30% (29 analysts)

Discounted cash flow

Bear

$104

-45%

growth 18% · disc. 13.3% · term. 2.0%

Base

$205

+10%

growth 30% · disc. 12.3% · term. 2.5%

Bull

$346

+85%

growth 38% · disc. 11.3% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 21% a year for 10 years.

Implied

+21%/yr

FCF, last 3 yrs

+107%/yr

FCF, last 5 yrs

+43%/yr

Revenue, last 3 yrs

+27%/yr

Revenue, last 5 yrs

+31%/yr

Same inputs as the DCF above: trailing free cash flow 5.3B, 12.3% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.60 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.4× · 75th pct

58.6×
pricier

Forward P/E

sector median 17.3× · 89th pct

33.0×
pricier

EV / EBITDA

sector median 20.3× · 80th pct

44.0×
pricier

Price / sales

sector median 4.8× · 93rd pct

20.6×
pricier

Price / book

sector median 5.2× · 86th pct

14.7×
pricier

FCF yield

sector median 3.6% · 38th pct

2.4%
pricier

Forward EPS $5.22 vs trailing $2.94 (+78% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$1.3B

as of 2022-12-31

vs a year ago

+7%

YoY

× TTM revenue

0.12×

coverage

21-03

21-06

21-09

21-12

22-03

22-06

22-09

22-12

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

63.0%

Operating margin

43.1%

FCF margin

50.2%

Net margin

38.4%

Return on equity

27.3%

Return on invested capital

253.4%

Net debt / EBITDA

-2.9×

Current ratio

3.0×

Interest cover

6,878.8×

Cash conversion (OCF/NI)

1.3×

Piotroski F-score 5/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 17.1 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$244

+30%

Analysts

Strong Buy

Range

$190–$290

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$9.0B	$3.5B	$4.4B
2024	$7.0B	$2.9B	$3.7B
2023	$5.9B	$2.1B	$2.0B
2022	$4.4B	$1.4B	$492.8M
2021	$2.9B	$840.9M	$1.0B
2020	$2.3B	$634.6M	$735.1M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +27.1%.

For information only · Important disclosures

Grades vs sector

Momentum

52nd percentile in sector

C+

12-1 return: +29.1%
Percentile within its GICS sector across the S&P 1500.

Growth

84th percentile in sector

A-

Revenue growth (YoY): +37.7%
Percentile within its GICS sector across the S&P 1500.

Value

14th percentile in sector

D-

Forward E/P: 3.0% · EBITDA/EV: 2.2%
Percentile within its GICS sector across the S&P 1500.

Profitability

86th percentile in sector

A-

Profit margin: +38.4% · Return on equity: +31.5%
Percentile within its GICS sector across the S&P 1500.

Revisions

Not enough data yet

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Held by 3 of 7 live models: SURVYR. Barbell Momentum & T-Bill Shield, SURVYR. Physical AI Grid & Power, SURVYR. Long Book.

SURVYR. Barbell Momentum & T-Bill Shield

5.0% of the book · Mid-Cap RS & EPS Leaders (75%) sleeve · ranked 5 of 160

Held SURVYR. Physical AI Grid & Power

7.0% of the book · Fiber, EPC & Optical Interconnect (25%) sleeve · ranked 9 of 160

Held SURVYR. Long Book

4.5% of the book · Core sleeve

Held Quality Growth

ranked 25 of 360 · Composite (0-1) 0.8

Momentum Top 15

ranked 119 of 499 · 12-month momentum 34.3%

Momentum Blend

Not in the current book

New Highs Growth

ranked 46 of 589 · 12-month momentum 36.5%

Why it's in the SURVYR. Barbell Momentum & T-Bill Shield #5 of 160

Qualified on +44% 6M RS, 42% operating margin, zero debt balance sheet. Ranked 5th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 16 at the next rebalance (Oct 30).

Why it's in the SURVYR. Physical AI Grid & Power #9 of 160

Qualified on 7.0% weight, ultra-low-latency AI Ethernet cluster fabric leader. Ranked 9th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

Why it's in the SURVYR. Long Book

Picked for this research portfolio at the Oct 21, 2026 close (Core group, AI).

What would knock it out: Weights are fixed and there is no rebalance rule. Any change would be dated and shown here.

Earnings & events

ANET earningsNext report in 6 days

Next report · quarter Sep 2026

Tue Nov 3, 2026After the close

EPS consensus$1.08

Revenue consensus–

Last 4 quarters · EPS vs estimate

Aug 4, 2026$1.02est $0.89+15.2%Above estimates

May 5, 2026$0.87est $0.81+7.7%Above estimates

Feb 12, 2026$0.82est $0.76+8.2%Above estimates

Nov 4, 2025$0.75est $0.71+5.0%Above estimates

In line = within 1% of the estimate.

EstimateActual (beat)Actual (miss)

News & catalysts

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