Stock Analysis on Net
Stock Analysis on Net

Arista Networks Inc. (NYSE:ANET)

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Common-Size Balance Sheet: Assets

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Arista Networks Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents
Marketable securities
Accounts receivable, net
Inventories
Deferred cost of goods sold
Other prepaid expenses and deposits
Prepaid expenses and other current assets
Current assets
Property and equipment, net
Goodwill
Deferred tax assets
Other assets
Long-term assets
Total assets

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of assets at the company exhibits several notable shifts between 2021 and 2025. A significant restructuring of the asset base is apparent, particularly concerning liquid assets and their allocation. Current assets consistently represent the vast majority of the total asset base, fluctuating between 81.92% and 84.81% over the period.

Cash and Cash Equivalents
The proportion of cash and cash equivalents increased substantially from 10.83% in 2021 to a peak of 19.67% in 2024, before decreasing to 10.10% in 2025. This suggests periods of strong cash generation followed by potential deployment of cash into other assets or operations.
Marketable Securities
Marketable securities experienced a decline from 48.61% of total assets in 2021 to 30.86% in 2023. However, this was followed by an increase to 45.14% in 2025, indicating a strategic shift in managing liquid assets, potentially capitalizing on market conditions or adjusting investment portfolios. The increase in marketable securities in the later years coincides with the decrease in cash and cash equivalents.
Inventory and Accounts Receivable
Accounts receivable as a percentage of total assets increased from 9.01% in 2021 to 13.62% in 2022, then decreased to 8.12% in 2024, and rose again to 9.70% in 2025. Inventories followed a similar pattern, rising from 11.34% in 2021 to 19.56% in 2023, before decreasing to 11.55% in 2025. These fluctuations may reflect changes in sales volume, credit policies, or supply chain management.
Deferred Cost of Goods Sold
Deferred cost of goods sold was not present in the earlier years but began to appear in 2024 at 2.07% of total assets, increasing to 6.15% in 2025. This suggests a change in accounting practices or a shift in the timing of cost recognition related to goods sold.
Long-Term Assets
Long-term assets, encompassing property and equipment, goodwill, deferred tax assets, and other assets, represented approximately 16-18% of total assets throughout the period. Property and equipment, net, consistently decreased as a percentage of total assets, from 1.37% in 2021 to 0.70% in 2024, before a slight increase to 1.04% in 2025. Goodwill also decreased, from 3.29% to 1.91% over the same period. Deferred tax assets increased from 7.71% to 10.26% in 2024, then decreased slightly to 9.12% in 2025.

Overall, the asset allocation demonstrates a dynamic approach to financial management. The company appears to be actively managing its liquid assets, shifting between cash, marketable securities, and working capital components. The changes in long-term asset composition suggest potential strategic decisions regarding capital investments and intangible assets.