Stock Analysis on Net

Arista Networks Inc. (NYSE:ANET)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel

Long-term Activity Ratios (Summary)

Arista Networks Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 57.69 46.11 37.49 71.90 61.38
Net fixed asset turnover (including operating lease, right-of-use asset) 37.21 29.52 20.50 21.16 18.98
Total asset turnover 0.59 0.65 0.51 0.49 0.58
Equity turnover 0.81 0.90 0.74 0.70 0.83

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Arista Networks Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Arista Networks Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Arista Networks Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Arista Networks Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Net Fixed Asset Turnover

Arista Networks Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 5,860,168 4,381,310 2,948,037 2,317,512 2,410,706
Property and equipment, net 101,580 95,009 78,634 32,231 39,273
Long-term Activity Ratio
Net fixed asset turnover1 57.69 46.11 37.49 71.90 61.38
Benchmarks
Net Fixed Asset Turnover, Competitors2
Apple Inc. 8.77 9.36 9.28 7.47 6.96
Cisco Systems Inc. 27.34 25.82 21.31 20.10 18.61
Super Micro Computer Inc. 24.54 18.17 12.95 14.28 16.88
Net Fixed Asset Turnover, Sector
Technology Hardware & Equipment 9.81 10.24 10.02 8.34 7.87
Net Fixed Asset Turnover, Industry
Information Technology 3.51 4.14 4.45 4.23 4.28

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 5,860,168 ÷ 101,580 = 57.69

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Arista Networks Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Arista Networks Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 5,860,168 4,381,310 2,948,037 2,317,512 2,410,706
 
Property and equipment, net 101,580 95,009 78,634 32,231 39,273
Operating lease right-of-use assets (included in Other assets) 55,890 53,390 65,182 77,288 87,770
Property and equipment, net (including operating lease, right-of-use asset) 157,470 148,399 143,816 109,519 127,043
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 37.21 29.52 20.50 21.16 18.98
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Apple Inc. 7.05 7.51 7.39 6.06 6.96
Cisco Systems Inc. 18.65 17.19 14.51 14.61 18.61
Super Micro Computer Inc. 23.02 16.78 12.07 12.96 16.88
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Technology Hardware & Equipment 7.83 8.13 7.91 6.71 7.85
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Information Technology 3.09 3.59 3.80 3.60 4.00

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 5,860,168 ÷ 157,470 = 37.21

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Arista Networks Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Arista Networks Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 5,860,168 4,381,310 2,948,037 2,317,512 2,410,706
Total assets 9,946,806 6,775,410 5,734,429 4,738,919 4,185,290
Long-term Activity Ratio
Total asset turnover1 0.59 0.65 0.51 0.49 0.58
Benchmarks
Total Asset Turnover, Competitors2
Apple Inc. 1.09 1.12 1.04 0.85 0.77
Cisco Systems Inc. 0.56 0.55 0.51 0.52 0.53
Super Micro Computer Inc. 1.94 1.62 1.59 1.74 2.08
Total Asset Turnover, Sector
Technology Hardware & Equipment 0.97 1.00 0.92 0.77 0.72
Total Asset Turnover, Industry
Information Technology 0.59 0.63 0.61 0.57 0.58

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 5,860,168 ÷ 9,946,806 = 0.59

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Arista Networks Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Equity Turnover

Arista Networks Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 5,860,168 4,381,310 2,948,037 2,317,512 2,410,706
Stockholders’ equity 7,219,059 4,885,820 3,978,600 3,320,291 2,894,686
Long-term Activity Ratio
Equity turnover1 0.81 0.90 0.74 0.70 0.83
Benchmarks
Equity Turnover, Competitors2
Apple Inc. 6.17 7.78 5.80 4.20 2.88
Cisco Systems Inc. 1.29 1.30 1.21 1.30 1.55
Super Micro Computer Inc. 3.61 3.64 3.25 3.13 3.72
Equity Turnover, Sector
Technology Hardware & Equipment 3.92 4.71 3.86 3.06 2.49
Equity Turnover, Industry
Information Technology 1.44 1.61 1.67 1.65 1.65

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Revenue ÷ Stockholders’ equity
= 5,860,168 ÷ 7,219,059 = 0.81

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Arista Networks Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.