Arista Networks Inc., current enterprise value calculation

Current share price (P)	$135.88
No. shares of common stock outstanding	1,256,537,906
US$ in thousands
Common equity (market value)¹	170,738,371)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (per books)	—)
Total equity	170,738,371)
Add: Total debt (book value)	—)
Total equity and debt	170,738,371)
Less: Cash and cash equivalents	1,963,900)
Less: Marketable securities	8,779,100)
Enterprise value (EV)	159,995,371)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 135.88 × 1,256,537,906

Arista Networks Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$142.58	$103.92	$66.38	$35.37	$32.49
No. shares of common stock outstanding¹	1,256,537,906	1,261,122,596	1,250,534,448	1,225,581,536	1,231,066,312
US$ in thousands
Common equity (market value)³	179,157,175)	131,055,860)	83,010,477)	43,348,819)	39,997,344)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	179,157,175)	131,055,860)	83,010,477)	43,348,819)	39,997,344)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	179,157,175)	131,055,860)	83,010,477)	43,348,819)	39,997,344)
Less: Cash and cash equivalents	1,963,900)	2,762,357)	1,938,606)	671,707)	620,813)
Less: Marketable securities	8,779,100)	5,541,116)	3,069,362)	2,352,022)	2,787,502)
Enterprise value (EV)	168,414,175)	122,752,387)	78,002,509)	40,325,090)	36,589,029)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Arista Networks Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 142.58 × 1,256,537,906

The information presents a consistent pattern across the observed period. Enterprise value, common equity (market value), total equity, and total equity and debt all exhibit a clear upward trend from 2021 through 2025. However, a notable observation is the close alignment between the values for common equity, total equity, and total equity and debt, suggesting minimal debt financing throughout the period.

Enterprise Value Trend: Enterprise value increased substantially over the five-year period, rising from US$36.59 million in 2021 to US$168.41 million in 2025. The growth appears to be accelerating, with larger absolute increases observed in the later years of the period. The increase from 2023 to 2024 was particularly significant, jumping from US$78.00 million to US$122.75 million.
Equity and Debt Relationship: The equality between total equity and total equity and debt across all reported years indicates that the company has not utilized debt financing. This suggests a reliance on equity to fund operations and growth. The consistent value implies no new debt was issued, and no existing debt was repaid or written off during the period.
Common Equity and Enterprise Value: Common equity (market value) closely mirrors the trend of enterprise value. The difference between enterprise value and common equity remains relatively small throughout the period, further reinforcing the observation of limited debt. This suggests that the market capitalization is a primary driver of the overall enterprise value.

In summary, the observed financial metrics demonstrate strong growth in enterprise value, driven primarily by increases in common equity, and a consistent financial strategy of relying solely on equity financing. The accelerating growth in enterprise value in recent years warrants further investigation to understand the underlying factors contributing to this trend.

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Arista Networks Inc. (NYSE:ANET)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)