Current EV
Historical EV

Arista Networks Inc., current enterprise value calculation

Current share price (P)	$132.58
No. shares of common stock outstanding	1,259,285,070
US$ in thousands
Common equity (market value)¹	166,956,015)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (per books)	—)
Total equity	166,956,015)
Add: Total debt (book value)	—)
Total equity and debt	166,956,015)
Less: Cash and cash equivalents	2,762,357)
Less: Marketable securities	5,541,116)
Enterprise value (EV)	158,652,542)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 132.58 × 1,259,285,070

Arista Networks Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$103.92	$66.38	$35.37	$32.49	$19.44
No. shares of common stock outstanding¹	1,261,122,596	1,250,534,448	1,225,581,536	1,231,066,312	1,221,305,168
US$ in thousands
Common equity (market value)³	131,055,860)	83,010,477)	43,348,819)	39,997,344)	23,742,172)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	131,055,860)	83,010,477)	43,348,819)	39,997,344)	23,742,172)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	131,055,860)	83,010,477)	43,348,819)	39,997,344)	23,742,172)
Less: Cash and cash equivalents	2,762,357)	1,938,606)	671,707)	620,813)	893,219)
Less: Marketable securities	5,541,116)	3,069,362)	2,352,022)	2,787,502)	1,979,649)
Enterprise value (EV)	122,752,387)	78,002,509)	40,325,090)	36,589,029)	20,869,304)

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 103.92 × 1,261,122,596

Equity and Market Value Trends: The common equity market value has exhibited a consistent and substantial increase over the five-year period. Starting from approximately 23.7 billion US dollars at the end of 2020, it rose to nearly 40.0 billion by the end of 2021, then to around 43.3 billion in 2022. The growth accelerated in the subsequent years, reaching approximately 83.0 billion in 2023 and 131.1 billion by the end of 2024. This represents more than a fivefold increase over the entire period.
Total Equity and Debt: Total equity, which in this case is equal to common equity, followed an identical growth pattern, indicating that there is likely negligible or no debt contribution in the capital structure. Both total equity and total equity plus debt values are identical, confirming this observation.
Enterprise Value (EV) Dynamics: The enterprise value also showed a significant upward trend, moving from about 20.9 billion US dollars at the end of 2020 to roughly 36.6 billion in 2021. Subsequent increases brought EV to approximately 40.3 billion in 2022, then a sharp rise to about 78.0 billion in 2023, and finally to around 122.8 billion at the end of 2024. The proportional growth of EV closely mirrors that of the equity market value, though enterprise value remains slightly lower in total amount throughout the period.
Overall Insights: These trends suggest robust growth in market capitalization and a strong equity base with minimal or no debt financing over the five years analyzed. The enterprise value’s growth trajectory indicates increased investor valuation, which may reflect positive market perception, expansion, or improved financial performance. The lack of divergence between total equity and total debt implies a conservative financial structure that relies heavily on equity financing.

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Arista Networks Inc. (NYSE:ANET)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)