Arista Networks Inc., current enterprise value calculation

Current share price (P)	$254.77
No. shares of common stock outstanding	312,633,612
US$ in thousands
Common equity (market value)¹	79,649,665)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (per books)	—)
Total equity	79,649,665)
Add: Total debt (book value)	—)
Total equity and debt	79,649,665)
Less: Cash and cash equivalents	1,938,606)
Less: Marketable securities	3,069,362)
Enterprise value (EV)	74,641,697)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 254.77 × 312,633,612

Arista Networks Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$265.51	$141.46	$129.94	$77.74	$55.87
No. shares of common stock outstanding¹	312,633,612	306,395,384	307,766,578	305,326,292	305,916,908
US$ in thousands
Common equity (market value)³	83,007,350)	43,342,691)	39,991,189)	23,736,066)	17,091,578)
Add: Preferred stock, $0.0001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	83,007,350)	43,342,691)	39,991,189)	23,736,066)	17,091,578)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	83,007,350)	43,342,691)	39,991,189)	23,736,066)	17,091,578)
Less: Cash and cash equivalents	1,938,606)	671,707)	620,813)	893,219)	1,111,286)
Less: Marketable securities	3,069,362)	2,352,022)	2,787,502)	1,979,649)	1,613,082)
Enterprise value (EV)	77,999,382)	40,318,962)	36,582,874)	20,863,198)	14,367,210)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 265.51 × 312,633,612

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Arista Networks Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Arista Networks Inc. (NYSE:ANET)

Enterprise Value (EV)