Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Arista Networks Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio Trends
- The P/E ratio data commences from March 31, 2021 onward, exhibiting significant fluctuations across the quarters. Initially, the ratio hovers around the high 30s to upper 40s range, peaking at 48.16 in December 2021. Subsequently, a downward trend is visible until March 2023, where it declines to a low of 27.44. Following this trough, the ratio climbs steadily, reaching a new peak of 53.64 by June 2025. These variations suggest changes in market expectations relative to earnings, with periods of valuation expansion and contraction evident over the nearly four-year span.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio shows a pattern very similar to that of the P/E ratio. Starting at 33.93 in March 2021, it rises to a peak of 44.26 by December 2021 before decreasing steadily to 24.01 by March 2023. Thereafter, it ascends again with some volatility to a high of 50.86 by June 2025. This trajectory mirrors the profitability valuation shifts reflected in the P/E ratio but focuses specifically on operating profit, indicating fluctuations in how the market values operating income over time.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio begins at 10.24 in March 2021 and follows an upward trend with some variability. After increasing gradually to about 13.63 in December 2021, it dips slightly before entering a strong upward phase reaching 19.07 by June 2024. A subsequent slight decline to 14.6 occurs by June 2025, followed by a notable increase to 21.94 in the final reported quarter. The overall trend indicates an increasing market valuation relative to sales, with an acceleration in the later periods signaling growing investor optimism or revenue growth expectations.
- Price to Book Value (P/BV) Ratio Trends
- Starting from 5.53 in March 2020, the P/BV ratio exhibits consistent growth through the periods, moving from 5.89 to over 7 by early 2021 and reaching double digits starting in mid-2021. The ratio peaks at 13.64 by March 2024, after which it exhibits some volatility, declining to 10.73 before sharply rising to 16 by June 2025. The sustained increase over the years suggests a rising market valuation relative to the company’s book value, reflecting growing investor confidence or appreciation of intangible assets and growth prospects.
- Overall Observations
- Across all four valuation multiples, a general pattern of growth is observed initially, culminating in peaks around late 2021. This is followed by declines into early 2023, implying a period of market reassessment or correction. Subsequently, each ratio moves upward again, often surpassing previous highs, particularly in the periods approaching mid-2025, which may reflect improved financial performance, strong growth outlooks, or favorable market conditions. The P/BV ratio's particular trajectory suggests persistent investor confidence in the company's intrinsic value, while the P/E and P/OP ratios capture fluctuations in profitability expectations. The P/S ratio’s strong increase in later periods highlights elevated market valuation relative to sales, potentially driven by robust revenue growth or strategic market positioning.
Price to Earnings (P/E)
Arista Networks Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,256,865,381 | 1,255,921,431 | 1,261,122,596 | 1,259,759,532 | 1,256,611,500 | 1,253,452,388 | 1,250,534,448 | 1,244,400,568 | 1,238,322,520 | 1,233,131,196 | 1,225,581,536 | 1,222,290,464 | 1,217,121,832 | 1,233,054,152 | 1,231,066,312 | 1,229,134,320 | 1,227,466,128 | 1,221,149,040 | 1,221,305,168 | 1,210,583,424 | 1,216,409,600 | 1,211,272,256 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in thousands) | 888,800) | 813,800) | 800,996) | 747,938) | 665,428) | 637,692) | 613,636) | 545,327) | 491,885) | 436,473) | 427,089) | 353,999) | 299,099) | 272,259) | 239,295) | 224,305) | 196,888) | 180,366) | 182,958) | 168,375) | 144,793) | 138,431) | |||||||
| Earnings per share (EPS)2 | 2.59 | 2.41 | 2.26 | 2.12 | 1.96 | 1.83 | 1.67 | 1.53 | 1.38 | 1.23 | 1.10 | 0.95 | 0.85 | 0.76 | 0.68 | 0.64 | 0.59 | 0.55 | 0.52 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 138.78 | 86.45 | 103.92 | 100.11 | 86.64 | 72.92 | 66.38 | 50.09 | 46.40 | 33.75 | 35.37 | 31.93 | 29.29 | 28.51 | 32.49 | 30.74 | 23.70 | 20.46 | 19.44 | 15.59 | 14.70 | 13.00 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 53.64 | 35.85 | 45.95 | 47.33 | 44.22 | 39.94 | 39.77 | 32.79 | 33.61 | 27.44 | 32.05 | 33.51 | 34.45 | 37.69 | 47.57 | 48.16 | 39.93 | 36.93 | 37.42 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Apple Inc. | 31.52 | 36.87 | 35.95 | 32.79 | 28.01 | 28.44 | 28.33 | 30.03 | 28.94 | 25.69 | 24.82 | 26.21 | 25.03 | 27.64 | 25.96 | 27.61 | 29.19 | 36.00 | 32.24 | 31.11 | 21.90 | 24.67 | |||||||
| Cisco Systems Inc. | 27.97 | 24.17 | 19.00 | 15.61 | 14.54 | 14.30 | 18.26 | 17.20 | 18.01 | 17.28 | 15.78 | 15.18 | 19.78 | 20.46 | 23.34 | 21.99 | 19.39 | 16.91 | 15.46 | 17.64 | 17.87 | 17.54 | |||||||
| Dell Technologies Inc. | 18.86 | 26.02 | 25.12 | 18.34 | 26.87 | 17.90 | 11.94 | 16.85 | 5.08 | 6.44 | 7.31 | 6.58 | 19.68 | 19.66 | 20.88 | 21.71 | 23.01 | 8.57 | 6.21 | — | — | — | |||||||
| Super Micro Computer Inc. | 18.71 | 19.03 | 23.45 | 46.35 | 44.27 | 22.19 | 21.10 | 12.26 | 7.82 | 9.13 | 12.72 | 14.48 | 15.76 | 21.50 | 16.15 | 19.94 | 18.28 | 17.15 | 17.04 | 14.90 | 16.76 | 15.68 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= (888,800,000 + 813,800,000 + 800,996,000 + 747,938,000)
÷ 1,256,865,381 = 2.59
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 138.78 ÷ 2.59 = 53.64
5 Click competitor name to see calculations.
The financial data reveals a consistent upward trend in the share price from March 31, 2020, through June 30, 2025. Starting at $13 in early 2020, the share price exhibits gradual growth with some fluctuations, reaching a peak value of $138.78 by mid-2025. Notably, there is a significant acceleration in price appreciation post-2022, indicating increasing market confidence or improved company prospects during this period.
Earnings per share (EPS) data, available from March 31, 2020 onwards, also show steady growth throughout the reported periods. Beginning at $0.52, the EPS increases consistently each quarter, reaching $2.59 by June 30, 2025. This steady rise in EPS suggests improving profitability on a per-share basis, reflective of either revenue growth, margin expansion, or both.
The price-to-earnings (P/E) ratio demonstrates more variability, initially calculated at 37.42 in early 2020. It fluctuates over time with notable peaks, reaching values above 45 during several quarters within 2021, 2024, and early 2025. These elevated P/E levels may indicate periods of investor optimism where share prices grew faster than earnings or expectations of future growth. Conversely, lower P/E ratios in some quarters, for example around 27.44 in early 2022, suggest comparatively more conservative valuations relative to earnings.
In summary, the data reflects a firm experiencing consistent growth in earnings supported by a generally positive stock price trajectory. The rising EPS corroborates improved financial performance, while the fluctuating but often high P/E ratios suggest market participants expect continued growth or hold optimistic views regarding the company’s future prospects. The acceleration in share price appreciation in later periods further reinforces a heightened market valuation and potentially increased investor interest.
- Share Price
- Consistent increase from $13 to $138.78 over 5 years, with faster growth from 2022 onward.
- Earnings per Share (EPS)
- Steady quarterly growth from $0.52 to $2.59, indicating rising profitability.
- Price to Earnings (P/E) Ratio
- Variable, mostly high and occasionally rising above 45, reflecting optimism and growth expectations amid earnings growth.
Price to Operating Profit (P/OP)
Arista Networks Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,256,865,381 | 1,255,921,431 | 1,261,122,596 | 1,259,759,532 | 1,256,611,500 | 1,253,452,388 | 1,250,534,448 | 1,244,400,568 | 1,238,322,520 | 1,233,131,196 | 1,225,581,536 | 1,222,290,464 | 1,217,121,832 | 1,233,054,152 | 1,231,066,312 | 1,229,134,320 | 1,227,466,128 | 1,221,149,040 | 1,221,305,168 | 1,210,583,424 | 1,216,409,600 | 1,211,272,256 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income from operations (in thousands) | 986,200) | 858,800) | 799,652) | 785,250) | 699,573) | 660,141) | 639,914) | 602,695) | 530,062) | 484,578) | 468,919) | 417,347) | 362,853) | 277,987) | 265,788) | 233,294) | 219,365) | 206,292) | 194,638) | 188,395) | 166,989) | 149,662) | |||||||
| Operating profit per share2 | 2.73 | 2.50 | 2.33 | 2.21 | 2.07 | 1.94 | 1.81 | 1.68 | 1.54 | 1.41 | 1.25 | 1.08 | 0.94 | 0.81 | 0.75 | 0.69 | 0.66 | 0.62 | 0.57 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 138.78 | 86.45 | 103.92 | 100.11 | 86.64 | 72.92 | 66.38 | 50.09 | 46.40 | 33.75 | 35.37 | 31.93 | 29.29 | 28.51 | 32.49 | 30.74 | 23.70 | 20.46 | 19.44 | 15.59 | 14.70 | 13.00 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 50.86 | 34.54 | 44.51 | 45.29 | 41.84 | 37.57 | 36.78 | 29.88 | 30.23 | 24.01 | 28.39 | 29.48 | 31.27 | 35.28 | 43.25 | 44.26 | 35.97 | 33.03 | 33.93 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Apple Inc. | 24.08 | 28.21 | 27.35 | 27.72 | 23.78 | 24.19 | 24.04 | 25.35 | 24.31 | 21.45 | 20.74 | 22.07 | 21.37 | 23.78 | 22.56 | 23.98 | 25.06 | 31.00 | 27.92 | 27.07 | 19.10 | 21.45 | |||||||
| Cisco Systems Inc. | 25.00 | 22.12 | 16.10 | 13.69 | 12.56 | 12.32 | 15.32 | 13.88 | 14.67 | 14.12 | 13.35 | 12.91 | 16.75 | 17.02 | 19.26 | 17.97 | 15.77 | 14.03 | 12.73 | 13.53 | 13.95 | 13.79 | |||||||
| Dell Technologies Inc. | 14.30 | 18.45 | 15.48 | 9.96 | 9.87 | 6.61 | 5.05 | 4.98 | 5.04 | 7.09 | 8.73 | 8.55 | 14.00 | 14.47 | 13.19 | 14.32 | 14.24 | 13.80 | 10.93 | — | — | — | |||||||
| Super Micro Computer Inc. | 17.50 | 17.47 | 22.32 | 42.32 | 37.27 | 19.05 | 17.74 | 10.29 | 6.55 | 7.70 | 10.82 | 12.71 | 14.45 | 19.41 | 14.57 | 19.28 | 17.44 | 17.42 | 16.77 | 12.55 | 13.65 | 12.18 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024)
÷ No. shares of common stock outstanding
= (986,200,000 + 858,800,000 + 799,652,000 + 785,250,000)
÷ 1,256,865,381 = 2.73
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 138.78 ÷ 2.73 = 50.86
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits an overall upward trajectory from March 31, 2020, through June 30, 2025. Starting at $13, it increases steadily, with periodic accelerations notably after March 31, 2023, where the price rises sharply from approximately $33.75 to a peak of $138.78 by June 30, 2025. Despite some fluctuations, including a notable dip around March 31, 2025 to $86.45, the long-term growth is significant. This trend suggests increasingly positive market sentiment and investor confidence over time.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share (OPPS) data begins from March 31, 2020, showing a consistent upward trend from $0.57 to $2.73 by June 30, 2025. The progression indicates steady improvement in operational profitability on a per-share basis throughout the periods analyzed. The growth in OPPS aligns with the rising share price, reflecting improved earnings performance and potentially enhanced operational efficiency or revenue growth.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio, which measures the valuation of the company relative to its operating profit per share, displays considerable fluctuation over the observed periods. Initially, the ratio ranges between approximately 24.01 and 45.29, indicating varying market valuations relative to operational profitability. Notably, from March 31, 2023, the ratio spikes sharply to 50.86 by June 30, 2025, coinciding with the substantial rise in share price. This suggests that the market may be attributing higher growth expectations or a premium to the company’s future profitability despite the steady, but more moderate, increase in actual operating profit per share.
- Interrelationship and Insights
- The simultaneous increase in share price and operating profit per share reflects fundamentally improving business performance. However, the more volatile and upward-trending P/OP ratio during the latter periods indicates a growing divergence between market valuation and underlying operating profit growth. This divergence could be interpreted as the market pricing in expected future growth, innovation, or competitive advantage beyond current profit levels. It also implies that investors are willing to pay a premium relative to current earnings, which may warrant close monitoring for valuation risks.
Price to Sales (P/S)
Arista Networks Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,256,865,381 | 1,255,921,431 | 1,261,122,596 | 1,259,759,532 | 1,256,611,500 | 1,253,452,388 | 1,250,534,448 | 1,244,400,568 | 1,238,322,520 | 1,233,131,196 | 1,225,581,536 | 1,222,290,464 | 1,217,121,832 | 1,233,054,152 | 1,231,066,312 | 1,229,134,320 | 1,227,466,128 | 1,221,149,040 | 1,221,305,168 | 1,210,583,424 | 1,216,409,600 | 1,211,272,256 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenue (in thousands) | 2,204,800) | 2,004,800) | 1,930,436) | 1,810,936) | 1,690,400) | 1,571,374) | 1,540,437) | 1,509,456) | 1,458,924) | 1,351,351) | 1,275,552) | 1,176,801) | 1,051,891) | 877,066) | 824,459) | 748,697) | 707,319) | 667,562) | 648,482) | 605,431) | 540,570) | 523,029) | |||||||
| Sales per share2 | 6.33 | 5.92 | 5.55 | 5.25 | 5.02 | 4.85 | 4.69 | 4.50 | 4.25 | 3.94 | 3.57 | 3.22 | 2.88 | 2.56 | 2.39 | 2.26 | 2.14 | 2.02 | 1.90 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 138.78 | 86.45 | 103.92 | 100.11 | 86.64 | 72.92 | 66.38 | 50.09 | 46.40 | 33.75 | 35.37 | 31.93 | 29.29 | 28.51 | 32.49 | 30.74 | 23.70 | 20.46 | 19.44 | 15.59 | 14.70 | 13.00 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 21.94 | 14.60 | 18.71 | 19.07 | 17.25 | 15.03 | 14.17 | 11.14 | 10.92 | 8.57 | 9.89 | 9.93 | 10.18 | 11.13 | 13.57 | 13.63 | 11.07 | 10.15 | 10.24 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Apple Inc. | 7.66 | 8.96 | 8.62 | 8.67 | 7.37 | 7.44 | 7.17 | 7.41 | 7.09 | 6.31 | 6.28 | 6.74 | 6.61 | 7.35 | 6.72 | 6.90 | 6.85 | 7.82 | 6.74 | 6.64 | 4.68 | 5.30 | |||||||
| Cisco Systems Inc. | 4.74 | 4.29 | 3.64 | 3.42 | 3.42 | 3.35 | 4.04 | 3.59 | 3.83 | 3.80 | 3.62 | 3.53 | 4.54 | 4.59 | 4.96 | 4.60 | 4.09 | 3.68 | 3.52 | 3.76 | 3.83 | 3.71 | |||||||
| Dell Technologies Inc. | 0.82 | 1.04 | 0.91 | 0.54 | 0.55 | 0.36 | 0.28 | 0.29 | 0.26 | 0.35 | 0.40 | 0.45 | 0.77 | 0.83 | 0.72 | 0.57 | 0.53 | 0.42 | 0.31 | — | — | — | |||||||
| Super Micro Computer Inc. | 1.30 | 1.44 | 1.80 | 4.11 | 3.50 | 1.84 | 1.90 | 1.10 | 0.68 | 0.67 | 0.70 | 0.57 | 0.47 | 0.62 | 0.51 | 0.54 | 0.50 | 0.44 | 0.43 | 0.40 | 0.43 | 0.37 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ No. shares of common stock outstanding
= (2,204,800,000 + 2,004,800,000 + 1,930,436,000 + 1,810,936,000)
÷ 1,256,865,381 = 6.33
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 138.78 ÷ 6.33 = 21.94
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns concerning the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price has shown a general upward trajectory from March 2020 through June 2025. Starting at $13 in March 2020, it experienced gradual growth with some fluctuations, reaching a peak of $138.78 by June 2025. Noteworthy increments occurred particularly from mid-2023 onwards, where the share price surged significantly from $33.75 in March 2023 to $138.78 by mid-2025, indicating strong market confidence or improved company performance.
- Sales Per Share
- Sales per share data, available from March 2021 onwards, depict a steady and consistent increase each quarter. Beginning at $1.90 in March 2021, sales per share rose quarter-over-quarter without any decline, reaching $6.33 by June 2025. This consistent growth suggests ongoing improvements in the company’s revenue generation capability on a per-share basis.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displays a more variable pattern compared to share price and sales per share. Initially high at around 10.24 in March 2021, it fluctuated within a range of approximately 8.57 to 21.94, showing periodic peaks and troughs. The P/S ratio spiked notably in December 2023 and onwards, reaching 21.94 by June 2025. These fluctuations suggest shifting investor valuation multiples relative to sales, possibly due to expectations about future growth, profitability, or market conditions.
In summary, the company’s share price and sales per share both exhibit consistent growth trends, indicating increasing market value and improving operational performance per share. The more volatile P/S ratio reflects changing investor sentiment and valuation metrics over time, culminating in a marked premium by mid-2025. The overall financial indicators point towards a positive growth outlook supported by rising sales and strong investor interest.
Price to Book Value (P/BV)
Arista Networks Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,256,865,381 | 1,255,921,431 | 1,261,122,596 | 1,259,759,532 | 1,256,611,500 | 1,253,452,388 | 1,250,534,448 | 1,244,400,568 | 1,238,322,520 | 1,233,131,196 | 1,225,581,536 | 1,222,290,464 | 1,217,121,832 | 1,233,054,152 | 1,231,066,312 | 1,229,134,320 | 1,227,466,128 | 1,221,149,040 | 1,221,305,168 | 1,210,583,424 | 1,216,409,600 | 1,211,272,256 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 10,901,600) | 10,119,100) | 9,994,807) | 9,245,889) | 8,430,808) | 7,862,315) | 7,219,059) | 6,505,555) | 5,857,582) | 5,329,174) | 4,885,820) | 4,385,218) | 4,005,792) | 4,153,177) | 3,978,600) | 3,865,260) | 3,697,841) | 3,451,338) | 3,320,291) | 3,083,877) | 3,036,483) | 2,848,826) | |||||||
| Book value per share (BVPS)2 | 8.67 | 8.06 | 7.93 | 7.34 | 6.71 | 6.27 | 5.77 | 5.23 | 4.73 | 4.32 | 3.99 | 3.59 | 3.29 | 3.37 | 3.23 | 3.14 | 3.01 | 2.83 | 2.72 | 2.55 | 2.50 | 2.35 | |||||||
| Share price1, 3 | 138.78 | 86.45 | 103.92 | 100.11 | 86.64 | 72.92 | 66.38 | 50.09 | 46.40 | 33.75 | 35.37 | 31.93 | 29.29 | 28.51 | 32.49 | 30.74 | 23.70 | 20.46 | 19.44 | 15.59 | 14.70 | 13.00 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 16.00 | 10.73 | 13.11 | 13.64 | 12.91 | 11.63 | 11.50 | 9.58 | 9.81 | 7.81 | 8.87 | 8.90 | 8.90 | 8.46 | 10.05 | 9.78 | 7.87 | 7.24 | 7.15 | 6.12 | 5.89 | 5.53 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Apple Inc. | 45.92 | 53.11 | 59.17 | 50.11 | 37.90 | 38.73 | 44.21 | 47.21 | 43.92 | 43.09 | 48.89 | 44.95 | 37.86 | 38.64 | 38.96 | 37.28 | 32.20 | 34.75 | 28.33 | 25.14 | 15.98 | 15.85 | |||||||
| Cisco Systems Inc. | 5.64 | 5.01 | 4.31 | 4.13 | 4.23 | 4.30 | 5.19 | 4.66 | 4.91 | 4.94 | 4.69 | 4.51 | 5.92 | 5.46 | 5.99 | 5.59 | 5.02 | 4.64 | 4.57 | 5.33 | 5.56 | 5.60 | |||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | 4.99 | 15.40 | 22.52 | 27.38 | 59.76 | — | — | — | — | — | — | |||||||
| Super Micro Computer Inc. | 4.33 | 4.60 | 4.99 | 9.55 | 10.54 | 6.28 | 6.85 | 4.07 | 2.49 | 2.49 | 2.54 | 2.09 | 1.66 | 2.10 | 1.65 | 1.72 | 1.52 | 1.35 | 1.35 | 1.29 | 1.41 | 1.27 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 10,901,600,000 ÷ 1,256,865,381 = 8.67
3 Closing price as at the filing date of Arista Networks Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 138.78 ÷ 8.67 = 16.00
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a general upward trajectory over the examined periods, rising from $13 in March 2020 to a peak of $138.78 by June 2025. Intermediate fluctuations are observed, with notable increases particularly from mid-2023 onwards, where the price escalates sharply from $46.4 in June 2023 to $138.78 in June 2025. Minor declines occur sporadically, such as a dip from $103.92 in June 2025 to $86.45 in March 2025, indicating some volatility in the short term.
- Book Value Per Share (BVPS) Trend
- BVPS shows a steady and continuous increase throughout the reported intervals, moving from $2.35 in March 2020 to $8.67 in June 2025. This consistent growth reflects sustained improvements in the company's net asset value on a per-share basis. The growth rate appears relatively stable, with slight accelerations in the latter periods, indicative of strengthening fundamentals.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio exhibits significant volatility over time, initially rising from 5.53 in March 2020 to a maximum of 16 in June 2025. This ratio generally trends upward with some fluctuations, including periodic declines such as from 13.64 in September 2024 to 10.73 in June 2025 before surging back to 16. The increasing ratio suggests that the market increasingly values the company above its book value, possibly reflecting growth expectations or premium market positioning. However, the volatility also indicates changing investor sentiment or market dynamics during the period.
- Summary Insights
- The data indicates a company experiencing substantial growth in its market valuation and book equity over the period analyzed. The accelerating share price and steadily increasing BVPS suggest improving financial health and asset accumulation. The fluctuation and overall increase in the P/BV ratio imply growing investor confidence and a willingness to pay a higher premium on the company's equity, although short-term market volatility remains evident. Together, these patterns portray a firm with strengthening fundamentals alongside dynamic market valuation trends.