Arista Networks, Inc. (ANET)

Computer Communications Equipment

Latest Price

$203.59

TTM P/E

64.43

Normalized P/E

76.39

Div Yield

Book Value

11.75

P/B Ratio

17.32

Valuation metrics

EPS: $2.75

Book value / share: $9.85

Formula: √(22.5 × EPS × BVPS)

Graham Number

$24.68

88% downside

Norm. op. income: $1.5B (median of 7yr)

Tax rate: 14%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$12.04

94% downside

Base FCF: $2.0B (median of recent 5yr)

Growth: 20%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$86.01

58% downside

EPS: $2.75

Target P/E: 76×

Formula: EPS × P/E

P/E Fair Value

$209.00

+3% upside

71.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	91.38M	$15.52B	7.25%	-523.8K	2026-06-30
Vanguard Capital Management LLC	68.69M	$11.67B	5.45%	+418.1K	2026-06-30
State Street Corp	48.17M	$8.18B	3.82%	+1.40M	2026-06-30
FMR LLC	47.35M	$8.04B	3.75%	-4.96M	2026-06-30
Geode Capital Management, LLC	27.51M	$4.66B	2.18%	+276.5K	2026-06-30
Vanguard Portfolio Management LLC	25.81M	$4.38B	2.05%	-30.9K	2026-06-30
Price T Rowe Associates Inc	23.23M	$3.94B	1.84%	-6.09M	2026-06-30
Morgan Stanley	19.70M	$3.35B	1.56%	+1.19M	2026-06-30
Cresset Asset Management, LLC	19.37M	$3.29B	1.54%	-1.32M	2026-06-30
Capital Research Global Investors	13.16M	$2.24B	1.04%	-1.60M	2026-06-30