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Arista Networks, Inc.

ANET · Technology · $245.5B mkt cap · FY2025 filings · · Wide moat ·

On the watchlist

Wide moat
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The five investor questions

77

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $2.9B to $9.0B, increasing; diluted EPS 2.63 to 2.75, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

100

Median gross margin 64.0% over 10y, very stable.

100

Median ROIC 32.6%, above the 12% hurdle in 100% of years.

100

Net cash position — no leverage risk.

60

Owner earnings changed +38.8%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
941% above value if growth stopped today
$2.1B
$18.78
$18.78
$195.42
941% above value if growth stopped today

What today’s price assumes: owner earnings growing ~60%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 15, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

15 years of fundamentals

The business, in plain English

Arista Networks, Inc. booked $9.0B of revenue in FY2025 in the Technology sector and kept 64.1% of it as gross profit — a high-margin business by that measure. After every other cost, 39.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $193M (FY2012) to $9.0B (FY2025) — about 34.4% a year compounded over 13 years.

It earned 30.6% on invested capital in the latest filed year, FY2025. Across the full 13-year measurable filed record, median ROIC was 34.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 32.6%. The Returns on Capital filter above scores it 100/100.

ANET's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (100/100) and Capital Allocation the weakest (60/100), which is how ANET lands at 87/100 — a Wide moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2011–FY2025 · 15 fiscal years, normalized from ANET’s SEC filings

Sales, as filed$9.0B FY2025
$0$5B2011201620212025
Revenue kept after cost of goods64.1% FY2025
0%25%50%2011201620212025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$3.5B FY2025
$0$2B2011201620212025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Arista Networks, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$9.0B · 100%Cost of revenue$3.2B · 36%Gross profit$5.8B · 64%Operating income$3.9B · 43%Income before tax$4.2B · 47%Income tax$738M · 8%Net income$3.5B · 39%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$9.0B100%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Cost of revenue$3.2B36%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$5.8B64%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$3.9B43%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Income before tax$4.2B47%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Income tax$738M8%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$3.5B39%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set
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Flagship explainer

What Arista Networks, Inc. owns — and owes

Arista Networks, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$19.4B100%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Cash and equivalents$2.0B10%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Stockholders’ equity$12.4B64%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives Arista Networks, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity31%Tax burden83%net income ÷ pretax incomeInterest burden110%pretax ÷ operating incomeOperating margin43%operating income ÷ revenueAsset turnover0.54×revenue ÷ average assetsEquity multiplier1.50×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$3.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Income before tax$4.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Operating income$3.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$9.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Ending assets$19.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Beginning assets$14.0BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$12.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
$10.0BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Source: · event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set
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Flagship explainer

Where Arista Networks, Inc.'s cash went

Arista Networks, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$4.4B100%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Depreciation and amortization$72.6M2%
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001596532-26-000013 · filed Feb 17, 2026
· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Arista Networks, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited18 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What Arista Networks, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 15, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

28 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale87.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 15, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 15, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock130,553$217.0958$28,342,508See lot detailOct 9, 2026
3 filed lots
  • Table I · Common Stock: 18,656 shares at $217.0958 · code S · owned after 4,774,691 ·
  • Table I · Common Stock: 18,656 shares at $217.0958 · code S · owned after 4,774,691 ·
  • Table I · Common Stock: 93,241 shares at $217.0958 · code S · owned after 15,432,507 ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock27,990$217.0483$6,075,182See lot detailOct 8, 2026
3 filed lots
  • Table I · Common Stock: 4,000 shares at $217.0483 · code S · owned after 4,793,347 ·
  • Table I · Common Stock: 4,000 shares at $217.0483 · code S · owned after 4,793,347 ·
  • Table I · Common Stock: 19,990 shares at $217.0483 · code S · owned after 15,525,748 ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock96,992$217.1408$21,060,920See lot detailOct 7, 2026
3 filed lots
  • Table I · Common Stock: 13,860 shares at $217.1408 · code S · owned after 4,797,347 ·
  • Table I · Common Stock: 13,860 shares at $217.1408 · code S · owned after 4,797,347 ·
  • Table I · Common Stock: 69,272 shares at $217.1408 · code S · owned after 15,545,738 ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock460,374$212.0941$97,642,614See lot detailOct 6, 2026
9 filed lots
  • Table I · Common Stock: 13,179 shares at $211.3602 · code S · owned after 4,863,793 ·
  • Table I · Common Stock: 51,805 shares at $212.2662 · code S · owned after 4,811,988 ·
  • Table I · Common Stock: 781 shares at $213.0637 · code S · owned after 4,811,207 ·
  • Table I · Common Stock: 13,179 shares at $211.3602 · code S · owned after 4,863,793 ·
  • Table I · Common Stock: 51,805 shares at $212.2662 · code S · owned after 4,811,988 ·
  • Table I · Common Stock: 781 shares at $213.0637 · code S · owned after 4,811,207 ·
  • Table I · Common Stock: 65,897 shares at $211.3602 · code S · owned after 15,877,957 ·
  • Table I · Common Stock: 259,045 shares at $212.2662 · code S · owned after 15,618,912 ·
  • Table I · Common Stock: 3,902 shares at $213.0637 · code S · owned after 15,615,010 ·
Breithaupt Chantelle YvetteSenior Vice President, CFOOpen-market or private sale (S)Table I · Disposed · Common Stock1,224$215.00$263,16068,697Oct 6, 2026
1 filed lot
  • Table I · Common Stock: 1,224 shares at $215.00 · code S · owned after 68,697 ·
TEMPLETON MARK BDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock5,000$204.3659$1,021,829See lot detailOct 1, 2026
5 filed lots
  • Table I · Common Stock: 700 shares at $201.6243 · code S · owned after 52,710 ·
  • Table I · Common Stock: 500 shares at $202.898 · code S · owned after 52,210 ·
  • Table I · Common Stock: 1,800 shares at $204.445 · code S · owned after 50,410 ·
  • Table I · Common Stock: 1,800 shares at $205.5758 · code S · owned after 48,610 ·
  • Table I · Common Stock: 200 shares at $206.03 · code S · owned after 48,410 ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock62,622$211.3957$13,238,022See lot detailSep 25, 2026
3 filed lots
  • Table I · Common Stock: 8,948 shares at $211.3957 · code S · owned after 4,876,972 ·
  • Table I · Common Stock: 8,948 shares at $211.3957 · code S · owned after 4,876,972 ·
  • Table I · Common Stock: 44,726 shares at $211.3957 · code S · owned after 15,943,854 ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event17,333$14.1463$245,19830,309Sep 21, 2026
1 filed lot
  • Table I · Common Stock: 17,333 shares at $14.1463 · code M · owned after 30,309 · Paired event: 17,333 Non-Qualified Stock Option (right to buy) → 17,333 Common Stock ·
Duda KennethDirector, President and CTOOpen-market or private sale (S)Table I · Disposed · Common Stock43,333$203.4984$8,818,195See lot detailSep 21, 2026
15 filed lots
  • Table I · Common Stock: 1,480 shares at $201.70 · code S · owned after 28,829 ·
  • Table I · Common Stock: 2,031 shares at $205.495 · code S · owned after 1,170,918 ·
  • Table I · Common Stock: 854 shares at $201.70 · code S · owned after 451,546 ·
  • Table I · Common Stock: 4,281 shares at $202.6575 · code S · owned after 447,265 ·
  • Table I · Common Stock: 1,558 shares at $203.4866 · code S · owned after 445,707 ·
  • Table I · Common Stock: 2,038 shares at $204.7833 · code S · owned after 443,669 ·
  • Table I · Common Stock: 1,269 shares at $205.495 · code S · owned after 442,400 ·
  • Table I · Common Stock: 7,420 shares at $202.6575 · code S · owned after 21,409 ·
  • Table I · Common Stock: 2,700 shares at $203.4866 · code S · owned after 18,709 ·
  • Table I · Common Stock: 3,533 shares at $204.7833 · code S · owned after 15,176 ·
  • Table I · Common Stock: 2,200 shares at $205.495 · code S · owned after 12,976 ·
  • Table I · Common Stock: 1,366 shares at $201.70 · code S · owned after 1,185,552 ·
  • Table I · Common Stock: 6,849 shares at $202.6575 · code S · owned after 1,178,703 ·
  • Table I · Common Stock: 2,492 shares at $203.4866 · code S · owned after 1,176,211 ·
  • Table I · Common Stock: 3,262 shares at $204.7833 · code S · owned after 1,172,949 ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (right to buy) · 1 paired event17,333—Exercise or conversion of derivative security (M)—138,668Sep 21, 2026
1 filed lot
  • Table II · Non-Qualified Stock Option (right to buy): 17,333 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 138,668 · Paired event: 17,333 Non-Qualified Stock Option (right to buy) → 17,333 Common Stock ·
BECHTOLSHEIM ANDREAS10% ownerOpen-market or private sale (S)Table I · Disposed · Common Stock300,000$198.9544$59,686,334See lot detailSep 17, 2026
12 filed lots
  • Table I · Common Stock: 7,168 shares at $193.6132 · code S · owned after 180,835,880 ·
  • Table I · Common Stock: 29,271 shares at $194.5232 · code S · owned after 180,806,609 ·
  • Table I · Common Stock: 25,096 shares at $203.5602 · code S · owned after 180,554,974 ·
  • Table I · Common Stock: 11,926 shares at $204.3062 · code S · owned after 180,543,048 ·
  • Table I · Common Stock: 32,836 shares at $195.4723 · code S · owned after 180,773,773 ·
  • Table I · Common Stock: 20,418 shares at $196.2902 · code S · owned after 180,753,355 ·
  • Table I · Common Stock: 17,947 shares at $197.5058 · code S · owned after 180,735,408 ·
  • Table I · Common Stock: 26,435 shares at $198.331 · code S · owned after 180,708,973 ·
  • Table I · Common Stock: 38,920 shares at $199.5811 · code S · owned after 180,670,053 ·
  • Table I · Common Stock: 58,043 shares at $200.3797 · code S · owned after 180,612,010 ·
  • Table I · Common Stock: 16,239 shares at $201.3352 · code S · owned after 180,595,771 ·
  • Table I · Common Stock: 15,701 shares at $202.3952 · code S · owned after 180,580,070 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Disposed · Common Stock57,232—Other acquisition or disposition (J)—See lot detailSep 10, 2026
2 filed lots
  • Table I · Common Stock: 28,616 shares at — (Other acquisition or disposition (J)) · code J · owned after 692,104 ·
  • Table I · Common Stock: 28,616 shares at — (Other acquisition or disposition (J)) · code J · owned after 690,621 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Acquired · Common Stock57,232—Other acquisition or disposition (J)—81,927Sep 10, 2026
1 filed lot
  • Table I · Common Stock: 57,232 shares at — (Other acquisition or disposition (J)) · code J · owned after 81,927 ·
TEMPLETON MARK BDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock5,000$197.1575$985,788See lot detailSep 8, 2026
5 filed lots
  • Table I · Common Stock: 1,300 shares at $195.2692 · code S · owned after 57,110 ·
  • Table I · Common Stock: 700 shares at $196.1986 · code S · owned after 56,410 ·
  • Table I · Common Stock: 1,000 shares at $197.4598 · code S · owned after 55,410 ·
  • Table I · Common Stock: 1,700 shares at $198.4376 · code S · owned after 53,710 ·
  • Table I · Common Stock: 300 shares at $199.3167 · code S · owned after 53,410 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Acquired · Common Stock200,000—Other acquisition or disposition (J)—See lot detailSep 8, 2026
2 filed lots
  • Table I · Common Stock: 100,000 shares at — (Other acquisition or disposition (J)) · code J · owned after 720,720 ·
  • Table I · Common Stock: 100,000 shares at — (Other acquisition or disposition (J)) · code J · owned after 719,237 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Disposed · Common Stock200,000—Other acquisition or disposition (J)—24,695Sep 8, 2026
1 filed lot
  • Table I · Common Stock: 200,000 shares at — (Other acquisition or disposition (J)) · code J · owned after 24,695 ·
Breithaupt Chantelle YvetteSenior Vice President, CFOOpen-market or private sale (S)Table I · Disposed · Common Stock612$195.77$119,81169,921Sep 1, 2026
1 filed lot
  • Table I · Common Stock: 612 shares at $195.77 · code S · owned after 69,921 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Acquired · Common Stock274,070—Other acquisition or disposition (J)—See lot detailAug 28, 2026
3 filed lots
  • Table I · Common Stock: 85,875 shares at — (Other acquisition or disposition (J)) · code J · owned after 1,101,043 ·
  • Table I · Common Stock: 85,875 shares at — (Other acquisition or disposition (J)) · code J · owned after 1,186,918 ·
  • Table I · Common Stock: 102,320 shares at — (Other acquisition or disposition (J)) · code J · owned after 224,695 ·
Duda KennethDirector, President and CTOOther acquisition or disposition (J)Table I · Disposed · Common Stock274,070—Other acquisition or disposition (J)—See lot detailAug 28, 2026
6 filed lots
  • Table I · Common Stock: 51,160 shares at — (Other acquisition or disposition (J)) · code J · owned after 706,595 ·
  • Table I · Common Stock: 42,937 shares at — (Other acquisition or disposition (J)) · code J · owned after 663,658 ·
  • Table I · Common Stock: 42,938 shares at — (Other acquisition or disposition (J)) · code J · owned after 620,720 ·
  • Table I · Common Stock: 51,160 shares at — (Other acquisition or disposition (J)) · code J · owned after 705,112 ·
  • Table I · Common Stock: 42,938 shares at — (Other acquisition or disposition (J)) · code J · owned after 662,174 ·
  • Table I · Common Stock: 42,937 shares at — (Other acquisition or disposition (J)) · code J · owned after 619,237 ·
BECHTOLSHEIM ANDREAS10% ownerOpen-market or private sale (S)Table I · Disposed · Common Stock300,000$202.6002$60,780,047See lot detailAug 27, 2026
7 filed lots
  • Table I · Common Stock: 15,053 shares at $199.906 · code S · owned after 181,127,995 ·
  • Table I · Common Stock: 50,091 shares at $200.8132 · code S · owned after 181,077,904 ·
  • Table I · Common Stock: 70,054 shares at $201.7361 · code S · owned after 181,007,850 ·
  • Table I · Common Stock: 73,794 shares at $202.7124 · code S · owned after 180,934,056 ·
  • Table I · Common Stock: 20,852 shares at $203.6905 · code S · owned after 180,913,204 ·
  • Table I · Common Stock: 64,510 shares at $204.8244 · code S · owned after 180,848,694 ·
  • Table I · Common Stock: 5,646 shares at $205.4503 · code S · owned after 180,843,048 ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock13,809$191.7946$2,648,491See lot detailAug 25, 2026
3 filed lots
  • Table I · Common Stock: 3,281 shares at $191.1012 · code S · owned after 20,445 ·
  • Table I · Common Stock: 10,128 shares at $191.9859 · code S · owned after 10,317 ·
  • Table I · Common Stock: 400 shares at $192.6375 · code S · owned after 9,917 ·
Battles Kelly BodnarDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock422$187.34$79,057See lot detailAug 21, 2026
5 filed lots
  • Table I · Common Stock: 70 shares at $184.7679 · code S · owned after 10,546 ·
  • Table I · Common Stock: 64 shares at $185.6091 · code S · owned after 10,482 ·
  • Table I · Common Stock: 35 shares at $186.926 · code S · owned after 10,447 ·
  • Table I · Common Stock: 40 shares at $187.7738 · code S · owned after 10,407 ·
  • Table I · Common Stock: 213 shares at $188.692 · code S · owned after 10,194 ·
Ullal JayshreeDirector, CEO and ChairpersonExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event27,664—Exercise or conversion of derivative security (M)—37,581Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 27,664 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 37,581 · Paired event: 27,664 Restricted Stock Unit-8 → 27,664 Common Stock ·
Ullal JayshreeDirector, CEO and ChairpersonPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock13,855$186.45$2,583,26523,726Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 13,855 shares at $186.45 · code F · owned after 23,726 ·
Ullal JayshreeDirector, CEO and ChairpersonExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-8 · 1 paired event27,664—Exercise or conversion of derivative security (M)—55,332Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-8: 27,664 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 55,332 · Paired event: 27,664 Restricted Stock Unit-8 → 27,664 Common Stock ·
Nightingale ToddPresident and COOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event126,875—Exercise or conversion of derivative security (M)—See lot detailAug 20, 2026
2 filed lots
  • Table I · Common Stock: 116,515 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 122,643 · Paired event: 116,515 Restricted Stock Unit-1 → 116,515 Common Stock ·
  • Table I · Common Stock: 10,360 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 133,003 ·
Nightingale ToddPresident and COOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock63,540$186.45$11,847,03369,463Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 63,540 shares at $186.45 · code F · owned after 69,463 ·
Nightingale ToddPresident and COOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-1 · 1 paired event116,515—Exercise or conversion of derivative security (M)—349,545Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-1: 116,515 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 349,545 · Paired event: 116,515 Restricted Stock Unit-1 → 116,515 Common Stock ·
Nightingale ToddPresident and COOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Unit-310,360—Grant, award, or other acquisition (A)—10,360Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-3: 10,360 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 10,360 ·

Source-event as of . Retrieved .

Track record

How Arista Networks, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2014–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ANET on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score1002005001,0002,000Indexed price · log scale (2015 = 100)2014201620182020202220242026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 11 years ANET rated Wide-moat (2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year 32% vs the S&P 500’s 18% (price basis) · median over 10 years
  • 3 years 171% vs the S&P 500’s 33% (price basis) · median over 8 years
  • 5 years 413% vs the S&P 500’s 85% (price basis) · median over 6 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

#27 of 751 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #25TTD The Trade Desk, Inc.88.1Wide moat
  2. #26ADSK Autodesk, Inc.87.7Wide moat
  3. #28FICO FAIR ISAAC CORP87.1Wide moat
  4. #29AMAT APPLIED MATERIALS INC /DE87.0Wide moat

Compare ANET with its nearest peers →All Technology companies on the Index →

Common questions about ANET

Does Arista Networks, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Arista Networks, Inc. (ANET) 87.4 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 77, pricing power 100, returns on capital 100, balance-sheet safety 100, capital allocation 60.
Is ANET trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $18.78 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $195.42, that is 941% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has ANET's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 87.4 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ANET. See the disclaimer.