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Arista Networks, Inc.

ANET · Technology · $218.6B mkt cap · FY2025 filings · · not refreshed in 36 days · 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
827% above value if growth stopped today
$2.1B
$18.78
$18.78
$173.99
827% above value if growth stopped today

What today’s price assumes: owner earnings growing ~56%/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 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

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

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 ROICROIC 30.6% FY2025
0%50%100%2011201620212025
Cash an owner could take out$3.5B FY2025
$0$2B2011201620212025

Gaps in a line mean that item isn’t in ANET’s 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%
Cost of revenue$3.2B36%
$5.8B64%
$3.9B43%
Income before tax$4.2B47%
Income tax$738M8%
$3.5B39%
Source: · event Dec 31, 2025 · retrieved Jul 26, 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%
Cash and equivalents$2.0B10%
Stockholders’ equity$12.4B64%
Source: · event Dec 31, 2025 · retrieved Jul 26, 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
Income before tax$4.2BFY2025
Operating income$3.9BFY2025
$9.0BFY2025
Ending assets$19.4BFY2025
Beginning assets$14.0BFY2024
$12.4BFY2025
$10.0BFY2024
Source:
  • SEC filingFiling detailsAccession 0001596532-26-000013
· event Dec 31, 2025 · retrieved Jul 26, 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%
Depreciation and amortization$72.6M2%
Source: · event Dec 31, 2025 · retrieved Jul 26, 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 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot 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: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Arista Networks, Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 31, 2026.

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

Moat Score history

16 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, 2026Jul 26, 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 Aug 31, 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 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 · 2 paired events126,875—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 · Paired event: 10,360 Restricted Stock Unit-3 → 10,360 Common Stock ·
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 ·
Nightingale ToddPresident and COOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-3 · 1 paired event10,360—Exercise or conversion of derivative security (M)—0Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-3: 10,360 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 10,360 Restricted Stock Unit-3 → 10,360 Common Stock ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 7 paired events48,359$5.3821$260,273See lot detailAug 20, 2026
7 filed lots
  • Table I · Common Stock: 13,334 shares at $15.2769 · code M · owned after 26,310 · Paired event: 13,334 Non-Qualified Stock Option (right to buy) → 13,334 Common Stock ·
  • Table I · Common Stock: 3,999 shares at $14.1463 · code M · owned after 30,309 · Paired event: 3,999 Non-Qualified Stock Option (right to buy) → 3,999 Common Stock ·
  • Table I · Common Stock: 3,880 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 110,770 · Paired event: 3,880 Restricted Stock Unit-8 → 3,880 Common Stock ·
  • Table I · Common Stock: 4,148 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 114,918 · Paired event: 4,148 Restricted Stock Unit-11 → 4,148 Common Stock ·
  • Table I · Common Stock: 1,832 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 116,750 · Paired event: 1,832 Restricted Stock Unit-13 → 1,832 Common Stock ·
  • Table I · Common Stock: 19,816 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 136,566 · Paired event: 19,816 Restricted Stock Unit-14 → 19,816 Common Stock ·
  • Table I · Common Stock: 1,350 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 137,916 · Paired event: 1,350 Restricted Stock Unit - 17 → 1,350 Common Stock ·
Duda KennethDirector, President and CTOOpen-market or private sale (S)Table I · Disposed · Common Stock43,333$185.4176$8,034,699See lot detailAug 20, 2026
12 filed lots
  • Table I · Common Stock: 2,422 shares at $184.3297 · code S · owned after 459,978 ·
  • Table I · Common Stock: 3,317 shares at $185.1821 · code S · owned after 456,661 ·
  • Table I · Common Stock: 3,789 shares at $186.1257 · code S · owned after 452,872 ·
  • Table I · Common Stock: 472 shares at $186.9698 · code S · owned after 452,400 ·
  • Table I · Common Stock: 4,197 shares at $184.3297 · code S · owned after 26,112 ·
  • Table I · Common Stock: 5,750 shares at $185.1821 · code S · owned after 20,362 ·
  • Table I · Common Stock: 6,568 shares at $186.1257 · code S · owned after 13,794 ·
  • Table I · Common Stock: 818 shares at $186.9698 · code S · owned after 12,976 ·
  • Table I · Common Stock: 3,875 shares at $184.3297 · code S · owned after 1,027,293 ·
  • Table I · Common Stock: 5,308 shares at $185.1821 · code S · owned after 1,021,985 ·
  • Table I · Common Stock: 6,063 shares at $186.1257 · code S · owned after 1,015,922 ·
  • Table I · Common Stock: 754 shares at $186.9698 · code S · owned after 1,015,168 ·
Duda KennethDirector, President and CTOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock15,541$186.45$2,897,619122,375Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 15,541 shares at $186.45 · code F · owned after 122,375 ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (right to buy) · 2 paired events17,333—Exercise or conversion of derivative security (M)—See lot detailAug 20, 2026
2 filed lots
  • Table II · Non-Qualified Stock Option (right to buy): 3,999 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 156,001 · Paired event: 3,999 Non-Qualified Stock Option (right to buy) → 3,999 Common Stock ·
  • Table II · Non-Qualified Stock Option (right to buy): 13,334 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 13,334 Non-Qualified Stock Option (right to buy) → 13,334 Common Stock ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit - 17 · 1 paired event1,350—Exercise or conversion of derivative security (M)—17,550Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit - 17: 1,350 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 17,550 · Paired event: 1,350 Restricted Stock Unit - 17 → 1,350 Common Stock ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-11 · 1 paired event8,296—Exercise or conversion of derivative security (M)—See lot detailAug 20, 2026
2 filed lots
  • Table II · Restricted Stock Unit-11: 4,148 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 20,736 · Paired event: 4,148 Restricted Stock Unit-11 → 4,148 Common Stock ·
  • Table II · Restricted Stock Unit-11: 4,148 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 16,588 ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-13 · 1 paired event1,832—Exercise or conversion of derivative security (M)—16,516Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-13: 1,832 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 16,516 · Paired event: 1,832 Restricted Stock Unit-13 → 1,832 Common Stock ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-14 · 1 paired event19,816—Exercise or conversion of derivative security (M)—317,056Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-14: 19,816 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 317,056 · Paired event: 19,816 Restricted Stock Unit-14 → 19,816 Common Stock ·
Duda KennethDirector, President and CTOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-8 · 1 paired event3,880—Exercise or conversion of derivative security (M)—3,884Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-8: 3,880 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,884 · Paired event: 3,880 Restricted Stock Unit-8 → 3,880 Common Stock ·
Breithaupt Chantelle YvetteSenior Vice President, CFOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events12,270—Exercise or conversion of derivative security (M)—See lot detailAug 20, 2026
2 filed lots
  • Table I · Common Stock: 10,920 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 75,328 · Paired event: 10,920 Restricted Stock Unit-1 → 10,920 Common Stock ·
  • Table I · Common Stock: 1,350 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 76,678 · Paired event: 1,350 Restricted Stock Unit-2 → 1,350 Common Stock ·
Breithaupt Chantelle YvetteSenior Vice President, CFOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock6,145$186.45$1,145,73570,533Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 6,145 shares at $186.45 · code F · owned after 70,533 ·
Breithaupt Chantelle YvetteSenior Vice President, CFOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-1 · 1 paired event10,920—Exercise or conversion of derivative security (M)—65,504Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-1: 10,920 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 65,504 · Paired event: 10,920 Restricted Stock Unit-1 → 10,920 Common Stock ·
Breithaupt Chantelle YvetteSenior Vice President, CFOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-2 · 1 paired event1,350—Exercise or conversion of derivative security (M)—17,550Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-2: 1,350 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 17,550 · Paired event: 1,350 Restricted Stock Unit-2 → 1,350 Common Stock ·
Wassenaar YvonneDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—10,322Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,322 · Paired event: 538 Restricted Stock Unit-5 → 538 Common Stock ·
Wassenaar YvonneDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-5 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-5: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-5 → 538 Common Stock ·
TEMPLETON MARK BDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—58,410Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,410 · Paired event: 538 Restricted Stock Unit-8 → 538 Common Stock ·
TEMPLETON MARK BDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-8 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-8: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-8 → 538 Common Stock ·
Scheinman DanielDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—158,730Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 158,730 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
Scheinman DanielDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-7 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-7: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
Lavender Robert GDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—4,607Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,607 · Paired event: 538 Restricted Stock Unit-3 → 538 Common Stock ·
Lavender Robert GDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-3 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-3: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-3 → 538 Common Stock ·
Giancarlo Charles HDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—1,509Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,509 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
Giancarlo Charles HDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-7 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-7: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
CHEW LEWISDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—31,770Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 31,770 · Paired event: 538 Restricted Stock Unit-6 → 538 Common Stock ·
CHEW LEWISDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-6 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-6: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-6 → 538 Common Stock ·
Battles Kelly BodnarDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event538—Exercise or conversion of derivative security (M)—10,616Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,616 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
Battles Kelly BodnarDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit-7 · 1 paired event538—Exercise or conversion of derivative security (M)—1,615Aug 20, 2026
1 filed lot
  • Table II · Restricted Stock Unit-7: 538 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,615 · Paired event: 538 Restricted Stock Unit-7 → 538 Common Stock ·
Ullal JayshreeDirector, CEO and ChairpersonOpen-market or private sale (S)Table I · Disposed · Common Stock573,509$208.1294$119,364,068See lot detailAug 12, 2026
25 filed lots
  • Table I · Common Stock: 417 shares at $211.3693 · code S · owned after 4,968,073 ·
  • Table I · Common Stock: 9,127 shares at $210.9749 · code S · owned after 4,958,946 ·
  • Table I · Common Stock: 22 shares at $211.3693 · code S · owned after 29,462 ·
  • Table I · Common Stock: 496 shares at $210.9749 · code S · owned after 28,966 ·
  • Table I · Common Stock: 91 shares at $209.1476 · code S · owned after 28,875 ·
  • Table I · Common Stock: 1,321 shares at $208.2931 · code S · owned after 27,554 ·
  • Table I · Common Stock: 2,554 shares at $207.4275 · code S · owned after 25,000 ·
  • Table I · Common Stock: 22 shares at $211.3693 · code S · owned after 29,462 ·
  • Table I · Common Stock: 496 shares at $210.9749 · code S · owned after 28,966 ·
  • Table I · Common Stock: 91 shares at $209.1476 · code S · owned after 28,875 ·
  • Table I · Common Stock: 1,321 shares at $208.2931 · code S · owned after 27,554 ·
  • Table I · Common Stock: 2,554 shares at $207.4275 · code S · owned after 25,000 ·
  • Table I · Common Stock: 1,672 shares at $209.1476 · code S · owned after 4,957,274 ·
  • Table I · Common Stock: 227,485 shares at $207.4275 · code S · owned after 16,160,496 ·
  • Table I · Common Stock: 117,662 shares at $208.2931 · code S · owned after 16,042,834 ·
  • Table I · Common Stock: 8,085 shares at $209.1476 · code S · owned after 16,034,749 ·
  • Table I · Common Stock: 44,147 shares at $210.9749 · code S · owned after 15,990,602 ·
  • Table I · Common Stock: 2,022 shares at $211.3693 · code S · owned after 15,988,580 ·
  • Table I · Common Stock: 24,325 shares at $208.2931 · code S · owned after 4,932,949 ·
  • Table I · Common Stock: 47,029 shares at $207.4275 · code S · owned after 4,885,920 ·
  • Table I · Common Stock: 417 shares at $211.3693 · code S · owned after 4,968,073 ·
  • Table I · Common Stock: 9,127 shares at $210.9749 · code S · owned after 4,958,946 ·
  • Table I · Common Stock: 1,672 shares at $209.1476 · code S · owned after 4,957,274 ·
  • Table I · Common Stock: 24,325 shares at $208.2931 · code S · owned after 4,932,949 ·
  • Table I · Common Stock: 47,029 shares at $207.4275 · code S · owned after 4,885,920 ·
BECHTOLSHEIM ANDREAS10% ownerOpen-market or private sale (S)Table I · Disposed · Common Stock383,135$192.793$73,865,742See lot detailAug 6, 2026
11 filed lots
  • Table I · Common Stock: 2,015 shares at $190.0053 · code S · owned after 109,833 ·
  • Table I · Common Stock: 5,534 shares at $190.8738 · code S · owned after 104,299 ·
  • Table I · Common Stock: 99,925 shares at $192.1171 · code S · owned after 181,323,111 ·
  • Table I · Common Stock: 135,778 shares at $192.8737 · code S · owned after 181,187,333 ·
  • Table I · Common Stock: 21,540 shares at $193.8292 · code S · owned after 181,165,793 ·
  • Table I · Common Stock: 8,321 shares at $194.8601 · code S · owned after 181,157,472 ·
  • Table I · Common Stock: 11,632 shares at $195.8562 · code S · owned after 181,145,840 ·
  • Table I · Common Stock: 2,792 shares at $196.6011 · code S · owned after 181,143,048 ·
  • Table I · Common Stock: 37,099 shares at $192.1176 · code S · owned after 67,200 ·
  • Table I · Common Stock: 50,337 shares at $192.8649 · code S · owned after 16,863 ·
  • Table I · Common Stock: 8,162 shares at $193.8308 · code S · owned after 8,701 ·

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

#26 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #24ADSK AUTODESK, INC.87.7Wide moat
  2. #25UI UBIQUITI INC.87.7Wide moat
  3. #27FICO Fair Isaac Corp87.1Wide moat
  4. #28AMAT 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 $173.99, that is 827% 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 16 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.