ANETArista Networks, Inc.
Computer Communications Equipment
- Revenue
- $9.0B
- 29% YoY
- Operating margin
- 42.8%
- 1.8% YoY
- EBITDA
- $3.9B
- 31% YoY
- Market cap
- $213.0B
- Employees
- 5,115
- $2M revenue each
- Net debt / EBITDA
- -0.6×
- −$2.3B net debt
- AI in 10-K
- 18.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo1245201× net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo37% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentYes60% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 91st pctBottom quartile of its SIC industry
- Quiet on AINo18.3 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.6× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$213.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$1.5B netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B | 29% |
| Operating income | $925M | $1.5B | $2.3B | $2.9B | $3.9B | 31% |
| Net income | $841 | $1K | $2K | $3K | $4K | 23% |
| Operating cash flow | $1.0B | $493M | $2.0B | $3.7B | $4.4B | 18% |
| Capex | $65M | $45M | $34M | $32M | $120M | 273% |
| Stock-based comp | $187M | $231M | $297M | $355M | $439M | 24% |
| Buybacks | $412M | $670M | $112M | $424M | $1.6B | 278% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1.5B · 598
- Net
- −$1.5B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $26M | 721 | 163 |
| FY2024 | $9M | $62M | 608 | 141 |
| FY2023 | $16M | $64M | 324 | 124 |
| FY2022 | $11M | $3M | 167 | 109 |
| FY2021 | $16M | $65M | 198 | 121 |