Projected Income Statement: Arista Networks, Inc.

Forecast Balance Sheet: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -3,408 -3,024 -5,008 -8,303 -10,743 -15,271 -19,393 -22,836
Change - 11.27% -65.61% -65.79% -29.39% -42.15% -26.99% -17.75%
Announcement Date 14/02/22 13/02/23 12/02/24 18/02/25 12/02/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 64.74 44.64 34.43 32.03 119.5 214.3 135.4 141.9
Change - -31.04% -22.87% -6.98% 273.06% 79.32% -36.81% 4.79%
Free Cash Flow (FCF) 1 951.1 448.2 2,000 3,676 4,252 5,134 5,629 6,472
Change - -52.88% 346.17% 83.85% 15.67% 20.73% 9.65% 14.97%
Announcement Date 14/02/22 13/02/23 12/02/24 18/02/25 12/02/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: Arista Networks, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 40.41% 42.43% 45.63% 48.39% 48.96% 47.9% 48.09% 48.24%
EBIT Margin (%) 38.7% 41% 44.43% 47.5% 48.16% 46.98% 47.41% 48.12%
EBT Margin (%) 31.58% 36.1% 41.33% 46.62% 47.19% 45.49% 45.02% 45.01%
Net margin (%) 28.52% 30.87% 35.62% 40.73% 38.99% 36.94% 36.48% 35.86%
FCF margin (%) 32.26% 10.23% 34.12% 52.49% 47.22% 44.19% 39.15% 37.03%
FCF / Net Income (%) 113.11% 33.14% 95.8% 128.9% 121.1% 119.63% 107.31% 103.25%

Profitability

        
ROA 17.47% 23.15% 26.31% 21.64% 22.73% 20.97% 21.45% 21.07%
ROE 25.07% 32.68% 36.34% 30.24% 34.03% 31.13% 29.85% 29.02%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 2.2% 1.02% 0.59% 0.46% 1.33% 1.84% 0.94% 0.81%
CAPEX / EBITDA (%) 5.43% 2.4% 1.29% 0.95% 2.71% 3.85% 1.96% 1.68%
CAPEX / FCF (%) 6.81% 9.96% 1.72% 0.87% 2.81% 4.17% 2.41% 2.19%

Items per share

        
Cash flow per share 1 0.7955 0.3893 1.603 2.895 3.427 3.789 4.635 6.13
Change - -51.06% 311.84% 80.53% 18.4% 10.55% 22.34% 32.26%
Dividend per Share 1 - - - - - - - -
Change - - - - - - - -
Book Value Per Share 1 3.233 3.986 5.834 7.956 9.834 13.16 16.75 23.06
Change - 23.29% 46.38% 36.37% 23.6% 33.83% 27.29% 37.65%
EPS 1 0.6575 1.068 1.645 2.23 2.75 3.373 4.184 5.235
Change - 62.36% 54.1% 35.56% 23.32% 22.65% 24.06% 25.11%
Nbr of stocks (in thousands) 1,229,134 1,222,290 1,244,401 1,259,760 1,259,285 1,259,203 1,259,203 1,259,203
Announcement Date 14/02/22 13/02/23 12/02/24 18/02/25 12/02/26 - - -
1USD
Estimates
2026 *2027 *
P/E 50x 40.3x
PBR 12.8x 10.1x
EV / Sales 17x 13.4x
Yield - -

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
168.61USD
Average target price
191.75USD
Spread / Average Target
+13.73%

Quarterly revenue - Rate of surprise

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