ANET · Arista Networks, Inc.
One customer — 26% of revenue (the year ended December 31, 2025)
“Sales to one end customer represented 16%, 15%, and 21% of our total revenue, and sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
One customer — 16% of revenue (the year ended December 31, 2025)
“Sales to one end customer represented 16%, 15%, and 21% of our total revenue, and sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
Price & Indicators
Up next
AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Research
our published analysis of this company-
Research ThesisSuper Micro Computer's 15–17% margin guide against a 10.1% recent print makes the bear trade the heavier one
The $60B FQ4 backlog is the cleanest demand signal in AI servers, but the lifted 15–17% gross-margin guide against a 10.1% Q3 FY2026 print, an active export-control board review, and 16.2% short interest leave the bear case as the heavier of the two trades heading into the August 11 print.
-
Research ThesisSandisk's $42 billion contract floor has bought the bull case three times trailing revenue; the bear trades it for the multiple
Sandisk re-rated on one quarter of contracted datacenter revenue: three fiscal Q3 contracts carry roughly $42 billion of minimum contractual revenue, five multi-year deals are backed by over $11 billion of guarantees, and the stock still sits 45.3% off its $2,335 52-week high at 14.1× EV/Revenue, the cheapest of the three storage names on that multiple.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from its earnings releases, calls, and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Non-GAAP diluted net income per share non-GAAP | $1.02 | Three Months Ended June 30, 2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP GAAP diluted net income per share $0.95
+$0.07 Non-GAAP adjustments to net income per share
= Non-GAAP diluted net income per share $1.02
|
|||
| Non-GAAP gross margin non-GAAP | 63.4% | Three Months Ended June 30, 2026 | — |
|
|
|||
| Non-GAAP operating margin non-GAAP | 49.9% | the second quarter of 2026 | — |
|
|
|||
| Net promoter score | 89 | 2026 | — |
| cumulative ports shipped | 150M | full year ended December 31, 2025 | — |
Figures exactly as the company stated them · click a metric with a to chart its history · period links open the stating document · "call" marks figures stated on the earnings call, "filing" figures stated in the 10-K/10-Q · YoY needs the prior-year figure on file
Versus peers
Computer Hardware — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ANET
this stock
Arista Networks, Inc.
|
$242.57B | +50.6% | +28.6% | 60.9 | 1.6% |
|
DELL
Dell Technologies Inc.
|
$283.64B | +270.9% | +18.8% | 36.9 | 2.0% |
|
SNDK
Sandisk Corp
|
$200.00B | +468.9% | — | 47.0 | 5.3% |
|
STX
Seagate Technology Holdings plc
|
$189.85B | +204.9% | +1.6% | 60.3 | 3.2% |
|
WDC
Western Digital Corp
|
$178.95B | +201.6% | +50.7% | 31.0 | 6.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ANET | +24.9% | +9.0% | +40.3% | +9.4% | +50.6% |
| SPY | +5.5% | +3.3% | +11.3% | +3.1% | +12.9% |
| vs SPY | +19.4% | +5.7% | +29.0% | +6.4% | +37.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.