Intrinsic value of Arista Networks - ANET

Previous Close

$265.19

  Intrinsic Value

$775.86

stock screener

  Rating & Target

str. buy

+193%

Previous close

$265.19

 
Intrinsic value

$775.86

 
Up/down potential

+193%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ANET stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.73
  51.00
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
Revenue, $m
  1,129
  1,705
  2,496
  3,551
  4,919
  6,649
  8,788
  11,375
  14,447
  18,030
  22,145
  26,804
  32,013
  37,773
  44,078
  50,920
  58,289
  66,172
  74,557
  83,432
  92,788
  102,617
  112,913
  123,673
  134,899
  146,594
  158,764
  171,421
  184,578
  198,250
  212,458
Variable operating expenses, $m
 
  1,159
  1,697
  2,414
  3,345
  4,521
  5,976
  7,735
  9,824
  12,260
  15,058
  18,226
  21,769
  25,685
  29,973
  34,626
  39,636
  44,997
  50,699
  56,734
  63,096
  69,779
  76,781
  84,098
  91,731
  99,684
  107,960
  116,566
  125,513
  134,810
  144,471
Fixed operating expenses, $m
 
  124
  127
  130
  134
  137
  140
  144
  147
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  193
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
Total operating expenses, $m
  886
  1,283
  1,824
  2,544
  3,479
  4,658
  6,116
  7,879
  9,971
  12,411
  15,213
  18,385
  21,932
  25,852
  30,144
  34,801
  39,816
  45,181
  50,888
  56,927
  63,294
  69,982
  76,989
  84,312
  91,950
  99,908
  108,190
  116,802
  125,755
  135,058
  144,725
Operating income, $m
  243
  422
  672
  1,006
  1,440
  1,991
  2,672
  3,496
  4,476
  5,618
  6,931
  8,418
  10,081
  11,920
  13,934
  16,119
  18,473
  20,991
  23,669
  26,505
  29,494
  32,634
  35,924
  39,362
  42,949
  46,686
  50,575
  54,619
  58,823
  63,192
  67,733
EBITDA, $m
  263
  445
  706
  1,056
  1,509
  2,084
  2,795
  3,656
  4,678
  5,871
  7,241
  8,794
  10,530
  12,449
  14,551
  16,832
  19,289
  21,917
  24,713
  27,673
  30,793
  34,071
  37,505
  41,093
  44,837
  48,738
  52,797
  57,019
  61,407
  65,968
  70,707
Interest expense (income), $m
  3
  3
  26
  57
  99
  153
  221
  306
  409
  530
  672
  835
  1,020
  1,226
  1,454
  1,704
  1,974
  2,266
  2,578
  2,910
  3,262
  3,632
  4,022
  4,429
  4,855
  5,300
  5,763
  6,245
  6,746
  7,267
  7,808
Earnings before tax, $m
  242
  419
  646
  949
  1,342
  1,838
  2,450
  3,190
  4,067
  5,088
  6,259
  7,583
  9,062
  10,695
  12,480
  14,416
  16,498
  18,725
  21,091
  23,594
  26,232
  29,002
  31,902
  34,933
  38,094
  41,386
  44,812
  48,374
  52,077
  55,925
  59,924
Tax expense, $m
  58
  113
  174
  256
  362
  496
  662
  861
  1,098
  1,374
  1,690
  2,048
  2,447
  2,888
  3,370
  3,892
  4,455
  5,056
  5,695
  6,371
  7,083
  7,830
  8,614
  9,432
  10,285
  11,174
  12,099
  13,061
  14,061
  15,100
  16,180
Net income, $m
  184
  306
  471
  693
  979
  1,342
  1,789
  2,329
  2,969
  3,714
  4,569
  5,536
  6,615
  7,807
  9,110
  10,523
  12,044
  13,669
  15,396
  17,224
  19,149
  21,171
  23,289
  25,501
  27,808
  30,212
  32,713
  35,313
  38,016
  40,826
  43,745

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  868
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,729
  1,300
  1,904
  2,708
  3,752
  5,072
  6,703
  8,677
  11,020
  13,753
  16,891
  20,445
  24,419
  28,812
  33,622
  38,841
  44,461
  50,474
  56,870
  63,640
  70,777
  78,274
  86,127
  94,335
  102,898
  111,818
  121,102
  130,756
  140,791
  151,220
  162,058
Adjusted assets (=assets-cash), $m
  861
  1,300
  1,904
  2,708
  3,752
  5,072
  6,703
  8,677
  11,020
  13,753
  16,891
  20,445
  24,419
  28,812
  33,622
  38,841
  44,461
  50,474
  56,870
  63,640
  70,777
  78,274
  86,127
  94,335
  102,898
  111,818
  121,102
  130,756
  140,791
  151,220
  162,058
Revenue / Adjusted assets
  1.311
  1.312
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
Average production assets, $m
  79
  119
  175
  249
  344
  465
  615
  796
  1,011
  1,262
  1,550
  1,876
  2,241
  2,644
  3,085
  3,564
  4,080
  4,632
  5,219
  5,840
  6,495
  7,183
  7,904
  8,657
  9,443
  10,262
  11,114
  11,999
  12,920
  13,877
  14,872
Working capital, $m
  1,066
  298
  437
  621
  861
  1,164
  1,538
  1,991
  2,528
  3,155
  3,875
  4,691
  5,602
  6,610
  7,714
  8,911
  10,201
  11,580
  13,047
  14,601
  16,238
  17,958
  19,760
  21,643
  23,607
  25,654
  27,784
  29,999
  32,301
  34,694
  37,180
Total debt, $m
  40
  357
  792
  1,372
  2,124
  3,076
  4,252
  5,675
  7,364
  9,335
  11,598
  14,160
  17,025
  20,192
  23,660
  27,423
  31,476
  35,811
  40,422
  45,304
  50,449
  55,854
  61,517
  67,435
  73,608
  80,040
  86,733
  93,694
  100,930
  108,449
  116,263
Total liabilities, $m
  621
  938
  1,373
  1,953
  2,705
  3,657
  4,833
  6,256
  7,945
  9,916
  12,179
  14,741
  17,606
  20,773
  24,241
  28,004
  32,057
  36,392
  41,003
  45,885
  51,030
  56,435
  62,098
  68,016
  74,189
  80,621
  87,314
  94,275
  101,511
  109,030
  116,844
Total equity, $m
  1,108
  363
  531
  756
  1,047
  1,415
  1,870
  2,421
  3,074
  3,837
  4,713
  5,704
  6,813
  8,039
  9,380
  10,837
  12,405
  14,082
  15,867
  17,756
  19,747
  21,838
  24,029
  26,319
  28,708
  31,197
  33,787
  36,481
  39,281
  42,190
  45,214
Total liabilities and equity, $m
  1,729
  1,301
  1,904
  2,709
  3,752
  5,072
  6,703
  8,677
  11,019
  13,753
  16,892
  20,445
  24,419
  28,812
  33,621
  38,841
  44,462
  50,474
  56,870
  63,641
  70,777
  78,273
  86,127
  94,335
  102,897
  111,818
  121,101
  130,756
  140,792
  151,220
  162,058
Debt-to-equity ratio
  0.036
  0.980
  1.490
  1.820
  2.030
  2.170
  2.270
  2.340
  2.400
  2.430
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.550
  2.560
  2.560
  2.560
  2.560
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
Adjusted equity ratio
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  306
  471
  693
  979
  1,342
  1,789
  2,329
  2,969
  3,714
  4,569
  5,536
  6,615
  7,807
  9,110
  10,523
  12,044
  13,669
  15,396
  17,224
  19,149
  21,171
  23,289
  25,501
  27,808
  30,212
  32,713
  35,313
  38,016
  40,826
  43,745
Depreciation, amort., depletion, $m
  20
  24
  35
  50
  69
  93
  123
  159
  202
  252
  310
  375
  448
  529
  617
  713
  816
  926
  1,044
  1,168
  1,299
  1,437
  1,581
  1,731
  1,889
  2,052
  2,223
  2,400
  2,584
  2,775
  2,974
Funds from operations, $m
  63
  329
  506
  742
  1,048
  1,435
  1,912
  2,488
  3,171
  3,967
  4,879
  5,911
  7,063
  8,336
  9,728
  11,236
  12,860
  14,595
  16,440
  18,392
  20,448
  22,608
  24,869
  27,232
  29,697
  32,264
  34,935
  37,713
  40,600
  43,601
  46,719
Change in working capital, $m
  -68
  101
  138
  185
  239
  303
  374
  453
  538
  627
  720
  815
  912
  1,008
  1,103
  1,197
  1,290
  1,380
  1,467
  1,553
  1,637
  1,720
  1,802
  1,883
  1,965
  2,047
  2,130
  2,215
  2,302
  2,393
  2,486
Cash from operations, $m
  131
  229
  368
  558
  809
  1,132
  1,537
  2,035
  2,634
  3,340
  4,159
  5,096
  6,152
  7,328
  8,624
  10,039
  11,570
  13,216
  14,973
  16,839
  18,811
  20,888
  23,068
  25,349
  27,732
  30,217
  32,805
  35,498
  38,298
  41,208
  44,233
Maintenance CAPEX, $m
  0
  -16
  -24
  -35
  -50
  -69
  -93
  -123
  -159
  -202
  -252
  -310
  -375
  -448
  -529
  -617
  -713
  -816
  -926
  -1,044
  -1,168
  -1,299
  -1,437
  -1,581
  -1,731
  -1,889
  -2,052
  -2,223
  -2,400
  -2,584
  -2,775
New CAPEX, $m
  -21
  -41
  -55
  -74
  -96
  -121
  -150
  -181
  -215
  -251
  -288
  -326
  -365
  -403
  -441
  -479
  -516
  -552
  -587
  -621
  -655
  -688
  -721
  -753
  -786
  -819
  -852
  -886
  -921
  -957
  -995
Cash from investing activities, $m
  -326
  -57
  -79
  -109
  -146
  -190
  -243
  -304
  -374
  -453
  -540
  -636
  -740
  -851
  -970
  -1,096
  -1,229
  -1,368
  -1,513
  -1,665
  -1,823
  -1,987
  -2,158
  -2,334
  -2,517
  -2,708
  -2,904
  -3,109
  -3,321
  -3,541
  -3,770
Free cash flow, $m
  -195
  172
  289
  449
  663
  942
  1,295
  1,731
  2,259
  2,887
  3,619
  4,460
  5,412
  6,477
  7,654
  8,943
  10,342
  11,848
  13,460
  15,174
  16,988
  18,901
  20,910
  23,015
  25,215
  27,510
  29,901
  32,390
  34,977
  37,667
  40,463
Issuance/(repayment) of debt, $m
  -1
  317
  435
  580
  752
  952
  1,176
  1,423
  1,689
  1,971
  2,263
  2,562
  2,865
  3,168
  3,468
  3,763
  4,052
  4,335
  4,611
  4,881
  5,145
  5,405
  5,662
  5,918
  6,174
  6,432
  6,693
  6,961
  7,236
  7,519
  7,814
Issuance/(repurchase) of shares, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  76
  317
  435
  580
  752
  952
  1,176
  1,423
  1,689
  1,971
  2,263
  2,562
  2,865
  3,168
  3,468
  3,763
  4,052
  4,335
  4,611
  4,881
  5,145
  5,405
  5,662
  5,918
  6,174
  6,432
  6,693
  6,961
  7,236
  7,519
  7,814
Total cash flow (excl. dividends), $m
  -119
  489
  724
  1,029
  1,416
  1,894
  2,471
  3,154
  3,949
  4,857
  5,882
  7,022
  8,277
  9,644
  11,122
  12,706
  14,394
  16,183
  18,071
  20,055
  22,134
  24,306
  26,573
  28,933
  31,389
  33,942
  36,595
  39,350
  42,213
  45,187
  48,277
Retained Cash Flow (-), $m
  -320
  -123
  -168
  -224
  -291
  -368
  -455
  -551
  -654
  -763
  -876
  -992
  -1,109
  -1,226
  -1,342
  -1,456
  -1,568
  -1,678
  -1,784
  -1,889
  -1,991
  -2,092
  -2,191
  -2,290
  -2,389
  -2,489
  -2,590
  -2,694
  -2,800
  -2,910
  -3,024
Prev. year cash balance distribution, $m
 
  868
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,234
  555
  805
  1,125
  1,525
  2,016
  2,603
  3,295
  4,095
  5,006
  6,030
  7,168
  8,418
  9,780
  11,250
  12,826
  14,506
  16,286
  18,166
  20,143
  22,215
  24,381
  26,643
  29,000
  31,453
  34,004
  36,657
  39,413
  42,277
  45,253
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,183
  508
  700
  926
  1,182
  1,463
  1,759
  2,059
  2,352
  2,624
  2,864
  3,059
  3,201
  3,283
  3,303
  3,259
  3,156
  2,999
  2,797
  2,560
  2,298
  2,023
  1,746
  1,477
  1,224
  992
  787
  610
  461
  341
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Arista Networks, Inc. is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software. The Company's cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Ethernet switching and routing platforms. The programmability of EOS has allowed it to create a set of software applications that address the requirements of cloud networking, including workflow automation, network visibility and analytics, and has also allowed it to integrate with a range of third-party applications for virtualization, management, automation, orchestration and network services. EOS supports cloud and virtualization solutions, including VMware NSX, Microsoft System Center and other cloud management frameworks.

FINANCIAL RATIOS  of  Arista Networks (ANET)

Valuation Ratios
P/E Ratio 102.1
Price to Sales 16.6
Price to Book 16.9
Price to Tangible Book
Price to Cash Flow 143.3
Price to Free Cash Flow 170.7
Growth Rates
Sales Growth Rate 34.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 3.6%
Total Debt to Equity 3.6%
Interest Coverage 82
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.9%
Return On Equity 19.4%
Return On Equity - 3 Yr. Avg. 21.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 64%
Gross Margin - 3 Yr. Avg. 65.4%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 20.3%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 19.9%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 15.2%
Effective Tax Rate 24%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio 0%

ANET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANET stock intrinsic value calculation we used $1129 million for the last fiscal year's total revenue generated by Arista Networks. The default revenue input number comes from 2016 income statement of Arista Networks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANET stock valuation model: a) initial revenue growth rate of 51% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ANET is calculated based on our internal credit rating of Arista Networks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arista Networks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANET stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $121 million in the base year in the intrinsic value calculation for ANET stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for Arista Networks.

Corporate tax rate of 27% is the nominal tax rate for Arista Networks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANET stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANET are equal to 7%.

Life of production assets of 3.9 years is the average useful life of capital assets used in Arista Networks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANET is equal to 17.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1108 million for Arista Networks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 74.667 million for Arista Networks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arista Networks at the current share price and the inputted number of shares is $19.8 billion.

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Financial statements of ANET
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