Arista Networks, Inc. (ANET) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 25, 2026
Arista Networks, Inc. (ANET)
A forensic read on Arista Networks, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
19.2
Distress distance
Clean
Earnings quality
2
Forensic signals
62.2
P / E (ttm)
28.4%
ROE
$256.6B
Market cap
28.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Arista Networks, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 19.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+36.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +36.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +65% against revenue +29% and inventory up +22% against +29% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 10% of net operating assets, against an accruals ratio of 36.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+0.3%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.3%/yr). Roughly flat — buybacks ($1.6B) are about offsetting stock comp ($439M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$9.01B
Revenue Growth YoY+28.6%
Revenue CAGR (2yr)+23.9%
Net Margin39.0%
Free Cash Flow$4.25B
Return on Equity28.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Arista Networks, Inc.'s actual 10-K/10-Q/8-K filings?