Forensic Analysis · Technology / Software · as of Aug 7, 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

Forensic signals

60.0

P / E (ttm)

28.4%

ROE

$240.7B

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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +65% against revenue +29% and inventory up +22% against +29% in cost of sales. This is the tenth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 10% of net operating assets, diverging from the balance-sheet accrual read.

+0.3%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 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 (3yr)+27.1%

Net Margin39.0%

Free Cash Flow$4.25B

Return on Equity28.4%

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Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.