Arista Networks, Inc. (ANET) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in Arista Networks (ANET) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. Arista is the leading independent vendor of cloud-scale Ethernet switching, pairing Broadcom merchant silicon with its own EOS software, and a primary beneficiary of AI back-end networking demand from Microsoft and Meta. ANET behaves like a high-margin, high-multiple AI-infrastructure growth stock, with customer concentration as the central risk.
ANET stock price
As of 2026-07-24, Arista Networks, Inc. (ANET) last closed at $173.99, up 52.2% over the past year. Over the past 52 weeks it has traded between $114.28 and $186.96.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Arista Networks, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Arista Networks, Inc. (ANET) do?
Arista Networks designs and sells high-performance Ethernet switches and networking software for cloud, enterprise, and AI data centers. The company is the leading independent vendor of cloud-scale data center networking, with Microsoft Azure and Meta Platforms among its largest customers. Arista's switches use merchant silicon (primarily Broadcom's Tomahawk and Jericho ASICs) combined with the company's own EOS (Extensible Operating System) software, giving customers programmability and flexibility that Cisco's traditional integrated approach didn't offer.
AI data centers have become a major growth driver because they require dramatically more networking bandwidth than traditional cloud workloads. Each AI training rack connects to thousands of others at high speeds; Arista's high-end 800-gigabit Ethernet switches are positioned for this market. Founded in 2004 by Andy Bechtolsheim and Jayshree Ullal, headquartered in Santa Clara, California. Jayshree Ullal has been CEO since 2008.
What's driving Arista Networks, Inc. (ANET)?
1. AI back-end networking.
AI training racks require massive networking bandwidth between GPUs. Arista has positioned itself as the leader in cloud-scale Ethernet for AI workloads, with Microsoft and Meta as major customers. The AI networking opportunity has materially expanded Arista's addressable market.
2. Campus and enterprise expansion.
Beyond cloud data centers, Arista has expanded into enterprise campus networking, competing more directly with Cisco. This is a slower-growth, larger-margin market that diversifies the customer base.
3. EOS software differentiation.
Arista's EOS network operating system is the structural moat. Customers value the programmability and automation it enables, particularly at hyperscale. Software updates are non-disruptive, which matters when uptime is the primary metric.
4. Customer concentration management.
Microsoft and Meta have historically been around 40% combined revenue. Arista has been working to diversify the customer base; concentration risk is the main story risk.
What are the risks to Arista Networks, Inc. (ANET)?
Customer concentration (Microsoft and Meta). NVIDIA's push to displace Ethernet with InfiniBand for AI workloads, and to integrate networking into its complete-system offerings, is competitive pressure on the merchant-silicon Ethernet ecosystem.
How is Arista Networks, Inc. (ANET) valued? (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Arista Networks, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$7 billion
- Operating margin: ~42%
- Net income (TTM): ~$2.7 billion
- EPS (TTM): ~$2.15
- P/E (TTM): ~55x
- Price to sales: ~20x
- Dividend yield: None (no dividend; share buybacks instead)
- Free cash flow: ~$2.5 billion annually
- Cash on balance sheet: ~$8 billion (no meaningful debt)
Arista trades at a substantial premium reflecting the AI networking story and the company's history of consistent execution. The valuation is sensitive to customer concentration; a major customer pause in AI capex would compress the multiple significantly.
Which ETFs hold Arista Networks, Inc. (ANET)?
What themes does Arista Networks, Inc. (ANET) fit?
These are the investment theses ANET naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
Who competes with Arista Networks, Inc. (ANET)?
Cloud and AI data center networking
Cisco is the largest direct competitor, particularly in enterprise networking, and is pushing aggressively into AI data center Ethernet with the Cisco Silicon One platform. NVIDIA Networking (Mellanox) competes with InfiniBand technology in AI back-end networks. Juniper Networks (acquired by HPE) is a smaller competitor.
Enterprise campus networking
Cisco is the dominant enterprise campus incumbent. HPE (Aruba) is a significant competitor. Juniper Mist is a smaller player. Arista's expansion into campus is a relatively new front.
What stocks are similar to Arista Networks, Inc. (ANET)?
Other names that show up alongside ANET in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
Also fits AI infrastructure. The defining AI accelerator. CUDA ecosystem is the picks-and-shovels play; held in every AI infrastructure basket.
Also fits AI infrastructure. MI300X and MI400 are the most credible non-NVIDIA accelerator path. Datacenter GPU revenue is the AI exposure.
Also fits AI infrastructure. Custom AI silicon (Google TPU, Meta MTIA) plus the networking switches that connect AI clusters. Dual-engine AI infra story.
Also fits AI infrastructure. Makes virtually every leading-edge AI chip including NVIDIA H100/B100, AMD MI300X, and the hyperscaler custom designs.
How to invest in Arista Networks, Inc. (ANET)
There are three common ways to get ANET exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (SKYY, SKYY), which spreads the position across many companies. Or build it into a focused thematic basket, so ANET sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where ANET fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Arista Networks, Inc. (ANET)
Arista Networks (ANET) is a software-differentiated networking leader whose growth tracks hyperscaler AI capex through high-speed Ethernet for GPU clusters. In a portfolio it behaves as a richly valued, higher-volatility AI-networking holding, typically the networking complement to NVIDIA accelerators and Broadcom silicon, sensitive to any pause from concentrated customers Microsoft and Meta and to NVIDIA's InfiniBand push.
More on Arista Networks, Inc. (ANET)
Whether ANET is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ANET a buy?, and where the stock could go from here in the ANET stock forecast.
For income investors, whether ANET pays a dividend and how the payout looks is covered in does ANET pay a dividend? And to weigh ANET against a peer, read the full side-by-side comparisons: ANET vs NVDA and ANET vs AMD.
Build a basket around ANET with Walnut
Use Arista Networks, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is Arista's ticker symbol?
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ANET, listed on NYSE. Officially Arista Networks, Inc. Founded 2004 by Andy Bechtolsheim and Jayshree Ullal, headquartered in Santa Clara, California. Trades during US market hours.
Who are Arista's competitors?
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Cisco is the largest direct competitor in both cloud data center networking and enterprise campus networking. NVIDIA Networking (Mellanox InfiniBand) competes in AI back-end networks. Juniper Networks (acquired by HPE) is a smaller competitor. Whitebox vendors using SONiC compete at the cost-sensitive end of the market.
Is Arista an AI stock?
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Yes. AI training racks require dramatically more networking bandwidth than traditional cloud workloads, and Arista has positioned itself as the leader in cloud-scale Ethernet for AI. Microsoft and Meta are the largest customers and the largest AI infrastructure buyers; Arista's revenue growth has tracked their AI capex closely.
What is Arista's P/E ratio?
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Approximately 55x trailing twelve months as of early 2026. The premium reflects the AI growth story, consistent execution, and high operating margins. Sensitive to customer concentration; would compress on any major customer pause.
What does Arista do?
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Arista designs and sells high-performance Ethernet switches and networking software (EOS) for cloud, AI, and enterprise data centers. Switches use merchant silicon (primarily Broadcom) combined with Arista's own software. Major customers include Microsoft Azure and Meta Platforms; Arista is the leading independent cloud networking vendor.
Who owns the most Arista stock?
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Major institutional holders include Vanguard (~9%), BlackRock (~7%), and State Street (~4%). Founders Andy Bechtolsheim and Jayshree Ullal together own around 8-9% personally, which is meaningful for a company of Arista's size and represents founder alignment with shareholders.
Which ETFs have the most Arista exposure?
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QQQ holds ANET as part of the Nasdaq-100 at smaller weight. VGT and XLK include ANET as part of the broader tech sector. Networking-specific ETFs (IGN, FIVG) hold ANET at higher weights but those funds have low AUM. ANET is in the S&P 500 so VOO holds it at fractional weight. Most ANET exposure for passive investors comes through broader tech sector ETFs.
Which thematic baskets typically include Arista?
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One theme on Walnut: AI infrastructure (AI back-end networking switches are essential to AI training clusters). AI infrastructure baskets typically include ANET as the AI networking complement to NVDA accelerators and AVGO custom silicon. Some semiconductor and tech baskets may include ANET though its primary thesis is AI networking.
How much of QQQ is Arista?
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Approximately 0.5% as of early 2026. ANET's weight in QQQ reflects its mid-tier Nasdaq-100 status. In VGT and XLK, the weight is similar. Networking ETFs hold ANET at higher weights but those funds are small.
Is Arista in the S&P 500?
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Yes. Arista was added to the S&P 500 in August 2018 after meaningful market cap appreciation. It has remained in the index continuously since.
What is Arista's market cap?
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Approximately $180 billion as of early 2026. Market cap has grown several multiples since 2022 on AI networking revenue ramp from hyperscaler customers. ANET is now among the larger US networking companies by market cap, comparable to or larger than legacy networking leaders like Cisco on certain metrics.
Does Arista pay a dividend?
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No. Arista has not paid a dividend historically and has prioritized reinvestment and share buybacks. The company has been a meaningful buyback returner during the AI cycle. A future dividend has been speculated about but not announced.
How is Arista different from Cisco?
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Both make data center networking switches. Cisco is much larger and has broader enterprise networking and security exposure (campus networking, security, Webex). Arista is concentrated specifically on cloud and AI data center networking, with proprietary software (EOS) on merchant silicon (Broadcom). Arista has won meaningful share at hyperscalers; Cisco maintains stronger presence in enterprise campus networks.
Should I own Arista directly or through QQQ?
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Both common. Direct ANET ownership gives concentrated AI networking exposure with full upside on hyperscaler AI capex. QQQ includes ANET at smaller weight along with broader Nasdaq-100 tech. Many Walnut users hold both: direct ANET for AI networking conviction plus QQQ for diversified tech exposure. ANET's customer concentration (Microsoft, Meta) makes it higher-volatility than diversified tech ETFs.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Arista Networks, Inc.'s investor relations page or your broker before making investment decisions.