What is Arista Networks, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Arista Networks, Inc.'s reported free cash flow gives $111.93 per share. The share price was $206.55 on September 25, 2026, 85% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $68.71 | -67% |
| Base | 15.0% | 9.0% | $111.93 | -46% |
| Bull | 20.0% | 8.0% | $192.40 | -7% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $144.65 | $154.85 | $167.32 | $182.91 | $202.95 |
| 8.0% | $120.07 | $126.68 | $134.50 | $143.89 | $155.35 |
| 9.0% | $102.18 | $106.71 | $111.93 | $118.02 | $125.21 |
| 10.0% | $88.62 | $91.84 | $95.49 | $99.65 | $104.46 |
| 11.0% | $78.01 | $80.37 | $83.01 | $85.97 | $89.33 |
Where the presets come from
Base: years 1 to 5 grow at Arista Networks, Inc.'s revenue growth rate over the last 5 fiscal years (31.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions