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Held by 1,930 of 5,944 reporting institutions (100th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $199.53 today, the market must believe free cash flow compounds 25.9%/yr for a decade (off $3.3B normalized FCF).
The market's 25.9% is more conservative than its 9-yr track record.
2-stage DCF · 1.26B shares · net debt -$2.0B
mean 86.6% · volatility σ 144% · implied rate exceeded in 5/9 yrs
Central path = implied 25.9%/yr growth; shaded band = ±1σ (144%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.01B 100.0% | $7.00B 100.0% | $5.86B 100.0% | $4.38B 100.0% | $2.95B 100.0% | $2.32B 100.0% | $2.41B 100.0% | $2.15B 100.0% | $1.65B 100.0% | $1.13B 100.0% |
| Cost of Revenue | $3.24B 35.9% | $2.51B 35.9% | $2.23B 38.1% | $1.71B 38.9% | $1.07B 36.2% | $835.6M 36.1% | $866.4M 35.9% | $778.0M 36.2% | $584.4M 35.5% | $406.1M 36.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $538.0M 32.7% | $369.8M 32.7% |
| Cost of Services | — | — | — | — | — | — | — | — | $46.4M 2.8% | $36.3M 3.2% |
| Gross Profit | $5.77B 64.1% | $4.49B 64.1% | $3.63B 61.9% | $2.68B 61.1% | $1.88B 63.8% | $1.48B 63.9% | $1.54B 64.1% | $1.37B 63.8% | $1.06B 64.5% | $723.1M 64.0% |
| Research & Development | $1.24B 13.7% | $996.7M 14.2% | $854.9M 14.6% | $728.4M 16.6% | $586.8M 19.9% | $486.6M 21.0% | $462.8M 19.2% | $442.5M 20.6% | $349.6M 21.2% | $273.6M 24.2% |
| Selling, General & Admin | $141.9M 1.6% | $122.7M 1.8% | $119.1M 2.0% | $93.2M 2.1% | $83.1M 2.8% | $66.2M 2.9% | $61.9M 2.6% | $65.4M 3.0% | $86.8M 5.3% | $75.2M 6.7% |
| Total Operating Expenses | $1.91B 21.2% | $1.55B 22.1% | $1.37B 23.4% | $1.15B 26.2% | $956.0M 32.4% | $782.2M 33.8% | $738.6M 30.6% | $1.10B 51.1% | $591.5M 35.9% | $479.7M 42.5% |
| Operating Income | $3.86B 42.8% | $2.94B 42.0% | $2.26B 38.5% | $1.53B 34.9% | $924.7M 31.4% | $699.7M 30.2% | $805.8M 33.4% | $273.3M 12.7% | $470.3M 28.6% | $243.4M 21.6% |
| Interest Expense | — | — | — | — | — | — | — | $2.7M 0.1% | $2.8M 0.2% | $3.1M 0.3% |
| Interest & Investment Income | $383.4M 4.3% | $311.0M 4.4% | $152.4M 2.6% | $27.6M 0.6% | $7.2M 0.2% | $27.1M 1.2% | $51.1M 2.1% | $31.7M 1.5% | $8.1M 0.5% | $3.0M 0.3% |
| Other Income (Expense), net | $393.6M 4.4% | $320.5M 4.6% | $164.7M 2.8% | $54.7M 1.2% | $6.1M 0.2% | $39.2M 1.7% | $56.5M 2.3% | $15.5M 0.7% | $4.5M 0.3% | -$1.2M -0.1% |
| Pretax Income | $4.25B 47.2% | $3.27B 46.6% | $2.42B 41.3% | $1.58B 36.1% | $930.9M 31.6% | $738.9M 31.9% | $862.3M 35.8% | $288.8M 13.4% | $474.8M 28.8% | $242.2M 21.5% |
| Income Tax Expense | $738.3M 8.2% | $413.0M 5.9% | $334.7M 5.7% | $229.3M 5.2% | $90.0M 3.1% | $104.3M 4.5% | $2.4M 0.1% | -$39.3M -1.8% | $51.6M 3.1% | $58.0M 5.1% |
| Net Income | $4K 0.0% | $3K 0.0% | $2K 0.0% | $1K 0.0% | $841 0.0% | $634.6M 27.4% | $859.9M 35.7% | $328.1M 15.3% | $423.2M 25.7% | $184.2M 16.3% |
| Per Share | ||||||||||
| EPS (Basic) | $2.79 | $2.27 | $1.69 | $1.10 | $2.74 | $2.09 | $2.82 | $4.39 | $5.85 | $2.66 |
| EPS (Diluted) | $2.75 | $2.23 | $1.65 | $1.07 | $2.63 | $2.00 | $2.66 | $4.06 | $5.35 | $2.50 |
| Weighted Avg Shares (Basic) | 1.26B | 1.26B | 1.24B | 1.23B | 306.5M | 303.9M | 305.2M | 74.8M | 72.3M | 68.8M |
| Weighted Avg Shares (Diluted) | 1.28B | 1.28B | 1.27B | 1.27B | 319.2M | 317.9M | 323.5M | 80.8M | 79.0M | 73.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.6B buybacks = $1.6B returned on $4.3B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 28%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2018 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 12-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 36.2 | 35.9 | 36.1 | 36.2 | 38.9 | 38.1 | 35.9 | 35.9 |
| Gross Profit | 63.8 | 64.1 | 63.9 | 63.8 | 61.1 | 61.9 | 64.1 | 64.1 |
| R&D | 20.6 | 19.2 | 21.0 | 19.9 | 16.6 | 14.6 | 14.2 | 13.7 |
| SG&A | 3.0 | 2.6 | 2.9 | 2.8 | 2.1 | 2.0 | 1.8 | 1.6 |
| Operating Income | 12.7 | 33.4 | 30.2 | 31.4 | 34.9 | 38.5 | 42.0 | 42.8 |
| Income Tax | -1.8 | 0.1 | 4.5 | 3.1 | 5.2 | 5.7 | 5.9 | 8.2 |
| Net Income | 15.3 | 35.7 | 27.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ANET: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $10.83T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.20T | 43.6× | 39.0× | 24.1× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.91T | 44.6× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.64T | 27.3× | 19.3× | 11.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.61T | 71.2× | 63.6× | 25.2× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.04T | 122.1× | 57.5× | 27.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $835.4B | 193.4× | 197.6× | 24.1× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $504.6B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $426.7B | 42.3× | 35.8× | 7.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $416.9B | 276.7× | 288.5× | 93.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $367.3B | 64.9× | 34.6× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.6B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $329.4B | 48.0× | 37.9× | 11.6× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $325.1B | — | — | 1051.3× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $283.0B | — | — | — | — | — | — | — | — | — | 302 |
| SAP | $261.9B | — | — | — | — | — | — | — | — | — | 794 |
| ARM | $259.6B | 287.0× | 223.6× | 52.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| PANW | $250.9B | 234.8× | 156.8× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| ANET | $248.2B | 71.8× | 62.7× | 27.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| TXN | $236.9B | 47.8× | 31.2× | 13.4× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $232.8B | 32.1× | 25.2× | 5.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.5B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| SNDK | $221.9B | — | — | 30.2× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| QCOM | $198.5B | 36.9× | 14.9× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| MRVL | $194.6B | 74.8× | 127.2× | 23.8× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
Peers = companies sharing ANET's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.