Arista Networks
ANET · Communications Equipment
$172.37
0.8%Ciena
CIEN · Communications Equipment
$320.26
0.7%The short version
- Arista Networks is the larger business, with $9.0B of revenue in fiscal 2025 against $4.8B for Ciena, about 1.9 times as much.
- Arista Networks grew revenue faster (28.6%, against 18.8%).
- Arista Networks kept more of each dollar of sales as operating profit (42.8% operating margin, against 4.1% operating margin).
- Arista Networks turned more of its sales into free cash flow (47.2% FCF margin, against 14.0% FCF margin).
- Investors pay more for each dollar of Ciena’s earnings: a P/E of 71.5x against 54.4x for Arista Networks.
| Latest fiscal year | ANET · FY25 | CIEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $219.9B | $46.8B |
| Revenue | $9.0B | $4.8B |
| Free cash flow | $4.3B | $665M |
| Net income | $3.5B | $123M |
| Growth | ||
| Revenue growth | 28.6% | 18.8% |
| 5-year growth | 31.2% | 6.2% |
| Share count change | −0.4% | −0.5% |
| Profitability | ||
| Gross margin | 64.1% | 42.0% |
| Operating margin | 42.8% | 4.1% |
| Net margin | 39.0% | 2.6% |
| FCF margin | 47.2% | 14.0% |
| Return on capital | — | 5.1% |
| Return on equity | 31.4% | 4.5% |
| Balance sheet | ||
| Net debt | −$10.7B | $271M |
| Net debt / EBITDA | −2.7x | 0.8x |
| Dividends and buybacks | $1.6B | $335M |
| Valuation & quality | ||
| P/E | 54.4x | 71.5x |
| Piotroski F-score | 4 | 7 |
FY16
ANET $1.1B
CIEN $2.6B
FY17
ANET $1.6B
CIEN $2.8B
FY18
ANET $2.2B
CIEN $3.1B
FY19
ANET $2.4B
CIEN $3.6B
FY20
ANET $2.3B
CIEN $3.5B
FY21
ANET $2.9B
CIEN $3.6B
FY22
ANET $4.4B
CIEN $3.6B
FY23
ANET $5.9B
CIEN $4.4B
FY24
ANET $7.0B
CIEN $4.0B
FY25
ANET $9.0B
CIEN $4.8B
ANET
CIEN
FY16
ANET 21.6%
CIEN 6.0%
FY17
ANET 28.6%
CIEN 7.7%
FY18
ANET 12.7%
CIEN 7.4%
FY19
ANET 33.4%
CIEN 9.7%
FY20
ANET 30.2%
CIEN 13.8%
FY21
ANET 31.4%
CIEN 13.7%
FY22
ANET 34.9%
CIEN 6.1%
FY23
ANET 38.5%
CIEN 8.2%
FY24
ANET 42.1%
CIEN 4.2%
FY25
ANET 42.8%
CIEN 4.1%
ANET
CIEN
FY16
ANET $153M
CIEN $182M
FY17
ANET $616M
CIEN $140M
FY18
ANET $479M
CIEN $162M
FY19
ANET $947M
CIEN $351M
FY20
ANET $720M
CIEN $411M
FY21
ANET $951M
CIEN $462M
FY22
ANET $448M
CIEN −$259M
FY23
ANET $2.0B
CIEN $62.1M
FY24
ANET $3.7B
CIEN $378M
FY25
ANET $4.3B
CIEN $665M
ANET
CIEN
FY16
ANET 108.6%
CIEN 22.4%
FY17
ANET —
CIEN 23.7%
FY18
ANET —
CIEN 6.9%
FY19
ANET —
CIEN 15.8%
FY20
ANET —
CIEN 20.0%
FY21
ANET —
CIEN 23.7%
FY22
ANET 107.4%
CIEN 7.7%
FY23
ANET 95.5%
CIEN 9.3%
FY24
ANET 131.8%
CIEN 3.6%
FY25
ANET —
CIEN 5.1%
ANET
CIEN
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.