Arista Networks vs Motorola Solutions
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The short version
- Motorola Solutions is the larger business, with $11.7B of revenue in fiscal 2025 against $9.0B for Arista Networks.
- Arista Networks grew revenue faster (28.6%, against 8.0%).
- Arista Networks kept more of each dollar of sales as operating profit (42.8% operating margin, against 25.6%).
- Arista Networks turned more of its sales into free cash flow (47.2% FCF margin, against 22.0%).
- Investors pay more for each dollar of Arista Networks’s earnings: a P/E of 54.4x against 37.9x for Motorola Solutions.
| Latest fiscal year | ANET · FY25 | MSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $219.9B | $80.6B |
| Revenue | $9.0B | $11.7B |
| Free cash flow | $4.3B | $2.6B |
| Net income | $3.5B | $2.2B |
| Growth | ||
| Revenue growth | 28.6% | 8.0% |
| 5-year growth | 31.2% | 9.5% |
| Share count change | −0.4% | −1.1% |
| Profitability | ||
| Gross margin | 64.1% | 51.7% |
| Operating margin | 42.8% | 25.6% |
| Net margin | 39.0% | 18.4% |
| FCF margin | 47.2% | 22.0% |
| Return on capital | — | 28.6% |
| Return on equity | 31.4% | 104.7% |
| Balance sheet | ||
| Net debt | −$10.7B | $8.0B |
| Net debt / EBITDA | −2.7x | 2.3x |
| Dividends and buybacks | $1.6B | $1.9B |
| Valuation & quality | ||
| P/E | 54.4x | 37.9x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
ANET $1.1B
MSI $6.0B
FY17
ANET $1.6B
MSI $6.4B
FY18
ANET $2.2B
MSI $7.3B
FY19
ANET $2.4B
MSI $7.9B
FY20
ANET $2.3B
MSI $7.4B
FY21
ANET $2.9B
MSI $8.2B
FY22
ANET $4.4B
MSI $9.1B
FY23
ANET $5.9B
MSI $10.0B
FY24
ANET $7.0B
MSI $10.8B
FY25
ANET $9.0B
MSI $11.7B
ANET
MSI
Operating margin
FY16
ANET 21.6%
MSI 17.4%
FY17
ANET 28.6%
MSI 20.1%
FY18
ANET 12.7%
MSI 17.1%
FY19
ANET 33.4%
MSI 20.1%
FY20
ANET 30.2%
MSI 18.7%
FY21
ANET 31.4%
MSI 20.4%
FY22
ANET 34.9%
MSI 18.2%
FY23
ANET 38.5%
MSI 23.0%
FY24
ANET 42.1%
MSI 24.9%
FY25
ANET 42.8%
MSI 25.6%
ANET
MSI
Free cash flow
FY16
ANET $153M
MSI $894M
FY17
ANET $616M
MSI $1.1B
FY18
ANET $479M
MSI $878M
FY19
ANET $947M
MSI $1.6B
FY20
ANET $720M
MSI $1.4B
FY21
ANET $951M
MSI $1.6B
FY22
ANET $448M
MSI $1.6B
FY23
ANET $2.0B
MSI $1.8B
FY24
ANET $3.7B
MSI $2.1B
FY25
ANET $4.3B
MSI $2.6B
ANET
MSI
Return on capital
FY16
ANET 108.6%
MSI —
FY17
ANET —
MSI 32.0%
FY18
ANET —
MSI 51.0%
FY19
ANET —
MSI 43.9%
FY20
ANET —
MSI 32.7%
FY21
ANET —
MSI 37.3%
FY22
ANET 107.4%
MSI 34.8%
FY23
ANET 95.5%
MSI 37.1%
FY24
ANET 131.8%
MSI 40.4%
FY25
ANET —
MSI 28.6%
ANET
MSI
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.