Arista Networks vs Motorola Solutions

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KIRA’s take AI analyst

I put Arista Networks and Motorola Solutions side by side, using each one’s latest annual report. Here is what stands out:

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 55.9x against 38.2x for Motorola Solutions.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Arista Networks

ANET

7/10

Revenue growth5-year growthGross marginOperating marginNet marginFCF marginNet debt / EBITDA

Motorola Solutions

MSI

3/10

Return on equityPiotroski F-scoreShare count change

Side by side

Best in the row

Latest fiscal year	ANET FY25	MSI FY25
Size
Market cap	$226.2B	$81.2B
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	55.9x	38.2x
Piotroski F-score	4	6

Ten years

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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.