Arista Networks vs Ciena
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KIRA’s take AI analyst
I put Arista Networks and Ciena side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Arista Networks turned more of its sales into free cash flow (47.2% FCF margin, against 14.0%).
- Investors pay more for each dollar of Ciena’s earnings: a P/E of 75.0x against 55.9x for Arista Networks.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Arista Networks
ANET
8/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityNet debt / EBITDA
Ciena
CIEN
2/10
Piotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | ANET FY25 | CIEN FY25 |
|---|---|---|
| Size | ||
| Market cap | $226.2B | $49.0B |
| 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 | 55.9x | 75.0x |
| Piotroski F-score | 4 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.