Arista Networks vs Ubiquiti
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The short version
- Arista Networks is the larger business, with $9.0B of revenue in fiscal 2025 against $3.3B for Ubiquiti, about 2.8 times as much.
- Arista Networks grew revenue faster (28.6%, against 27.2%).
- Arista Networks kept more of each dollar of sales as operating profit (42.8% operating margin, against 36.2%).
- Arista Networks turned more of its sales into free cash flow (47.2% FCF margin, against 27.8%).
| Latest fiscal year | ANET · FY25 | UI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $219.9B | $35.6B |
| Revenue | $9.0B | $3.3B |
| Free cash flow | $4.3B | $909M |
| Net income | $3.5B | $960M |
| Growth | ||
| Revenue growth | 28.6% | 27.2% |
| 5-year growth | 31.2% | 11.5% |
| Share count change | −0.4% | 0.1% |
| Profitability | ||
| Gross margin | 64.1% | 46.2% |
| Operating margin | 42.8% | 36.2% |
| Net margin | 39.0% | 29.3% |
| FCF margin | 47.2% | 27.8% |
| Return on capital | — | 104.2% |
| Return on equity | 31.4% | 91.1% |
| Balance sheet | ||
| Net debt | −$10.7B | −$611M |
| Net debt / EBITDA | −2.7x | −0.5x |
| Dividends and buybacks | $1.6B | $194M |
| Valuation & quality | ||
| P/E | 54.4x | — |
| Piotroski F-score | 4 | 7 |
Revenue
FY17
ANET $1.6B
UI $865M
FY18
ANET $2.2B
UI $1.0B
FY19
ANET $2.4B
UI $1.2B
FY20
ANET $2.3B
UI $1.3B
FY21
ANET $2.9B
UI $1.9B
FY22
ANET $4.4B
UI $1.7B
FY23
ANET $5.9B
UI $1.9B
FY24
ANET $7.0B
UI $1.9B
FY25
ANET $9.0B
UI $2.6B
FY26
ANET —
UI $3.3B
ANET
UI
Operating margin
FY17
ANET 28.6%
UI 33.5%
FY18
ANET 12.7%
UI 32.1%
FY19
ANET 33.4%
UI 33.9%
FY20
ANET 30.2%
UI 37.2%
FY21
ANET 31.4%
UI 39.1%
FY22
ANET 34.9%
UI 27.3%
FY23
ANET 38.5%
UI 28.1%
FY24
ANET 42.1%
UI 25.9%
FY25
ANET 42.8%
UI 32.5%
FY26
ANET —
UI 36.2%
ANET
UI
Free cash flow
FY17
ANET $616M
UI $105M
FY18
ANET $479M
UI $323M
FY19
ANET $947M
UI $208M
FY20
ANET $720M
UI $430M
FY21
ANET $951M
UI $594M
FY22
ANET $448M
UI $357M
FY23
ANET $2.0B
UI −$166M
FY24
ANET $3.7B
UI $530M
FY25
ANET $4.3B
UI $627M
FY26
ANET —
UI $909M
ANET
UI
Return on capital
FY17
ANET —
UI 140.2%
FY18
ANET —
UI 94.7%
FY19
ANET —
UI 138.9%
FY20
ANET —
UI 144.4%
FY21
ANET —
UI 246.9%
FY22
ANET 107.4%
UI 324.6%
FY23
ANET 95.5%
UI 106.2%
FY24
ANET 131.8%
UI 51.5%
FY25
ANET —
UI 85.4%
FY26
ANET —
UI 104.2%
ANET
UI
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.