Arista Networks vs Viasat
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The short version
- Arista Networks is the larger business, with $9.0B of revenue in fiscal 2025 against $4.6B for Viasat, about 1.9 times as much.
- Arista Networks grew revenue faster (28.6%, against 2.7%).
- Arista Networks kept more of each dollar of sales as operating profit (42.8% operating margin, against 2.3%).
- Arista Networks turned more of its sales into free cash flow (47.2% FCF margin, against 32.2%).
| Latest fiscal year | ANET · FY25 | VSAT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $219.9B | $8.4B |
| Revenue | $9.0B | $4.6B |
| Free cash flow | $4.3B | $1.5B |
| Net income | $3.5B | −$34.1M |
| Growth | ||
| Revenue growth | 28.6% | 2.7% |
| 5-year growth | 31.2% | 19.3% |
| Share count change | −0.4% | 4.9% |
| Profitability | ||
| Gross margin | 64.1% | — |
| Operating margin | 42.8% | 2.3% |
| Net margin | 39.0% | −0.7% |
| FCF margin | 47.2% | 32.2% |
| Return on capital | — | 0.6% |
| Return on equity | 31.4% | −0.7% |
| Balance sheet | ||
| Net debt | −$10.7B | $4.8B |
| Net debt / EBITDA | −2.7x | 3.3x |
| Dividends and buybacks | $1.6B | $0.0M |
| Valuation & quality | ||
| P/E | 54.4x | — |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
ANET $1.6B
VSAT $1.6B
FY18
ANET $2.2B
VSAT $1.6B
FY19
ANET $2.4B
VSAT $2.1B
FY20
ANET $2.3B
VSAT $2.3B
FY21
ANET $2.9B
VSAT $1.9B
FY22
ANET $4.4B
VSAT $2.4B
FY23
ANET $5.9B
VSAT $2.6B
FY24
ANET $7.0B
VSAT $4.3B
FY25
ANET $9.0B
VSAT $4.5B
FY26
ANET —
VSAT $4.6B
ANET
VSAT
Operating margin
FY17
ANET 28.6%
VSAT 2.3%
FY18
ANET 12.7%
VSAT −5.8%
FY19
ANET 33.4%
VSAT −2.9%
FY20
ANET 30.2%
VSAT 1.7%
FY21
ANET 31.4%
VSAT −2.4%
FY22
ANET 34.9%
VSAT −4.7%
FY23
ANET 38.5%
VSAT −6.1%
FY24
ANET 42.1%
VSAT −20.8%
FY25
ANET 42.8%
VSAT −2.2%
FY26
ANET —
VSAT 2.3%
ANET
VSAT
Free cash flow
FY17
ANET $616M
VSAT −$103M
FY18
ANET $479M
VSAT −$153M
FY19
ANET $947M
VSAT −$309M
FY20
ANET $720M
VSAT −$257M
FY21
ANET $951M
VSAT −$100M
FY22
ANET $448M
VSAT −$433M
FY23
ANET $2.0B
VSAT −$709M
FY24
ANET $3.7B
VSAT $611M
FY25
ANET $4.3B
VSAT $830M
FY26
ANET —
VSAT $1.5B
ANET
VSAT
Return on capital
FY17
ANET —
VSAT 1.4%
FY18
ANET —
VSAT −2.8%
FY19
ANET —
VSAT −1.6%
FY20
ANET —
VSAT 1.1%
FY21
ANET —
VSAT −1.0%
FY22
ANET 107.4%
VSAT −2.0%
FY23
ANET 95.5%
VSAT −2.5%
FY24
ANET 131.8%
VSAT −9.0%
FY25
ANET —
VSAT −0.7%
FY26
ANET —
VSAT 0.6%
ANET
VSAT
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.