Arista Networks vs Viasat
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KIRA’s take AI analyst
I put Arista Networks and Viasat 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 $4.6B 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Arista Networks
ANET
8/9
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on equityNet debt / EBITDAShare count change
Viasat
VSAT
1/9
Piotroski F-score
Side by side
Best in the row
| Latest fiscal year | ANET FY25 | VSAT FY26 |
|---|---|---|
| Size | ||
| Market cap | $226.2B | $9.1B |
| 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 | 55.9x | — |
| Piotroski F-score | 4 | 6 |
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.