Arista Networks Inc. (ANET) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, ANET scores 74 out of 100, grade B, labeled "Roarable Buy — Good Risk/Reward." The five pillars are: Fundamental Cash Engine 18/20 (ROIC 16.4%; FCF yield 1.71%), Whale 13F Flow 13/20 (institutional accumulation and options positioning), Insider Conviction 13/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit 15/20 (Beta 1.3; sector sensitivity), and Forensic Balance Sheet 15/20 (Altman Z 22.17; Piotroski F 9/9; Debt/Equity 0.24).

For a prospective investor, the strongest pillar is the cash engine, where a 16.4% ROIC is paired with a relatively low 1.71% FCF yield. This combination suggests that returns on invested capital are high, but the market is pricing the cash stream at a premium, which is a valuation tradeoff rather than a discount. The forensic balance sheet pillar is supported by the reported Piotroski F 9/9 and Altman Z 22.17, along with Debt/Equity 0.24, indicating a conservative capital structure per the rating inputs. The insider and whale-flow pillars score mid-range (13/20 each), meaning the rating reflects some positive positioning signals but not a dominant ownership-conviction story. The macro pillar (15/20, Beta 1.3) implies above-market sensitivity to broad market swings; a prospective investor should expect amplified moves in both directions. Overall, the rating frames ANET as a quality-weighted name whose upside depends on sustaining growth that justifies its valuation, not on balance-sheet repair.

Per the SEC financials, revenue rose from $5860.2M (FY 2023) to $9005.7M (FY 2025), and operating income rose from $2257.3M to $3856.1M over the same span. Reported net income is $0.0M in each period, and the market data section lists net margin as 0%, so profitability at the net line cannot be assessed from these inputs. Operating margin is 42.8% and gross margin is 64.1% per the market data. ROIC is 16.4%, per both the market data and the RQD rating. The RQD inputs cite an Altman Z-Score of 22.17 and a Piotroski F-Score of 9/9, with Debt/Equity of 0.24. The FY 2023 debt figure ($29902.5M) is materially different from later periods and is reported as-is; its meaning is not explained in the source data.

• What are the reported EPS and net income figures? The financials show EPS as N/A and net income as $0.0M, and the P/E and EPS (TTM) fields are unavailable.
• What explains the FY 2023 debt figure of $29902.5M and the missing FY 2023 cash figure, given that adjacent periods show materially different debt levels?
• What is the content behind the news headlines, and does the RED "Stock Dropped" item reflect a specific fundamental event?
• What share of Meta's AI fabric is served by ANET versus competing options such as NVIDIA Spectrum-X, and how is that share trending?
• What do the Arista 10-K/10-Q disclosures say about 800G AI cluster guidance and hyperscale revenue mix?