ANET Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	273.36B EUR	214.25B EUR	154.6B EUR	164.64B EUR
Enterprise Value	252.74B EUR	211.96B EUR	151.82B EUR	162.68B EUR
Valuation Multiples
Trailing P/E	68.37x	52.97x	41.55x	61.03x
Forward P/E	41.55x	--	--	--
Price to Sales	25.93x	20.33x	15.92x	23.52x
Price to Book	18.47x	14.48x	11.46x	13.31x
EV/Revenue	23.98x	20.11x	15.64x	23.24x
EV/EBITDA	54.47x	45.69x	35.83x	53.23x
Price to FCF (P/FCF)	70.24x	41.56x	29.29x	45.24x
EV/FCF	64.95x	41.12x	28.76x	44.7x
FCF Yield	1.42%	2.41%	3.41%	2.21%