ANET
Arista Networks, Inc.
ANET's outlook is improving, though it still trails on the overall score.
MU
Micron Technology, Inc.
MU has the edge over ANET overall, supported by stronger valuation and stronger modeled upside.
ANET Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
ANET's revenue, profitability, cash flow and balance sheet are all currently strong.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
ANET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 31x | $115 | -44% |
| Forward | 36x | $207 | — |
| Fair | 40x | $147 | -29% |
| Expensive | 52x | $194 | -6% |
| Current | 56x | $207 | — |
Historical ranges are pointers, not guarantees.
ANET's PE is in its expensive range at 56x. If earnings grow as analysts expect, today's price would be 36x next year's earnings, in its fair range.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU has the edge over ANET in the historical PE scenario, which offers more potential upside but is not a forecast.
ANET Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for ANET, with profitability improving.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
ANET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.67 | +53% |
| Q3 2026 | $3.71 | +41% |
| Q2 2026 | $3.16 | +24% |
| Q1 2026 | $2.91 | +23% |
| Q4 2025 | $2.75 | +23% |
| Q3 2025 | $2.64 | +27% |
| Q2 2025 | $2.55 | +32% |
| Q1 2025 | $2.37 | +32% |
| Q4 2024 | $2.23 | +35% |
ANET's earnings per share have climbed steadily: $3.71 over the past year, up 41% from the year before, and higher year over year for 21 quarters in a row.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU's earnings per share have climbed steadily: $74.33 over the past year, about 10 times what it earned the year before, and higher year over year for 10 quarters in a row.
ANET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +58% |
| Q2 2026 | $3B | +38% |
| Q1 2026 | $2.7B | +35% |
| Q4 2025 | $2.5B | +29% |
| Q3 2025 | $2.3B | +27% |
| Q2 2025 | $2.2B | +30% |
| Q1 2025 | $2B | +28% |
| Q4 2024 | $1.9B | +25% |
ANET's revenue has grown year over year every quarter since late 2020: $3.7B last quarter, up 58% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 45% | +2.5 points |
| Q2 2026 | 45% | +0.7 points |
| Q1 2026 | 43% | -0.1 points |
| Q4 2025 | 42% | +0.1 points |
| Q3 2025 | 42% | -1 points |
| Q2 2025 | 45% | +3.3 points |
| Q1 2025 | 43% | +0.8 points |
| Q4 2024 | 41% | -0.1 points |
ANET's operating margin was 45% last quarter, up 2.5 points from the same quarter a year ago, near the top of its range since 2019.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over ANET on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over ANET on profitability, with a higher operating margin.
ANET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | -11% |
| Q2 2026 | $1.1B | -10% |
| Q1 2026 | $1.6B | +167% |
| Q4 2025 | $1.2B | +20% |
| Q3 2025 | $1.2B | +6.1% |
| Q2 2025 | $1.2B | +19% |
| Q1 2025 | $613.3M | +22% |
| Q4 2024 | $1B | +96% |
ANET's free cash flow has been positive every quarter for seven years: $5B over the past year, up 24% from the year before.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU has the edge over ANET on cash flow, with more consistent year-over-year improvement.
ANET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +2.2M shares |
| 1 year | +0.1% | +1.6M shares |
| 3 years | +0.6% | +7.7M shares |
| 5 years | 0% | -344K shares |
| Available history | -1.2% | -15.9M shares |
ANET has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $620.1M |
| Q3 2025 | — |
| Q2 2025 | $195.9M |
| Q1 2025 | $787.1M |
| Q4 2024 | $123.8M |
ANET spent $620M buying back its own shares over the past year, down 44% from the year before.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has 1.1B diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
ANET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.6x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
ANET has the edge over MU on leverage, with a lower net debt burden relative to earnings.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has more cash than debt.
ANET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 40.9 | Neutral |
ANET's weekly RSI is 60 (neutral) and its Stochastic is 41 (neutral).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
ANET PE vs Technology Sector
| Metric | ANET | Sector median | Relative |
|---|---|---|---|
| PE | 56x | 28x | 100% above |
| PE % | 91 | 35 | 56 pts above |
ANET is trading at 56x earnings, a 100% premium to the Technology sector's median of 28x.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over ANET on valuation relative to its sector.
ANET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $190.8 | 8.3% above |
| 20 week MA | $188.0 | 9.9% above |
| 50 week MA | $160.7 | 29% above |
| 100 week MA | $136.6 | 51% above |
| 200 week MA | $99.6 | 107% above |
ANET has the edge over MU on trend strength, trading above more of its moving averages.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 225% above its 200-week average.
ANET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.8 | $18.1 | +41% |
| 2021 | $18.1 | $35.5 | +96% |
| 2022 | $35.5 | $29.9 | -16% |
| 2023 | $29.9 | $58.9 | +97% |
| 2024 | $58.9 | $113.0 | +92% |
| 2025 | $113.0 | $131.8 | +17% |
| 2026 YTD | $131.8 | $206.6 | +57% |
ANET has finished higher in five of the last six years, three of them by more than 50%. It's up 57% so far in 2026.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over ANET on returns for 2026, with the stronger performance.