Arista Networks, Inc. vs NetApp, Inc., two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
NetApp's 94% return on equity looks like the winning number until the denominator gets inspected: 1.84 of debt to equity and years of buybacks have shrunk the base until the ratio measures financial engineering more than operating skill. Arista earns 27.6% on equity it has not hollowed out, with no debt at all, and its return on assets, 17.2% to 11.9%, is the cleaner comparison. The businesses run at different temperatures: Arista grows AI datacenter networks at a 42.7% operating margin, NetApp manages a mature storage franchise at 27.3% and hands back a 6.1% free-cash yield with a dividend. The multiples price the temperatures, 54.2 against 24 times earnings, a compounding premium on the first and a distribution discount on the second.
Comparison updated 2026-07-10.
| Metric | ANET | NTAP |
|---|---|---|
| Price | $157.71 | $152.40 |
| Market cap | $200.9B | $30.5B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +17.3% |
| P/E | 54.2 | 24.0 |
| P/B | 14.90 | 22.56 |
| P/S | 20.69 | 4.40 |
| EV/EBITDA | 46.8 | 17.0 |
| Revenue growth | +30.5% | +5.2% |
| Gross margin | 61.9% | 70.1% |
| Operating margin | 42.7% | 27.3% |
| Net margin | 38.3% | 18.4% |
| Return on equity | 27.6% | 94.5% |
| Return on assets | 17.2% | 11.9% |
| Return on invested capital | 24.8% | 34.0% |
| FCF yield | 2.6% | 6.1% |
| Dividend yield | — | 1.4% |
| Debt / equity | 0.00 | 1.84 |
| Current ratio | 2.83 | 1.44 |
| Altman Z (solvency) | 7.97 | 2.97 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.