Arista Networks Inc
ANET高于价值预期 · 温和3 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- +28.6%
- 净利率
- 39.0%
- ROE
- 28.4%
- FCF 利润率
- 47.2%
估值 · 价值带
高于合理价值
零增长底
$23
中枢 IV
$127
乐观上沿
$167
Arista Networks Inc（ANET）：保守价值带 $23–$167 / 股（零增长底到增速封顶的乐观上沿），中枢约 $127。今日价格高于这条带（价格 $175 截至 2026-07-21）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 20%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 20 年 · 折现 10.6% · 零增长下行 $23
价格截至 2026-07-21 · yahoo · DGS10 4.6% @ 2026-07-21.
方法与数字
模型警示
- 资本开支两年翻倍：维持性 CapEx 下限后按 D&A 封顶（OE 可能偏乐观）；Greenwald 增长价值已关闭 — 成长只留在所有者盈利 DCF。
- 所有者盈利收益率与 10 年期美债大幅背离（超过 300 个基点）。
- 增长率几乎等于贴现率 — 估计对假设高度敏感。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $35.67 – $166.53 · Greenwald 零增长 $28.70 · 零增长基准 $28.70 · 重置 $11.46
护城河 特许经营（护城河） · 终值占现值 34% · 所有者盈利收益率 1% 对 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)$22.57 – $27.24 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 77% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$23.48 – $28.70 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 77% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
重置价值 = 有形净资产 $11.67B + 资本化研发 $2.96B（FY 2025, 2024, 2023, 2022, 2021） = $11.46 / 股. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
假设宽护城河 · 竞争优势期约 20 年（盈利未衰退、ROIC 历史稳定）。
增长价值被闸至零 — 资本开支两年翻倍（AI-hog），成长只留在所有者盈利 DCF，避免双重计入。
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 14% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 20% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.13%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 23.8%；公司过去营收年增 31.8%。
低于它自己做到过的。
粗略地说，现价要它按历史营收增速再增长约 9 年，才刚好撑得起。
SEC 13F · 持有人
持有该证券的超级投资者
3 位持有 · 合计 $437.6M · 本季 +0 新建 / -0 清仓
- 市值$222.4M权重（上季→本季）4.9% → 4.6% ▼
- 市值$163.3M权重（上季→本季）0.6% → 0.7% ▲
- 市值$52.0M权重（上季→本季）1.8% → 1.9% ▲
SEC 13F · 说明
文字说明
文字说明
Arista Networks Inc（ANET）被 Compounder 追踪的 3 位超级投资者持有，合计申报市值 $437.6M。仓位最大的是 Fred Martin，占其组合 4.6%。
按市值，其他主要持有人包括 Ray Dalio（占其组合 0.7%） 和 François Rochon（占其组合 1.9%）。
最近一个季度，追踪范围内有 0 位新建 ANET 仓位，2 位加仓，1 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Arista Networks Inc（ANET）的这些人还共同重仓 →
ANET 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-03-31 · 2026-05-15 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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