Arista Networks Inc (ANET) is overvalued and Dell Technologies Inc (DELL) is overvalued.
Both trade above our estimate of their intrinsic value. ANET is the closer of the two: -79%, against -90% for DELL.
Values as of the 22 Sept 2026 close.
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $114.88; the price of $205.19 is 79% above that value.
Leak Score 72/100 on 8 of 12 signals
Discounting its cash flows at 10.9% (average of 3 methods) values the shares at $288.54; the price of $548.92 is 90% above that value, and 70% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
| Metric | ANET | DELL |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $205.19 | $548.92 |
| Intrinsic value | $114.88 | $288.54 |
| Margin of safety | -79% | -90% |
| Leak Score | 72/100 (8/12) | 57/100 (8/12) |
| Market cap | $258.8B | $349.0B |
| Revenue growth, 5 years | 31.2% | 5.6% |
| Operating margin | 43.1% | 9.9% |
| Net margin | 38.4% | 7.5% |
| Return on equity | 31.5% | — |
| Debt to equity | 0.00 | — |
| P/E | 64.7x | 31.9x |
| Forward P/E | 39.3x | 17.8x |
| P/B | 17.5x | — |
| Dividend yield | — | 0.5% |