Arista Networks, Inc. (ANET)
Arista Networks builds high-speed cloud networking switches and software favored by hyperscale data centers.
ANET vs IBM: how the two businesses compare
- Bigger business: IBM, with $67.5B of yearly revenue, about 7.5× ANET's $9.0B.
- More cash from each sale: ANET turns 49 cents of each sales dollar into operating cash flow, against 20 cents at IBM.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
International Business Machines (IBM) is the larger business by reported revenue: $67.5B in its fiscal year ended Dec 2025, about 7.5× ANET's $9.0B (fiscal year ended Dec 2025). The SEC places them in related industries (Computer Communications Equipment; Computer & office Equipment), and both map to the Artificial intelligence research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 24, 2026
ANET vs IBM: quick comparison
| Company fact | ANET | IBM |
|---|---|---|
| Company | Arista Networks, Inc. | International Business Machines Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | — | Armonk, New York |
| Founded | — | 1911 |
| SEC industry | Computer Communications Equipment | Computer & office Equipment |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-02-24 |
ANET vs IBM: audited financials
- Scale: IBM's $67.5B of revenue is about 7.5× ANET's $9.0B.
- Cash conversion: operating cash flow equalled ANET 48.5% of revenue; IBM 19.5% of revenue, or 1.25× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | ANET | IBM |
|---|---|---|
| Revenue | $9.0B2025-01-01 to 2025-12-31 · SEC filing | $67.5B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | — | $10.6B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $4.4B2025-01-01 to 2025-12-31 · SEC filing | $13.2B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $2.752025-01-01 to 2025-12-31 · SEC filing | $11.172025-01-01 to 2025-12-31 · SEC filing |
| Net margin | — | 15.7%2025-01-01 to 2025-12-31 · SEC filing |
ANET: FY ending 2025-12-31 · IBM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ANET and IBM overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Artificial intelligence.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: ANET is 3576 (Computer Communications Equipment); IBM is 3570 (Computer & office Equipment).
- Scale: IBM reported about 7.5× the annual revenue of ANET.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
International Business Machines Corporation (IBM)
IBM provides hybrid-cloud software, consulting, and mainframe systems to large enterprises and governments. Its Red Hat and watsonx platforms anchor a strategy built around open hybrid cloud and enterprise AI.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ANET
We have not yet published a company-specific driver list for ANET. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves IBM
- Software growth across Hybrid Cloud (Red Hat), Automation, Data, and Transaction Processing
- Consulting signings, backlog, and book-to-bill
- The IBM z17 mainframe cycle within Infrastructure
- Acquisition integration, including HashiCorp and the pending Confluent deal
The investment question
You now know IBM reports about 7.5× ANET's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Software growth across Hybrid Cloud (Red Hat), Automation, Data, and Transaction Processing” at IBM, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 35 matched transaction rows for ANET and 52 matched transaction rows for IBM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ANET primary filings
IBM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
ANET vs IBM FAQs
Are ANET and IBM direct competitors?
Not necessarily. Arista Networks files as Computer Communications Equipment and International Business Machines as Computer & office Equipment. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is ANET or IBM the bigger company by revenue?
International Business Machines (IBM) is the larger business by reported revenue: $67.5B in its fiscal year ended Dec 2025, about 7.5× ANET's $9.0B (fiscal year ended Dec 2025). The SEC places them in related industries (Computer Communications Equipment; Computer & office Equipment), and both map to the Artificial intelligence research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ANET or IBM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ANET vs IBM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Arista Networks, Inc. and International Business Machines Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ANET vs IBM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included