Arista Networks, Inc. (ANET)
Arista Networks builds high-speed cloud networking switches and software favored by hyperscale data centers.
ANET vs MU: how the two businesses compare
- Bigger business: MU, with $37.4B of yearly revenue, about 4.2× ANET's $9.0B.
- More cash from each sale: ANET turns 49 cents of each sales dollar into operating cash flow, against 47 cents at MU.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Micron Technology (MU) is the larger business by reported revenue: $37.4B in its fiscal year ended Aug 2025, about 4.2× ANET's $9.0B (fiscal year ended Dec 2025). The SEC classifies them differently (Computer Communications Equipment; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
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
- Different
- ANET December 31 · MU September 2
- Oct 9, 2026
ANET vs MU: quick comparison
| Company fact | ANET | MU |
|---|---|---|
| Company | Arista Networks, Inc. | Micron Technology, Inc. |
| Exchange | NYSE | NASDAQ |
| Headquarters | — | Boise, Idaho |
| Founded | — | 1978 |
| SEC industry | Computer Communications Equipment | Semiconductors & Related Devices |
| Fiscal year-end | December 31 | September 2 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-10-09 |
ANET vs MU: audited financials
- Scale: MU's $37.4B of revenue is about 4.2× ANET's $9.0B.
- Cash conversion: operating cash flow equalled ANET 48.5% of revenue; MU 46.9% of revenue, or 2.05× 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: the fiscal years end about 4 months apart (2025-12-31 for ANET, 2025-08-28 for MU), so each figure reflects somewhat different demand and cost conditions.
| Metric | ANET | MU |
|---|---|---|
| Revenue | $9.0B2025-01-01 to 2025-12-31 · SEC filing | $37.4B2024-08-30 to 2025-08-28 · SEC filing |
| Net income | — | $8.5B2024-08-30 to 2025-08-28 · SEC filing |
| Operating cash flow | $4.4B2025-01-01 to 2025-12-31 · SEC filing | $17.5B2024-08-30 to 2025-08-28 · SEC filing |
| Diluted EPS | $2.752025-01-01 to 2025-12-31 · SEC filing | $7.592024-08-30 to 2025-08-28 · SEC filing |
| Net margin | — | 22.8%2024-08-30 to 2025-08-28 · SEC filing |
ANET: FY ending 2025-12-31 · MU: FY ending 2025-08-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ANET and MU overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: ANET files as Computer Communications Equipment; MU as Semiconductors & Related Devices.
- Offset fiscal calendars: ANET's year ends December 31 and MU's September 2, about 4 months apart.
- Only MU maps to Tariffs & trade.
- Scale: MU reported about 4.2× 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.
Micron Technology, Inc. (MU)
Micron is one of the few global producers of DRAM and NAND memory, components essential to computers, phones, and AI servers. Demand for high-bandwidth memory used in AI accelerators has become a major growth driver.
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 MU
- DRAM pricing and bit supply, which account for most of Micron's revenue
- High-bandwidth memory (HBM) qualification and share at AI accelerator customers
- NAND pricing and data-center SSD demand
- Capital expenditure and the timing of new fab capacity
The investment question
You now know MU reports about 4.2× ANET's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “DRAM pricing and bit supply, which account for most of Micron's revenue” at MU, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on ANET and MU
- The HBM Capacity Trade
Micron’s HBM capacity thesis as the evidence stood on December 18, 2025.
- 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.
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. ANET's fiscal year ends December 31, while MU's ends September 2. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 35 matched transaction rows for ANET and 36 matched transaction rows for MU. 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
MU 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 MU FAQs
Are ANET and MU direct competitors?
Not necessarily. Arista Networks files as Computer Communications Equipment and Micron Technology as Semiconductors & Related Devices. 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 MU the bigger company by revenue?
Micron Technology (MU) is the larger business by reported revenue: $37.4B in its fiscal year ended Aug 2025, about 4.2× ANET's $9.0B (fiscal year ended Dec 2025). The SEC classifies them differently (Computer Communications Equipment; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. 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 MU?
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 MU 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 Micron Technology, Inc. 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 MU 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.
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