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Arista Networks（ANET）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
国际商业机器公司的季度营收约是Arista Networks的6.4倍（$15.9B vs $2.5B），Arista Networks净利率更高（38.4% vs 7.6%，领先30.8%），Arista Networks同比增速更快（28.9% vs 9.5%），过去两年Arista Networks的营收复合增速更高（25.8% vs 0.5%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
ANET vs IBM — 直观对比
营收规模更大
IBM
是对方的6.4倍
$2.5B
营收增速更快
ANET
高出19.4%
9.5%
净利率更高
ANET
高出30.8%
7.6%
两年增速更快
ANET
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $15.9B |
| 净利润 | $955.8M | $1.2B |
| 毛利率 | 62.9% | 56.2% |
| 营业利润率 | 41.5% | — |
| 净利率 | 38.4% | 7.6% |
| 营收同比 | 28.9% | 9.5% |
| 净利润同比 | 19.3% | 15.3% |
| 每股收益（稀释后） | $0.74 | $1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ANETIBM
| Q1 26 | — | $15.9B | ||
| Q4 25 | $2.5B | $19.7B | ||
| Q3 25 | $2.3B | $16.3B | ||
| Q2 25 | $2.2B | $17.0B | ||
| Q1 25 | $2.0B | $14.5B | ||
| Q4 24 | $1.9B | $17.6B | ||
| Q3 24 | $1.8B | $15.0B | ||
| Q2 24 | $1.7B | $15.8B |
净利润ANETIBM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $955.8M | $5.6B | ||
| Q3 25 | $853.0M | $1.7B | ||
| Q2 25 | $888.8M | $2.2B | ||
| Q1 25 | $813.8M | $1.1B | ||
| Q4 24 | $801.0M | $2.9B | ||
| Q3 24 | $747.9M | $-330.0M | ||
| Q2 24 | $665.4M | $1.8B |
毛利率ANETIBM
| Q1 26 | — | 56.2% | ||
| Q4 25 | 62.9% | 60.6% | ||
| Q3 25 | 64.6% | 57.3% | ||
| Q2 25 | 65.2% | 58.8% | ||
| Q1 25 | 63.7% | 55.2% | ||
| Q4 24 | 63.8% | 59.5% | ||
| Q3 24 | 64.2% | 56.3% | ||
| Q2 24 | 64.9% | 56.8% |
营业利润率ANETIBM
| Q1 26 | — | — | ||
| Q4 25 | 41.5% | 21.0% | ||
| Q3 25 | 42.4% | 14.9% | ||
| Q2 25 | 44.7% | 15.3% | ||
| Q1 25 | 42.8% | 8.0% | ||
| Q4 24 | 41.4% | 18.8% | ||
| Q3 24 | 43.4% | -5.4% | ||
| Q2 24 | 41.4% | 14.1% |
净利率ANETIBM
| Q1 26 | — | 7.6% | ||
| Q4 25 | 38.4% | 28.4% | ||
| Q3 25 | 37.0% | 10.7% | ||
| Q2 25 | 40.3% | 12.9% | ||
| Q1 25 | 40.6% | 7.3% | ||
| Q4 24 | 41.5% | 16.6% | ||
| Q3 24 | 41.3% | -2.2% | ||
| Q2 24 | 39.4% | 11.6% |
每股收益（稀释后）ANETIBM
| Q1 26 | — | $1.28 | ||
| Q4 25 | $0.74 | $5.90 | ||
| Q3 25 | $0.67 | $1.84 | ||
| Q2 25 | $0.70 | $2.31 | ||
| Q1 25 | $0.64 | $1.12 | ||
| Q4 24 | $-4.17 | $3.11 | ||
| Q3 24 | $2.33 | $-0.36 | ||
| Q2 24 | $2.08 | $1.96 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.0B | $10.8B |
| 总债务越低越好 | — | $66.4B |
| 股东权益账面价值 | $12.4B | $33.1B |
| 总资产 | $19.4B | $156.2B |
| 负债/权益比越低杠杆越低 | — | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资ANETIBM
| Q1 26 | — | $10.8B | ||
| Q4 25 | $2.0B | $13.6B | ||
| Q3 25 | $2.3B | $11.6B | ||
| Q2 25 | $2.2B | $11.9B | ||
| Q1 25 | $1.8B | $11.0B | ||
| Q4 24 | $2.8B | $13.9B | ||
| Q3 24 | $3.2B | $13.2B | ||
| Q2 24 | $2.4B | $12.2B |
总债务ANETIBM
| Q1 26 | — | $66.4B | ||
| Q4 25 | — | $54.8B | ||
| Q3 25 | — | $55.2B | ||
| Q2 25 | — | $55.2B | ||
| Q1 25 | — | $56.4B | ||
| Q4 24 | — | $49.9B | ||
| Q3 24 | — | $53.0B | ||
| Q2 24 | — | $52.9B |
股东权益ANETIBM
| Q1 26 | — | $33.1B | ||
| Q4 25 | $12.4B | $32.6B | ||
| Q3 25 | $11.9B | $27.9B | ||
| Q2 25 | $10.9B | $27.5B | ||
| Q1 25 | $10.1B | $26.9B | ||
| Q4 24 | $10.0B | $27.3B | ||
| Q3 24 | $9.2B | $24.4B | ||
| Q2 24 | $8.4B | $24.0B |
总资产ANETIBM
| Q1 26 | — | $156.2B | ||
| Q4 25 | $19.4B | $151.9B | ||
| Q3 25 | $18.0B | $146.3B | ||
| Q2 25 | $16.5B | $148.6B | ||
| Q1 25 | $14.5B | $145.7B | ||
| Q4 24 | $14.0B | $137.2B | ||
| Q3 24 | $12.8B | $134.3B | ||
| Q2 24 | $11.6B | $133.8B |
负债/权益比ANETIBM
| Q1 26 | — | 2.01× | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.01× | ||
| Q1 25 | — | 2.10× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.20× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.3B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 1.32× | 4.25× |
| 过去12个月自由现金流最近4个季度 | — | $10.2B |
8季度趋势，按日历期对齐
经营现金流ANETIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $1.3B | $4.0B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $641.7M | $4.4B | ||
| Q4 24 | $1.0B | $4.3B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $989.0M | $2.1B |
自由现金流ANETIBM
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | $1.2B | $2.8B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $613.3M | $4.1B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $1.2B | $2.6B | ||
| Q2 24 | $985.9M | $1.8B |
自由现金流率ANETIBM
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | 18.6% | ||
| Q3 25 | 53.6% | 17.3% | ||
| Q2 25 | 53.3% | 8.8% | ||
| Q1 25 | 30.6% | 28.4% | ||
| Q4 24 | — | 22.9% | ||
| Q3 24 | 64.5% | 17.3% | ||
| Q2 24 | 58.3% | 11.7% |
资本支出强度ANETIBM
| Q1 26 | — | 2.4% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | 1.3% | 1.6% | ||
| Q2 25 | 1.1% | 1.2% | ||
| Q1 25 | 1.4% | 1.7% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | 0.4% | 1.9% | ||
| Q2 24 | 0.2% | 1.4% |
现金转化率ANETIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | 1.32× | 0.72× | ||
| Q3 25 | 1.49× | 1.77× | ||
| Q2 25 | 1.35× | 0.78× | ||
| Q1 25 | 0.79× | 4.14× | ||
| Q4 24 | 1.29× | 1.49× | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.49× | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
