vs
Arista Networks（ANET）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是Arista Networks的1.7倍（$4.2B vs $2.5B），Arista Networks净利率更高（38.4% vs 36.1%，领先2.4%），Arista Networks同比增速更快（28.9% vs 10.0%），过去两年Arista Networks的营收复合增速更高（25.8% vs 8.4%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
ANET vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.7倍
$2.5B
营收增速更快
ANET
高出18.9%
10.0%
净利率更高
ANET
高出2.4%
36.1%
两年增速更快
ANET
近两年复合增速
8.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.2B |
| 净利润 | $955.8M | $1.5B |
| 毛利率 | 62.9% | — |
| 营业利润率 | 41.5% | 48.0% |
| 净利率 | 38.4% | 36.1% |
| 营收同比 | 28.9% | 10.0% |
| 净利润同比 | 19.3% | 28.0% |
| 每股收益（稀释后） | $0.74 | $4.69 |
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ANETSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.5B | $3.9B | ||
| Q3 25 | $2.3B | $3.9B | ||
| Q2 25 | $2.2B | $3.8B | ||
| Q1 25 | $2.0B | $3.8B | ||
| Q4 24 | $1.9B | $3.6B | ||
| Q3 24 | $1.8B | $3.6B | ||
| Q2 24 | $1.7B | $3.5B |
净利润ANETSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $955.8M | $1.1B | ||
| Q3 25 | $853.0M | $1.2B | ||
| Q2 25 | $888.8M | $1.1B | ||
| Q1 25 | $813.8M | $1.1B | ||
| Q4 24 | $801.0M | $879.0M | ||
| Q3 24 | $747.9M | $971.0M | ||
| Q2 24 | $665.4M | $1.0B |
毛利率ANETSPGI
| Q1 26 | — | — | ||
| Q4 25 | 62.9% | 70.1% | ||
| Q3 25 | 64.6% | 71.2% | ||
| Q2 25 | 65.2% | 70.2% | ||
| Q1 25 | 63.7% | 69.5% | ||
| Q4 24 | 63.8% | 69.8% | ||
| Q3 24 | 64.2% | 70.0% | ||
| Q2 24 | 64.9% | 69.4% |
营业利润率ANETSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 41.5% | 42.7% | ||
| Q3 25 | 42.4% | 43.1% | ||
| Q2 25 | 44.7% | 41.3% | ||
| Q1 25 | 42.8% | 41.8% | ||
| Q4 24 | 41.4% | 36.4% | ||
| Q3 24 | 43.4% | 40.1% | ||
| Q2 24 | 41.4% | 40.9% |
净利率ANETSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 38.4% | 28.9% | ||
| Q3 25 | 37.0% | 30.2% | ||
| Q2 25 | 40.3% | 28.5% | ||
| Q1 25 | 40.6% | 28.9% | ||
| Q4 24 | 41.5% | 24.5% | ||
| Q3 24 | 41.3% | 27.2% | ||
| Q2 24 | 39.4% | 28.5% |
每股收益（稀释后）ANETSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $0.74 | $3.76 | ||
| Q3 25 | $0.67 | $3.86 | ||
| Q2 25 | $0.70 | $3.50 | ||
| Q1 25 | $0.64 | $3.54 | ||
| Q4 24 | $-4.17 | $2.85 | ||
| Q3 24 | $2.33 | $3.11 | ||
| Q2 24 | $2.08 | $3.23 |
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 | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $12.4B | $31.3B |
| 总资产 | $19.4B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资ANETSPGI
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.2B | $1.7B | ||
| Q2 24 | $2.4B | $2.0B |
总债务ANETSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益ANETSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $12.4B | $31.1B | ||
| Q3 25 | $11.9B | $33.1B | ||
| Q2 25 | $10.9B | $33.4B | ||
| Q1 25 | $10.1B | $33.4B | ||
| Q4 24 | $10.0B | $33.2B | ||
| Q3 24 | $9.2B | $34.0B | ||
| Q2 24 | $8.4B | $34.9B |
总资产ANETSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $19.4B | $61.2B | ||
| Q3 25 | $18.0B | $59.7B | ||
| Q2 25 | $16.5B | $60.4B | ||
| Q1 25 | $14.5B | $59.9B | ||
| Q4 24 | $14.0B | $60.2B | ||
| Q3 24 | $12.8B | $60.4B | ||
| Q2 24 | $11.6B | $61.0B |
负债/权益比ANETSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $919.0M |
| 自由现金流率自由现金流/营收 | — | 22.0% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | $5.5B |
8季度趋势，按日历期对齐
经营现金流ANETSPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $641.7M | $953.0M | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $989.0M | $1.6B |
自由现金流ANETSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $613.3M | $910.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $985.9M | $1.5B |
自由现金流率ANETSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | 53.6% | 37.6% | ||
| Q2 25 | 53.3% | 36.9% | ||
| Q1 25 | 30.6% | 24.1% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | 64.5% | 39.4% | ||
| Q2 24 | 58.3% | 42.9% |
资本支出强度ANETSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 1.1% | 1.6% | ||
| Q1 25 | 1.4% | 1.1% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 0.4% | 1.0% | ||
| Q2 24 | 0.2% | 0.9% |
现金转化率ANETSPGI
| Q1 26 | — | — | ||
| Q4 25 | 1.32× | 1.54× | ||
| Q3 25 | 1.49× | 1.28× | ||
| Q2 25 | 1.35× | 1.35× | ||
| Q1 25 | 0.79× | 0.87× | ||
| Q4 24 | 1.29× | 1.98× | ||
| Q3 24 | 1.57× | 1.49× | ||
| Q2 24 | 1.49× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
