Arista Networks (ANET)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	7,219,060	6,505,560	5,857,580	5,329,170	4,885,820	4,385,220	4,005,790	4,153,180	3,978,600	3,865,260	3,697,840	3,451,340	3,320,290	3,083,880	3,036,480	2,848,830	2,894,690	2,656,000	2,525,560	2,400,370
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $7,219,060K)
= 0.00

Based on the data provided for Arista Networks Inc, the debt-to-capital ratio has consistently been reported as 0.00 across all quarters from Q1 2022 to Q4 2023. This indicates that the company has not utilized any debt to finance its operations or investments relative to its overall capital structure during this period. A debt-to-capital ratio of 0.00 suggests that the company's capital structure is predominantly equity-funded, which can be perceived positively by investors and creditors as it signifies lower financial risk associated with debt obligations. It is important to note that while a low debt ratio implies less financial leverage, it may also imply potential missed opportunities for leveraging cost-effective debt financing for growth or expansion. Overall, Arista Networks Inc's consistent 0.00 debt-to-capital ratio reflects a cautious approach to debt management and a reliance on equity financing for its capital needs.