# Arista Networks (ANET)
> AI·클라우드 데이터센터용 고속 이더넷 스위치 1위. 2024년 매출 $7B(+19.5%). 마이크로소프트·메타가 각각 연 $1B+ 지출, 둘이 매출의 35%+(클라우드 대형사 48%). 스위치 실리콘은 브로드컴(Tomahawk/Jericho)에 의존. 메타가 7700R4로 AI 클러스터 구축.
Canonical: https://valuechain.wiki/arista · Updated: 2026-07-12T06:18:18.326+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Arista Networks의 직접 연결 기업은 6곳(관계 기준 공급 2·매출 4)이고, 사슬을 2차까지 넓히면 28곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 $90.1억(+28.6%)·총이익률 64.1%. 상위 2개 고객(MS·메타 추정) 각 26%·16%
- 고객 집중도: 두 10%+ 고객이 매출의 42%(26%+16%). 스위치 칩 브로드컴·마벨 의존. AI 백엔드 스위칭 수혜.
- 사업부문: 이더넷 스위치·SW (제품), 서비스·지원 (PCS)

## Annual stock return (as of 2026-07-10)
- 2021: +97.9%
- 2022: -15.6%
- 2023: +94.1%
- 2024: +87.7%
- 2025: +18.5%
- 2026 YTD: +42.7%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nestlé | lead3 | +22.1% | -4.2% | -9.3% | -18.8% | -1.8% | +17.9% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 이마트 | lead3 | -18.4% | -19.5% | -25.3% | -14.6% | +44.7% | -7.8% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| 플래닛랩스 | lead2 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| Starbucks Corp | lead2 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| 존슨 컨트롤스 | lead2 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead2 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Costco Wholesale | lead2 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Procter & Gamble | lead2 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| MercadoLibre | lead2 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead2 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead2 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead2 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Recursion Pharmaceuticals | lead2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| ServiceNow | lead2 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 알파벳 (구글) | lead1 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| 메타 플랫폼스 | lead1 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 마이크로소프트 | lead1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Arista Networks | node | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Marvell | benef1 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| Broadcom | benef1 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| UMC | benef2 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| 돗판인쇄 | benef2 | +49.3% | -2.1% | +99.1% | +8.1% | +10.7% | +9.9% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| AGC | benef3 | +50% | -4.7% | +21.5% | -15.8% | +32.7% | +14.4% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| 지멘스 | benef3 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

AI 데이터센터 이더넷 스위치 기업. 강세가 이어졌고 2026년 +41%다. 공급단(평균 +101.5%)이 본주(+41%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 마벨(+186.6%), 가장 처진 곳은 마이크로소프트(-20.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. MS·메타 48%. 스위치 칩 브로드컴 의존. (analysis as of 2026-07-09)

## Money in · revenue from (4)
### 마이크로소프트 (high)  → /microsoft.md
- metric: 매출 비중 26% · FY2025 10-K 최대 고객(두 10%+ 고객 중 큰 쪽)
- note: 마이크로소프트에 AI 데이터센터 이더넷 스위치 공급.
- [mentions] Morgan Stanley·BofA·KeyBanc (via Benzinga) (EN, research, published 2026-06-12) https://www.benzinga.com/quote/ANET/analyst-ratings: "Morgan Stanley Overweight $190; BofA $200, KeyBanc Overweight $200; consensus ~$189 Buy on the AI-driven networking refresh cycle."
- [confirms] Arista Networks (SEC EDGAR) (EN, filing, published 2026-02-17) https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm: "Two customers accounted for more than 10% of sales in 2025; one end customer represented 26% and the other 16% of total revenue (Microsoft and Meta are Arista's two largest hyperscaler customers)."
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."

### 메타 플랫폼스 (high)  → /meta.md
- metric: 매출 비중 16% · FY2025 10-K 두 10%+ 고객 중 작은 쪽
- note: 메타 플랫폼스에 AI 데이터센터 이더넷 스위치 공급.
- [confirms] Arista Networks (SEC EDGAR) (EN, filing, published 2026-02-17) https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm: "The two >10% customers represented 26% and 16% of FY2025 total revenue."
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."

### 알파벳 (구글) (mid)  → /alphabet.md
- note: 알파벳 (구글)에 AI 데이터센터 이더넷 스위치 공급.
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."

### 아마존 (mid)  → /amazon.md
- note: 아마존에 AI 데이터센터 이더넷 스위치 공급.
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."

## Money out · pays to (3)
### Broadcom (high)  → /broadcom.md
- note: Broadcom에서 스위치 실리콘(Tomahawk·Jericho) 매입.
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."

### Marvell (mid)  → /marvell.md
- note: Marvell에서 광 DSP·커넥티비티 매입.
- [confirms] ITWorld (KO, news, published 2025-08-01) https://www.itworld.co.kr/article/3602986/: "메타가 7700R4로 AI 클러스터 구축."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-18) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K: "10-K: 이더넷 스위치 매출, MS·메타 집중."
- [confirms] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "2024 매출 $7B(+19.5%), 클라우드 대형사 48%."

### 광모듈·트랜시버 (비공개) (low)
- note: 데이터센터 광모듈·트랜시버 매입(비공개).
- [mentions] Arista (EN, ir, published 2025-02-18) https://www.arista.com/en/company/news/press-release/21096-pr-20250218: "광 인터커넥트."

## Investments (1)
### 자사주 매입 (자본 배치) (high)
- metric: gross margin 64.1% · FY2025
- note: 아리스타는 자사주 매입 프로그램으로 잉여현금을 환원한다 — AI 스위칭 호황으로 쌓인 현금(FY2025 매출 $90.1억·총이익률 64.1%)을 성장투자(R&D·M&A)와 함께 자사주로 배분하는 자본배치 구조다. 순현금·무배당 기조에서 자사주가 주요 환원 수단이다.
- [confirms] Arista Networks (SEC EDGAR) (EN, filing, published 2026-02-17) https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm: "We have adopted stock repurchase programs to repurchase shares of our common stock; FY2025 total revenue $9,005.7M (+28.6%), gross margin 64.1%."

## 질문별 엔드포인트
- 누가 아리스타 네트웍스의 고객인가? 아리스타 네트웍스의 매출은 어디서 오는가? → https://valuechain.wiki/arista/customers.md
- 아리스타 네트웍스의 주요 공급사는 어디인가? 아리스타 네트웍스의 비용은 누구에게 가는가? → https://valuechain.wiki/arista/suppliers.md
- 아리스타 네트웍스 주가가 움직이면 누가 수혜를 보는가? 아리스타 네트웍스의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/arista/ripple.md
- 증권가가 보는 아리스타 네트웍스: 목표주가와 투자의견은? → https://valuechain.wiki/arista/consensus.md

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._