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The latest data point for ANET's EV/EBITDA ratio in Q1'26 stands at 130.96, marking a substantial increase from the previous quarter's value of 41.00 and indicating heightened market valuation relative to earnings before interest, taxes, depreciation, and amortization. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an overall upward trend, starting at 26.97 and climbing steadily to a peak of 130.96, with notable acceleration in the later quarters; early stability around 26-33 through Q1'24 gave way to consistent growth peaking at 44.67 in Q2'25, followed by a minor dip to 30.04 in Q1'25 before surging again, reflecting potential optimism in ANET's growth prospects amid the area chart's depiction of expanding valuation multiples.