As of Q4'25, ANET's EV/Sales ratio stands at 65.46, reflecting a decrease from the previous quarter's 75.60. This latest data point suggests a recent pullback after reaching a peak of 78.10 in Q2'25. Over the period from Q1'23 to Q4'25, the EV/Sales ratio has exhibited a generally upward trend, rising from 30.13 to a high of 78.10 before moderating in the most recent quarters. The chart shows notable volatility, with sharp increases in late 2023 and mid-2025, followed by declines, indicating periods of both aggressive valuation expansion and subsequent correction.