As of Q4'25, ANET's P/B Ratio stands at 13.32, reflecting a notable increase from the previous quarter's value of 14.85 in Q3'25, but slightly below the recent peak of 16 in Q2'25. This latest figure suggests a moderation after a period of elevated valuations. Over the period from Q1'23 to Q4'25, the P/B Ratio for ANET has generally trended upward, rising from 7.81 in Q1'23 to a high of 16 in Q2'25. The data shows periods of steady growth, particularly between Q4'23 and Q2'25, followed by some volatility and a modest pullback in the most recent quarters. This pattern indicates increasing market optimism about the company's book value, with some recent correction after reaching multi-year highs.