Arista Networks (ANET) has exhibited robust revenue growth over the past decade, significantly accelerating since 2020 due to increased data center spending for AI. Total annual revenues have soared from $2.3 billion in 2020 to $8.4 billion in the most recent trailing 12-month period. This corresponds to a compounded annual growth rate of 25.8% over the decade. Despite this strong performance, a key concern for investors is the potential competition from NVIDIA's networking technology and bundled offerings, which could dampen ANET's future revenue growth prospects. In terms of profitability and efficiency, ANET demonstrates strong performance. The company's return on invested capital has improved from 35% to 51% over the decade, indicating premium performance among tracked companies. Similarly, the cash flow to sales ratio has risen from 15.4% in 2016 to 49% in the most recent trailing 12-month period, reflecting meaningful improvements in profitability. From a valuation perspective, the company is currently trading at a forward price-to-earnings (P/E) ratio of 40.4, which is considered an attractive valuation given its growth trajectory and operational category. However, a proprietary discounted cash flow (DCF) model indicates the stock is overvalued at its current market price of $129.37, yielding an intrinsic value of $91.37. The conflicting signals from the P/E valuation and the DCF model lead to a 'borderline buy' rating for Arista Networks.