ANET · CIK 1596532
What Arista Networks, Inc. told the SEC could break it.
Arista's register is defined by concentration on both sides of its business. Just two customers — its largest cloud titans — drove 26% and 16% of total 2025 revenue, so a pullback by either would be significant. On the supply side it leans on a single predominant merchant-silicon vendor, Broadcom, for its switching chips and on a limited set of suppliers (some sole-source) for other key components, generally without guaranteed supply contracts. Its production sits with outsourced contract manufacturers in Malaysia, Vietnam, and Mexico, while its HQ and key vendors cluster in disaster-prone areas like the Bay Area, Japan, and Taiwan — a footprint that also exposes it to Section 301 and 2025 tariffs and to China's export controls on germanium and gallium.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- two unnamed customers = 26% and 16% of total revenuehigh
Two of Arista's customers each accounted for more than 10% of sales in 2025, representing 26% and 16% of total revenue respectively — extreme customer concentration (Arista's largest cloud-titan customers).
“Two of our customers accounted for more than 10% of our sales for the year ended December 31, 2025. Sales to these two customers represented 26% and 16% of our total revenue for the year ended December 31, 2025, respectively.”
SEC filing →As of 2026
Sole-source dependency
- Broadcom predominant/sole merchant-silicon supplier for switching chips; no guaranteed supply contractshigh
Arista is primarily reliant on its predominant merchant-silicon vendor, Broadcom, for its switching chips, and depends on a limited number of suppliers (including sole-source providers) for key components — generally without guaranteed written supply agreements.
“Our products rely on key components, including merchant silicon, integrated circuit components and power supplies, which are purchased from a limited number of suppliers, including certain sole source providers... we are primarily reliant upon our predominant merchant silicon vendor, Broadcom, for our switching chips.”
SEC filing →As of 2026
Geographic concentration
- contract manufacturing concentrated in Malaysia, Vietnam, Mexico; HQ/vendors in seismic Bay Area/Japan/Taiwanmedium
Arista subcontracts most manufacturing to Jabil, Sanmina and Foxconn, who produce in Malaysia, Vietnam, Mexico and other countries; its HQ and key manufacturing vendors/logistics partners and many customers are in disaster-exposed areas (San Francisco Bay Area, Japan, Taiwan).
“Our corporate headquarters and the operations of our key manufacturing vendors, logistics providers and partners, as well as many of our customers, are located in areas, such as the San Francisco Bay Area, Japan and Taiwan, that are exposed to risks of natural disasters”
SEC filing →As of 2026
Regulatory & policy
- Section 301 + 2025 country/commodity tariffs on China comms equipment; China germanium/gallium export controlsmedium
U.S. Section 301 tariffs on China communications-equipment components, plus Feb 2025 country- and commodity-specific tariffs (IEEPA/Section 232), expose Arista's imports; China retaliated with export controls on germanium and gallium used in semiconductors and optical components (partially relaxed since May 2025).
“China has announced controls on both the use of Micron products and export controls on certain materials used, among other things, in the production of semiconductors, optical components, and other electronic devices including germanium and gallium.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Meta Platforms and Microsoft, two of our cloud end customers, each accounted for more than 10% of our total revenue for the years ended December 31, 2023, and December 31, 2022.”
Cited →“Meta Platforms and Microsoft, two of our cloud end customers, each accounted for more than 10% of our total revenue for the years ended December 31, 2023, and December 31, 2022.”
Cited →
Its suppliers
“Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai. These partners manufacture our products internationally in Malaysia, Vietnam, Mexico and other countries.”
Cited →
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