NETSCOUT SYSTEMS INC NTCT
NetScout is an industry leader with over four decades of experience in providing enterprise network observability, carrier service assurance, cybersecurity, and Distributed Denial-of-Service (DDoS), protection solutions. Our unique visibility platform and solutions are powered by our pioneering deep packet inspection, or DPI, technology at scale, which is used by many Fortune 500 companies to protect their digital business services against disruption. Service providers and enterprises, including local, state and federal government agencies, rely on our solutions to achieve the visibility and protection necessary to optimize network performance, ensure the delivery of high-quality, mission-critical applications and services, gain timely insight into the end-user experience, and protect their networks from attack. The majority of our solutions are designed to provide Smart Data, a high-fidelity, decision-grade data foundation derived from real-time network activity across legacy, hybrid, and cloud-native environments. This data enables a unified view of performance, availability, and security, supports faster root-cause analysis and operational decision-making, and is increasingly used to inform broader observability platforms and automated and AI-driven workflows. With our offerings, customers can quickly, efficiently and effectively identify and resolve issues that result in downtime, service interruptions, poor service quality, or compromised data, thereby reducing mean time to resolution of issues and driving compelling returns on their investments in their networks and broader technology initiatives. Significant technology trends and catalysts for our business include the evolution of customers' digital transformation initiatives, such as migration to cloud environments and to the edges of their networks; the rapidly evolving cybersecurity threat landscape; advancements in artificial intelligence ("AI") and business analytics that can enhance observability and are increasing the need for high-quality, real-time data to support automated and AI-driven operations; and the continued evolution and potential opportunities related to 5G technology across both the service provider and enterprise customer verticals.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $859.5M | $822.7M | $829.5M | $914.5M | $855.6M | $831.3M | $891.8M | $909.9M | $986.8M | $1.16B |
| Cost of revenue | $177.0M | $178.7M | $187.4M | $223.1M | $214.2M | $222.1M | $242.2M | $254.1M | $271.9M | $346.1M |
| Gross profit | $682.5M | $643.9M | $642.0M | $691.4M | $641.4M | $609.2M | $649.6M | $655.8M | $714.9M | $816.0M |
| R&D | $159.5M | $152.9M | $161.2M | $176.2M | $171.1M | $179.2M | $188.3M | $203.6M | $215.1M | $232.7M |
| SG&A | $103.2M | $96.7M | $95.9M | $103.5M | $97.7M | $89.0M | $100.0M | $93.6M | $109.5M | $118.4M |
| Total operating expenses | $572.7M | $1.01B | $791.9M | $613.8M | $592.8M | $572.1M | $632.0M | $727.4M | $718.9M | $753.9M |
| Operating income | $109.8M | -$367.6M | -$149.8M | $77.7M | $48.6M | $37.1M | $17.6M | -$71.6M | -$4.1M | $62.1M |
| Interest expense | $1.7M | $7.2M | $8.7M | $10.2M | $8.0M | $10.9M | $20.6M | $26.1M | $12.6M | $9.2M |
| Pre-tax income | $118.5M | -$365.8M | -$144.5M | $68.4M | $42.9M | $22.3M | $1.9M | -$92.9M | -$18.7M | $52.2M |
| Income tax | $23.0M | $1.1M | $3.2M | $8.8M | $7.0M | $3.0M | $4.7M | $19.6M | $98.5M | $18.9M |
| Net income | $95.5M | -$366.9M | -$147.7M | $59.6M | $35.9M | $19.4M | -$2.8M | -$73.3M | $79.8M | $33.3M |
| EPS, basic | 1.33 | -5.12 | -2.07 | 0.83 | 0.48 | 0.26 | -0.04 | -0.93 | 0.91 | 0.36 |
| EPS, diluted | 1.30 | -5.12 | -2.07 | 0.82 | 0.48 | 0.26 | -0.04 | -0.93 | 0.90 | 0.36 |
| Shares, diluted (wtd. avg.) | $73.4M | $71.6M | $71.5M | $73.0M | $75.1M | $73.8M | $75.2M | $78.6M | $88.3M | $92.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $586.5M | $457.4M | $389.7M | $386.8M | $636.2M | $467.2M | $338.5M | $409.6M | $369.8M | $304.9M |
| Short-term investments | — | — | — | $32.2M | $67.0M | $9.3M | $48.0M | $76.3M | $77.9M | $137.9M |
| Receivables | $151.5M | $163.7M | $192.1M | $143.9M | $148.2M | $197.7M | $213.5M | $235.3M | $213.4M | $294.4M |
| Inventory | $13.3M | $12.9M | $14.1M | $18.0M | $28.2M | $22.8M | $22.2M | $26.3M | $34.8M | $40.0M |
| Total current assets | $867.9M | $713.2M | $672.5M | $617.4M | $921.9M | $722.5M | $659.7M | $801.2M | $752.4M | $854.5M |
| Property, plant and equipment | $23.6M | $21.5M | $26.5M | $34.7M | $41.3M | $48.5M | $57.7M | $59.0M | $52.5M | $61.4M |
| Goodwill | $1.07B | $1.08B | $1.50B | $1.72B | $1.72B | $1.72B | $1.73B | $1.72B | $1.71B | $1.72B |
| Other intangibles | $214.3M | $258.7M | $308.7M | $366.6M | $433.4M | $511.9M | $582.2M | $669.1M | $831.4M | $931.3M |
| Total assets | $2.35B | $2.19B | $2.60B | $2.82B | $3.19B | $3.09B | $3.12B | $3.27B | $3.37B | $3.60B |
| Accounts payable | $23.5M | $18.2M | $14.5M | $16.5M | $22.0M | $18.0M | $20.0M | $24.6M | $30.1M | $37.4M |
| Total current liabilities | $470.1M | $407.9M | $395.1M | $453.6M | $476.2M | $411.3M | $399.0M | $379.9M | $413.3M | $460.2M |
| Long-term debt | — | $0 | $100.0M | $100.0M | $350.0M | $350.0M | $450.0M | $550.0M | $600.0M | $300.0M |
| Total liabilities | $705.3M | $626.2M | $703.2M | $790.9M | $1.13B | $1.08B | $1.18B | $1.20B | $1.30B | $1.17B |
| Retained earnings | $51.1M | -$44.4M | $322.5M | $470.2M | $410.6M | $374.7M | $355.3M | $358.1M | $396.5M | $316.7M |
| Total equity | $1.65B | $1.56B | $1.89B | $2.03B | $2.06B | $2.01B | $1.94B | $2.07B | $2.07B | $2.44B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $294.5M | $217.7M | $58.8M | $156.7M | $296.0M | $213.9M | $225.0M | $149.8M | $222.5M | $226.8M |
| Depreciation and amortisation | $56.5M | $63.8M | $75.0M | $85.9M | $95.8M | $105.8M | $116.1M | $137.9M | $153.5M | $160.9M |
| Stock-based compensation | $59.9M | $64.8M | $70.8M | $62.0M | $56.1M | $51.9M | $50.9M | $56.3M | $47.3M | $39.2M |
| Capital expenditure | $9.1M | $5.4M | $6.4M | $10.5M | $10.3M | $12.0M | $19.9M | $23.4M | $15.9M | $29.7M |
| Investing cash flow | -$92.8M | -$7.0M | $13.4M | $15.3M | -$68.4M | $24.7M | -$4.3M | -$26.3M | $57.1M | -$41.6M |
| Financing cash flow | -$76.7M | -$142.0M | -$69.4M | -$419.4M | -$54.2M | -$118.3M | -$286.9M | -$79.3M | -$221.0M | -$89.6M |
| Buybacks | $60.8M | $25.3M | $50.0M | $150.0M | $35.7M | $3.3M | $175.0M | $14.5M | $501.3M | $80.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-316095.
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