NETGEAR, INC. NTGR
We are a global provider of networking technologies for businesses, homes, and service providers. We deliver a wide range of networking hardware, software, and services designed to enable reliable connectivity and security.
Our purpose is to power extraordinary experiences, and our mission is to unleash the full potential of connectivity with intelligent solutions that delight and protect. As part of the ongoing development of our business, we are executing a multi-phase transformation to strengthen execution, reinforce our core businesses, and support long-term growth and margin expansion, while exercising strong operational discipline. The first phase of this transformation, which began in 2024, has been completed and focused on establishing foundational capabilities, including organizational alignment, capital allocation priorities, and operational processes. The second phase, which we are now entering, is focused on strengthening our core businesses through improved execution across product development, go-to-market activities, and cost structure. Subject to market conditions and business performance, a subsequent phase is expected to focus on accelerating growth initiatives, including selective inorganic opportunities.
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 | $699.6M | $673.8M | $740.8M | $932.5M | $1.17B | $1.26B | $998.8M | $1.06B | $1.04B | $1.14B |
| Cost of revenue | $433.4M | $477.8M | $491.6M | $681.9M | $802.2M | $883.0M | $704.5M | $717.1M | $731.5M | $769.5M |
| Gross profit | $266.2M | $195.9M | $249.3M | $250.5M | $365.8M | $372.2M | $294.2M | $341.7M | $307.7M | $373.9M |
| R&D | $85.7M | $81.1M | $83.3M | $88.4M | $93.0M | $88.8M | $78.0M | $82.4M | $71.9M | $70.9M |
| SG&A | $78.9M | $63.5M | $66.2M | $56.3M | $59.7M | $61.1M | $49.4M | $64.9M | $54.3M | $54.0M |
| Total operating expenses | $300.3M | $183.7M | $282.5M | $333.5M | $299.2M | $296.6M | $268.0M | $303.0M | $265.2M | $268.4M |
| Operating income | -$34.2M | $12.2M | -$33.3M | -$82.9M | $66.6M | $75.5M | $26.2M | $38.7M | $42.6M | $105.5M |
| Interest expense | $11.6M | $12.2M | $6.8M | $1.8M | $157.0K | $436.0K | $2.5M | — | — | — |
| Pre-tax income | -$16.8M | $24.9M | -$19.1M | -$82.0M | $65.5M | $70.8M | $29.6M | $43.2M | $46.2M | $106.5M |
| Income tax | $1.1M | $12.5M | $85.6M | $13.0M | $16.1M | $12.5M | $3.8M | $25.9M | $57.4M | $36.2M |
| Net income | -$18.0M | $12.0M | -$105.0M | -$69.0M | $49.0M | $58.3M | $25.8M | -$9.2M | $19.4M | $75.9M |
| EPS, basic | -0.63 | 0.43 | -3.57 | -2.38 | 1.63 | 1.95 | 0.83 | -0.29 | 0.61 | 2.32 |
| EPS, diluted | -0.63 | 0.42 | -3.57 | -2.38 | 1.59 | 1.90 | 0.81 | -0.28 | 0.61 | 2.25 |
| Shares, diluted (wtd. avg.) | $28.6M | $29.7M | $29.4M | $29.0M | $31.0M | $30.6M | $32.0M | $33.1M | $32.1M | $33.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $209.9M | $286.4M | $176.7M | $146.5M | $263.8M | $346.5M | $190.2M | $201.0M | $202.7M | $240.5M |
| Short-term investments | $113.1M | $122.2M | $106.9M | $80.9M | $7.7M | $6.9M | $5.5M | $73.3M | $126.9M | $125.5M |
| Receivables | $142.0M | $156.2M | $185.1M | $277.5M | $261.2M | $277.5M | $277.2M | $303.7M | $260.4M | $313.8M |
| Inventory | $176.5M | $162.5M | $248.9M | $299.6M | $315.7M | $172.1M | $235.5M | $243.9M | $162.9M | $247.9M |
| Total current assets | $673.3M | $758.0M | $748.0M | $834.3M | $883.1M | $893.2M | $744.1M | $857.9M | $1.02B | $962.8M |
| Property, plant and equipment | $26.0M | $11.3M | $8.3M | $9.2M | $13.3M | $16.1M | $17.7M | $20.2M | $17.3M | $18.1M |
| Goodwill | $45.0M | $36.3M | $36.3M | $36.3M | $80.7M | $80.7M | $80.7M | $80.7M | $64.3M | $64.3M |
| Other intangibles | $38.5M | $0 | $0 | $1.3M | $1.9M | $3.9M | $10.1M | $17.1M | $20.6M | $37.9M |
| Total assets | $836.3M | $850.2M | $847.1M | $1.02B | $1.08B | $1.11B | $955.8M | $1.04B | $1.21B | $1.18B |
| Accounts payable | $43.7M | $58.5M | $46.9M | $85.5M | $73.7M | $90.9M | $80.5M | $139.7M | $91.2M | $112.4M |
| Total current liabilities | $250.2M | $270.1M | $264.3M | $346.0M | $341.0M | $365.1M | $298.4M | $384.0M | $424.4M | $356.7M |
| Total liabilities | $338.4M | $309.2M | $311.6M | $398.9M | $381.7M | $416.7M | $347.1M | $415.8M | $478.1M | $387.6M |
| Retained earnings | -$538.9M | -$457.1M | -$432.3M | -$324.8M | -$226.6M | -$193.3M | -$222.7M | -$166.1M | $128.2M | $228.5M |
| Total equity | $497.8M | $541.1M | $535.5M | $620.9M | $696.8M | $689.4M | $608.7M | $627.6M | $730.5M | $796.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6M | $164.8M | $56.9M | -$13.7M | -$4.6M | $181.2M | $13.5M | -$103.2M | $87.5M | $118.2M |
| Depreciation and amortisation | $8.0M | $6.5M | $7.2M | $10.1M | $13.9M | $18.9M | $19.4M | $18.9M | $22.5M | $29.9M |
| Stock-based compensation | $29.7M | $22.7M | $17.9M | $17.7M | $26.0M | $30.5M | $29.1M | $26.5M | $19.0M | $17.1M |
| Capital expenditure | $20.5M | $9.0M | $5.8M | $5.8M | $9.9M | $10.3M | $14.2M | $12.3M | $10.1M | $10.2M |
| Investing cash flow | -$22.6M | -$26.2M | -$27.4M | -$79.5M | -$10.0M | -$16.8M | $49.5M | -$43.2M | -$19.8M | -$48.8M |
| Financing cash flow | -$55.5M | -$28.9M | $797.0K | -$24.0M | -$68.1M | -$8.1M | -$73.8M | $144.6M | -$105.3M | -$10.9M |
| Buybacks | $50.7M | $33.1M | $0 | $24.4M | $75.0M | $23.8M | $75.9M | $30.0M | $113.2M | $38.3M |
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 0001193125-26-159312.
Others in SIC 3576
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS, INC. | $430.53B | 32.8x | 11.8% |
| ANET | Arista Networks, Inc. | $244.40B | 70.5x | 28.6% |
| FFIV | F5, INC. | $22.11B | 33.1x | 9.7% |
| EXTR | EXTREME NETWORKS INC | $2.83B | 70.0x | 12.6% |
| DGII | DIGI INTERNATIONAL INC | $2.63B | 64.2x | 1.5% |
| ATEN | A10 Networks, Inc. | $1.79B | 43.1x | 11.0% |
| LTRX | LANTRONIX INC | $243.8M | — | -1.6% |
| CIIT | Tianci International, Inc. | $29.4M | — | 7.7% |