NETSCOUT SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NETSCOUT SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,162	987	910	892	831	856	915	829	823	859
Cost of revenue	346	272	254	242	222	214	223	187	179	177
Gross profit	816	715	656	650	609	641	691	642	644	682
Research and development	233	215	204	188	179	171	176	161	153	159
Selling and marketing	329	313	292	277	243	264	277	271	268	265
General and administrative	118	109	93.6	100	89	97.7	104	95.9	96.7	103
Operating expenses	754	719	727	632	572	593	614	792	1,012	573
Operating income	62.1	-4.06	-71.6	17.6	37.1	48.6	77.7	-150	-368	110
Interest expense	9.18	12.6	26.1	20.6	10.9	8.05	10.2	8.65	7.16	1.71
Interest income	1.02	1.81	5.25	4.53	0.65	0.3	4.92	9.6	10.7	13.8
Other non-operating income	-9.88	-14.6	-21.3	-15.7	-14.8	-5.74	-9.25	5.32	1.81	8.68
Pre-tax income	52.2	-18.7	-92.9	1.92	22.3	42.9	68.4	-145	-366	119
Income tax	18.9	-98.5	-19.6	4.68	2.95	7.02	8.77	3.22	1.13	23
Income from continuing operations	52.2	-18.7	-92.9	1.92	22.3	42.9	68.4	-145	-366	119
Net income	33.3	79.8	-73.3	-2.75	19.4	35.9	59.6	-148	-367	95.5
EBITDA	223	149	66.3	134	143	144	164	-74.8	-304	166
EPS, basic	0.36	0.91	-0.93	-0.04	0.26	0.48	0.83	-2.07	-5.12	1.33
EPS, diluted	0.36	0.90	-0.93	-0.04	0.26	0.48	0.82	-2.07	-5.12	1.30
Shares, basic (weighted)	92.2	87.4	78.6	75.2	73.1	74	71.8	71.5	71.6	72
Shares, diluted (weighted)	92.9	88.3	78.6	75.2	73.8	75.1	73	71.5	71.6	73.4

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	305	370	410	338	467	636	387	390	457	586
Short-term investments	138	77.9	76.3	48	9.28	67	32.2
Receivables	294	213	235	214	198	148	144	192	164	151
Inventory	40	34.8	26.3	22.2	22.8	28.2	18	14.1	12.9	13.3
Other current assets	37	33.5	35.7	24	23.6	32.9	34.3	32.1	31.8	29
Total current assets	854	752	801	660	722	922	617	672	713	868
Property, plant and equipment	61.4	52.5	59	57.7	48.5	41.3	34.7	26.5	21.5	23.6
Lease right-of-use assets				68.6	61.5	55	51.5	42.5	37.7	35.6
Goodwill	1,718	1,713	1,715	1,726	1,718	1,723	1,724	1,503	1,076	1,071
Intangible assets	931	831	669	582	512	433	367	309	259	214
Long-term investments	21.9	0	1.01	2.61	0	0	8.94	0.99	1	37.2
Other non-current assets	7.71	12.9	17	17.8	15.1	13	12.5	10.6	11.8	11.7
Total assets	3,602	3,369	3,270	3,121	3,085	3,195	2,821	2,595	2,187	2,355
Accounts payable	37.4	30.1	24.6	20	18	22	16.5	14.5	18.2	23.5
Accrued liabilities	77.6	46.6	58.5	75.6	83.1	75.8	83.3	51.4	56.7	84.5
Deferred revenue	311	302	273	270	270	331	312	302	302	331
Total current liabilities	460	413	380	399	411	476	454	395	408	470
Long-term debt	300	600	550	450	350	350	100	100	0
Lease liabilities				70.7	61.3	53.9	48.8	38.1	32.5	29.7
Other non-current liabilities	3.98	8.31	19.5	10	21.6	7.47	7.68	7.06	8.21	6.57
Total liabilities	1,165	1,300	1,205	1,183	1,079	1,134	791	703	626	705
Total debt	300	600	550	450	350	350	100	100	0
Paid-in capital	2,694	2,665	2,829	2,892	2,955	3,023	3,100	3,181	3,255	3,325
Retained earnings	317	396	358	355	375	411	470	322	-44.4	51.1
Treasury stock	-571	-996	-1,119	-1,306	-1,322	-1,374	-1,546	-1,615	-1,655	-1,731
Other comprehensive income	-3.47	2.9	-2.64	-3.16	-1.94	0.14	5.74	3.57	4.07	4.03
Shareholders' equity	2,436	2,069	2,065	1,938	2,006	2,060	2,030	1,892	1,560	1,649
Total equity	2,436	2,069	2,065	1,938	2,006	2,060	2,030	1,892	1,560	1,649
Total liabilities and equity	3,602	3,369	3,270	3,121	3,085	3,195	2,821	2,595	2,187	2,355
Shares outstanding	92	80.3	77.6	72.2	73.8	74.1	71.2	71.4	71.5	71.5

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	33.3	79.8	-73.3	-2.75	19.4	35.9	59.6	-148	-367	95.5
Depreciation and amortization	161	154	138	116	106	95.8	85.9	75	63.8	56.5
Stock-based compensation	39.2	47.3	56.3	50.9	51.9	56.1	62	70.8	64.8	59.9
Deferred income tax	-11	-128	-33.4	-9.82	-23.8	-12.7	-54	-45.9	-37.6	-28.1
Change in receivables	-48.1	85	-22.2	21.5	16.9	49.3	4.9	-48.4	28.7	12.4
Change in inventory	12.5	1.01	5.32	1.5	-2.04	-8	9.01	0.61	0.13	-2.19
Change in payables	0.41	-8.93	-3.88	-4.29	-1.73	4.21	-5.55	-1.86	3.24	4.72
Cash from operations	227	222	150	225	214	296	157	58.8	218	295
Capital expenditures	-29.7	-15.9	-23.4	-19.9	-12	-10.4	-10.5	-6.36	-5.41	-9.11
Acquisitions	-4.61	-8.33	0	-11.3	0	0
Purchases of investments	-200	-114	-230	-117	-15.7	-78.4	-115	-52.8	-45.1	-163
Sales and maturities of investments	181	196	230	144	56.8	20.6	140	64.7	44.8	67.9
Cash from investing	-41.6	57.1	-26.3	-4.31	24.7	-68.4	15.3	13.4	-7	-92.8
Debt issued	0	295	0	0	0	350	0	0	75	0
Debt repaid	0	0	-50	-100	-100	-350	-250	0	-175	0
Share buybacks	-80	-501	-14.5	-175	-3.28	-35.7	-150	-50	-25.3	-60.8
Cash from financing	-89.6	-221	-79.3	-287	-118	-54.2	-419	-69.4	-142	-76.7
Exchange rate effect	-0.76	6.39	-5.21	-3.43	6.63	-4.51	-1.89	0.06	-0.92	4.07
Net change in cash	94.8	65	39.1	-69.6	127	169	-249	2.88	67.7	129
Free cash flow	197	207	126	205	202	286	146	52.4	212	285
Interest paid	6.44	9.6	23.3	17.6	7.69	4.96	8.06	6.43	4.19	0
Income taxes paid	49.3	18.2	13.4	13.1	11.5	31.7	55.9	62.3	41.8	42.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.8%	Gross profit / revenue.
Operating margin	14.8%	Operating income / revenue.
EBITDA margin	21.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.9%	Pre-tax income / revenue.
Net margin	13.7%	Net income / revenue.
FCF margin	29.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.8%	Cash from operations / revenue.
Effective tax rate	13.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.3%	Research and development expense / revenue.
Stock-based pay / revenue	6.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	0.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	17.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	16.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	38.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	35.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.83x	Current assets / current liabilities.
Quick ratio	1.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.31x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.0%	Total liabilities / total assets.
Interest coverage	76.0x	Operating income / interest expense.
Working capital	$349.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$339.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	33.8x	Revenue / average property, plant and equipment.
Inventory turnover	8.52x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	11.0x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	28 days	Days inventory + days sales outstanding - days payables.
FCF conversion	215.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.84	Revenue / diluted weighted shares.
FCF per share	$3.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.64	Cash from operations / diluted weighted shares.
Book value per share	$22.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.67	Tangible book value / shares outstanding.
Cash per share	$7.60	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	17.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.87B	Share price x shares outstanding.
Enterprise value	$2.31B	Market cap + total debt - cash - short-term investments.
P/E	23.7x	Market cap / net income. Only when net income is positive.
P/S	3.25x	Market cap / revenue.
P/B	1.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.44x	Market cap / tangible book value, when positive.
P/FCF	11.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	2.62x	Enterprise value / revenue.
EV/EBIT	17.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.87x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.1%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.43x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NETSCOUT SYSTEMS INC's revenue in fiscal 2026?

NETSCOUT SYSTEMS INC reported revenue of $859.5M for fiscal 2026, 4.5% higher than the year before.

Was NETSCOUT SYSTEMS INC profitable in fiscal 2026?

Yes. Net income was $95.5M, a net margin of 11.1%.

How much free cash flow did NETSCOUT SYSTEMS INC generate in fiscal 2026?

Cash from operations of $294.5M minus capital expenditures of $9.1M left free cash flow of $285.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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