NETGEAR, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NETGEAR, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,328	1,407	1,059	999	1,255	1,168	932	741	674	700
Cost of revenue	770	731	717	705	883	802	682	492	478	433
Gross profit	374	308	342	294	372	366	251	249	196	266
Research and development	70.9	71.9	82.4	78	88.8	93	88.4	83.3	81.1	85.7
Selling and marketing	140	139	153	138	148	146	140	128	124	128
General and administrative	54	54.3	64.9	49.4	61.1	59.7	56.3	66.2	63.5	78.9
Operating expenses	268	265	303	268	297	299	333	283	184	300
Operating income	105	42.6	38.7	26.2	75.5	66.6	-82.9	-33.3	12.2	-34.2
Interest income	1.16	2.11	3.98	2.54	0.44
Other non-operating income	-0.17	1.56	0.51	3.38	-4.74	-1.09	0.9	14.1	12.7	17.4
Pre-tax income	106	46.2	43.2	29.6	70.8	65.5	-82	-19.1	24.9	-16.8
Income tax	36.2	57.4	25.9	3.78	12.5	16.1	-13	85.6	12.5	1.15
Net income to minority interests	0	0	9.17	0	0
Net income	75.9	19.4	-9.16	25.8	58.3	49.4	-69	-105	12.4	-17.9
EBITDA	135	65.1	57.6	45.6	94.5	80.5	-72.9	-26.1	18.7	-26.2
EPS, basic	2.32	0.61	-0.29	0.83	1.95	1.63	-2.38	-3.57	0.43	-0.63
EPS, diluted	2.25	0.61	-0.28	0.81	1.90	1.59	-2.38	-3.57	0.42	-0.63
Shares, basic (weighted)	32.8	32.1	31.6	30.9	29.9	30.2	29	29.4	28.9	28.6
Shares, diluted (weighted)	33.7	32.1	33.1	32	30.6	31	29	29.4	29.7	28.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	240	203	201	190	346	264	147	177	286	210
Short-term investments	126	127	73.3	5.5	6.86	7.74	80.9	107	122	113
Receivables	314	255	304	277	277	261	277	185	156	142
Inventory	248	163	244	235	172	316	300	249	163	176
Other current assets	35.1	24.8	36	35.7	30.7	34.8	29.8	30.4	30.6	31.7
Total current assets	963	1,016	858	744	893	883	834	748	758	673
Property, plant and equipment	18.1	17.3	20.2	17.7	16.1	13.3	9.23	8.27	11.3	26
Lease right-of-use assets			0	28.9	29.4	23.2	40.9	37.3	28	36.7
Goodwill	64.3	64.3	80.7	80.7	80.7	80.7	36.3	36.3	36.3	45
Intangible assets	37.9	20.6	17.1	10.1	3.9	1.86	1.33	0	0	38.5
Long-term investments				8.15	8.4	7.58	7.88	8.37	8.38	8.73
Other non-current assets	78.8	49.5	67.4	74.3	82.8	76.4	97.8	17.3	16.6	16.8
Total assets	1,184	1,209	1,043	956	1,106	1,079	1,020	847	850	836
Accounts payable	112	91.2	140	80.5	90.9	73.7	85.6	46.9	58.5	43.7
Accrued liabilities	171	150	199	190	218	225	213	168	148	144
Deferred revenue	35.3	21.2	11.1	6.45	21.1	16.5	21.1	27.1	30.3	26.9
Total current liabilities	357	424	384	298	365	341	346	264	270	250
Lease liabilities			0	25.4	25.5	18.6	34.1	29.7	19.8	41
Other non-current liabilities	15.9	8.77	12.2	7.99	6.9	3.11	3.9	4.91	11.7	40
Total liabilities	388	478	416	347	417	382	399	312	309	338
Paid-in capital	566	603	794	831	883	923	946	968	998	1,037
Retained earnings	229	128	-166	-223	-193	-227	-325	-432	-457	-539
Other comprehensive income	1.94	-0.85	-0.02	0.02	-0.04	0.15	-0.54	0.14	0.24	0.2
Shareholders' equity	797	730	628	609	689	697	621	535	541	498
Minority interests		0
Total equity	797	730	628	609	689	697	621	535	541	498
Total liabilities and equity	1,184	1,209	1,043	956	1,106	1,079	1,020	847	850	836
Shares outstanding	33	31.3	31.6	29.9	30.4	29.3	28.9	29.6	28.5	27.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	75.9	19.4	-18.3	25.8	58.3	49.4	-69	-105	12.4	-17.9
Depreciation and amortization	29.9	22.5	18.9	19.4	18.9	13.9	10.1	7.16	6.51	8
Stock-based compensation	17.1	19	26.5	29.1	30.5	26	17.7	17.9	22.7	29.7
Deferred income tax	0.87	21.1	2.46	-1.38	-9.39	4.5	-21.8	82.3	1	-0.15
Change in receivables	23.1	-23.1	-43.1	26.5	-59.9	75.9	-16.3	92.4	28.8	14.2
Change in inventory	-12.6	34.3	-85.1	4.5	55.5	-147	12.4	47.6	80.2	-17.4
Change in payables	9.82	-0.43	45.5	-56.6	9.74	-16.5	11.9	-38.9	11.5	-14.9
Cash from operations	118	87.5	-103	13.5	181	-4.58	-13.7	56.9	165	1.61
Capital expenditures	-10.2	-10.1	-12.3	-14.2	-10.3	-9.86	-5.76	-5.8	-8.99	-20.5
Acquisitions	0	0	-14.4	0	0			0	0	-12.2
Purchases of investments	-144	-137	-81.8	-1.62	-0.31	-0.15	-154	-136	-137	-110
Sales and maturities of investments	0	0	0.62	0	0
Cash from investing	-48.8	-19.8	-43.2	49.5	-16.8	-9.99	-79.5	-27.4	-26.2	-22.6
Stock issued	28.1	9.51	6.84	5.03	17	9.62	0.74	0	4.02	5.27
Share buybacks	-38.3	-113	-30	-75.9	-23.8	-75	-24.4	0	-33.1	-50.7
Cash from financing	-10.9	-105	145	-73.8	-8.06	-68.1	-24	0.8	-28.9	-55.5
Net change in cash	58.5	-37.6	-1.82	-10.8	156	-82.7	-117	30.2	110	-76.5
Free cash flow	108	77.4	-115	-0.71	171	-14.4	-19.5	51.1	156	-18.9
Income taxes paid	35.1	32.1	23.2	8.88	8.22	20.6	9.4	7.19	7.74	13.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $22.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.0%	Gross profit / revenue.
Operating margin	-4.9%	Operating income / revenue.
EBITDA margin	-3.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.6%	Pre-tax income / revenue.
Net margin	-3.7%	Net income / revenue.
FCF margin	-2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.5%	Cash from operations / revenue.
Return on equity (ROE)	-5.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.3%	Net income / average total assets.
Return on invested capital (ROIC)	-9.5%	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	13.0%	Research and development expense / revenue.
Stock-based pay / revenue	5.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	35.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.0%	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	-6.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-379.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-239.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-245.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-250.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-99.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-61.1%	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	-112.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	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	-6.3%	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	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.4%	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	-5.4%	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	-3.6%	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	-0.5%	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	-1.4%	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	2.48x	Current assets / current liabilities.
Quick ratio	1.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.05x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.1%	Total liabilities / total assets.
Working capital	$378.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$375.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	27.4x	Revenue / average property, plant and equipment.
Inventory turnover	2.38x	Cost of revenue / average inventory.
Days inventory	153 days	365 x average inventory / cost of revenue.
Receivables turnover	4.54x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	186 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	577.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.95	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	$25.68	Revenue / diluted weighted shares.
FCF per share	-$0.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Book value per share	$16.82	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.84	Tangible book value / shares outstanding.
Cash per share	$9.87	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$599.8M	Share price x shares outstanding.
Enterprise value	$332.0M	Market cap + total debt - cash - short-term investments.
P/S	0.86x	Market cap / revenue.
P/B	1.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.60x	Market cap / tangible book value, when positive.
P/OCF	166x	Market cap / cash from operations, when positive.
EV/Sales	0.48x	Enterprise value / revenue.
FCF yield	-2.9%	Free cash flow / market cap.
Earnings yield	-4.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.3%	(Dividends paid + share buybacks) / market cap.

What was NETGEAR, INC.'s revenue in fiscal 2025?

NETGEAR, INC. reported revenue of $699.6M for fiscal 2025, 3.8% higher than the year before.

Was NETGEAR, INC. profitable in fiscal 2025?

No. It reported a net loss of $17.9M.

How much free cash flow did NETGEAR, INC. generate in fiscal 2025?

Cash from operations of $1.6M minus capital expenditures of $20.5M left free cash flow of -$18.9M.

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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