NetScout Systems, Inc. (NTCT) 10-Year Financial Performance & Capital Metrics

NTCT • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementNetwork Security & Firewall

AboutNetScout Systems, Inc. provides service assurance and cybersecurity solutions for protect digital business services against disruptions in the United States, Europe, Asia, and internationally. The company offers nGeniusONE management software that enables customers to predict, preempt, and resolve network and service delivery problems, as well as facilitate the optimization and capacity planning of their network infrastructures; and specialized platforms and analytic modules that enable its customers to analyze and troubleshoot traffic in radio access and Wi-Fi networks. It also provides nGeniusPULSE, an active testing tool that enables enterprises to identify infrastructure performance issues and determine application availability, reliability, and performance; and nGenius Business Analytics solution, which enables service providers to analyze their network traffic. In addition, the company offers ISNG, an advanced passive network probe; packet flow systems that deliver targeted network traffic access to various monitoring and security tools and systems; and a suite of test access points that enable non-disruptive access to network traffic. Further, it provides cybersecurity solutions to protect their networks against distributed denial of service attacks under the Arbor brand, such as Arbor Sightline, Arbor Threat Mitigation System, Arbor Insight, Arbor Edge Defense, and Arbor Cloud. Additionally, it offers advanced threat detection solutions, such as Omnis Cyber Investigator. It serves enterprise customers in various industries, including financial services, technology, manufacturing, healthcare, utilities, education, transportation, and retail; mobile operators, wireline operators, cable operators, Internet service providers, and cloud providers; and governmental agencies through a direct sales force, and indirect reseller and distribution channels. NetScout Systems, Inc. was incorporated in 1984 and is headquartered in Westford, Massachusetts.Show more

Revenue $823M -0.8%
EBITDA -$304M -306.0%
Net Income -$367M -148.4%
EPS (Diluted) -5.06 -144.4%
Gross Margin 78.27% +1.1%
EBITDA Margin -36.93% -309.3%
Operating Margin -44.68% -147.4%
Net Margin -44.6% -150.4%
ROE -21.26% -182.1%
ROIC -19.7% -202.9%
Debt/Equity 0.03 -64.9%
Interest Coverage -51.34 -196.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 25.6% free cash flow margin
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.13%

5Y-1.6%

3Y-1.3%

TTM9.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM114.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM110.34%

ROCE

10Y Avg-2.02%

5Y Avg-3.76%

3Y Avg-7.33%

Latest-18.48%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	955.42M	1.16B	986.79M	909.92M	891.82M	831.28M	855.58M	914.53M	829.46M	822.68M
Revenue Growth %	1.11%	0.22%	-0.15%	-0.08%	-0.02%	-0.07%	0.03%	0.07%	-0.09%	-0.01%
Cost of Goods Sold+	328.45M	346.14M	271.9M	254.13M	242.19M	222.1M	214.19M	223.1M	187.41M	178.74M
COGS % of Revenue	0.34%	0.3%	0.28%	0.28%	0.27%	0.27%	0.25%	0.24%	0.23%	0.22%
Gross Profit+	626.97M	815.97M	714.88M	655.79M	649.63M	609.18M	641.39M	691.43M	642.04M	643.94M
Gross Margin %	0.66%	0.7%	0.72%	0.72%	0.73%	0.73%	0.75%	0.76%	0.77%	0.78%
Gross Profit Growth %	0.75%	0.3%	-0.12%	-0.08%	-0.01%	-0.06%	0.05%	0.08%	-0.07%	0%
Operating Expenses+	652.05M	749.91M	713.73M	663.34M	631.99M	572.05M	592.75M	613.77M	791.87M	1.01B
OpEx % of Revenue	0.68%	0.65%	0.72%	0.73%	0.71%	0.69%	0.69%	0.67%	0.95%	1.23%
Selling, General & Admin	411.05M	447.07M	422.01M	385.44M	376.52M	331.7M	361.88M	380.42M	366.87M	364.77M
SG&A % of Revenue	0.43%	0.38%	0.43%	0.42%	0.42%	0.4%	0.42%	0.42%	0.44%	0.44%
Research & Development	208.63M	232.7M	215.08M	203.59M	188.29M	179.16M	171.13M	176.17M	161.21M	152.86M
R&D % of Revenue	0.22%	0.2%	0.22%	0.22%	0.21%	0.22%	0.2%	0.19%	0.19%	0.19%
Other Operating Expenses	-1.25M	-1.72M	-3.78M	-434K	67.18M	61.19M	59.74M	57.17M	263.79M	493.91M
Operating Income+	-25.55M	62.06M	-4.06M	-71.58M	17.64M	37.13M	48.63M	77.66M	-149.83M	-367.6M
Operating Margin %	-0.03%	0.05%	-0%	-0.08%	0.02%	0.04%	0.06%	0.08%	-0.18%	-0.45%
Operating Income Growth %	-1.26%	3.43%	-1.07%	-16.64%	1.25%	1.11%	0.31%	0.6%	-2.93%	-1.45%
EBITDA+	114.52M	222.93M	147.6M	64.18M	133.74M	142.96M	144.42M	173.01M	-74.84M	-303.82M
EBITDA Margin %	0.12%	0.19%	0.15%	0.07%	0.15%	0.17%	0.17%	0.19%	-0.09%	-0.37%
EBITDA Growth %	0.14%	0.95%	-0.34%	-0.57%	1.08%	0.07%	0.01%	0.2%	-1.43%	-3.06%
D&A (Non-Cash Add-back)	140.07M	160.86M	151.66M	135.76M	116.1M	105.83M	95.78M	95.35M	74.99M	63.79M
EBIT	-26.11M	61.37M	-6.03M	-66.77M	22.52M	33.18M	50.94M	78.66M	-135.86M	-358.63M
Net Interest Income+	-5.64M	-8.16M	-10.82M	-20.9M	-16.07M	-10.23M	-7.75M	-5.33M	951K	3.58M
Interest Income	691K	1.02M	1.81M	5.25M	4.53M	646K	297K	4.92M	9.6M	10.74M
Interest Expense	6.33M	9.18M	12.63M	26.14M	20.6M	10.88M	8.05M	10.25M	8.65M	7.16M
Other Income/Expense	-6.89M	-9.88M	-14.6M	-21.33M	-15.71M	-14.83M	-5.74M	-9.25M	5.32M	1.81M
Pretax Income+	-32.44M	52.19M	-18.66M	-92.91M	1.92M	22.3M	42.89M	68.42M	-144.51M	-365.79M
Pretax Margin %	-0.03%	0.04%	-0.02%	-0.1%	0%	0.03%	0.05%	0.07%	-0.17%	-0.44%
Income Tax+	-4.07M	18.89M	-98.47M	-19.59M	4.68M	2.95M	7.02M	8.77M	3.22M	1.13M
Effective Tax Rate %	0.87%	0.64%	-4.28%	0.79%	-1.43%	0.87%	0.84%	0.87%	1.02%	1%
Net Income+	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Net Margin %	-0.03%	0.03%	0.08%	-0.08%	-0%	0.02%	0.04%	0.07%	-0.18%	-0.45%
Net Income Growth %	-1.46%	2.17%	1.4%	-1.92%	0.96%	8.03%	0.85%	0.66%	-3.48%	-1.48%
Net Income (Continuing)	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.35	0.36	0.90	-0.93	-0.04	0.26	0.48	0.82	-2.07	-5.06
EPS Growth %	-1.24%	2.03%	1.5%	-2.03%	0.96%	8.1%	0.85%	0.71%	-3.52%	-1.44%
EPS (Basic)	-0.35	0.36	0.91	-0.93	-0.04	0.26	0.48	0.83	-2.07	-5.11
Diluted Shares Outstanding	81.93M	92.92M	88.26M	78.62M	75.16M	73.82M	75.08M	73.05M	71.47M	72.57M
Basic Shares Outstanding	81.05M	92.23M	87.42M	78.62M	75.16M	73.1M	74.02M	71.78M	71.47M	71.74M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	740.48M	854.47M	752.41M	801.22M	659.74M	722.47M	921.94M	617.36M	672.49M	713.18M
Cash & Short-Term Investments	338.71M	442.77M	447.76M	485.98M	386.46M	476.45M	703.2M	419M	423.13M	491.47M
Cash Only	210.71M	304.88M	369.82M	409.63M	338.49M	467.18M	636.16M	386.79M	389.67M	457.42M
Short-Term Investments	128M	137.89M	77.94M	76.34M	47.97M	9.28M	67.04M	32.2M	33.46M	34.06M
Accounts Receivable	247.2M	294.37M	213.44M	235.32M	213.51M	197.72M	148.25M	143.85M	192.1M	163.65M
Days Sales Outstanding	94.44	92.46	78.95	94.39	87.39	86.81	63.24	57.41	84.53	72.61
Inventory	58.03M	40M	34.77M	26.27M	21.51M	19.37M	21.23M	17.55M	14.1M	11.11M
Days Inventory Outstanding	64.49	42.18	46.68	37.73	32.41	31.84	36.19	28.71	27.45	22.69
Other Current Assets	18.33M	36.97M	32.59M	38.58M	24.76M	27.02M	39.91M	34.72M	32.09M	33.57M
Total Non-Current Assets+	2.85B	2.75B	2.62B	2.47B	2.46B	2.36B	2.27B	2.2B	1.92B	1.47B
Property, Plant & Equipment	62.03M	61.39M	52.51M	58.95M	126.3M	109.99M	96.33M	86.19M	68.97M	59.25M
Fixed Asset Turnover	15.40x	18.93x	18.79x	15.44x	7.06x	7.56x	8.88x	10.61x	12.03x	13.89x
Goodwill	1.71B	1.72B	1.71B	1.72B	1.73B	1.72B	1.72B	1.72B	1.5B	1.08B
Intangible Assets	1.05B	931.27M	831.37M	669.12M	582.18M	511.87M	433.42M	366.59M	308.66M	258.69M
Long-Term Investments	13.36M	21.93M	-6.68M	1.01M	2.61M	0	0	8.94M	994K	1M
Other Non-Current Assets	7.36M	7.71M	19.55M	16.99M	17.77M	15.06M	12.98M	12.54M	10.6M	11.78M
Total Assets+	3.59B	3.6B	3.37B	3.27B	3.12B	3.09B	3.19B	2.82B	2.6B	2.19B
Asset Turnover	0.27x	0.32x	0.29x	0.28x	0.29x	0.27x	0.27x	0.32x	0.32x	0.38x
Asset Growth %	4.37%	0%	-0.06%	-0.03%	-0.05%	-0.01%	0.04%	-0.12%	-0.08%	-0.16%
Total Current Liabilities+	457.06M	460.19M	413.3M	379.94M	399M	411.27M	476.16M	453.61M	395.08M	407.93M
Accounts Payable	43.97M	37.41M	30.13M	24.58M	20M	17.96M	21.96M	16.47M	14.51M	18.21M
Days Payables Outstanding	48.86	39.45	40.45	35.31	30.15	29.52	37.42	26.95	28.25	37.18
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	82.3M	77.61M	46.55M	58.5M	75.63M	83.06M	75.79M	83.28M	51.36M	56.7M
Current Ratio	1.62x	1.86x	1.82x	2.11x	1.65x	1.76x	1.94x	1.36x	1.70x	1.75x
Quick Ratio	1.49x	1.77x	1.74x	2.04x	1.60x	1.71x	1.89x	1.32x	1.67x	1.72x
Cash Conversion Cycle	110.06	95.19	85.18	96.82	89.65	89.13	62.01	59.17	83.73	58.11
Total Non-Current Liabilities+	692.4M	705.08M	886.53M	824.63M	783.59M	667.98M	658.15M	337.3M	308.15M	218.25M
Long-Term Debt	300M	300M	600M	550M	450M	350M	350M	100M	100M	0
Capital Lease Obligations	0	0	0	0	70.66M	61.27M	53.93M	48.82M	38.1M	32.51M
Deferred Tax Liabilities	285.36M	277.6M	151.56M	124.23M	114.39M	92.29M	78.9M	24.94M	4.37M	2.64M
Other Non-Current Liabilities	38.92M	40.88M	43.55M	55.78M	44.3M	61.12M	42.21M	33.73M	35.47M	35.59M
Total Liabilities	1.15B	1.17B	1.3B	1.2B	1.18B	1.08B	1.13B	790.91M	703.24M	626.18M
Total Debt+	300M	300M	600M	550M	531M	423.62M	415.34M	160.47M	150.08M	43.5M
Net Debt	89.29M	-4.88M	230.18M	140.37M	192.51M	-43.55M	-220.82M	-226.32M	-239.59M	-413.91M
Debt / Equity	0.12x	0.12x	0.29x	0.27x	0.27x	0.21x	0.20x	0.08x	0.08x	0.03x
Debt / EBITDA	2.62x	1.35x	4.07x	8.57x	3.97x	2.96x	2.88x	0.93x	-	-
Net Debt / EBITDA	0.78x	-0.02x	1.56x	2.19x	1.44x	-0.30x	-1.53x	-1.31x	-	-
Interest Coverage	-4.04x	6.76x	-0.32x	-2.74x	0.86x	3.41x	6.04x	7.58x	-17.32x	-51.34x
Total Equity+	2.44B	2.44B	2.07B	2.07B	1.94B	2.01B	2.06B	2.03B	1.89B	1.56B
Equity Growth %	4.61%	-0%	-0.15%	-0%	-0.06%	0.04%	0.03%	-0.01%	-0.07%	-0.18%
Book Value per Share	29.82	26.22	23.44	26.27	25.78	27.17	27.44	27.79	26.47	21.50
Total Shareholders' Equity	2.44B	2.44B	2.07B	2.07B	1.94B	2.01B	2.06B	2.03B	1.89B	1.56B
Common Stock	114K	116K	117K	120K	122K	124K	126K	128K	131K	134K
Retained Earnings	283.39M	316.68M	396.49M	358.09M	355.34M	374.69M	410.56M	470.21M	322.48M	-44.44M
Treasury Stock	-481.37M	-570.92M	-995.84M	-1.12B	-1.31B	-1.32B	-1.37B	-1.55B	-1.62B	-1.65B
Accumulated OCI	-1.5M	-3.47M	2.9M	-2.64M	-3.16M	-1.94M	141K	5.74M	3.57M	4.07M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	95.28M	227.81M	222.45M	149.84M	225.02M	213.92M	296.01M	156.65M	58.81M	217.67M
Operating CF Margin %	0.1%	0.2%	0.23%	0.16%	0.25%	0.26%	0.35%	0.17%	0.07%	0.26%
Operating CF Growth %	-0.11%	1.39%	-0.02%	-0.33%	0.5%	-0.05%	0.38%	-0.47%	-0.62%	2.7%
Net Income	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Depreciation & Amortization	140.07M	160.86M	153.5M	137.88M	116.1M	105.83M	95.78M	85.92M	74.99M	63.79M
Stock-Based Compensation	28.35M	39.19M	47.32M	56.33M	50.86M	51.89M	56.07M	61.99M	70.8M	64.78M
Deferred Taxes	-42.12M	-11.01M	-127.78M	-33.44M	-9.82M	-23.8M	-12.68M	-54.03M	-45.95M	-37.57M
Other Non-Cash Items	6.58M	313K	652K	45.24M	11.13M	10.04M	10.04M	12.03M	218.63M	438.12M
Working Capital Changes	-9.23M	5.16M	68.95M	17.16M	59.5M	50.61M	110.92M	-8.9M	-111.92M	55.47M
Change in Receivables	-23.26M	-48.08M	84.95M	-22.18M	21.47M	16.88M	49.32M	4.9M	-48.38M	28.66M
Change in Inventory	5.52M	12.46M	1.01M	5.32M	1.5M	-2.04M	-8M	9.01M	609K	128K
Change in Payables	2.33M	405K	-8.93M	-3.88M	-4.29M	-1.73M	4.21M	-5.55M	-1.86M	3.24M
Cash from Investing+	25.09M	-42.28M	57.13M	-26.25M	-4.31M	24.7M	-68.35M	15.3M	13.36M	-7M
Capital Expenditures	-30.37M	-32.15M	-16.59M	-23.53M	-19.92M	-11.99M	-10.35M	-10.48M	-6.34M	-5.41M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-150K	129K	193K	-97K	-31K	-4.45M	-205K	-161K	-25K	-1.29M
Cash from Financing+	-15.3M	-90.6M	-220.96M	-79.28M	-286.87M	-118.31M	-54.16M	-419.43M	-69.35M	-142.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.93M	-1.04M	-659K	-14.82M	-11.87M	-15.03M	-14.85M	-19.39M	-19.36M	-16.75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	64.92M	195.66M	205.86M	126.31M	205.1M	197.4M	285.61M	146M	52.47M	210.97M
FCF Margin %	0.07%	0.17%	0.21%	0.14%	0.23%	0.24%	0.33%	0.16%	0.06%	0.26%
FCF Growth %	-0.31%	2.01%	0.05%	-0.39%	0.62%	-0.04%	0.45%	-0.49%	-0.64%	3.02%
FCF per Share	0.79	2.11	2.33	1.61	2.73	2.67	3.80	2.00	0.73	2.91
FCF Conversion (FCF/Net Income)	-3.36x	6.84x	2.79x	-2.04x	-81.71x	11.05x	8.25x	2.63x	-0.40x	-0.59x
Interest Paid	3.81M	6.44M	9.6M	23.28M	17.64M	7.68M	4.96M	8.06M	6.43M	4.19M
Taxes Paid	50.66M	49.29M	18.22M	13.38M	13.06M	11.47M	31.7M	55.92M	62.32M	41.8M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.97%	1.36%	3.54%	-3.55%	-0.14%	0.98%	1.76%	2.92%	-7.53%	-21.26%
Return on Invested Capital (ROIC)	-1.34%	1.88%	-0.13%	-2.38%	0.61%	1.36%	1.92%	3.2%	-6.5%	-19.7%
Gross Margin	65.62%	70.21%	72.45%	72.07%	72.84%	73.28%	74.97%	75.61%	77.41%	78.27%
Net Margin	-2.97%	2.86%	8.09%	-8.06%	-0.31%	2.33%	4.19%	6.52%	-17.81%	-44.6%
Debt / Equity	0.12x	0.12x	0.29x	0.27x	0.27x	0.21x	0.20x	0.08x	0.08x	0.03x
Interest Coverage	-4.04x	6.76x	-0.32x	-2.74x	0.86x	3.41x	6.04x	7.58x	-17.32x	-51.34x
FCF Conversion	-3.36x	6.84x	2.79x	-2.04x	-81.71x	11.05x	8.25x	2.63x	-0.40x	-0.59x
Revenue Growth	110.6%	21.63%	-15.09%	-7.79%	-1.99%	-6.79%	2.92%	6.89%	-9.3%	-0.82%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service	-	-	-	442.63M	453.48M	453.56M	445.45M	591.97M	469.01M	462.79M
Service Growth	-	-	-	-	2.45%	0.02%	-1.79%	32.89%	-20.77%	-1.33%
Product	-	-	-	467.29M	438.34M	377.72M	410.12M	545.66M	360.44M	359.89M
Product Growth	-	-	-	-	-6.19%	-13.83%	8.58%	33.05%	-33.94%	-0.15%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	681.57M	729.37M	581.85M	553.27M	545.62M	484.13M	501.04M	583.48M	470.34M	465.47M
UNITED STATES Growth	-	7.01%	-20.23%	-4.91%	-1.38%	-11.27%	3.49%	16.45%	-19.39%	-1.04%
Europe	137.41M	190.59M	174.44M	148.04M	154.51M	160.37M	165.19M	145.68M	146.91M	156.72M
Europe Growth	-	38.70%	-8.47%	-15.14%	4.37%	3.79%	3.00%	-11.81%	0.85%	6.67%
Rest Of World	74.87M	142.87M	141.57M	136.26M	131.75M	130.22M	124.37M	123.69M	146.81M	136.87M
Rest Of World Growth	-	90.82%	-0.91%	-3.75%	-3.31%	-1.16%	-4.49%	-0.55%	18.69%	-6.77%
Asia	61.57M	99.28M	88.92M	72.36M	59.94M	56.56M	64.97M	61.69M	65.4M	63.62M
Asia Growth	-	61.25%	-10.44%	-18.63%	-17.16%	-5.63%	14.86%	-5.05%	6.02%	-2.71%

Frequently Asked Questions

Growth & Financials

NetScout Systems, Inc. (NTCT) reported $862.8M in revenue for fiscal year 2025. This represents a 180% increase from $308.7M in 2012.

NetScout Systems, Inc. (NTCT) saw revenue decline by 0.8% over the past year.

Yes, NetScout Systems, Inc. (NTCT) is profitable, generating $89.6M in net income for fiscal year 2025 (-44.6% net margin).

Dividend & Returns

NetScout Systems, Inc. (NTCT) has a return on equity (ROE) of -21.3%. Negative ROE indicates the company is unprofitable.

NetScout Systems, Inc. (NTCT) generated $255.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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NetScout Systems, Inc. (NTCT) 10-Year Financial Performance & Capital Metrics

NTCT • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementNetwork Security & Firewall

Revenue $823M -0.8%
EBITDA -$304M -306.0%
Net Income -$367M -148.4%
EPS (Diluted) -5.06 -144.4%
Gross Margin 78.27% +1.1%
EBITDA Margin -36.93% -309.3%
Operating Margin -44.68% -147.4%
Net Margin -44.6% -150.4%
ROE -21.26% -182.1%
ROIC -19.7% -202.9%
Debt/Equity 0.03 -64.9%
Interest Coverage -51.34 -196.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 25.6% free cash flow margin
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.13%

5Y-1.6%

3Y-1.3%

TTM9.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM114.95%

EPS CAGR

10Y-

5Y-

3Y-

TTM110.34%

ROCE

10Y Avg-2.02%

5Y Avg-3.76%

3Y Avg-7.33%

Latest-18.48%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	955.42M	1.16B	986.79M	909.92M	891.82M	831.28M	855.58M	914.53M	829.46M	822.68M
Revenue Growth %	1.11%	0.22%	-0.15%	-0.08%	-0.02%	-0.07%	0.03%	0.07%	-0.09%	-0.01%
Cost of Goods Sold+	328.45M	346.14M	271.9M	254.13M	242.19M	222.1M	214.19M	223.1M	187.41M	178.74M
COGS % of Revenue	0.34%	0.3%	0.28%	0.28%	0.27%	0.27%	0.25%	0.24%	0.23%	0.22%
Gross Profit+	626.97M	815.97M	714.88M	655.79M	649.63M	609.18M	641.39M	691.43M	642.04M	643.94M
Gross Margin %	0.66%	0.7%	0.72%	0.72%	0.73%	0.73%	0.75%	0.76%	0.77%	0.78%
Gross Profit Growth %	0.75%	0.3%	-0.12%	-0.08%	-0.01%	-0.06%	0.05%	0.08%	-0.07%	0%
Operating Expenses+	652.05M	749.91M	713.73M	663.34M	631.99M	572.05M	592.75M	613.77M	791.87M	1.01B
OpEx % of Revenue	0.68%	0.65%	0.72%	0.73%	0.71%	0.69%	0.69%	0.67%	0.95%	1.23%
Selling, General & Admin	411.05M	447.07M	422.01M	385.44M	376.52M	331.7M	361.88M	380.42M	366.87M	364.77M
SG&A % of Revenue	0.43%	0.38%	0.43%	0.42%	0.42%	0.4%	0.42%	0.42%	0.44%	0.44%
Research & Development	208.63M	232.7M	215.08M	203.59M	188.29M	179.16M	171.13M	176.17M	161.21M	152.86M
R&D % of Revenue	0.22%	0.2%	0.22%	0.22%	0.21%	0.22%	0.2%	0.19%	0.19%	0.19%
Other Operating Expenses	-1.25M	-1.72M	-3.78M	-434K	67.18M	61.19M	59.74M	57.17M	263.79M	493.91M
Operating Income+	-25.55M	62.06M	-4.06M	-71.58M	17.64M	37.13M	48.63M	77.66M	-149.83M	-367.6M
Operating Margin %	-0.03%	0.05%	-0%	-0.08%	0.02%	0.04%	0.06%	0.08%	-0.18%	-0.45%
Operating Income Growth %	-1.26%	3.43%	-1.07%	-16.64%	1.25%	1.11%	0.31%	0.6%	-2.93%	-1.45%
EBITDA+	114.52M	222.93M	147.6M	64.18M	133.74M	142.96M	144.42M	173.01M	-74.84M	-303.82M
EBITDA Margin %	0.12%	0.19%	0.15%	0.07%	0.15%	0.17%	0.17%	0.19%	-0.09%	-0.37%
EBITDA Growth %	0.14%	0.95%	-0.34%	-0.57%	1.08%	0.07%	0.01%	0.2%	-1.43%	-3.06%
D&A (Non-Cash Add-back)	140.07M	160.86M	151.66M	135.76M	116.1M	105.83M	95.78M	95.35M	74.99M	63.79M
EBIT	-26.11M	61.37M	-6.03M	-66.77M	22.52M	33.18M	50.94M	78.66M	-135.86M	-358.63M
Net Interest Income+	-5.64M	-8.16M	-10.82M	-20.9M	-16.07M	-10.23M	-7.75M	-5.33M	951K	3.58M
Interest Income	691K	1.02M	1.81M	5.25M	4.53M	646K	297K	4.92M	9.6M	10.74M
Interest Expense	6.33M	9.18M	12.63M	26.14M	20.6M	10.88M	8.05M	10.25M	8.65M	7.16M
Other Income/Expense	-6.89M	-9.88M	-14.6M	-21.33M	-15.71M	-14.83M	-5.74M	-9.25M	5.32M	1.81M
Pretax Income+	-32.44M	52.19M	-18.66M	-92.91M	1.92M	22.3M	42.89M	68.42M	-144.51M	-365.79M
Pretax Margin %	-0.03%	0.04%	-0.02%	-0.1%	0%	0.03%	0.05%	0.07%	-0.17%	-0.44%
Income Tax+	-4.07M	18.89M	-98.47M	-19.59M	4.68M	2.95M	7.02M	8.77M	3.22M	1.13M
Effective Tax Rate %	0.87%	0.64%	-4.28%	0.79%	-1.43%	0.87%	0.84%	0.87%	1.02%	1%
Net Income+	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Net Margin %	-0.03%	0.03%	0.08%	-0.08%	-0%	0.02%	0.04%	0.07%	-0.18%	-0.45%
Net Income Growth %	-1.46%	2.17%	1.4%	-1.92%	0.96%	8.03%	0.85%	0.66%	-3.48%	-1.48%
Net Income (Continuing)	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.35	0.36	0.90	-0.93	-0.04	0.26	0.48	0.82	-2.07	-5.06
EPS Growth %	-1.24%	2.03%	1.5%	-2.03%	0.96%	8.1%	0.85%	0.71%	-3.52%	-1.44%
EPS (Basic)	-0.35	0.36	0.91	-0.93	-0.04	0.26	0.48	0.83	-2.07	-5.11
Diluted Shares Outstanding	81.93M	92.92M	88.26M	78.62M	75.16M	73.82M	75.08M	73.05M	71.47M	72.57M
Basic Shares Outstanding	81.05M	92.23M	87.42M	78.62M	75.16M	73.1M	74.02M	71.78M	71.47M	71.74M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	740.48M	854.47M	752.41M	801.22M	659.74M	722.47M	921.94M	617.36M	672.49M	713.18M
Cash & Short-Term Investments	338.71M	442.77M	447.76M	485.98M	386.46M	476.45M	703.2M	419M	423.13M	491.47M
Cash Only	210.71M	304.88M	369.82M	409.63M	338.49M	467.18M	636.16M	386.79M	389.67M	457.42M
Short-Term Investments	128M	137.89M	77.94M	76.34M	47.97M	9.28M	67.04M	32.2M	33.46M	34.06M
Accounts Receivable	247.2M	294.37M	213.44M	235.32M	213.51M	197.72M	148.25M	143.85M	192.1M	163.65M
Days Sales Outstanding	94.44	92.46	78.95	94.39	87.39	86.81	63.24	57.41	84.53	72.61
Inventory	58.03M	40M	34.77M	26.27M	21.51M	19.37M	21.23M	17.55M	14.1M	11.11M
Days Inventory Outstanding	64.49	42.18	46.68	37.73	32.41	31.84	36.19	28.71	27.45	22.69
Other Current Assets	18.33M	36.97M	32.59M	38.58M	24.76M	27.02M	39.91M	34.72M	32.09M	33.57M
Total Non-Current Assets+	2.85B	2.75B	2.62B	2.47B	2.46B	2.36B	2.27B	2.2B	1.92B	1.47B
Property, Plant & Equipment	62.03M	61.39M	52.51M	58.95M	126.3M	109.99M	96.33M	86.19M	68.97M	59.25M
Fixed Asset Turnover	15.40x	18.93x	18.79x	15.44x	7.06x	7.56x	8.88x	10.61x	12.03x	13.89x
Goodwill	1.71B	1.72B	1.71B	1.72B	1.73B	1.72B	1.72B	1.72B	1.5B	1.08B
Intangible Assets	1.05B	931.27M	831.37M	669.12M	582.18M	511.87M	433.42M	366.59M	308.66M	258.69M
Long-Term Investments	13.36M	21.93M	-6.68M	1.01M	2.61M	0	0	8.94M	994K	1M
Other Non-Current Assets	7.36M	7.71M	19.55M	16.99M	17.77M	15.06M	12.98M	12.54M	10.6M	11.78M
Total Assets+	3.59B	3.6B	3.37B	3.27B	3.12B	3.09B	3.19B	2.82B	2.6B	2.19B
Asset Turnover	0.27x	0.32x	0.29x	0.28x	0.29x	0.27x	0.27x	0.32x	0.32x	0.38x
Asset Growth %	4.37%	0%	-0.06%	-0.03%	-0.05%	-0.01%	0.04%	-0.12%	-0.08%	-0.16%
Total Current Liabilities+	457.06M	460.19M	413.3M	379.94M	399M	411.27M	476.16M	453.61M	395.08M	407.93M
Accounts Payable	43.97M	37.41M	30.13M	24.58M	20M	17.96M	21.96M	16.47M	14.51M	18.21M
Days Payables Outstanding	48.86	39.45	40.45	35.31	30.15	29.52	37.42	26.95	28.25	37.18
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	82.3M	77.61M	46.55M	58.5M	75.63M	83.06M	75.79M	83.28M	51.36M	56.7M
Current Ratio	1.62x	1.86x	1.82x	2.11x	1.65x	1.76x	1.94x	1.36x	1.70x	1.75x
Quick Ratio	1.49x	1.77x	1.74x	2.04x	1.60x	1.71x	1.89x	1.32x	1.67x	1.72x
Cash Conversion Cycle	110.06	95.19	85.18	96.82	89.65	89.13	62.01	59.17	83.73	58.11
Total Non-Current Liabilities+	692.4M	705.08M	886.53M	824.63M	783.59M	667.98M	658.15M	337.3M	308.15M	218.25M
Long-Term Debt	300M	300M	600M	550M	450M	350M	350M	100M	100M	0
Capital Lease Obligations	0	0	0	0	70.66M	61.27M	53.93M	48.82M	38.1M	32.51M
Deferred Tax Liabilities	285.36M	277.6M	151.56M	124.23M	114.39M	92.29M	78.9M	24.94M	4.37M	2.64M
Other Non-Current Liabilities	38.92M	40.88M	43.55M	55.78M	44.3M	61.12M	42.21M	33.73M	35.47M	35.59M
Total Liabilities	1.15B	1.17B	1.3B	1.2B	1.18B	1.08B	1.13B	790.91M	703.24M	626.18M
Total Debt+	300M	300M	600M	550M	531M	423.62M	415.34M	160.47M	150.08M	43.5M
Net Debt	89.29M	-4.88M	230.18M	140.37M	192.51M	-43.55M	-220.82M	-226.32M	-239.59M	-413.91M
Debt / Equity	0.12x	0.12x	0.29x	0.27x	0.27x	0.21x	0.20x	0.08x	0.08x	0.03x
Debt / EBITDA	2.62x	1.35x	4.07x	8.57x	3.97x	2.96x	2.88x	0.93x	-	-
Net Debt / EBITDA	0.78x	-0.02x	1.56x	2.19x	1.44x	-0.30x	-1.53x	-1.31x	-	-
Interest Coverage	-4.04x	6.76x	-0.32x	-2.74x	0.86x	3.41x	6.04x	7.58x	-17.32x	-51.34x
Total Equity+	2.44B	2.44B	2.07B	2.07B	1.94B	2.01B	2.06B	2.03B	1.89B	1.56B
Equity Growth %	4.61%	-0%	-0.15%	-0%	-0.06%	0.04%	0.03%	-0.01%	-0.07%	-0.18%
Book Value per Share	29.82	26.22	23.44	26.27	25.78	27.17	27.44	27.79	26.47	21.50
Total Shareholders' Equity	2.44B	2.44B	2.07B	2.07B	1.94B	2.01B	2.06B	2.03B	1.89B	1.56B
Common Stock	114K	116K	117K	120K	122K	124K	126K	128K	131K	134K
Retained Earnings	283.39M	316.68M	396.49M	358.09M	355.34M	374.69M	410.56M	470.21M	322.48M	-44.44M
Treasury Stock	-481.37M	-570.92M	-995.84M	-1.12B	-1.31B	-1.32B	-1.37B	-1.55B	-1.62B	-1.65B
Accumulated OCI	-1.5M	-3.47M	2.9M	-2.64M	-3.16M	-1.94M	141K	5.74M	3.57M	4.07M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	95.28M	227.81M	222.45M	149.84M	225.02M	213.92M	296.01M	156.65M	58.81M	217.67M
Operating CF Margin %	0.1%	0.2%	0.23%	0.16%	0.25%	0.26%	0.35%	0.17%	0.07%	0.26%
Operating CF Growth %	-0.11%	1.39%	-0.02%	-0.33%	0.5%	-0.05%	0.38%	-0.47%	-0.62%	2.7%
Net Income	-28.37M	33.29M	79.81M	-73.32M	-2.75M	19.35M	35.87M	59.65M	-147.73M	-366.92M
Depreciation & Amortization	140.07M	160.86M	153.5M	137.88M	116.1M	105.83M	95.78M	85.92M	74.99M	63.79M
Stock-Based Compensation	28.35M	39.19M	47.32M	56.33M	50.86M	51.89M	56.07M	61.99M	70.8M	64.78M
Deferred Taxes	-42.12M	-11.01M	-127.78M	-33.44M	-9.82M	-23.8M	-12.68M	-54.03M	-45.95M	-37.57M
Other Non-Cash Items	6.58M	313K	652K	45.24M	11.13M	10.04M	10.04M	12.03M	218.63M	438.12M
Working Capital Changes	-9.23M	5.16M	68.95M	17.16M	59.5M	50.61M	110.92M	-8.9M	-111.92M	55.47M
Change in Receivables	-23.26M	-48.08M	84.95M	-22.18M	21.47M	16.88M	49.32M	4.9M	-48.38M	28.66M
Change in Inventory	5.52M	12.46M	1.01M	5.32M	1.5M	-2.04M	-8M	9.01M	609K	128K
Change in Payables	2.33M	405K	-8.93M	-3.88M	-4.29M	-1.73M	4.21M	-5.55M	-1.86M	3.24M
Cash from Investing+	25.09M	-42.28M	57.13M	-26.25M	-4.31M	24.7M	-68.35M	15.3M	13.36M	-7M
Capital Expenditures	-30.37M	-32.15M	-16.59M	-23.53M	-19.92M	-11.99M	-10.35M	-10.48M	-6.34M	-5.41M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-150K	129K	193K	-97K	-31K	-4.45M	-205K	-161K	-25K	-1.29M
Cash from Financing+	-15.3M	-90.6M	-220.96M	-79.28M	-286.87M	-118.31M	-54.16M	-419.43M	-69.35M	-142.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.93M	-1.04M	-659K	-14.82M	-11.87M	-15.03M	-14.85M	-19.39M	-19.36M	-16.75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	64.92M	195.66M	205.86M	126.31M	205.1M	197.4M	285.61M	146M	52.47M	210.97M
FCF Margin %	0.07%	0.17%	0.21%	0.14%	0.23%	0.24%	0.33%	0.16%	0.06%	0.26%
FCF Growth %	-0.31%	2.01%	0.05%	-0.39%	0.62%	-0.04%	0.45%	-0.49%	-0.64%	3.02%
FCF per Share	0.79	2.11	2.33	1.61	2.73	2.67	3.80	2.00	0.73	2.91
FCF Conversion (FCF/Net Income)	-3.36x	6.84x	2.79x	-2.04x	-81.71x	11.05x	8.25x	2.63x	-0.40x	-0.59x
Interest Paid	3.81M	6.44M	9.6M	23.28M	17.64M	7.68M	4.96M	8.06M	6.43M	4.19M
Taxes Paid	50.66M	49.29M	18.22M	13.38M	13.06M	11.47M	31.7M	55.92M	62.32M	41.8M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-1.97%	1.36%	3.54%	-3.55%	-0.14%	0.98%	1.76%	2.92%	-7.53%	-21.26%
Return on Invested Capital (ROIC)	-1.34%	1.88%	-0.13%	-2.38%	0.61%	1.36%	1.92%	3.2%	-6.5%	-19.7%
Gross Margin	65.62%	70.21%	72.45%	72.07%	72.84%	73.28%	74.97%	75.61%	77.41%	78.27%
Net Margin	-2.97%	2.86%	8.09%	-8.06%	-0.31%	2.33%	4.19%	6.52%	-17.81%	-44.6%
Debt / Equity	0.12x	0.12x	0.29x	0.27x	0.27x	0.21x	0.20x	0.08x	0.08x	0.03x
Interest Coverage	-4.04x	6.76x	-0.32x	-2.74x	0.86x	3.41x	6.04x	7.58x	-17.32x	-51.34x
FCF Conversion	-3.36x	6.84x	2.79x	-2.04x	-81.71x	11.05x	8.25x	2.63x	-0.40x	-0.59x
Revenue Growth	110.6%	21.63%	-15.09%	-7.79%	-1.99%	-6.79%	2.92%	6.89%	-9.3%	-0.82%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service	-	-	-	442.63M	453.48M	453.56M	445.45M	591.97M	469.01M	462.79M
Service Growth	-	-	-	-	2.45%	0.02%	-1.79%	32.89%	-20.77%	-1.33%
Product	-	-	-	467.29M	438.34M	377.72M	410.12M	545.66M	360.44M	359.89M
Product Growth	-	-	-	-	-6.19%	-13.83%	8.58%	33.05%	-33.94%	-0.15%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	681.57M	729.37M	581.85M	553.27M	545.62M	484.13M	501.04M	583.48M	470.34M	465.47M
UNITED STATES Growth	-	7.01%	-20.23%	-4.91%	-1.38%	-11.27%	3.49%	16.45%	-19.39%	-1.04%
Europe	137.41M	190.59M	174.44M	148.04M	154.51M	160.37M	165.19M	145.68M	146.91M	156.72M
Europe Growth	-	38.70%	-8.47%	-15.14%	4.37%	3.79%	3.00%	-11.81%	0.85%	6.67%
Rest Of World	74.87M	142.87M	141.57M	136.26M	131.75M	130.22M	124.37M	123.69M	146.81M	136.87M
Rest Of World Growth	-	90.82%	-0.91%	-3.75%	-3.31%	-1.16%	-4.49%	-0.55%	18.69%	-6.77%
Asia	61.57M	99.28M	88.92M	72.36M	59.94M	56.56M	64.97M	61.69M	65.4M	63.62M
Asia Growth	-	61.25%	-10.44%	-18.63%	-17.16%	-5.63%	14.86%	-5.05%	6.02%	-2.71%

Frequently Asked Questions

Growth & Financials

NetScout Systems, Inc. (NTCT) reported $862.8M in revenue for fiscal year 2025. This represents a 180% increase from $308.7M in 2012.

NetScout Systems, Inc. (NTCT) saw revenue decline by 0.8% over the past year.

Yes, NetScout Systems, Inc. (NTCT) is profitable, generating $89.6M in net income for fiscal year 2025 (-44.6% net margin).

Dividend & Returns

NetScout Systems, Inc. (NTCT) has a return on equity (ROE) of -21.3%. Negative ROE indicates the company is unprofitable.

NetScout Systems, Inc. (NTCT) generated $255.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.