undamentalytics Newsletter
Sign in

Netscout Systems Inc (NTCT) stock

Add to watchlist

Add holding +

NASDAQ: NTCT Nasdaq Communications Equipment Next results ~November 5, 2026

B Fundamentals grade

Netscout Systems Inc is a US-listed company in the communications equipment industry. Its financial year ends in March.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$45

Cash-flow model

Base case. Range ~$36–$57 across our lower- and higher-growth cases (-2.7%–7.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 16% below our base value.

Price used: $37.62, November 2, 2026

Netscout Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds155 adding, 124 cuttingOf 48 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Netscout Systems files

Where Netscout Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $883m, up 5.8% on a year earlier, faster than 4.5% a quarter earlier. Free-cash-flow margin held at 29.6%. Operating margin widened to 14.8% from 10.7%. The diluted share count is up 3.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $41.44 a share, against a share price of $38.79. At that price, our model says the market is pricing in about 0.8% a year of cash-flow growth for five years, close to the 0.6% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Netscout Systems Inc's trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 29.6%. Where it stands out: free-cash-flow margin of 29.6% ranks 2 of 38 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$45 per share in the base case (~$36–$57 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.8% while net income grew 66.3%: a 61pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.1 points on a year ago.
  • Strong cash generation. 29.6% of revenue turned into free cash flow, against a median of 8.2% for communications equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.6bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 3.3% in a year.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 6.6% ranks 29 of 37 communications equipment companies we cover (median 3.9%).

Latest results: FY2027 Q1

Filed August 6, 2026
Earnings per share
$0.52 against an average estimate of $0.39: beat by 33.3%
Revenue
$210m, up 12.7% on a year earlier
Share reaction
-6.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $885m to $915m (fiscal year 2027); GAAP net income per diluted share $1.55 to $1.7 (fiscal year 2027)
Next report
November 5, 2026; average EPS estimate $0.67

Netscout Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week-7.7%
  • 1 month-8.2%
  • This year+39.0%
  • 1 year+35.3%
  • 5 years+13.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$883M
Operating margin
14.8%
Net margin
13.7%
EPS (TTM, diluted)
$1.63

Growth

Revenue growth
+5.8%
Change in growth rate
+1.3 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
$261M
FCF margin
29.6%
Stock pay % of revenue
6.6%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Announcement
  4. Announcement
  5. Announcement
  6. Leadership
  7. Announcement
  8. Announcement
  9. Announcement
  10. Results
  11. Guidance
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Netscout Systems Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.1% a year for five years.That is close to the 0.6% a year revenue growth Netscout Systems has delivered.

  • Priced in-1.1%
  • Last 12 months5.8%
  • 3 years a year-1.2%
  • 5 years a year0.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($38.01, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$45
Price used
$38.01close November 3, 2026
Implied change
▲ +17%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Netscout Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($155M, FY2027 Q1 TTM), growing 2.8% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$36–~$57 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Netscout Systems Inc's free cash flow after stock-based pay ( $155M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Netscout Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$45 ~$36–$57 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$39 ~$31–$66 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.0 ~$0.2–$2.3 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$43 ~$39–$45 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Netscout Systems Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −0%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$50$65$84$109$141
8.5% $32$40$50$64$82$105
10% $28$34$42$52$66$83

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$22.97$37.95$26.35$28.07$23.67$28.16$32.08$28.65$21.84$21.01$31.79$37.62
Market value$1.9bn$3.5bn$2.3bn$2.2bn$1.8bn$2.1bn$2.4bn$2.1bn$1.6bn$1.5bn$2.3bn$2.8bn
+ Net debt (− = net cash)$89m−$5m$230m$140m$112m−$117m−$286m−$287m−$290m−$457m−$586m−$553m
Enterprise value$2.0bn$3.5bn$2.6bn$2.3bn$1.9bn$2.0bn$2.1bn$1.8bn$1.3bn$1.0bn$1.7bn$2.2bn
Multiples
Price / sales 2.0x3.0x2.4x2.4x2.0x2.5x2.8x2.3x1.9x1.8x2.7x3.2x
Price / earnings —105.9x29.1x——107.4x67.1x35.1x——24.4x23.0x
Price / free cash flow 26.0x17.9x11.3x17.5x8.7x10.3x8.4x14.3x29.8x7.1x8.2x10.7x
EV / EBITDA 17.2x15.8x17.1x35.4x14.1x13.7x14.7x11.0x——10.5x11.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Netscout Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.2% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 74.2%, moving by 2.9 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.2%; its worst year was -76.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.5% of revenue.

  • Discipline 11 / 20

    The diluted share count fell 0.2% over five years; stock-based pay has been a median 6.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $219m and EPS of $0.67 (range $0.66 to $0.67) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.74 +11% $904m +5%
Next $2.86 +4% $934m +3%

Next year's EPS estimate has moved +2.4% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 1 analyst raised Netscout Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Netscout Systems Inc, last 90 days
$2.70 $2.75 $2.80 $2.85 $2.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.74 Current fiscal year, 60 days ago: $2.74 Current fiscal year, 30 days ago: $2.74 Current fiscal year, 7 days ago: $2.74 Current fiscal year, Now: $2.74 $2.74 Next fiscal year, 90 days ago: $2.79 Next fiscal year, 60 days ago: $2.80 Next fiscal year, 30 days ago: $2.80 Next fiscal year, 7 days ago: $2.80 Next fiscal year, Now: $2.86 $2.86

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.74$2.79
60 days ago $2.74$2.80
30 days ago $2.74$2.80
7 days ago $2.74$2.80
Now $2.74$2.86

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.39 $0.52 +33.3%
Mar 2026 $0.46 $0.52 +14.3%
Dec 2025 $0.82 $1.00 +21.9%
Sept 2025 $0.45 $0.62 +39.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue fiscal year 2027 $885m to $915m Maintained
    “Revenue to range from $885.0 million to $915.0 million, implying 4.7% year-over-year growth at the midpoint;” source
  • GAAP net income per diluted share fiscal year 2027 $1.55 to $1.70 GAAP Maintained
    “GAAP net income per diluted share to range from $1.55 to $1.70; and” source
  • Non-GAAP net income per diluted share fiscal year 2027 $2.65 to $2.80 Non-GAAP Maintained
    “Non-GAAP net income per diluted share to range from $2.65 to $2.80, implying 9.9% year-over-year growth at the midpoint.” source
  • GAAP net income (loss) FY'27 $115m to $126m GAAP Maintained
    “GAAP net income (loss) $ 95.5 ~$115 million to ~$126 million” source
  • Amortization of intangible assets FY'27 about $46m Maintained
    “Amortization of intangible assets 46.8 ~$46 million” source
  • Share-based compensation expenses FY'27 about $55m Maintained
    “Share-based compensation expenses 59.9 ~$55 million” source
Show 6 more items
  • Business development & integration expenses FY'27 about $1m Maintained
    “Business development & integration expenses - ~Less than $1 million” source
  • Total adjustments FY'27 about $102m Maintained
    “Total adjustments $ 108.6 ~$102 million” source
  • Related impact of adjustments on income tax FY'27 about $-20m Maintained
    “Related impact of adjustments on income tax (22.1 ) (~$20 million)” source
  • Non-GAAP net income FY'27 $197m to $208m Non-GAAP Maintained
    “Non-GAAP net income $ 182.0 ~$197 million to ~$208 million” source
  • Average weighted shares outstanding (diluted GAAP) FY'27 74m to 75m GAAP Maintained
    “Average weighted shares outstanding (diluted GAAP) 73.4 ~74 million to ~75 million” source
  • Average weighted shares outstanding (diluted non-GAAP) FY'27 74m to 75m Non-GAAP Maintained
    “Average weighted shares outstanding (diluted non-GAAP) 73.4 ~74 million to ~75 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Netscout Systems Inc's revenue by +2.8% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.2%, weight 33%) , management guidance (+2.7%, weight 40%) and the company's own record (+2.3%, weight 27%) . How the weights are set.

Analyst recommendations

2 analysts, Nov 2026
Buy150%
Hold150%
Sell00%

Monthly trend

  1. Nov 2026112
  2. Oct 2026213

Counts of recommendations published by analysts covering Netscout Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
5.77
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
4.8%
of shares
Employees
2,052
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.3%

$27.80 on October 31, 2025 to $37.62

ThenNowEffect
Revenue (last 12 months) $835m $883m +5.8%
Net margin 8.7% 13.7% +57.2%
P/E multiple 27.4x 23.0x −15.9%
Share count 72m 74m −3.2%

Biggest factor: net margin.

Last 3 years +73.5%

$21.68 on November 3, 2023 to $37.62

ThenNowEffect
Revenue (last 12 months) $917m $883m −3.7%
Net margin 6.8% 13.7% +100.8%
P/E multiple 25.2x 23.0x −8.7%
Share count 73m 74m −1.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NTCT+21%−2%−33%−1%+25%+39%
Industry peers (median)+17%−18%−12%+33%+1%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NTCT50%42%42%58%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NTCT−18%−21%−45%−26%−23%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from February 27, 2017 to June 14, 2024. Getting back needed a 117% gain, reached on May 8, 2026, 693 days after the low.

Price behaviour

52-week range
$25.47 – $44.84
From 52-week high
−16.1%
vs 50-day average
−3.4%
vs 200-day average
+3.3%
Volatility (1 year)
32%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.1%
After a week
9 up, 3 down
typical move ±4.5%
After a month
6 up, 6 down
typical move ±7.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −6.3% +0.5% −3.2% −9.3%
May 7, 2026 +10.1% +0.5% +9.6% +14.5%
February 5, 2026 −2.6% +0.6% +0.3% +7.1%
November 6, 2025 +5.1% −1.0% −1.1% −1.2%
August 7, 2025 −0.6% +0.7% +3.1% +14.2%
May 8, 2025 +1.9% +0.6% +9.1% +12.6%
January 30, 2025 +6.7% 0.0% +7.7% −2.9%
October 24, 2024 −1.2% +0.2% +0.6% +4.4%
July 25, 2024 +9.8% +0.6% +7.1% +15.5%
May 9, 2024 +1.0% +0.7% +4.1% −6.3%
January 25, 2024 +3.7% +0.4% +0.7% −0.8%
November 2, 2023 −0.5% +2.8% −7.1% −4.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Netscout Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Netscout Systems Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Netscout Systems Inc
$750M $800M $850M $900M FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $885.6M Revenue (TTM), FY24 Q3: $834.1M Revenue (TTM), FY24 Q4: $829.5M Revenue (TTM), FY25 Q1: $792.9M Revenue (TTM), FY25 Q2: $787.2M Revenue (TTM), FY25 Q3: $821.1M Revenue (TTM), FY25 Q4: $822.7M Revenue (TTM), FY26 Q1: $834.9M Revenue (TTM), FY26 Q2: $862.8M Revenue (TTM), FY26 Q3: $861.4M Revenue (TTM), FY26 Q4: $859.5M Revenue (TTM), FY27 Q1: $883.2M $883.2M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $885.6M
FY24 Q3 $834.1M
FY24 Q4 $829.5M
FY25 Q1 $792.9M
FY25 Q2 $787.2M
FY25 Q3 $821.1M
FY25 Q4 $822.7M
FY26 Q1 $834.9M
FY26 Q2 $862.8M
FY26 Q3 $861.4M
FY26 Q4 $859.5M
FY27 Q1 $883.2M
Revenue growth, TTM YoY Netscout Systems Inc
-20% -10% 0% 10% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -0.5% Revenue growth, TTM YoY, FY24 Q3: -7.1% Revenue growth, TTM YoY, FY24 Q4: -9.3% Revenue growth, TTM YoY, FY25 Q1: -13.5% Revenue growth, TTM YoY, FY25 Q2: -11.1% Revenue growth, TTM YoY, FY25 Q3: -1.6% Revenue growth, TTM YoY, FY25 Q4: -0.8% Revenue growth, TTM YoY, FY26 Q1: 5.3% Revenue growth, TTM YoY, FY26 Q2: 9.6% Revenue growth, TTM YoY, FY26 Q3: 4.9% Revenue growth, TTM YoY, FY26 Q4: 4.5% Revenue growth, TTM YoY, FY27 Q1: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -0.5%
FY24 Q3 -7.1%
FY24 Q4 -9.3%
FY25 Q1 -13.5%
FY25 Q2 -11.1%
FY25 Q3 -1.6%
FY25 Q4 -0.8%
FY26 Q1 5.3%
FY26 Q2 9.6%
FY26 Q3 4.9%
FY26 Q4 4.5%
FY27 Q1 5.8%
Operating margin (TTM) Netscout Systems Inc
-100% -50% 0% 50% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 9.8% Operating margin (TTM), FY24 Q3: -13.3% Operating margin (TTM), FY24 Q4: -18.1% Operating margin (TTM), FY25 Q1: -76.7% Operating margin (TTM), FY25 Q2: -78.8% Operating margin (TTM), FY25 Q3: -51.7% Operating margin (TTM), FY25 Q4: -44.7% Operating margin (TTM), FY26 Q1: 10.7% Operating margin (TTM), FY26 Q2: 12.5% Operating margin (TTM), FY26 Q3: 12.8% Operating margin (TTM), FY26 Q4: 12.8% Operating margin (TTM), FY27 Q1: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 9.8%
FY24 Q3 -13.3%
FY24 Q4 -18.1%
FY25 Q1 -76.7%
FY25 Q2 -78.8%
FY25 Q3 -51.7%
FY25 Q4 -44.7%
FY26 Q1 10.7%
FY26 Q2 12.5%
FY26 Q3 12.8%
FY26 Q4 12.8%
FY27 Q1 14.8%
FCF margin (TTM) Netscout Systems Inc
0% 10% 20% 30% 40% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 11.5% FCF margin (TTM), FY24 Q3: 8.5% FCF margin (TTM), FY24 Q4: 6.3% FCF margin (TTM), FY25 Q1: 14.4% FCF margin (TTM), FY25 Q2: 17.4% FCF margin (TTM), FY25 Q3: 20.0% FCF margin (TTM), FY25 Q4: 25.8% FCF margin (TTM), FY26 Q1: 29.6% FCF margin (TTM), FY26 Q2: 29.6% FCF margin (TTM), FY26 Q3: 32.0% FCF margin (TTM), FY26 Q4: 33.2% FCF margin (TTM), FY27 Q1: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 11.5%
FY24 Q3 8.5%
FY24 Q4 6.3%
FY25 Q1 14.4%
FY25 Q2 17.4%
FY25 Q3 20.0%
FY25 Q4 25.8%
FY26 Q1 29.6%
FY26 Q2 29.6%
FY26 Q3 32.0%
FY26 Q4 33.2%
FY27 Q1 29.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Netscout Systems took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $859M
  2. Other income $8.7M · 1.0%
  3. Cost of revenue $177M · 20.6%
  4. Gross profit $682M · 79.4%
  5. Research and development $159M · 18.6%
  6. Selling, general and admin $368M · 42.8%
  7. Other operating costs $45.5M · 5.3%
  8. Operating income $110M · 12.8%
  9. Income tax $23M · 2.7%
  10. Net income $95.5M · 11.1%

Shares of revenue. Source: Netscout Systems's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 260 291 309 351 397 454 955 1,162 987 910 892 831 856 915 829 823 859 883
Gross profit 204 229 243 277 312 359 627 816 715 656 650 609 641 691 642 644 682 705
EBITDA 60 72 70 82 96 116 115 223 149 66 134 143 144 164 −75 −304 166 187
Operating income 46 58 54 65 78 97 −26 62 −4 −72 18 37 49 78 −150 −368 110 131
Net income 28 37 32 41 49 61 −28 33 80 −73 −3 19 36 60 −148 −367 96 121
Diluted EPS $0.34 $0.43 $0.38 $0.48 $0.58 $0.73 −$0.35 $0.36 $0.90 −$0.93 −$0.04 $0.26 $0.48 $0.82 −$2.07 −$5.12 $1.30 $1.63
Growth (year on year)
Revenue — +11.6% +6.2% +13.6% +13.1% +14.4% +110.6% +21.6% −15.1% −7.8% −2.0% −6.8% +2.9% +6.9% −9.3% −0.8% +4.5% +5.8%
EBITDA — +19.4% −2.2% +16.6% +17.4% +21.0% −1.7% +94.7% −33.0% −55.6% +101.7% +6.9% +1.0% +13.3% −145.8% — — +24.1%
Operating income — +26.5% −7.5% +20.2% +20.9% +24.0% −126.4% — −106.5% — — — +31.0% +59.7% −292.9% — — +46.8%
Net income — +33.5% −13.0% +25.2% +20.9% +24.6% −146.4% — +139.7% −191.9% — — +85.4% +66.3% −347.7% — — +66.3%
Diluted EPS — +29.9% −12.6% +26.3% +21.9% +25.6% −147.6% — +150.0% −203.3% — — +84.6% +70.8% −352.4% — — +61.0%
Margins
Gross margin 78.5% 78.9% 78.7% 78.9% 78.7% 79.2% 65.6% 70.2% 72.4% 72.1% 72.8% 73.3% 75.0% 75.6% 77.4% 78.3% 79.4% 79.8%
EBITDA margin 23.1% 24.8% 22.8% 23.4% 24.3% 25.7% 12.0% 19.2% 15.1% 7.3% 15.0% 17.2% 16.9% 17.9% −9.0% −36.9% 19.4% 21.2%
Operating margin 17.6% 20.0% 17.4% 18.4% 19.7% 21.3% −2.7% 5.3% −0.4% −7.9% 2.0% 4.5% 5.7% 8.5% −18.1% −44.7% 12.8% 14.8%
Net margin 10.7% 12.8% 10.5% 11.6% 12.4% 13.5% −3.0% 2.9% 8.1% −8.1% −0.3% 2.3% 4.2% 6.5% −17.8% −44.6% 11.1% 13.7%
Free-cash-flow margin 15.5% 20.5% 18.5% 23.9% 24.7% 20.7% 7.6% 17.0% 20.9% 13.9% 23.0% 24.3% 33.4% 16.0% 6.3% 25.8% 33.2% 29.6%
Cash flow
Cash from operations 46 67 68 95 111 107 97 227 222 150 225 214 296 157 59 218 295 272
Capital spending 5 7 11 12 13 13 25 30 16 23 20 12 10 10 6 5 9 11
Free cash flow 40 60 57 84 98 94 72 197 207 126 205 202 286 146 52 212 285 261
Stock-based pay 5 6 9 10 13 17 28 39 47 56 51 52 56 62 71 65 60 58
Free cash flow after stock pay 35 53 49 74 85 78 44 158 159 70 154 150 230 84 −18 147 225 203
Balance sheet
Cash 63 67 117 100 102 105 211 305 370 410 338 467 636 387 390 457 586 553
Total debt 0 — 62 0 0 0 300 300 600 550 450 350 350 100 100 0 0 0
Net debt (negative = net cash) −63 −67 −55 −100 −102 −105 89 −5 230 140 112 −117 −286 −287 −290 −457 −586 −553
Diluted shares 84m 86m 86m 85m 84m 83m 82m 93m 88m 79m 75m 74m 75m 73m 71m 72m 73m 74m
Returned to shareholders
Buybacks 0 0 21 27 34 52 303 80 501 14 175 3 36 150 50 25 61 46
Total returned 0 0 21 27 34 52 303 80 501 14 175 3 36 150 50 25 61 46

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $2.3bn
Short-term assets $772mLonger-term assets $1.5bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $423mLonger-term liabilities $225mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $772m of assets due within a year against $423m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $772m short-term assets against $225m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $131m against $2m of interest.

From Netscout Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$45.8M
Returned to shareholders
18%
of free cash flow
Buybacks, last 3 fiscal years
$136M
Diluted share count
+3.3%
year over year
Total shareholder yield
1.7%
dividends 0.0% + buybacks 1.7% of market value
R&D spending
18.3%
of revenue
Days sales outstanding
33 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated NTCT RBBN CALX NTGR ADTN AAOI Median
Revenue, last 12 months $883m $801m $1.1bn $694m $1.1bn $596m $324m
Revenue growth, last 12 months 5.8% −7.8% 27.8% −0.5% 15.7% 61.8% 11.0%
Revenue growth, 3-year average −1.2% −1.3% 3.9% −6.6% −5.5% 40.9% 4.1%
Revenue growth, latest quarter 12.7% 1.6% 21.3% −1.2% 6.1% 86.4% 12.9%
Gross margin 79.8% 48.3% 56.6% 40.0% 38.5% 28.9% 43.7%
Operating margin 14.8% −3.6% 5.5% −4.9% −0.2% −11.3% 2.2%
Operating margin, 3-year average −17.1% −0.4% 0.1% −2.3% −20.1% −17.6% −1.4%
Net margin 13.7% 2.3% 4.6% −3.7% −2.3% −9.6% −0.0%
Cash from operations / revenue 30.8% −2.3% 9.9% 0.5% 8.2% −22.1% 9.9%
Free-cash-flow margin 29.6% −3.6% 7.7% −2.5% 5.0% −99.5% 7.7%
Free-cash-flow margin, 3-year average 24.5% 0.5% 7.1% 9.6% 5.4% −65.1% 2.2%
Stock pay / revenue 6.6% 2.7% 7.2% 5.2% 0.8% 2.6% 3.9%
Change in share count 3.3% 2.5% 7.9% −5.3% 1.1% 49.3% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 11.3% 25 of 40
Change in growth rate Growth +1.3pp +2.0pp 24 of 40
Gross margin Profitability 79.8% 44.1% 3 of 36
Operating margin Profitability 14.8% 2.4% 9 of 40
Net margin Profitability 13.7% 0.6% 9 of 40
Free-cash-flow margin Cash generation 29.6% 8.2% 2 of 38
Stock pay as % of revenue Cash generation 6.6% 3.9% 29 of 37
Change in share count Balance sheet 3.3% 1.6% 22 of 36
Days sales outstanding Balance sheet 33 days 75 days 4 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Products and services
Line of business Revenue Share YoY
Services $489M 56.9% ▲ 5.7%
Products $370M 43.1% ▲ 2.8%
Geography
Region Revenue Share YoY
United States $474M 55.2% ▲ 1.9%
Rest of World $163M 19.0% ▲ 19.3%
Europe $159M 18.5% ▲ 1.3%
Asia $63.1M 7.3% ▼ 0.9%

From Netscout Systems Inc's 10-K filed May 14, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3B
Institutions reporting
313
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
48 / 23

Top buyers and sellers, Q2 2026: 155 institutions bought and 124 sold ; the biggest buyer was Acadian Asset Management LLC (+562K shares) and the biggest seller SG Americas Securities, LLC (−517K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $498M 11.4M 16.6% ▲ 0.4%
Vanguard Portfolio Management LLC $243M 5.6M 8.1% ▲ 1.1%
Dimensional Fund Advisors LP $188M 4.3M 6.3% ▲ 1.6%
Legal & General Group PLC $166M 3.8M 5.5% ▲ 4.8%
State Street Corp $156M 3.6M 5.2% ▲ 9.2%
LSV Asset Management $138M 3.2M 4.6% ▲ 15.2%
Vanguard Capital Management LLC $133M 3.1M 4.4% ▲ 0.3%
Geode Capital Management, LLC $93.8M 2.2M 3.1% ▲ 17.4%
Robeco Institutional Asset Management B.V. $89.5M 2.1M 3.0% ▲ 2.2%
First Trust Advisors LP $85.5M 2.0M 2.9% ▲ 12.5%
Wellington Management Group LLP $54.8M 1.3M 1.8% ▲ 16.8%
Allianz Asset Management Gmbh $54.6M 1.3M 1.8% ▲ 5.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Netscout Systems Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.6M 18 trades by 6 insiders · 94% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Perretta Christopher Director September 11, 2026 Sell pre-set plan 7,000 $38.00 $266,000
Szabados Michael Director August 25, 2026 Sell 4,000 $37.70 $150,800
Munshi Sanjay Chief Operating Officer August 17, 2026 Sell pre-set plan 2,269 $39.27 $89,104
Downing John EVP, Worldwide Sales Ops August 11, 2026 Sell pre-set plan 8,000 $38.41 $307,280
Downing John EVP, World-Wide Sales June 8, 2026 Sell pre-set plan 8,000 $40.29 $322,320
Munshi Sanjay Chief Operating Officer May 15, 2026 Sell pre-set plan 1,985 $38.40 $76,224
Szabados Michael Director May 15, 2026 Sell pre-set plan 4,000 $38.40 $153,600
Grasso Alfred Director May 12, 2026 Sell pre-set plan 5,000 $40.67 $203,350
Downing John EVP, World-Wide Sales February 20, 2026 Sell pre-set plan 3,000 $30.00 $90,000
Downing John EVP, World-Wide Sales February 18, 2026 Sell pre-set plan 3,000 $29.18 $87,540
Munshi Sanjay Chief Operating Officer February 18, 2026 Sell pre-set plan 2,000 $29.18 $58,360
Szabados Michael Director February 18, 2026 Sell pre-set plan 4,000 $29.18 $116,720

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Netscout Systems Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded May 27, 2015, filed June 7, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Netscout Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Netscout Systems Inc in brief

What does Netscout Systems Inc do?
Netscout Systems Inc is a US-listed company in the communications equipment industry. Its financial year ends in March.
What is Netscout Systems Inc's stock ticker?
Netscout Systems Inc trades under the ticker NTCT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Netscout Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Netscout Systems Inc reported revenue of $883M, 5.8% higher than a year earlier, according to its SEC filings.
What is Netscout Systems Inc's free cash flow?
Netscout Systems Inc's free-cash-flow margin is 29.6% of revenue over the trailing twelve months, ranking 2 of the 38 communications equipment companies we cover.
What is Netscout Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Netscout Systems Inc's free cash flow after stock-based pay gives ~$45 per share in the base case, and ~$36–$57 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Netscout Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Netscout Systems Inc buying back stock, and does it pay a dividend?
Netscout Systems Inc spent $45.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 3.3% over the year.
What is Netscout Systems Inc's market cap?
On November 2, 2026, Netscout Systems Inc's market capitalisation was about $2.8B, with a price-to-earnings ratio of 23.0 and net debt of -$553M. Market figures come from third-party market data and may be delayed.
Who are Netscout Systems Inc's competitors?
In our Communications Equipment peer group, the companies closest to Netscout Systems Inc are Ribbon Communications Inc., Calix, Inc, Netgear, Inc., Adtran Holdings, Inc. and Applied Optoelectronics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Netscout Systems Inc's.
Are insiders buying or selling Netscout Systems Inc stock?
Over the last 12 months, Netscout Systems Inc's directors and officers reported 0 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Netscout Systems Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Netscout Systems Inc announces its own schedule.