NETGEAR, Inc. (NTGR) intrinsic value & 10-year financials
NETGEAR, Inc. (NTGR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.3% a year to $699.6M, with an average return on invested capital of 2.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $22.05
- Market cap
- $630.8M
- Revenue (FY2025)
- $699.6M
- Revenue growth (10-yr CAGR)
- -5.3%
- ROIC (10-yr avg)
- 2.1%
- Free cash flow (FY2025)
- -$18.9M
NTGR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $699.6M | -$17.9M | -$0.63 | -$18.9M | -4.9% | -11.3% |
| FY2024 | $673.8M | $12.4M | $0.42 | $155.8M | 1.8% | 1.8% |
| FY2023 | $740.8M | -$104.8M | -$3.57 | $51.1M | -4.5% | -7.4% |
| FY2022 | $932.5M | -$69.0M | -$2.38 | -$19.5M | -8.9% | -14.5% |
| FY2021 | $1.2B | $49.4M | $1.59 | -$14.4M | 5.7% | 12.2% |
| FY2020 | $1.3B | $58.3M | $1.90 | $170.9M | 6.0% | 15.3% |
| FY2019 | $998.8M | $25.8M | $0.81 | -$705.0K | 2.6% | 5.2% |
| FY2018 | $1.1B | -$9.2M | -$0.28 | -$115.5M | 3.7% | 4.5% |
| FY2017 | $1.0B | $19.4M | $0.59 | $73.8M | 8.3% | 5.7% |
| FY2016 | $1.1B | $75.9M | $2.25 | $104.2M | 10.0% | 9.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NETGEAR, INC. is facing top-line stagnation, with revenue contracting over the decade.
NETGEAR, INC. has historically struggled to out-earn its cost of capital, averaging just 2.1% ROIC.
Over the decade, NETGEAR, INC. shows that management has aggressively returned capital to shareholders by retiring 15.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NETGEAR, INC. is modeled at -5.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.77 per share.