NTGRNETGEAR, Inc.
Is the business good?
Margins steady. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NTGR?
NETGEAR, Inc. earns −14% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 23 points below what the capital costs: growth destroys value
- Operating margin
- −4.9%
Operating margin · Communication Equipment median 5.2% · 12 months to Q2 2026
- Share count, year on year
- −6.5%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 13%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 6.0% |
| FY2021 | 5.7% |
| FY2022 | −8.9% |
| FY2023 | −4.5% |
| FY2024 | 1.8% |
| FY2025 | −4.9% |
Details›
- Gross margin12 months to Q2 2026
- 40%
- Operating margin12 months to Q2 2026
- −4.9%
- Net margin12 months to Q2 2026
- −3.7%
- Free cash flow margin
- −2.5%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $694M
- Free cash flow, trailing twelve months
- −$17M
- Net income, trailing twelve months
- −$26M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NTGR and who it buys from, as the companies report it.
- One customer17%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NTGR’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Communication Equipment
Ranks #12 of 18 by RyuScore