Netscout Systems Inc
NTCT Nasdaq Services-Computer Integrated Systems Design Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$859M
4.5%
vs prior year
Operating margin
Operating income as a share of revenue.
12.8%
57.5 pts
Net income
Profit after all expenses, interest and tax.
$95.5M
Free cash flow
Cash from operations minus capital spending.
$285M
34.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.64 EPS (TTM)
What Netscout Systems Inc does
No business description yet.
- Legal name
- NETSCOUT SYSTEMS INC
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 14, 2026
- Accession · CIK
- 0001078075-26-000050
0001078075
Revenue and margins
Netscout Systems Inc had $859M of revenue in fiscal 2026, up 4.5% on the year before.
FY17
Revenue $1.2B
FY18
Revenue $987M
FY19
Revenue $910M
FY20
Revenue $892M
FY21
Revenue $831M
FY22
Revenue $856M
FY23
Revenue $915M
FY24
Revenue $829M
FY25
Revenue $823M
FY26
Revenue $859M
Q2 '24
Revenue $197M
Q3 '24
Revenue $218M
Q4 '24
Revenue $203M
Q1 '25
Revenue $175M
Q2 '25
Revenue $191M
Q3 '25
Revenue $252M
Q4 '25
Revenue $205M
Q1 '26
Revenue $187M
Q2 '26
Revenue $219M
Q3 '26
Revenue $251M
Q4 '26
Revenue $203M
Q1 '27
Revenue $210M
FY17
Gross 70.2%
Operating 5.3%
Net 2.9%
FCF 17.0%
FY18
Gross 72.4%
Operating −0.4%
Net 8.1%
FCF 20.9%
FY19
Gross 72.1%
Operating −7.9%
Net −8.1%
FCF 13.9%
FY20
Gross 72.8%
Operating 2.0%
Net −0.3%
FCF 23.0%
FY21
Gross 73.3%
Operating 4.5%
Net 2.3%
FCF 24.3%
FY22
Gross 75.0%
Operating 5.7%
Net 4.2%
FCF 33.4%
FY23
Gross 75.6%
Operating 8.5%
Net 6.5%
FCF 16.0%
FY24
Gross 77.4%
Operating −18.1%
Net −17.8%
FCF 6.3%
FY25
Gross 78.3%
Operating −44.7%
Net −44.6%
FCF 25.8%
FY26
Gross 79.4%
Operating 12.8%
Net 11.1%
FCF 33.2%
Gross
Operating
Net
FCF
Q2 '24
Gross 78.1%
Operating 13.4%
Net 10.9%
FCF −14.2%
Q3 '24
Gross 80.0%
Operating −61.7%
Net −60.8%
FCF 5.8%
Q4 '24
Gross 75.3%
Operating −18.2%
Net −15.9%
FCF 45.2%
Q1 '25
Gross 74.6%
Operating −265.4%
Net −254.0%
FCF 21.3%
Q2 '25
Gross 78.0%
Operating 7.4%
Net 4.7%
FCF −2.4%
Q3 '25
Gross 81.5%
Operating 24.5%
Net 19.4%
FCF 15.7%
Q4 '25
Gross 77.7%
Operating 9.7%
Net 9.1%
FCF 68.4%
Q1 '26
Gross 76.7%
Operating −3.5%
Net −2.0%
FCF 38.4%
Q2 '26
Gross 80.1%
Operating 14.8%
Net 11.8%
FCF 2.0%
Q3 '26
Gross 81.6%
Operating 25.7%
Net 22.0%
FCF 23.6%
Q4 '26
Gross 78.4%
Operating 9.6%
Net 9.0%
FCF 73.9%
Q1 '27
Gross 78.9%
Operating 6.9%
Net 10.4%
FCF 22.5%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 15.3% a year. Loss periods are shown in red.
FY17
Net income $33.3M
FY18
Net income $79.8M
FY19
Net income −$73.3M
FY20
Net income −$2.8M
FY21
Net income $19.4M
FY22
Net income $35.9M
FY23
Net income $59.6M
FY24
Net income −$148M
FY25
Net income −$367M
FY26
Net income $95.5M
Q2 '24
Net income $21.5M
Q3 '24
Net income −$133M
Q4 '24
Net income −$32.4M
Q1 '25
Net income −$443M
Q2 '25
Net income $9.0M
Q3 '25
Net income $48.8M
Q4 '25
Net income $18.6M
Q1 '26
Net income −$3.7M
Q2 '26
Net income $25.8M
Q3 '26
Net income $55.1M
Q4 '26
Net income $18.2M
Q1 '27
Net income $21.8M
FY17
Diluted EPS $0.36
FY18
Diluted EPS $0.90
FY19
Diluted EPS −$0.93
FY20
Diluted EPS −$0.04
FY21
Diluted EPS $0.26
FY22
Diluted EPS $0.48
FY23
Diluted EPS $0.82
FY24
Diluted EPS −$2.07
FY25
Diluted EPS −$5.12
FY26
Diluted EPS $1.30
Q2 '24
Diluted EPS $0.29
Q3 '24
Diluted EPS −$1.87
Q4 '24
Diluted EPS −$0.43
Q1 '25
Diluted EPS −$6.20
Q2 '25
Diluted EPS $0.13
Q3 '25
Diluted EPS $0.67
Q4 '25
Diluted EPS $0.28
Q1 '26
Diluted EPS −$0.05
Q2 '26
Diluted EPS $0.35
Q3 '26
Diluted EPS $0.75
Q4 '26
Diluted EPS $0.25
Q1 '27
Diluted EPS $0.29
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 1.8%
Return on equity 1.4%
Return on assets 0.9%
FY18
Return on capital −0.1%
Return on equity 3.5%
Return on assets 2.3%
FY19
Return on capital −2.7%
Return on equity −3.5%
Return on assets −2.2%
FY20
Return on capital 0.6%
Return on equity −0.1%
Return on assets −0.1%
FY21
Return on capital 1.7%
Return on equity 1.0%
Return on assets 0.6%
FY22
Return on capital 2.4%
Return on equity 1.8%
Return on assets 1.1%
FY23
Return on capital 4.0%
Return on equity 2.9%
Return on assets 2.0%
FY24
Return on capital −7.4%
Return on equity −7.5%
Return on assets −5.5%
FY25
Return on capital −26.3%
Return on equity −21.3%
Return on assets −15.3%
FY26
Return on capital —
Return on equity 6.0%
Return on assets 4.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $285M in fiscal 2026, 33.2% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $197M
FY18
Free cash flow $207M
FY19
Free cash flow $126M
FY20
Free cash flow $205M
FY21
Free cash flow $202M
FY22
Free cash flow $286M
FY23
Free cash flow $146M
FY24
Free cash flow $52.4M
FY25
Free cash flow $212M
FY26
Free cash flow $285M
Q2 '24
Free cash flow −$27.9M
Q3 '24
Free cash flow $12.7M
Q4 '24
Free cash flow $92.0M
Q1 '25
Free cash flow $37.2M
Q2 '25
Free cash flow −$4.6M
Q3 '25
Free cash flow $39.6M
Q4 '25
Free cash flow $140M
Q1 '26
Free cash flow $71.7M
Q2 '26
Free cash flow $4.4M
Q3 '26
Free cash flow $59.3M
Q4 '26
Free cash flow $150M
Q1 '27
Free cash flow $47.3M
FY17
Cash from operations $227M
Capital spending $29.7M
FY18
Cash from operations $222M
Capital spending $15.9M
FY19
Cash from operations $150M
Capital spending $23.4M
FY20
Cash from operations $225M
Capital spending $19.9M
FY21
Cash from operations $214M
Capital spending $12.0M
FY22
Cash from operations $296M
Capital spending $10.4M
FY23
Cash from operations $157M
Capital spending $10.5M
FY24
Cash from operations $58.8M
Capital spending $6.4M
FY25
Cash from operations $218M
Capital spending $5.4M
FY26
Cash from operations $295M
Capital spending $9.1M
Cash from operations
Capital spending
Q2 '24
Cash from operations −$26.4M
Capital spending $1.5M
Q3 '24
Cash from operations $14.0M
Capital spending $1.2M
Q4 '24
Cash from operations $93.6M
Capital spending $1.6M
Q1 '25
Cash from operations $38.4M
Capital spending $1.3M
Q2 '25
Cash from operations −$3.7M
Capital spending $0.9M
Q3 '25
Cash from operations $41.5M
Capital spending $1.9M
Q4 '25
Cash from operations $142M
Capital spending $1.4M
Q1 '26
Cash from operations $73.6M
Capital spending $1.9M
Q2 '26
Cash from operations $6.7M
Capital spending $2.2M
Q3 '26
Cash from operations $62.1M
Capital spending $2.8M
Q4 '26
Cash from operations $152M
Capital spending $2.2M
Q1 '27
Cash from operations $50.8M
Capital spending $3.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Netscout Systems Inc returned $60.8M to shareholders in fiscal 2026, 21% of free cash flow. The diluted share count rose 2.4%.
FY17
Dividends —
Buybacks $80.0M
FY18
Dividends —
Buybacks $501M
FY19
Dividends —
Buybacks $14.5M
FY20
Dividends —
Buybacks $175M
FY21
Dividends —
Buybacks $3.3M
FY22
Dividends —
Buybacks $35.7M
FY23
Dividends —
Buybacks $150M
FY24
Dividends —
Buybacks $50.0M
FY25
Dividends —
Buybacks $25.3M
FY26
Dividends —
Buybacks $60.8M
Dividends
Buybacks
Q2 '24
Dividends —
Buybacks $31.1M
Q3 '24
Dividends —
Buybacks $18.9M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $25.0M
Q2 '25
Dividends —
Buybacks $0.3M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $15.0M
Q2 '26
Dividends —
Buybacks $16.6M
Q3 '26
Dividends —
Buybacks $0.0M
Q4 '26
Dividends —
Buybacks $29.2M
Q1 '27
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.09B
FY18
Diluted shares 0.09B
FY19
Diluted shares 0.08B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
FY26
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Netscout Systems Inc can carry it.
FY17
Cash $443M
Debt $300M
FY18
Cash $448M
Debt $600M
FY19
Cash $486M
Debt $550M
FY20
Cash $386M
Debt $450M
FY21
Cash $476M
Debt $350M
FY22
Cash $703M
Debt $350M
FY23
Cash $419M
Debt $100M
FY24
Cash $390M
Debt $100M
FY25
Cash $457M
Debt $0.0M
FY26
Cash $586M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $703M | $419M | $390M | $457M | $586M |
| Debt incl. finance leases | $350M | $100M | $100M | $0.0M | — |
| Net debt / EBITDA | −2.4x | −2.0x | — | — | — |
| Debt / equity | 0.2x | 0.0x | 0.1x | 0.0x | — |
| Interest coverage | 6.0x | 7.6x | −17.3x | −51.3x | 64.4x |
| Current ratio | 1.9x | 1.4x | 1.7x | 1.7x | 1.8x |
| Quick ratio | 1.9x | 1.3x | 1.7x | 1.7x | 1.8x |
| Total assets | $3.2B | $2.8B | $2.6B | $2.2B | $2.4B |
| Total liabilities | $1.1B | $791M | $703M | $626M | $705M |
| Shareholders' equity | $2.1B | $2.0B | $1.9B | $1.6B | $1.6B |
| Net debt (− = net cash) | −$353M | −$319M | −$290M | −$457M | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | — |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 6 / 9 | 5 / 9 | 7 / 9 | 8 / 9 | 7 / 9 | 8 / 9 | 5 / 9 | 6 / 9 | 6 / 8 |
| Accruals ratio | −5.4% | −4.1% | −6.7% | −7.1% | −6.3% | −8.3% | −3.2% | −7.6% | −24.5% | −8.8% |
| Altman Z'' | 3.32 | 2.71 | 2.86 | 2.68 | 3.09 | 3.34 | 3.80 | 3.54 | 2.34 | 3.95 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.2B | $987M | $910M | $892M | $831M | $856M | $915M | $829M | $823M | $859M |
| Gross profit | $816M | $715M | $656M | $650M | $609M | $641M | $691M | $642M | $644M | $682M |
| Research and development | $233M | $215M | $204M | $188M | $179M | $171M | $176M | $161M | $153M | $159M |
| Operating income | $62.1M | −$4.1M | −$71.6M | $17.6M | $37.1M | $48.6M | $77.7M | −$150M | −$368M | $110M |
| Interest expense | $9.2M | $12.6M | $26.1M | $20.6M | $10.9M | $8.0M | $10.2M | $8.7M | $7.2M | $1.7M |
| Pretax income | $52.2M | −$18.7M | −$92.9M | $1.9M | $22.3M | $42.9M | $68.4M | −$145M | −$366M | $119M |
| Income tax | $18.9M | −$98.5M | −$19.6M | $4.7M | $3.0M | $7.0M | $8.8M | $3.2M | $1.1M | $23.0M |
| Net income | $33.3M | $79.8M | −$73.3M | −$2.8M | $19.4M | $35.9M | $59.6M | −$148M | −$367M | $95.5M |
| Diluted EPS | $0.36 | $0.90 | −$0.93 | −$0.04 | $0.26 | $0.48 | $0.82 | −$2.07 | −$5.12 | $1.30 |
| Diluted shares | 0.09B | 0.09B | 0.08B | 0.08B | 0.07B | 0.08B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $227M | $222M | $150M | $225M | $214M | $296M | $157M | $58.8M | $218M | $295M |
| Capital expenditure | $29.7M | $15.9M | $23.4M | $19.9M | $12.0M | $10.4M | $10.5M | $6.4M | $5.4M | $9.1M |
| Free cash flow | $197M | $207M | $126M | $205M | $202M | $286M | $146M | $52.4M | $212M | $285M |
| Depreciation and amortization | $161M | $154M | $138M | $116M | $106M | $95.8M | $85.9M | $75.0M | $63.8M | $56.5M |
| Stock-based compensation | $39.2M | $47.3M | $56.3M | $50.9M | $51.9M | $56.1M | $62.0M | $70.8M | $64.8M | $59.9M |
| Acquisitions | $4.6M | $8.3M | $0.0M | $11.3M | $0.0M | $0.0M | — | — | — | — |
| Share buybacks | $80.0M | $501M | $14.5M | $175M | $3.3M | $35.7M | $150M | $50.0M | $25.3M | $60.8M |
| Dividends and buybacks | $80.0M | $501M | $14.5M | $175M | $3.3M | $35.7M | $150M | $50.0M | $25.3M | $60.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $443M | $448M | $486M | $386M | $476M | $703M | $419M | $390M | $457M | $586M |
| Total debt | $300M | $600M | $550M | $450M | $350M | $350M | $100M | $100M | $0.0M | — |
| Current assets | $854M | $752M | $801M | $660M | $722M | $922M | $617M | $672M | $713M | $868M |
| Current liabilities | $460M | $413M | $380M | $399M | $411M | $476M | $454M | $395M | $408M | $470M |
| Inventory | $40.0M | $34.8M | $26.3M | $22.2M | $22.8M | $28.2M | $18.0M | $14.1M | $12.9M | $13.3M |
| Property and equipment, net | $61.4M | $52.5M | $59.0M | $57.7M | $48.5M | $41.3M | $34.7M | $26.5M | $21.5M | $23.6M |
| Goodwill | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.5B | $1.1B | $1.1B |
| Intangible assets | $931M | $831M | $669M | $582M | $512M | $433M | $367M | $309M | $259M | $214M |
| Total assets | $3.6B | $3.4B | $3.3B | $3.1B | $3.1B | $3.2B | $2.8B | $2.6B | $2.2B | $2.4B |
| Total liabilities | $1.2B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $791M | $703M | $626M | $705M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $2.4B | $2.1B | $2.1B | $1.9B | $2.0B | $2.1B | $2.0B | $1.9B | $1.6B | $1.6B |
| Margins | ||||||||||
| Gross margin | 70.2% | 72.4% | 72.1% | 72.8% | 73.3% | 75.0% | 75.6% | 77.4% | 78.3% | 79.4% |
| Operating margin | 5.3% | −0.4% | −7.9% | 2.0% | 4.5% | 5.7% | 8.5% | −18.1% | −44.7% | 12.8% |
| EBITDA margin | 19.2% | 15.1% | 7.3% | 15.0% | 17.2% | 16.9% | 17.9% | −9.0% | −36.9% | 19.4% |
| Net margin | 2.9% | 8.1% | −8.1% | −0.3% | 2.3% | 4.2% | 6.5% | −17.8% | −44.6% | 11.1% |
| FCF margin | 17.0% | 20.9% | 13.9% | 23.0% | 24.3% | 33.4% | 16.0% | 6.3% | 25.8% | 33.2% |
| Returns | ||||||||||
| Return on capital | 1.8% | −0.1% | −2.7% | 0.6% | 1.7% | 2.4% | 4.0% | −7.4% | −26.3% | — |
| Return on capital employed | 2.0% | −0.1% | −2.5% | 0.6% | 1.4% | 1.8% | 3.3% | −6.8% | −20.7% | 5.8% |
| Return on equity | 1.4% | 3.5% | −3.5% | −0.1% | 1.0% | 1.8% | 2.9% | −7.5% | −21.3% | 6.0% |
| Return on assets | 0.9% | 2.3% | −2.2% | −0.1% | 0.6% | 1.1% | 2.0% | −5.5% | −15.3% | 4.2% |
| Return on tangible equity | — | — | — | — | — | — | — | −183.3% | −162.8% | 26.2% |
| Growth | ||||||||||
| Revenue growth | — | −15.1% | −7.8% | −2.0% | −6.8% | 2.9% | 6.9% | −9.3% | −0.8% | 4.5% |
| Net income growth | — | 139.7% | −191.9% | — | — | 85.4% | 66.3% | −347.7% | — | — |
| EPS growth | — | 150.0% | −203.3% | — | — | 84.6% | 70.8% | −352.4% | — | — |
| FCF growth | — | 4.8% | −38.8% | 62.2% | −1.5% | 41.5% | −48.8% | −64.1% | 304.7% | 34.5% |
| Share count change | — | −5.0% | −10.9% | −4.4% | −1.8% | 1.7% | −2.7% | −2.2% | 0.2% | 2.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.6x | 1.0x | 1.0x | 0.5x | −0.9x | −2.4x | −2.0x | — | — | — |
| Debt / equity | 0.1x | 0.3x | 0.3x | 0.2x | 0.2x | 0.2x | 0.0x | 0.1x | 0.0x | — |
| Interest coverage | 6.8x | −0.3x | −2.7x | 0.9x | 3.4x | 6.0x | 7.6x | −17.3x | −51.3x | 64.4x |
| Current ratio | 1.9x | 1.8x | 2.1x | 1.7x | 1.8x | 1.9x | 1.4x | 1.7x | 1.7x | 1.8x |
| Quick ratio | 1.8x | 1.7x | 2.0x | 1.6x | 1.7x | 1.9x | 1.3x | 1.7x | 1.7x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.6% | 1.6% | 2.6% | 2.2% | 1.4% | 1.2% | 1.1% | 0.8% | 0.7% | 1.1% |
| Stock comp / revenue | 3.4% | 4.8% | 6.2% | 5.7% | 6.2% | 6.6% | 6.8% | 8.5% | 7.9% | 7.0% |
| Payouts / FCF | 40.6% | 242.7% | 11.4% | 85.3% | 1.6% | 12.5% | 102.6% | 95.3% | 11.9% | 21.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 7.0 | 8.0 | 7.0 | 8.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | 3.3 | 2.7 | 2.9 | 2.7 | 3.1 | 3.3 | 3.8 | 3.5 | 2.3 | 3.9 |
| Accruals ratio | −5.4% | −4.1% | −6.7% | −7.1% | −6.3% | −8.3% | −3.2% | −7.6% | −24.5% | −8.8% |
Source: SEC EDGAR XBRL filings (CIK 0001078075). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.