Netgear (NTGR)
Market Price (6/21/2026): $23.03 | Market Cap: $644.3 MilSector: Information Technology | Industry: Communications Equipment
Netgear (NTGR)
Market Price (6/21/2026): $23.03Market Cap: $644.3 MilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Smart Buildings & Proptech. Themes include Network Equipment, and IoT for Buildings. | Weak multi-year price returns3Y Excs Rtn is -8.9% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 54x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.8%, Rev Chg QQuarterly Revenue Change % is -2.0% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.1% Key risksNTGR key risks include [1] gross margin pressure from specific supply constraints in managed switches and rising component costs, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Smart Buildings & Proptech. Themes include Network Equipment, and IoT for Buildings. |
| Weak multi-year price returns3Y Excs Rtn is -8.9% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 54x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.8%, Rev Chg QQuarterly Revenue Change % is -2.0% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.1% |
| Key risksNTGR key risks include [1] gross margin pressure from specific supply constraints in managed switches and rising component costs, Show more. |
Qualitative Assessment
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Netgear (NTGR) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Margin Expansion. Netgear exceeded analyst expectations for its fiscal Q1 2026, which ended on March 29, 2026, reporting non-GAAP earnings per share (EPS) of $0.06, significantly beating the consensus estimate of a loss of $0.08 per share. The company also surpassed revenue estimates, achieving $158.8 million against a consensus of $152.49 million. This strong performance was underscored by a record non-GAAP gross margin of 41.7%, representing a 670 basis point increase year-over-year, largely attributed to disciplined supply chain management and a favorable product mix from the Enterprise segment.
2. Share Repurchase Program. Netgear demonstrated a commitment to returning value to shareholders through its share repurchase program. During fiscal Q1 2026, the company repurchased $20 million worth of its common stock at an average price of $21.53 per share, and further authorized an additional $75 million for future share repurchases.
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Netgear (NTGR) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Margin Expansion. Netgear exceeded analyst expectations for its fiscal Q1 2026, which ended on March 29, 2026, reporting non-GAAP earnings per share (EPS) of $0.06, significantly beating the consensus estimate of a loss of $0.08 per share. The company also surpassed revenue estimates, achieving $158.8 million against a consensus of $152.49 million. This strong performance was underscored by a record non-GAAP gross margin of 41.7%, representing a 670 basis point increase year-over-year, largely attributed to disciplined supply chain management and a favorable product mix from the Enterprise segment.
2. Share Repurchase Program. Netgear demonstrated a commitment to returning value to shareholders through its share repurchase program. During fiscal Q1 2026, the company repurchased $20 million worth of its common stock at an average price of $21.53 per share, and further authorized an additional $75 million for future share repurchases.
3. Positive Analyst Sentiment and High Price Targets. Analyst coverage reflected a bullish outlook for Netgear, with a consensus of "Strong Buy" or "Moderate Buy" ratings. Analysts issued median 12-month price targets ranging from $35.00 to $36.20, implying substantial potential upside from the stock's trading levels during the period.
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Stock Movement Drivers
Fundamental Drivers
The 11.8% change in NTGR stock from 2/28/2026 to 6/20/2026 was primarily driven by a 11.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.62 | 23.05 | 11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 700 | 696 | -0.5% |
| P/S Multiple | 0.8 | 0.9 | 11.6% |
| Shares Outstanding (Mil) | 28 | 28 | 0.7% |
| Cumulative Contribution | 11.8% |
Market Drivers
2/28/2026 to 6/20/2026| Return | Correlation | |
|---|---|---|
| NTGR | 11.8% | |
| Market (SPY) | 9.2% | 40.4% |
| Sector (XLK) | 38.1% | 47.9% |
Fundamental Drivers
The -12.9% change in NTGR stock from 11/30/2025 to 6/20/2026 was primarily driven by a -14.5% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.45 | 23.05 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 700 | 696 | -0.5% |
| P/S Multiple | 1.1 | 0.9 | -14.5% |
| Shares Outstanding (Mil) | 29 | 28 | 2.4% |
| Cumulative Contribution | -12.9% |
Market Drivers
11/30/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| NTGR | -12.9% | |
| Market (SPY) | 9.9% | 41.4% |
| Sector (XLK) | 34.1% | 49.3% |
Fundamental Drivers
The -21.4% change in NTGR stock from 5/31/2025 to 6/20/2026 was primarily driven by a -26.2% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.33 | 23.05 | -21.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 671 | 696 | 3.7% |
| P/S Multiple | 1.3 | 0.9 | -26.2% |
| Shares Outstanding (Mil) | 29 | 28 | 2.6% |
| Cumulative Contribution | -21.4% |
Market Drivers
5/31/2025 to 6/20/2026| Return | Correlation | |
|---|---|---|
| NTGR | -21.4% | |
| Market (SPY) | 28.1% | 43.5% |
| Sector (XLK) | 66.8% | 44.4% |
Fundamental Drivers
The 64.3% change in NTGR stock from 5/31/2023 to 6/20/2026 was primarily driven by a 105.2% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6202026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.03 | 23.05 | 64.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 903 | 696 | -22.9% |
| P/S Multiple | 0.5 | 0.9 | 105.2% |
| Shares Outstanding (Mil) | 29 | 28 | 3.8% |
| Cumulative Contribution | 64.3% |
Market Drivers
5/31/2023 to 6/20/2026| Return | Correlation | |
|---|---|---|
| NTGR | 64.3% | |
| Market (SPY) | 85.7% | 38.8% |
| Sector (XLK) | 137.9% | 35.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NTGR Return | -28% | -38% | -19% | 91% | -12% | -7% | -44% |
| Peers Return | 49% | -30% | 43% | 38% | 12% | 40% | 225% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| NTGR Win Rate | 42% | 17% | 50% | 75% | 33% | 50% | |
| Peers Win Rate | 68% | 33% | 55% | 63% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NTGR Max Drawdown | -42% | -43% | -49% | -27% | -35% | -19% | |
| Peers Max Drawdown | -17% | -40% | -19% | -19% | -34% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, QCOM, NTAP, FFIV, ANET. See NTGR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | NTGR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.7% | -18.8% |
| % Gain to Breakeven | 36.4% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.8% | -9.5% |
| % Gain to Breakeven | 36.5% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 499 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.3% | -24.5% |
| % Gain to Breakeven | 70.4% | 32.4% |
| Time to Breakeven | 973 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.8% | -33.7% |
| % Gain to Breakeven | 42.5% | 50.9% |
| Time to Breakeven | 12 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.4% | -19.2% |
| % Gain to Breakeven | 28.9% | 23.8% |
| Time to Breakeven | 18 days | 105 days |
In The Past
Netgear's stock fell -26.7% during the 2025 US Tariff Shock. Such a loss loss requires a 36.4% gain to breakeven.
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| Event | NTGR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.7% | -18.8% |
| % Gain to Breakeven | 36.4% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.8% | -9.5% |
| % Gain to Breakeven | 36.5% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 499 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.3% | -24.5% |
| % Gain to Breakeven | 70.4% | 32.4% |
| Time to Breakeven | 973 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.8% | -33.7% |
| % Gain to Breakeven | 42.5% | 50.9% |
| Time to Breakeven | 12 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.4% | -19.2% |
| % Gain to Breakeven | 28.9% | 23.8% |
| Time to Breakeven | 18 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -29.9% | -3.7% |
| % Gain to Breakeven | 42.6% | 3.9% |
| Time to Breakeven | 202 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.0% | -17.9% |
| % Gain to Breakeven | 69.5% | 21.8% |
| Time to Breakeven | 108 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -38.2% | -15.4% |
| % Gain to Breakeven | 61.7% | 18.2% |
| Time to Breakeven | 110 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.6% | -53.4% |
| % Gain to Breakeven | 327.4% | 114.4% |
| Time to Breakeven | 688 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -32.2% | -8.6% |
| % Gain to Breakeven | 47.4% | 9.5% |
| Time to Breakeven | 1330 days | 47 days |
In The Past
Netgear's stock fell -26.7% during the 2025 US Tariff Shock. Such a loss loss requires a 36.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Netgear (NTGR)
Netgear, Inc. (NTGR) is a technology company that designs, develops, and markets a broad range of networking and Internet-connected products. The company operates through two primary segments: Connected Home, which serves individual consumers, and Small and Medium Business, which caters to various organizational clients.
For its Connected Home segment, Netgear offers essential products that power modern households. These include Wi-Fi routers, comprehensive home Wi-Fi systems, broadband modems, and Wi-Fi range extenders, all designed to enhance internet access and connectivity within the home. Beyond hardware, Netgear also provides value-added services such as technical support, robust parental controls, and cybersecurity protection, ensuring a secure and optimized online experience for consumers.
In the Small and Medium Business segment, Netgear provides critical networking infrastructure for enterprises. Its product portfolio encompasses Ethernet switches, Wi-Fi mesh systems and access points for reliable wireless connectivity, local and remote unified storage solutions, and Internet security appliances. These offerings are tailored to meet the networking needs of small and medium-sized businesses, as well as specific markets like education, hospitality, and healthcare, across global regions including the Americas, Europe, the Middle East, Africa, and Asia Pacific.
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Netgear is like Cisco for the home and small business.
They are the HP or Dell for network equipment in homes and small offices.
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- Wi-Fi Routers and Home Wi-Fi Systems: Devices that provide wireless internet connectivity and comprehensive Wi-Fi coverage for homes.
- Broadband Modems and Wi-Fi Gateways: Equipment used to connect residential networks to internet service providers, often integrating modem and router functionalities.
- Wi-Fi Extenders and Adapters: Devices designed to expand the range of Wi-Fi signals or enable wireless connectivity for non-Wi-Fi enabled devices.
- Powerline Adapters: Products that extend network connectivity to various rooms using a home's existing electrical wiring.
- Digital Canvases: Internet-connected displays designed for showcasing digital artwork or photos.
- Ethernet Switches: Networking hardware for connecting multiple wired devices and managing network traffic in business environments.
- Business Wi-Fi Systems and Access Points: Professional-grade wireless networking solutions tailored for small and medium-sized businesses.
- Unified Storage Products: Solutions for both local and remote data storage and management for businesses.
- Internet Security Appliances: Devices offering advanced network security features to protect business networks from online threats.
- Technical Support: A service providing assistance with product setup, usage, and troubleshooting.
- Parental Controls: A service offering features to manage and filter internet access for family members, particularly children.
- Cybersecurity Protection: A service designed to safeguard networks and connected devices from various online security risks.
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Netgear (NTGR) primarily sells its products to other companies, which then distribute or resell to end-consumers or small/medium businesses. Its major customers fall into the following categories:
- Retailers and Online Retailers: Companies that purchase Netgear products in bulk to sell directly to consumers. Examples include:
- Amazon (NASDAQ: AMZN)
- Best Buy (NYSE: BBY)
- Walmart (NYSE: WMT)
- Wholesale Distributors: Businesses that buy products from Netgear and then sell them to various retailers, resellers, or directly to businesses. Examples include:
- TD SYNNEX (NYSE: SNX) (parent company of Tech Data)
- Ingram Micro (private company)
- Broadband Service Providers (ISPs): Telecommunications companies that purchase Netgear modems, routers, and Wi-Fi systems to provide to their subscribers, often bundled with internet services. Examples include:
- Comcast (NASDAQ: CMCSA)
- Charter Communications (NASDAQ: CHTR)
- AT&T (NYSE: T)
- Direct Market Resellers (DMRs) and Value-Added Resellers (VARs): Companies that purchase Netgear's business-focused networking equipment (switches, access points, storage) to resell to small and medium businesses, educational institutions, and other commercial clients, often adding their own services. Examples include:
- CDW (NASDAQ: CDW)
- Insight Enterprises (NASDAQ: NSIT)
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Charles "CJ" Prober, Chief Executive Officer and Director
Charles "CJ" Prober joined NETGEAR as CEO in January 2024. He has extensive experience in scaling technology businesses and delivering innovative solutions. Prior to NETGEAR, Prober was President of Life360 and previously served as CEO at Tile, which was acquired by Life360 in January 2022. His career also includes executive leadership roles such as Chief Operating Officer at GoPro and SVP of Digital Publishing at Electronic Arts (EA). He was instrumental in EA's transformation from a packaged software to a digital services company. Earlier in his career, Prober was a consultant with McKinsey & Company and a corporate attorney. He currently sits on the Board of Directors for Life360 and Glorious Gaming.
Bryan Murray, Chief Financial Officer
Bryan Murray has served as NETGEAR's Chief Financial Officer since August 2018. He has been with NETGEAR for over 16 years, holding various management positions within the Finance organization, including Vice President of Finance and Corporate Controller before becoming CFO. Prior to joining NETGEAR in 2001, Murray worked in public accounting at Deloitte. He is a Certified Public Accountant and holds a B.A. from the University of California, Santa Barbara.
Pramod Badjate, President & General Manager of NETGEAR for Business Products
Pramod Badjate brings extensive experience in leading large networking businesses to his role. Before joining NETGEAR, he was the Group Vice President and General Manager for the Cognitive Campus business at Arista Networks. His career in enterprise networking also includes positions at Cisco and Ruckus Networks.
Kirsten Daru, General Counsel and Chief Privacy Officer
Kirsten Daru joined NETGEAR in May 2024. She has a strong background serving in similar roles with leading technology companies. Daru spent over 11 years at Electronic Arts (EA), where she was appointed its first Chief Privacy Officer. She also served as General Counsel of Tile and later as General Counsel of the combined company after Tile merged with Life360.
Heidi Cormack, Chief Marketing Officer
Heidi Cormack currently serves as NETGEAR's Chief Marketing Officer. She has been with the company for over 10 years, having held various management roles within the Marketing department.
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Intense Competition and Market Commoditization: Netgear operates in highly competitive markets for both consumer and business networking products. In the consumer segment, the market is intensely commoditized, with numerous competitors offering comparable or superior products at lower price points, leading to significant pressure on Netgear's revenues and margins. Competitors include TP-Link, Linksys, ASUS, Eero, Cisco, Ubiquiti Networks, and Aruba.
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Supply Chain Disruptions and Rising Component Costs: The company is vulnerable to global supply chain issues and escalating costs for key components. A prominent current example is a global memory shortage, driven by AI data center demand, which is expected to increase costs and squeeze gross margins, particularly in the latter half of 2026. These supply constraints can limit revenue capture across both consumer and enterprise segments.
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Dependence on Hardware Sales and Shifting Consumer Demand: Netgear's business is heavily reliant on the sale of networking hardware, which is subject to cyclical market demand and rapid technological obsolescence. The consumer market, in particular, has seen declining revenues, with consumers extending the lifespan of existing equipment and delaying upgrades to newer technologies like Wi-Fi 7. While Netgear is expanding subscription services, these have not yet fully offset the challenges in its traditional hardware business.
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NETGEAR, Inc. operates in two primary segments: Connected Home and Small and Medium Business. The addressable markets for its main products and services are sized as follows:
Connected Home Segment
- Wi-Fi Routers: The global wireless router market was valued at approximately USD 17.03 billion in 2025 and is projected to reach USD 48.76 billion by 2034. Separately, the global home Wi-Fi router market was valued at USD 19.2 billion in 2024 and is projected to reach USD 37.26 billion by 2033.
- Home Wi-Fi Systems (Mesh Wi-Fi): The global Whole Home Mesh WiFi System market is projected to reach approximately USD 10.02 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 13.6% from 2025 to 2033. Another estimate indicates the global Mesh Wi-Fi Router Market size was valued at USD 2.69 billion in 2024 and is expected to grow to USD 9.8 billion by 2035.
- Broadband Modems: The global modem market size was valued at USD 10.49 billion in 2024 and is projected to grow to USD 14.63 billion by 2032. The global mobile broadband modem market was valued at USD 24.35 billion in 2025 and is projected to reach USD 62.9 billion by 2035.
- Wi-Fi Range Extenders: The global Wi-Fi range extender market size was estimated at USD 3.65 billion in 2025 and is projected to reach USD 7.04 billion by 2033.
- Powerline Adapters and Bridges: The global Powerline Extender Market is estimated to be valued at approximately USD 3.93 billion in 2026 and is projected to reach USD 8.09 billion by 2035. The global powerline adapter market was valued at approximately USD 1.5 billion in 2023 and is projected to reach around USD 3.7 billion by 2032.
- Value-Added Services (Parental Controls and Cybersecurity Protection for Home):
- Parental Control Software: The global parental control software market size was valued at USD 1.57 billion in 2025 and is projected to grow to USD 4.12 billion by 2034.
- Connected Home/Home Security: The global connected home security market size is likely to be valued at USD 47.6 billion in 2025 and is estimated to reach USD 77 billion by 2032. The global home security systems market size was over USD 59.75 billion in 2025 and is poised to exceed USD 119.75 billion by 2035.
Small and Medium Business (SMB) Segment
- Ethernet Switches: The global SMB Switch market is projected to reach USD 2.36 billion by 2033, growing from an estimated USD 2.36 billion in 2025. More broadly, the global ethernet switch market was valued at USD 18.2 billion in 2024 and is estimated to grow to USD 29.6 billion by 2034.
- Wi-Fi Mesh Systems and Access Points: While the global Mesh WiFi Router market has strong residential deployment, approximately 39% of total installations serve commercial and enterprise networks.
- Local and Remote Unified Storage Products (NAS for SMB): The global SMB & SME NAS market is estimated to be valued at USD 0.2 billion in 2026 and is projected to reach USD 0.8 billion by 2035. The global consumer and SMB NAS market size has grown to USD 18.57 billion in 2026 and is expected to reach USD 26.41 billion in 2030. The broader global network-attached storage (NAS) market was valued at USD 46.97 billion in 2025 and is projected to grow to USD 173.12 billion by 2034, with the mid-size segment (less than 1,000 FTEs) holding the highest market share.
- Internet Security Appliances: The global SMB integrated security appliances market is projected to reach USD 5.8 billion by 2031, growing at a CAGR of 7.3% from 2025 to 2031, from an estimated USD 3.2 billion in 2024. The broader global security appliances market size reached USD 145.8 billion in 2024 and is expected to reach USD 370.3 billion by 2033.
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Netgear (NTGR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion and Focus on the Enterprise Segment, particularly ProAV Solutions: Netgear is prioritizing and seeing significant growth in its Enterprise segment (formerly Small and Medium Business), with a strong focus on ProAV managed switches. This segment achieved 18.8% annual growth in 2025 and is projected for continued double-digit growth. The company is actively expanding its ProAV ecosystem and simplifying solutions for small and medium-sized enterprises (SMEs).
- Aggressive Rollout of Wi-Fi 7 Products in the Consumer Segment: Netgear is strategically expanding its Wi-Fi 7 offerings in the Connected Home (now Consumer) segment, launching new Nighthawk routers and Orbi mesh systems. This initiative aims to capture new market segments and reclaim market share, leveraging the rising consumer demand for advanced Wi-Fi 7 technology.
- Growth in Recurring Revenue from Subscription Services: The company is focused on increasing its Annual Recurring Revenue (ARR) through value-added services such as technical support, parental controls, and the Armor cybersecurity offering. Netgear reported $40.4 million in ARR by the end of Q4 2025, representing an 18% year-over-year increase, with a growing base of recurring subscribers.
- Integration of Advanced Security and AI-driven Networking Solutions: Netgear is enhancing its offerings by integrating advanced, cloud-managed security features and leveraging AI-driven advancements. This is supported by acquisitions like VAAG Systems and investments in software development, particularly for simplifying networking solutions for SMEs.
- Strategic Price Increases and Favorable Product Mix: To offset rising component costs, particularly due to memory shortages, Netgear plans to implement price increases in its enterprise sector. Additionally, an advantageous product mix, especially with Wi-Fi 7 products and a focus on higher-margin direct-to-consumer channels in the consumer segment, is expected to contribute to revenue and gross margin improvements.
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Share Repurchases
- Netgear repurchased $50 million of common stock in 2025.
- The company executed ongoing share repurchases totaling $84 million since 2024.
- As of February 2026, 1.5 million shares remained under the existing share repurchase authorization.
Share Issuance
- The number of outstanding shares was 28,638,000 as of March 2026 and at the end of 2025.
- Share issuances have occurred through insider sales to cover tax liabilities associated with the vesting of equity awards.
Inbound Investments
- Cinctive Capital Management LP acquired a new position in NETGEAR during the third quarter of 2026, purchasing 198,597 shares valued at approximately $6.43 million, resulting in a 0.70% ownership stake.
- Brandes Investment Partners, L.P. reported beneficial ownership of 1,594,528 common shares in August 2025, representing 5.54% of the outstanding class.
Outbound Investments
- In 2025, Netgear strengthened its enterprise division by acquiring two software teams.
- The company acquired a perpetual license for its Pro AV operating system to drive long-term margin expansion.
- Netgear has historically made, and expects to continue making, acquisitions as part of its business growth strategy.
Capital Expenditures
- Capital expenditures were $9.86 million in 2021, $5.76 million in 2022, $5.80 million in 2023, and $8.99 million in 2024.
- The latest value for Capital Expenditure (LTM - Last Twelve Months) was $0.87 million as of March 6, 2024.
- Netgear is investing in its highest-growth opportunities and increasing resources for software research and development.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Netgear Stock Pre-Market (+13%) : Massive Q4 EPS Beat & Margin Expansion | 02/05/2026 | |
| Netgear Earnings Notes | 12/16/2025 | |
| How Low Can Netgear Stock Really Go? | 10/17/2025 | |
| NTGR Dip Buy Analysis | 07/10/2025 | |
| Netgear Total Shareholder Return (TSR): 91.2% in 2024 and -1.6% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Netgear (NTGR) Operating Cash Flow Comparison | 02/17/2025 | |
| Netgear (NTGR) Net Income Comparison | 02/16/2025 | |
| Netgear (NTGR) Operating Income Comparison | 02/15/2025 | |
| Netgear (NTGR) Revenue Comparison | 02/13/2025 | |
| Netgear vs. S&P500 Correlation | 10/03/2024 | |
| ARTICLES | ||
| Netgear Stock Pre-Market (+13%) : Massive Q4 EPS Beat & Margin Expansion | 02/05/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 164.69 |
| Mkt Cap | 122.6 |
| Rev LTM | 8,317 |
| Op Inc LTM | 2,925 |
| FCF LTM | 3,574 |
| FCF 3Y Avg | 2,656 |
| CFO LTM | 3,745 |
| CFO 3Y Avg | 2,782 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.3% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 11.5% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 19.0% |
| Op Inc Chg 3Y Avg | 7.2% |
| Op Mgn LTM | 24.8% |
| Op Mgn 3Y Avg | 24.2% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 30.7% |
| CFO/Rev 3Y Avg | 27.9% |
| FCF/Rev LTM | 27.5% |
| FCF/Rev 3Y Avg | 25.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 122.6 |
| P/S | 6.1 |
| P/Op Inc | 24.1 |
| P/EBIT | 23.2 |
| P/E | 27.9 |
| P/CFO | 28.9 |
| Total Yield | 3.6% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.7% |
| 3M Rtn | 45.2% |
| 6M Rtn | 37.2% |
| 12M Rtn | 55.6% |
| 3Y Rtn | 144.7% |
| 1M Excs Rtn | 7.8% |
| 3M Excs Rtn | 29.4% |
| 6M Excs Rtn | 28.3% |
| 12M Excs Rtn | 28.2% |
| 3Y Excs Rtn | 72.1% |
Comparison Analyses
Price Behavior
| Market Price | $23.05 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 07/31/2003 | |
| Distance from 52W High | -36.0% | |
| 50 Days | 200 Days | |
| DMA Price | $25.25 | $25.59 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -8.7% | -9.9% |
| 3M | 1YR | |
| Volatility | 52.8% | 44.6% |
| Downside Capture | 192.68 | 195.64 |
| Upside Capture | 136.18 | 125.24 |
| Correlation (SPY) | 39.6% | 42.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.22 | 1.45 | 1.07 | 1.19 | 1.50 | 1.24 |
| Up Beta | 1.03 | 0.20 | 0.55 | 0.81 | 1.57 | 1.32 |
| Down Beta | 3.10 | 3.69 | 1.79 | 1.31 | 1.56 | 1.15 |
| Up Capture | 166% | 167% | 141% | 113% | 119% | 180% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 22 | 33 | 59 | 119 | 373 |
| Down Capture | 347% | 283% | 79% | 141% | 148% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 18 | 29 | 64 | 127 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTGR | |
|---|---|---|---|---|
| NTGR | -17.6% | 44.5% | -0.31 | - |
| Sector ETF (XLK) | 59.9% | 23.1% | 1.96 | 44.4% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 43.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 7.8% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -10.5% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 19.0% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 33.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTGR | |
|---|---|---|---|---|
| NTGR | -11.4% | 45.1% | -0.13 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.80 | 39.1% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 41.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 8.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 6.9% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 32.1% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 18.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTGR | |
|---|---|---|---|---|
| NTGR | -2.7% | 43.4% | 0.09 | - |
| Sector ETF (XLK) | 25.4% | 24.7% | 0.93 | 40.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 41.6% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 6.9% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 11.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 31.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -2.4% | -1.3% | 0.4% |
| 2/4/2026 | -1.5% | 1.8% | 0.5% |
| 10/29/2025 | 0.8% | -12.8% | -23.1% |
| 7/30/2025 | -5.7% | 0.8% | 8.6% |
| 4/30/2025 | 16.1% | 18.9% | 21.6% |
| 2/5/2025 | 1.3% | 4.5% | -17.2% |
| 10/30/2024 | 6.0% | 13.6% | 19.0% |
| 7/31/2024 | 3.5% | -5.4% | 2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 11 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 6.0% | 1.8% | 8.6% |
| Median Negative | -4.4% | -7.1% | -11.7% |
| Max Positive | 22.6% | 31.8% | 24.7% |
| Max Negative | -21.2% | -22.5% | -23.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -2.4% | -1.3% | 0.4% |
| 2/4/2026 | -1.5% | 1.8% | 0.5% |
| 10/29/2025 | 0.8% | -12.8% | -23.1% |
| 7/30/2025 | -5.7% | 0.8% | 8.6% |
| 4/30/2025 | 16.1% | 18.9% | 21.6% |
| 2/5/2025 | 1.3% | 4.5% | -17.2% |
| 10/30/2024 | 6.0% | 13.6% | 19.0% |
| 7/31/2024 | 3.5% | -5.4% | 2.3% |
| 5/1/2024 | -21.2% | -22.5% | -7.6% |
| 2/7/2024 | -7.8% | -0.5% | 1.8% |
| 10/25/2023 | 19.7% | 16.0% | 24.7% |
| 7/26/2023 | -3.5% | -1.0% | -12.0% |
| 4/26/2023 | -13.7% | -18.5% | -18.7% |
| 2/1/2023 | -6.0% | -5.6% | -11.4% |
| 10/26/2022 | -8.7% | -10.2% | -10.0% |
| 7/27/2022 | 22.6% | 31.8% | 22.0% |
| 4/27/2022 | 2.5% | 1.5% | -11.7% |
| 2/2/2022 | -0.8% | -7.1% | -7.3% |
| 10/27/2021 | -3.3% | -4.0% | -15.0% |
| 7/21/2021 | -9.5% | -10.3% | -6.1% |
| 4/21/2021 | -3.2% | 0.6% | 2.0% |
| 2/3/2021 | -4.4% | 0.9% | -8.0% |
| 10/21/2020 | -3.8% | -10.4% | -13.9% |
| 7/22/2020 | 6.8% | 0.5% | 13.7% |
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 11 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 6.0% | 1.8% | 8.6% |
| Median Negative | -4.4% | -7.1% | -11.7% |
| Max Positive | 22.6% | 31.8% | 24.7% |
| Max Negative | -21.2% | -22.5% | -23.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 150.00 Mil | 157.50 Mil | 165.00 Mil | 3.3% | Raised | Guidance: 152.50 Mil for Q1 2026 | |
| Q2 2026 GAAP Operating Margin | -8.4% | -6.9% | -5.4% | -53.4% | 7.9% | Raised | Guidance: -14.8% for Q1 2026 |
| Q2 2026 Non-GAAP Operating Margin | -1.0% | 0.5% | 2.0% | -111.1% | 5.0% | Raised | Guidance: -4.5% for Q1 2026 |
| Q2 2026 GAAP Tax Expense | 0.80 Mil | 1.30 Mil | 1.80 Mil | -13.3% | Lowered | Guidance: 1.50 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Tax Expense | 0.50 Mil | 1.00 Mil | 1.50 Mil | 25.0% | Raised | Guidance: 0.80 Mil for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 145.00 Mil | 152.50 Mil | 160.00 Mil | -14.1% | Lower New | Guidance: 177.50 Mil for Q4 2025 | |
| Q1 2026 GAAP Operating Margin | -16.3% | -14.8% | -13.3% | -9.0% | Lower New | Guidance: -5.8% for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Margin | -6.0% | -4.5% | -3.0% | -4.0% | Lower New | Guidance: -0.5% for Q4 2025 | |
| Q1 2026 GAAP Tax Expense | 1.00 Mil | 1.50 Mil | 2.00 Mil | Higher New | Guidance: 0 for Q4 2025 | ||
| Q1 2026 Non-GAAP Tax Expense | 0.30 Mil | 0.80 Mil | 1.30 Mil | -20.0% | Lower New | Guidance: 1.00 Mil for Q4 2025 | |
Insider Activity
Updated 6/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Durr, Laura | Direct | Sell | 6032026 | 26.76 | 1,000 | 26,760 | 1,125,499 | Form | |
| 2 | Goli, Shravan | Direct | Sell | 6032026 | 26.89 | 3,381 | 90,901 | 695,189 | Form | |
| 3 | Butterfass, Sarah | Direct | Sell | 6032026 | 26.90 | 2,704 | 72,738 | 1,047,836 | Form | |
| 4 | Durr, Laura | Direct | Sell | 6032026 | 25.94 | 2,000 | 51,880 | 1,116,950 | Form | |
| 5 | Badjate, Pramod | President & GM, NFB | Direct | Sell | 5042026 | 25.47 | 3,000 | 76,410 | 4,215,616 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Durr, Laura | Direct | Sell | 6032026 | 26.76 | 1,000 | 26,760 | 1,125,499 | Form | |
| 2 | Goli, Shravan | Direct | Sell | 6032026 | 26.89 | 3,381 | 90,901 | 695,189 | Form | |
| 3 | Butterfass, Sarah | Direct | Sell | 6032026 | 26.90 | 2,704 | 72,738 | 1,047,836 | Form | |
| 4 | Durr, Laura | Direct | Sell | 6032026 | 25.94 | 2,000 | 51,880 | 1,116,950 | Form | |
| 5 | Badjate, Pramod | President & GM, NFB | Direct | Sell | 5042026 | 25.47 | 3,000 | 76,410 | 4,215,616 | Form |
| 6 | Badjate, Pramod | President & GM, NFB | Direct | Sell | 2032026 | 20.97 | 3,000 | 62,910 | 3,031,968 | Form |
| 7 | Badjate, Pramod | President & GM, NFB | Direct | Sell | 11212025 | 24.60 | 4,000 | 98,400 | 3,821,881 | Form |
| 8 | McLindin, Graeme | VP, Mobile | Direct | Sell | 11052025 | 34.26 | 1,205 | 41,283 | 1,055,482 | Form |
| 9 | Maiorino, Bradley | Direct | Sell | 10142025 | 35.26 | 13,063 | 460,601 | 1,987,113 | Form | |
| 10 | Goli, Shravan | Direct | Sell | 10012025 | 29.95 | 2,047 | 61,308 | 875,678 | Form | |
| 11 | Goli, Shravan | Direct | Sell | 8262025 | 26.11 | 11,757 | 306,923 | 816,713 | Form | |
| 12 | McLindin, Graeme | VP, Mobile | Direct | Sell | 8052025 | 22.62 | 417 | 9,433 | 724,134 | Form |
| 13 | McLindin, Graeme | VP, Mobile | Direct | Sell | 6172025 | 28.38 | 2,377 | 67,459 | 1,737,083 | Form |
| 14 | Durr, Laura | Direct | Sell | 6162025 | 28.39 | 4,387 | 124,547 | 1,279,225 | Form | |
| 15 | Durr, Laura | Direct | Sell | 6162025 | 29.50 | 4,388 | 129,446 | 1,458,657 | Form | |
| 16 | Butterfass, Sarah | Direct | Sell | 6022025 | 28.89 | 5,848 | 168,949 | 1,203,471 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Communications Equipment Resources |
| Light Reading |
| Fierce Network |
| Telecoms.com |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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