Forensic Analysis · Technology / Software · as of Aug 11, 2026
Netgear, Inc. (NTGR)
A forensic read on Netgear, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
5
Forensic signals
-15.9
P / E (ttm)
-3.6%
ROE
$635M
Market cap
0.00%
Dividend yield
3.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Netgear, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.2%
FY2025
Return on invested capital.Return on invested capital is -7.2% in the latest fiscal year and rising from -12% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($19M)
FY2025
Shareholder returns.Returned $51M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($19M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $2M — 3155% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+12.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 25% against -9% in cost of sales and inventory up +9% against -9% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.
-0.5%/yr
FY2022–FY2025
Share count.Diluted share count changed -1% over the last 3 years to FY2025 (-0.5%/yr). Roughly flat — buybacks ($51M) are about offsetting stock comp ($30M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$699.6M
Revenue Growth YoY+3.8%
Net Margin-2.6%
Free Cash Flow-$18.9M
Return on Equity-3.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Netgear, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
$44M
FY2022–FY2022
Goodwill impairments.Took $44M of goodwill writedowns across 1 year (FY2022 ($44M)). Writedowns mean past acquisitions underperformed what was paid for them.
Netgear, Inc. (NTGR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy