NETGEAR, Inc.
NTGR Technology Communication Equipment
NETGEAR, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $699.6 million, up 3.84% from fiscal 2024. In the quarter to June 2026, revenue fell 1.16%, EPS fell 22.7% and free cash flow fell 118.6%, each against the same quarter a year earlier.
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NETGEAR, Inc. (NTGR) Beneish M-score
NETGEAR, Inc.'s Beneish M-score for fiscal 2025 is −2.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.50 | 0.88 |
| FY2024 | −3.38 | 0.41 |
| FY2023 | −3.79 | (1.17) |
| FY2022 | −2.62 | (0.12) |
| FY2021 | −2.50 | 0.36 |
| FY2020 | −2.86 | (0.58) |
| FY2019 | −2.28 | (0.49) |
| FY2018 | −1.79 | 1.32 |
| FY2017 | −3.11 | (0.39) |
| FY2016 | −2.72 | (0.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 0.76 | — | 0.40 | |
| Asset quality index | 1.72 | — | 0.70 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HLIT Harmonic Inc. compare | −3.7× |
| TSAT Telesat Corporation compare | −3.6× |
| ADTN ADTRAN Holdings, Inc. compare | −3.0× |
| LTRX Lantronix, Inc. compare | −2.9× |
| SILC Silicom Ltd compare | −2.8× |
| CLFD Clearfield, Inc. compare | −2.8× |
| FEIM Frequency Electronics, Inc. compare | −2.5× |
| NTGR NETGEAR, Inc. | −2.5× |
| GILT Gilat Satellite Networks Ltd. compare | −1.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI