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IT services · Technology · Fiscal year ends Mar 31
Netscout Systems reported revenue of $859M in the fiscal year ended Mar 2026, up 4.5% from the year before. Operating income was $110M, an operating margin of 12.8%, and net income was $96M. Operating cash flow of $295M less capital expenditure of $9M left free cash flow of $285M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 856 | 915 | 829 | 823 | 859 |
| Cost of revenue | 214 | 223 | 187 | 179 | 177 |
| Gross profit | 641 | 691 | 642 | 644 | 682 |
| Research & development | 171 | 176 | 161 | 153 | 159 |
| Selling, general & admin | 362 | 380 | 367 | 365 | 368 |
| Operating income | 48.6 | 77.7 | −150 | −368 | 110 |
| Interest expense | 8.0 | 10.2 | 8.7 | 7.2 | 1.7 |
| Pre-tax income | 42.9 | 68.4 | −145 | −366 | 119 |
| Income tax | 7.0 | 8.8 | 3.2 | 1.1 | 23.0 |
| Net income | 35.9 | 59.6 | −148 | −367 | 95.5 |
| Diluted EPS | 0.48 | 0.82 | −2.07 | −5.12 | 1.30 |
| Diluted shares | 75.1 | 73.0 | 71.5 | 71.6 | 73.4 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 636 | 387 | 390 | 457 | 586 |
| Receivables | 148 | 144 | 192 | 164 | 151 |
| Inventory | 28.2 | 18.0 | 14.1 | 12.9 | 13.3 |
| Current assets | 922 | 617 | 672 | 713 | 868 |
| Net PP&E | 41.3 | 34.7 | 26.5 | 21.5 | 23.6 |
| Goodwill | 1,723 | 1,724 | 1,503 | 1,076 | 1,071 |
| Total assets | 3,195 | 2,821 | 2,595 | 2,187 | 2,355 |
| Payables | 22.0 | 16.5 | 14.5 | 18.2 | 23.5 |
| Deferred revenue | 331 | 312 | 302 | 302 | 331 |
| Current liabilities | 476 | 454 | 395 | 408 | 470 |
| Long-term debt | 350 | 100 | 100 | 0.0 | – |
| Total liabilities | 1,134 | 791 | 703 | 626 | 705 |
| Shareholders' equity | 2,060 | 2,030 | 1,892 | 1,560 | 1,649 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 296 | 157 | 58.8 | 218 | 295 |
| Capital expenditure | 10.4 | 10.5 | 6.4 | 5.4 | 9.1 |
| Free cash flow | 286 | 146 | 52.4 | 212 | 285 |
| Depreciation & amortisation | 95.8 | 85.9 | 75.0 | 63.8 | 56.5 |
| Stock-based compensation | 56.1 | 62.0 | 70.8 | 64.8 | 59.9 |
| Acquisitions | 0.0 | – | – | – | – |
| Share buybacks | 35.7 | 150 | 50.0 | 25.3 | 60.8 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.9% | −9.3% | −0.8% | 4.5% |
| Operating income growth (YoY) | – | 59.7% | −292.9% | – | – |
| EPS growth (YoY) | – | 70.8% | −352.4% | – | – |
| Gross margin | 75.0% | 75.6% | 77.4% | 78.3% | 79.4% |
| Operating margin | 5.7% | 8.5% | −18.1% | −44.7% | 12.8% |
| Net margin | 4.2% | 6.5% | −17.8% | −44.6% | 11.1% |
| Return on equityBlank when equity is negative | 1.7% | 2.9% | −7.8% | −23.5% | 5.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.8% | 3.3% | −6.8% | −20.7% | 5.8% |
| Free cash flow margin | 33.4% | 16.0% | 6.3% | 25.8% | 33.2% |
| Cash conversion (CFO ÷ net income) | 8.25x | 2.63x | −0.40x | −0.59x | 3.08x |
| Receivable days | 63 | 57 | 85 | 73 | 64 |
| Inventory days | 48 | 29 | 27 | 26 | 27 |
| Payable days | 37 | 27 | 28 | 37 | 48 |
| Interest cover | 6.04x | 7.58x | −17.3x | −51.3x | 64.4x |
| Debt ÷ equity | 0.17x | 0.05x | 0.05x | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −286 | −287 | −290 | −457 | – |
| Current ratio | 1.94x | 1.36x | 1.70x | 1.75x | 1.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.