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NTGR, NETGEAR Inc.

Communications Equipment consumer brand Cyclical

We are a global provider of networking technologies for businesses, homes, and service providers.

We deliver a wide range of networking hardware, software, and services designed to enable reliable connectivity and security.

Our products and services are delivered through integrated platforms that combine hardware, software, and services.

Latest annual: FY2025 10-K

NTGR · NETGEAR Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$700M

+3.8% YoY · −11% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $696M 5-yr avg $843M

Gross margin 39% 5-yr avg 32%

Operating margin −5.0% 5-yr avg −2.2%

ROIC −10% 5-yr avg −3%

Owner-earnings margin −2% 5-yr avg 5%

Free cash flow margin −2% 5-yr avg 5%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Consumer (51%) and Enterprise (49%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 30% and operating margin about 2.6% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −8.9% to 9.2% — on a steadier 30% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 24% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 1 of 10 years). By owner earnings: roughly 3% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 segments, the largest Consumer at 51%.

Revenue by reportable segment, FY2025

Consumer51%$358M
Enterprise49%$342M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.1B	$1.0B	$1.1B	$999M	$1.3B	$1.2B	$932M	$741M	$674M	$700M	$696M	RevenueRevenue
33%	30%	32%	29%	30%	31%	27%	34%	29%	38%	39%	Gross marginGross mgn
5%	5%	6%	5%	5%	5%	6%	9%	9%	11%	11%	SG&A / revenueSG&A/rev
6%	7%	8%	8%	7%	8%	9%	11%	12%	12%	13%	R&D / revenueR&D/rev
$105M	$43M	$39M	$26M	$76M	$67M	($83M)	($33M)	$12M	($34M)	($35M)	Operating incomeOp. inc.
9.2%	4.1%	3.7%	2.6%	6.0%	5.7%	−8.9%	−4.5%	1.8%	−4.9%	−5.0%	Operating marginOp. mgn
$76M	$19M	($9M)	$26M	$58M	$49M	($69M)	($105M)	$12M	($18M)	($25M)	Net incomeNet inc.
32%	—	—	13%	18%	25%	—	—	50%	—	—	Effective tax rateTax rate
											Cash flow & returns
$118M	$88M	($103M)	$14M	$181M	($5M)	($14M)	$57M	$165M	$2M	$12M	Operating cash flowOp. cash
$30M	$23M	$19M	$19M	$19M	$14M	$10M	$7M	$7M	$8M	$10M	DepreciationDeprec.
($5M)	$27M	($139M)	($61M)	$73M	($94M)	$27M	$137M	$123M	($18M)	($5M)	Working capital & otherWC & other
$10M	$10M	$12M	$14M	$10M	$10M	$6M	$6M	$9M	$21M	$23M	CapexCapex
0.9%	1.0%	1.2%	1.4%	0.8%	0.8%	0.6%	0.8%	1.3%	2.9%	3.3%	Capex / revenueCapex/rev
$108M	$77M	($115M)	($705K)	$171M	($14M)	($19M)	$51M	$156M	($19M)	($11M)	Owner earningsOwner earn.
9.4%	7.4%	−10.9%	−0.1%	13.6%	−1.2%	−2.1%	6.9%	23.1%	−2.7%	−1.6%	Owner earnings marginOE mgn
$108M	$77M	($115M)	($705K)	$171M	($14M)	($19M)	$51M	$156M	($19M)	($11M)	Free cash flowFCF
9.4%	7.4%	−10.9%	−0.1%	13.6%	−1.2%	−2.1%	6.9%	23.1%	−2.7%	−1.6%	Free cash flow marginFCF mgn
$0	$0	$14M	$0	$0	—	—	$0	$0	$12M	$12M	AcquisitionsAcquis.
$38M	$113M	$30M	$76M	$24M	$75M	$24M	$0	$33M	$51M	—	BuybacksBuybacks
13%	4%	5%	5%	18%	12%	-14%	-7%	2%	-9%	-10%	ROICROIC
10%	3%	-1%	4%	8%	7%	-11%	-20%	2%	-4%	-5%	Return on equityROE
10%	3%	−1%	4%	8%	7%	−11%	−20%	2%	−4%	−5%	Retained to equityRetained/eq
											Balance sheet
$366M	$330M	$274M	$196M	$353M	$272M	$227M	$284M	$409M	$323M	$297M	Cash & investmentsCash+inv
$314M	$255M	$260M	$277M	$277M	$261M	$277M	$185M	$156M	$142M	$142M	ReceivablesReceiv.
$248M	$163M	$244M	$235M	$172M	$316M	$300M	$249M	$163M	$176M	$169M	InventoryInvent.
$112M	$91M	$140M	$81M	$91M	$74M	$86M	$47M	$58M	$44M	$43M	Accounts payablePayables
$449M	$327M	$365M	$432M	$359M	$503M	$492M	$387M	$260M	$275M	$268M	Operating working capitalOper. WC
$963M	$1.0B	$858M	$744M	$893M	$883M	$834M	$748M	$758M	$673M	$643M	Current assetsCur. assets
$357M	$424M	$384M	$298M	$365M	$341M	$346M	$264M	$270M	$250M	$249M	Current liabilitiesCur. liab.
2.7×	2.4×	2.2×	2.5×	2.4×	2.6×	2.4×	2.8×	2.8×	2.7×	2.6×	Current ratioCurr. ratio
$64M	$64M	$81M	$81M	$81M	$81M	$36M	$36M	$36M	$45M	$45M	GoodwillGoodwill
$1.2B	$1.2B	$1.0B	$956M	$1.1B	$1.1B	$1.0B	$847M	$850M	$836M	$802M	Total assetsAssets
($366M)	($330M)	($274M)	($196M)	($353M)	($272M)	($227M)	($284M)	($409M)	($323M)	($297M)	Net debt / (cash)Net debt
$797M	$730M	$628M	$609M	$689M	$697M	$621M	$535M	$541M	$498M	$471M	Shareholders’ equityEquity
1.5%	1.8%	2.5%	2.9%	2.4%	2.2%	1.9%	2.4%	3.4%	4.2%	4.7%	Stock comp / revenueSBC/rev
											Per share
33.7M	32.1M	33.1M	32.0M	30.6M	31.0M	29.0M	29.4M	29.7M	28.6M	28.0M	Shares out (diluted)Shares
$33.90	$32.38	$31.95	$31.25	$40.97	$37.68	$32.15	$25.24	$22.70	$24.46	$24.89	Revenue / shareRev/sh
$2.25	$0.61	$-0.28	$0.81	$1.90	$1.59	$-2.38	$-3.57	$0.42	$-0.63	$-0.89	EPS (diluted)EPS
$3.20	$2.41	$-3.48	$-0.02	$5.58	$-0.47	$-0.67	$1.74	$5.25	$-0.66	$-0.39	Owner earnings / shareOE/sh
$3.20	$2.41	$-3.48	$-0.02	$5.58	$-0.47	$-0.67	$1.74	$5.25	$-0.66	$-0.39	Free cash flow / shareFCF/sh
$0.30	$0.32	$0.37	$0.45	$0.34	$0.32	$0.20	$0.20	$0.30	$0.72	$0.82	Cap. spending / shareCapex/sh
$23.62	$22.76	$18.94	$19.04	$22.50	$22.48	$21.40	$18.24	$18.23	$17.40	$16.84	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−3.6%/yr	−9.8%/yr
Capital spending / share	+10.0%/yr	+16.4%/yr
Book value / share	−3.3%/yr	−5.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Enterprise+18.8%
“Enterprise net revenue increased primarily due to higher demand for Pro AV product line of managed switches, in addition to benefitting from inventory optimization efforts with channel partners completed in the first half of the prior year.”
✓ direction matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

29Mpeak FY2016

ROIC

−9%low FY2022

Gross margin

38%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($19M)owner earningsvs.($18M)net incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported a $18M loss but ($19M) of owner earnings: $986K less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($18M)	$12M	($105M)	($69M)	$49M
Depreciation & amortizationnon-cash charge added back	+$8M	+$7M	+$7M	+$10M	+$14M
Stock-based compensationreal costnon-cash, but a real cost	+$30M	+$23M	+$18M	+$18M	+$26M
Working capital & othertiming of cash in and out, other non-cash items	−$18M	+$123M	+$137M	+$27M	−$94M
Cash from operations	$2M	$165M	$57M	($14M)	($5M)
Capital expenditurecash put back in to keep running and to grow	−$21M	−$9M	−$6M	−$6M	−$10M
Owner earnings	($19M)	$156M	$51M	($19M)	($14M)
Owner-earnings marginowner earnings ÷ revenue	-3%	23%	7%	-2%	-1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $30M), owner earnings is nearer ($49M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$323M

Net cash, debt-free

Cash $210M + ST investments $113M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $323M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 186d

Long (60+ days)

DSO 74 + DIO 149 − DPO 37 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 2%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin -0%

Consumes cash through the cycle

10-yr median margin, range -11%–23%; latest ($19M) = operating cash $2M − maintenance capex $21M

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -3% of revenue this year, a -0% median across 10 years. Treating stock comp as the real expense it is (less $30M of SBC) leaves ($49M).
Are earnings backed by cash? $2M

Loss, but cash-generative

Net income ($18M) · cash from operations $2M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 2.57×

Expanding

Capex $21M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $700M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.69×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −228%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.37/share (latest year $-0.67), the averaged base the calculator's gate runs on, and book value is $18.55/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Operating margin 6% → −3% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about 6% early to −3% lately, median 3% — competition or costs are biting in.
Owner earnings growth −3%/yr

What this means
Owner earnings shrank about 3% a year over the record.
Worst year 2022 · −8.9% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count −1.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 29, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$643M

Cash & short-term investments$297M
Receivables$142M
Inventory$169M
Other current assets$35M

Current liabilities$249M

Accounts payable$43M
Other current liabilities$205M

Current ratio2.58×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.90×stricter: inventory excluded

Cash ratio1.19×strictest: cash alone against what's due

Working capital$394Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago−2.0%the freshest read on whether the business is still growing

Current ratio, recent quarters2.6× → 2.6×

Deeper floors

Tangible book value$389Mequity stripped of goodwill & intangibles

Net current asset value$312MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$48M$48M of it operating leases

Deferred revenue$30Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $502M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$108M · 22%
Buybacks$464M · 92%

Returned to owners$464M
118% of the owner earnings the business produced over the span, $0 as dividends and $464M as buybacks.
Source of funding−$70M
Reinvestment and shareholder returns ran $70M beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down $69M.
Average price paid for buybacks$32.70
Across the years where the filing reports a share count, 14M shares were bought for $464M, about $32.70 each. Year to year the price paid ranged from $15.76 (2024) to $60.00 (2018); its heaviest year, 2017, paid $47.15 ($113M).
Net change in share count−17.1%
The diluted count fell from 34M to 28M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$84M10% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity9%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$27Mover 10 years buying other businesses, against $108M of capital spent building

$44M written down across 1 year (2022): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Charles (CJ) Prober	$5.2M	−$1.4M	($14M)
2022	Charles (CJ) Prober	$3.3M	−$74k	($19M)
2023	Charles (CJ) Prober	$1.9M	$877k	$51M
2024	Charles (CJ) Prober	$2.5M	$9,458	$156M
2024	Charles (CJ) Prober	$17.8M	$33.1M	$156M
2025	Charles (CJ) Prober	$10.6M	$6.0M	($19M)
2025	Charles (CJ) Prober	$3.6M	$2.5M	($19M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership3.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio98:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$30M
The slice of the business handed to employees in shares this year, 4% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why NETGEAR Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Credit & receivables, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Communications Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
FFIVF5 Inc.	$3.1B	81%	23.1%	26%	27%
CRSRCorsair Gaming Inc.	$1.5B	25%	1.4%	1%	2%
OMCLOmnicell	$1.2B	46%	2.3%	2%	11%
EXTRExtreme Networks Inc.	$1.1B	56%	-0.2%	-0%	8%
NTGRNETGEAR Inc.	$700M	30%	3.1%	4%	3%
PARPAR Technology Corporation	$456M	22%	-15.1%	-8%	-8%
DGIIDigi International Inc.	$430M	53%	6.7%	5%	11%
ATENA10 Networks Inc.	$291M	78%	10.6%	38%	16%
Group median	—	49%	2.7%	3%	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what NETGEAR Inc. has delivered.

NETGEAR Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, NETGEAR Inc. earns about $24M on its 3.4% median owner-earnings margin. This year’s −2.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($24M) Net of stock comp (−$32M) Steady-state · maintenance capex (($9M))

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’16→’25−3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($11M) on 27M shares outstanding, per the 10-Q cover, as of 2026-04-24; net cash $297M. The if-converted diluted count is 28M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($23M) runs well above depreciation ($10M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($9M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh NTGR against another business →

The owners of NTGR: the meeting and the votes →

Cite: Owner Scorecard, "NETGEAR Inc. (NTGR), the owner's record," https://ownerscorecard.com/c/NTGR, data as of 2026-07-09.

Manual order: ← NTCT its page in the Manual NTLA →

Industry order: ← NSSC the Communications Equipment chapter ONDS →