NTGRNETGEAR, INC.

Computer Communications Equipment

Revenue: $700M; 3.8% YoY
Operating margin: -4.9%; 369% YoY
EBITDA: −$26M; 240% YoY
Market cap: $613M
Employees: 784; $892K revenue each
Net debt / EBITDA: —
AI in 10-K: 6.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
32× cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$892K · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.6 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$613M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$593K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$932M	$741M	$674M	$700M	3.8%
Operating income	$67M	−$83M	−$33M	$12M	−$34M	380%
Net income	$49M	−$69M	−$105M	$12M	−$18M	250%
Operating cash flow	−$5M	−$14M	$57M	$165M	$2M	99%
Capex	$10M	$6M	$6M	$9M	$21M	128%
Stock-based comp	$26M	$18M	$18M	$23M	$30M	31%
Buybacks	$75M	$24M	$0	$33M	$51M	53%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $593K · 12
Net: −$593K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$3M	60	258
FY2024	—	—	69	201
FY2023	—	—	36	147
FY2022	—	—	45	89
FY2021	—	—	72	138