NETGEAR, Inc. — Earnings Quality Grade C
NTGR · Technology
Some red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 74 days, change -11 days YoY
AR growth -9.1% vs revenue growth 3.8%
Revenue 3.8%, CFFO -99.0%. Cash follows revenue
Expense Quality
Inventory growth 8.6% far exceeds COGS -9.3%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth 128.1% is >2x revenue growth 3.8%
SG&A/Gross Profit = 77.6%, exceeds 70%
Gross margin swung +9.0pp (29.1% → 38.0%)
Cash Flow Quality
CFFO/NI = -0.09. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -2.3%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 17% of equity. Manageable
Debt/EBITDA = -2.8x. Healthy
Other assets -3.8% vs revenue 3.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 130% YoY
Manipulation Score
M-Score = -2.38 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25