# NetScout Systems, Inc. (NTCT)

> Source: Nexqual · https://nexqual.com/NTCT · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, NetScout Systems, Inc. (NTCT), nexqual.com/NTCT" · informational, not investment advice.

**Price:** USD 39.35 (-0.46% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 39.53 · day 38.9–40.25 · 52w 25.29–45.28 · market cap $2.86B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $883M, net income $121M (13.7% margin), free cash flow $261M (SEC filings).
- Valuation: P/E 23.6x (avg 24.4x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold NTCT (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 43.38 (range 37.13–50).
- Total return with dividends: 1Y +40.9% vs S&P 500 +14.8%; 5Y +45.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.67, revenue estimate $219M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: NTCT paid no cash dividend in the last five years.
- Short interest: 6.02% of float (as of 2026-10-15), 5.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $856M | $915M | $829M | $823M | $859M | $883M |
| Gross profit | $641M | $691M | $642M | $644M | $682M | — |
| Operating income | $48.6M | $77.7M | -$150M | -$368M | $110M | $131M |
| Net income | $35.9M | $59.6M | -$148M | -$367M | $95.5M | $121M |
| EPS (diluted) | $0.48 | $0.82 | -$2.07 | -$5.12 | $1.30 | — |
| Free cash flow | $286M | $146M | $52.4M | $212M | $285M | $261M |
| Gross margin | 75.0% | 75.6% | 77.4% | 78.3% | 79.4% | — |
| Operating margin | 5.7% | 8.5% | -18.1% | -44.7% | 12.8% | 14.8% |
| Net margin | 4.2% | 6.5% | -17.8% | -44.6% | 11.1% | 13.7% |
| Revenue growth | +2.9% | +6.9% | -9.3% | -0.8% | +4.5% | — |
| Cash + short-term investments | $703M | $419M | — | — | $586M | — |
| Total debt | $350M | $100M | $100M | $0K | — | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.6x · P/S 3.2x · P/FCF 11.0x · P/B 1.7x · FCF yield 9.12% · Earnings yield 4.23% · Buyback yield (TTM) 1.60%
P/E at fiscal year-ends: Mar 2026 24.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NTCT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $10.8M | Added +24.2% |

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 43.38 (low 37.13, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | RBC Capital | Reiterated | Sector Perform | $43 |
| 2026-07-16 | RBC Capital | Target raised | Sector Perform | $38 → $43 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +40.9% | +45.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +41.2% | +7.8% |
| Volatility (annualized) | 31.8% | 30.4% |
| Max drawdown | -17.5% (Jul 2026→Sep 2026) | -53.3% (Nov 2022→Jun 2024) |

## Dividends
NTCT paid no cash dividend in the last five years.

## Short interest
3,534,635 shares sold short, 6.02% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,693,254 shares (-4.3%). Days to cover: 5.8 (short shares ÷ average daily volume).

## Peers (Software - Infrastructure)
DLO (DLocal Limited) USD 13.65 -0.87% · BLSH (Bullish) USD 28.47 -0.90% · CORZ (Core Scientific, Inc.) USD 14.43 -3.80% · RELY (Remitly Global, Inc.) USD 24.64 +1.52% · TENB (Tenable Holdings, Inc.) USD 51.78 +6.28% · BB (BlackBerry Limited) USD 9.19 -2.23%

## More
Full page: https://nexqual.com/NTCT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $124.4M | 59.1% | +9.4% |
| Product | $86.0M | 40.9% | +17.8% |
| Total revenue | $210.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $124.8M | 59.3% | +24.1% |
| Rest Of World | $36.1M | 17.2% | -10.8% |
| Europe | $36.0M | 17.1% | +17.1% |
| Asia | $13.6M | 6.5% | -9.8% |
| Total revenue | $210.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Additionally, in June, we marked a major milestone in NETSCOUT's 40-year history of innovation with the issuance of our 750th patent. "We are reaffirming our fiscal year 2027 outlook as we continue to execute on our strategy to drive revenue, expand margins, and generate solid free cash flow."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.67 | $0.71 | -6.3% | $218.8M | 2 |
| Next quarter (ends 2026-12-31) | $0.96 | $1.01 | -4.5% | $259.1M | 2 |
| Current fiscal year (ends 2027-03-31) | $2.74 | $2.74 | +0.0% | $904.4M | 2 |
| Next fiscal year (ends 2028-03-31) | $2.80 | $2.79 | +0.1% | $925.3M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±9.8%; last 8 reports averaged ±4.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 49.4% | ±9.8% |
| 2026-12-18 | 50 | 44.6% | ±13.3% |
| 2027-03-19 | 141 | 43.3% | ±21.6% |
| 2027-06-17 | 231 | 41.4% | ±26.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.52 | $0.39 | Beat +33.3% | -6.3% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.52 | $0.46 | Beat +13.0% | +10.1% |
| Feb 5, 2026 | Quarter ended Dec 31, 2025 | $1.00 | $0.82 | Beat +22.0% | -2.6% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.62 | $0.45 | Beat +37.8% | +5.1% |
| Aug 7, 2025 | — | — | — | — | -0.6% |
| May 8, 2025 | — | — | — | — | +1.9% |
| Jan 30, 2025 | — | — | — | — | +6.7% |
| Oct 24, 2024 | — | — | — | — | -1.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-26 | 8-K | Director or executive officer change, or pay arrangement — “On October 22, 2026, Sanjay Munshi, the Company's Chief Operating Officer, resigned from all positions he held with the Company and its subsidiaries, effective immediately.” | https://www.sec.gov/Archives/edgar/data/1078075/000119312526431953/0001193125-26-431953-index.htm |
| 2026-09-11 | 8-K | Director or executive officer change, or pay arrangement; Shareholder vote results — “On September 9, 2026, NetScout Systems, Inc. (the "Company") held its 2026 annual meeting of stockholders (the "2026 Annual Meeting"). At the 2026 Annual Meeting, the Company's stockholders approved an amendment to the Company's 2019 Equity Incentive Plan, as amended (the "Amended 2019 Plan") to increase the aggregate number of shares of the Company's common stock authorized for issuance thereunder by 3,500,000 shares. The Company's board of directors (the "Board") previously approved the Amended 2019 Plan,…” | https://www.sec.gov/Archives/edgar/data/1078075/000119312526389272/0001193125-26-389272-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1078075/000009375126000502/0000093751-26-000502-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1078075/000107807526000108/0001078075-26-000108-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1078075/000107807526000105/0001078075-26-000105-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1078075/000210011926001496/0002100119-26-001496-index.htm |
| 2026-07-24 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1078075/000119312526316124/0001193125-26-316124-index.htm |
| 2026-07-24 | DEF 14A | Proxy statement (pay, board, votes) · period ended Sep 9, 2026 | https://www.sec.gov/Archives/edgar/data/1078075/000119312526316095/0001193125-26-316095-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.