Does NETSCOUT SYSTEMS, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores NETSCOUT SYSTEMS, INC. (NTCT) 54.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 73, capital discipline 52.

Is NTCT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $30.30 per share versus a recent price of $41.30 — 36% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NTCT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 54.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NETSCOUT SYSTEMS, INC.

NTCT · Technology · $3.0B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power99

Median gross margin 74.1% over 10y, very stable.

Returns on capital0

Median ROIC 1.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 64x.

Capital discipline52

Owner earnings -1.5%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

36% above value

Owner earnings (normalized): $121.3M
Est. intrinsic value / share: $30.30
Recent price: $41.30
Discount to value: 36% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

NETSCOUT SYSTEMS, INC. booked $859.5M of revenue in FY2026 in the Technology sector and kept 79.4% of it as gross profit — a high-margin business by that measure. After every other cost, 11.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $260.3M (FY2010) to $859.5M (FY2026) — about 7.8% a year compounded over 16 years.

It earned 8.3% on invested capital in FY2026, with a median of 2.3% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2025. Balance-Sheet Safety scores it 73/100.

The share count rose 69.3% between FY2011 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 52/100.

Put together: Pricing Power is the strongest of the four filters (99/100) and Returns on Capital the weakest (0/100), which is how NTCT lands at 55/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$859.5M FY2026

Gross marginRevenue kept after cost of goods79.4% FY2026

Return on invested capitalOperating profit on the capital employed8.3% FY2026

Owner earningsCash an owner could take out$143.0M FY2026

Gaps in a line mean that item isn’t in NTCT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NTCT has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#175 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#173ACIW ACI WORLDWIDE, INC.54.9 out of 100, Shallow moatShallow moat
#174YYAI AiRWA INC.54.9 out of 100, Shallow moatShallow moat
#176SLP Simulations Plus, Inc.54.3 out of 100, Shallow moatShallow moat
#177MU Micron Technology, Inc.54.2 out of 100, Shallow moatShallow moat

Compare NTCT with its nearest peers →All Technology companies on the Index →

Common questions about NTCT

Does NETSCOUT SYSTEMS, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores NETSCOUT SYSTEMS, INC. (NTCT) 54.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 73, capital discipline 52.
Is NTCT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $30.30 per share versus a recent price of $41.30 — 36% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NTCT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 54.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NTCT. See the disclaimer.