Arlo Technologies

ARLO · NYSE · Information Technology · Financials, fiscal 2016 to 2025

ARLO · Last close · November 6, 2026

$12.34

Arlo Technologies' revenue rose 3.6% to $529 million in fiscal 2025. Its operating margin was 1.1%, up from −6.8% a year earlier. It paid out $46 million in dividends and buybacks. The diluted share count rose 11.7%.

ARLO TECHNOLOGIES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001736946-26-000031 Updated November 6, 2026

Revenue

$529M

3.6%

Operating margin

1.1%

8.0 pts

Net income

$15M

Free cash flow

—

Return on equity

13.1%

42.9 pts

Market cap

$1.4B

Nov 6 close

P/E

53.7x

On $0.23 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Arlo's 2025 filing doesn't tag its capital spending under the usual label, so capital spending and free cash flow are blank for 2025.

Charts show fiscal years, from the 10-K filings.

What Arlo Technologies does

Arlo sells smart home security cameras, video doorbells, floodlight cameras and home security systems, along with paid subscription services run from the cloud. Its customers are people and small business owners who want to watch over their homes and property from a phone app.

Arlo earns money from the devices and from subscriptions, including Arlo Secure, which adds artificial intelligence detection, professional monitoring and emergency response, Arlo Total Security and Arlo Safe. It says it wants to grow recurring subscription revenue. Its devices work with Amazon Alexa, Apple HomeKit, Google Assistant and Samsung SmartThings.

It sells through retail and e-commerce channels, and also sees small business, government and direct monitoring channels as ways to grow. It relies on a small number of outside manufacturers for nearly all of its manufacturing. Some competitors are larger and offer broader product lines.

Its biggest risks, as it describes them

Reliance on sole or limited source suppliers for key components.
Dependence on a few contract manufacturers for nearly all production.
Failing to sell more paid subscription services.
Changes in insurance company discounts for home security use.
Competitors with more resources and lower prices.

From Arlo Technologies's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2025, earnings per share grew 3.1% a year and net income 10.9% a year, as new shares raised the share count by 77% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	176	84	56	82	146
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	1.4x	1.4x	1.6x	1.5x	1.5x
Quick ratio	1.3x	1.1x	1.3x	1.3x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Arlo Technologies' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Arlo Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Arlo Technologies shares on the open market, and 4 insiders sold $22.0 million, $10.9 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	33,394	$15.03	$501,865	Form 4
Sep 29, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	13,358	$12.58	$168,044	Form 4
Sep 28, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	83,211	$12.44	$1.0 million	Form 4
Sep 1, 2026	Amy M RothsteinDirector	Sold plan	6,149	$12.55	$77,170	Form 4
Aug 7, 2026	Amy M RothsteinDirector	Sold plan	9,251	$16.13	$149,219	Form 4
Aug 5, 2026	Amy M RothsteinDirector	Sold plan	2,100	$16.00	$33,600	Form 4
Aug 4, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	27,297	$15.52	$423,649	Form 4
Aug 4, 2026	Amy M RothsteinDirector	Sold plan	5,010	$15.34	$76,853	Form 4
Aug 3, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	13,971	$15.01	$209,705	Form 4
Aug 3, 2026	Amy M RothsteinDirector	Sold plan	12,490	$15.01	$187,475	Form 4
Jul 6, 2026	Kurtis Joseph BinderChief Financial Officer	Sold plan	16,507	$12.83	$211,785	Form 4
Jun 22, 2026	Amy M RothsteinDirector	Sold plan	5,260	$13.02	$68,485	Form 4

The latest 12 of 34 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	7.4%	13.5%	—
Altman Z''	−2.14	−2.71	−1.29
Accruals ratio	−21.6%	−28.0%	−20.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Arlo Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Arlo Technologies	FY25	3.6%	1.1%	—	—	—	—
Powerfleet	FY26	22.4%	4.4%	2.0%	2.2%	3.1x	—	Compare
Aviat Networks	FY26	1.2%	4.4%	1.4%	3.3%	1.1x	5	Compare
Digi International	FY25	1.5%	13.1%	24.5%	6.3%	1.5x	6	Compare
Netgear	FY25	3.8%	−4.9%	−2.7%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	185	371	465	370	357	435	490	491	511	529
Revenue growth	—	100.8%	25.4%	−20.4%	−3.5%	21.8%	12.7%	0.2%	4.0%	3.6%
Gross profit	38	91	92	36	55	108	136	168	188	233
Research and development	24	35	59	69	60	59	65	69	73	74
Operating income	−13	6	−75	−85	−105	−60	−57	−25	−35	6
Net income	−14	6	−76	−86	−101	−56	−57	−22	−30	15
Diluted EPS (US$)	−0.22	0.11	−1.12	−1.14	−1.30	−0.68	−0.65	−0.24	−0.31	0.14
Diluted shares (millions)	62	62	67	75	78	83	87	93	99	110
Cash flow
Cash from operations	−33	−39	−18	9	−46	−23	−46	38	51	79
Capital expenditure	2	4	22	7	4	2	2	3	3	—
Free cash flow	−35	−43	−39	3	−50	−25	−48	35	49	—
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	4	46
Acquisitions	9	1	0	0	0	0	0	0	0	0
Stock-based compensation	2	2	9	23	35	38	48	48	69	62
Balance sheet at fiscal year end
Cash and short-term investments	0	0	201	257	—	176	84	56	82	146
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	—	270	596	543	414	348	272	286	298	310
Total liabilities	—	144	326	339	280	235	184	182	198	183
Shareholders' equity	73	125	270	203	134	113	88	103	101	128
Margins and ratios
Gross margin	20.6%	24.6%	19.8%	9.7%	15.5%	24.8%	27.7%	34.1%	36.7%	44.0%
Operating margin	−7.1%	1.6%	−16.1%	−23.0%	−29.4%	−13.8%	−11.6%	−5.1%	−6.8%	1.1%
Net margin	−7.4%	1.8%	−16.2%	−23.2%	−28.4%	−12.9%	−11.6%	−4.5%	−6.0%	2.8%
Free cash flow margin	−18.7%	−11.5%	−8.5%	0.7%	−14.1%	−5.8%	−9.8%	7.2%	9.5%	—
Rule of 40 (growth + FCF margin)	—	89.3%	17.0%	−19.7%	−17.6%	16.0%	2.9%	7.4%	13.5%	—
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	—	−38.2%	−36.4%	−60.1%	−45.5%	−56.5%	−23.1%	−29.9%	13.1%
Return on assets	—	—	−17.4%	−15.1%	−21.2%	−14.7%	−18.3%	−7.9%	−10.4%	4.9%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Arlo Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Arlo Technologies.