A Business at a Glance
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NetApp, Inc.
NTAP
$33.7B
Mkt Cap
$167.74
+1.88%
NetApp, Inc. (NTAP) has a current P/E ratio of 28.1, compared to its historical median P/E of 16.0. The stock is currently considered Expensive based on its historical valuation range.
NetApp, Inc. (NTAP) has a 5-year average return on invested capital (ROIC) of 123.7%. This indicates strong capital allocation and a potential competitive advantage.
NetApp, Inc. (NTAP) has a market capitalization of $33.7B. It is classified as a large-cap stock.
Yes, NetApp, Inc. (NTAP) pays a dividend with a trailing twelve-month yield of 1.23%. The company also returns capital through share buybacks, with a buyback yield of 2.82%.
Based on historical P/E analysis, NetApp, Inc. (NTAP) appears expensive. The current P/E of 28.1 is 75% above its historical median of 16.0. The estimated fair value CAGR (P/E method) is 8.4%.
NetApp, Inc. (NTAP) operates in the Computer Storage Devices industry, within the Technology sector.
NetApp, Inc. (NTAP) reported annual revenue of $6.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
NetApp is an enterprise data infrastructure company that provides unified storage and data management solutions across hybrid and multi-cloud environments. The company operates through two segments: Hybrid Cloud, which delivers on-premises storage systems (including All-Flash FAS, SAN Arrays, and FAS series) powered by ONTAP software with integrated data protection, ransomware defense, and compliance capabilities; and Public Cloud, which offers fully managed cloud storage services natively embedded in Amazon AWS, Microsoft Azure, and Google Cloud, along with operational services and managed open-source databases through Instaclustr. NetApp's business model combines hardware and software sales with recurring support and subscription services, including its BlueXP control plane for unified management and Keystone pay-as-you-grow storage-as-a-service offering. The company serves large enterprises across all geographies, addressing critical priorities including data center modernization, AI workload enablement, ransomware resilience, and cloud cost optimization through a combination of direct sales, channel partners, and cloud provider integrations.
【Enterprise AI driving acceleration】 Management expects fiscal 2027 to benefit from broad-based enterprise demand prioritizing data infrastructure for AI, with IT spending forecasted to be strong as enterprises ready themselves for AI deployment across all business segments and geographies. The company is seeing momentum building through accelerated purchasing activity and large deal closures, with confidence in maintaining this momentum supported by differentiated AI offerings and flexible consumption models. Public cloud is expected to grow faster in fiscal 2027 than the prior year at strong gross margins, while Keystone continues to show robust growth momentum. Management is investing additional sales resources to support the outlook and expects to maintain operational discipline while capturing share of cloud transformation, cyber resilience, and AI infrastructure projects.
| Metric | Target | Period |
|---|---|---|
| Revenue | $7.325 billion–$7.575 billion | FY2027 |
| Gross margin | 68.5%–69.5% | FY2027 |
| Operating margin | 29.1%–30.1% | FY2027 |
| EPS | $8.70–$9.00 | FY2027 |
| Revenue | $1.75 billion–$1.9 billion | Q1 FY2027 |
| Gross margin | 69.1%–70.1% | Q1 FY2027 |
| EPS | $2.05–$2.15 | Q1 FY2027 |
Revenue (FY2027): “we expect fiscal year 2027 revenue to be in the range of $7.325 billion-$7.575 billion”
Gross margin (FY2027): “We expect gross margin to be in the range of 68.5%-69.5%”
Operating margin (FY2027): “We expect operating margin to be in the range of 29.1%-30.1%”
EPS (FY2027): “We expect EPS to be in the range of $8.70-$9”
Revenue (Q1 FY2027): “We expect revenue to be in the range of $1.75 billion-$1.9 billion”
Gross margin (Q1 FY2027): “We expect gross margin to be in the range of 69.1%-70.1%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 6.2B | 6.2B | 5.9B | 5.7B | 6.4B | 6.3B |
| Net Income | 1.3B | 1.3B | 1.2B | 986M | 1.3B | 937M |
| EPS | $6.35 | $6.35 | $5.67 | $0.46 | $5.79 | $4.09 |
| Free Cash Flow | 1.9B | 1.9B | 1.3B | 1.5B | 868M | 985M |
| ROIC | 73.3% | 510.3% | 137.8% | 124.9% | 102.0% | 130.0% |
| Gross Margin | 78.5% | 78.5% | 78.1% | 78.4% | 66.2% | 66.8% |
| Debt/Equity | 1.84 | 1.84 | 3.11 | 2.09 | 2.06 | 3.15 |
| Dividends/Share | $2.06 | $2.08 | $2.08 | $0.20 | $2.00 | $2.00 |
| Operating Income | 1.7B | 1.7B | 1.3B | 1.2B | 1.0B | 1.2B |
| Operating Margin | 26.8% | 26.8% | 22.6% | 21.5% | 16.0% | 18.3% |
| ROE | 94.4% | 106.7% | 108.5% | 85.6% | 127.6% | 123.0% |
| Shares Outstanding | 201M | 201M | 209M | 2,130M | 220M | 229M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.1B | 5.5B | 5.5B | 5.9B | 6.1B | 5.4B | 5.7B | 6.3B | 6.4B | 5.7B | 5.9B | 6.2B | 6.2B |
| Gross Margin | 62.6% | 60.8% | 61.0% | 62.7% | 64.2% | 66.9% | 66.4% | 66.8% | 66.2% | 78.4% | 78.1% | 78.5% | 78.5% |
| R&D | 920M | 861M | 779M | 783M | 827M | 847M | 881M | 881M | 956M | 1.0B | 1.0B | 991M | 991M |
| SG&A | 284M | 307M | 271M | 280M | 278M | 263M | 257M | 279M | 265M | 308M | 311M | 344M | 344M |
| EBIT | 716M | 348M | 621M | 1.2B | 1.2B | 945M | 1.0B | 1.2B | 1.0B | 1.2B | 1.3B | 1.7B | 1.7B |
| Op. Margin | 11.7% | 6.3% | 11.3% | 19.6% | 19.9% | 17.5% | 17.9% | 18.3% | 16.0% | 21.5% | 22.6% | 26.8% | 26.8% |
| Net Income | 560M | 229M | 481M | 116M | 1.2B | 819M | 730M | 937M | 1.3B | 986M | 1.2B | 1.3B | 1.3B |
| Net Margin | 9.1% | 4.1% | 8.7% | 2.0% | 19.0% | 15.1% | 12.7% | 14.8% | 20.0% | 17.4% | 20.1% | 20.5% | 20.5% |
| Non-Recurring | 0 | 159M | 52M | 0 | 35M | 21M | 42M | 33M | 120M | 44M | 83M | 21M | 21M |
| Returns on Capital | |||||||||||||
| ROIC | 54.6% | 16.0% | 51.4% | 1.1% | 12.9% | 123.1% | 168.8% | 130.0% | 102.0% | 124.9% | 137.8% | N/M | 73.3% |
| ROE | 15.6% | 7.3% | 16.5% | 4.4% | 69.5% | 123.0% | 157.5% | 123.0% | 127.6% | 85.6% | 108.5% | 106.7% | 94.4% |
| ROA | 6.0% | 2.4% | 4.9% | 1.2% | 12.5% | 10.1% | 8.6% | 9.7% | 12.8% | 10.0% | 11.5% | 11.8% | 11.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 974M | 986M | 1.5B | 1.3B | 1.1B | 1.3B | 1.2B | 1.1B | 1.7B | 1.5B | 2.1B | 2.1B |
| Free Cash Flow | 1.1B | 814M | 811M | 1.3B | 1.2B | 936M | 1.2B | 985M | 868M | 1.5B | 1.3B | 1.9B | 1.9B |
| Owner Earnings | 766M | 502M | 613M | 1.2B | 1.0B | 753M | 978M | 818M | 614M | 1.1B | 924M | 1.5B | 1.5B |
| CapEx | 175M | 160M | 175M | 145M | 173M | 124M | 162M | 226M | 239M | 155M | 168M | 198M | 198M |
| Maint. CapEx | 243M | 212M | 178M | 145M | 150M | 154M | 158M | 148M | 181M | 198M | 196M | 179M | 179M |
| Growth CapEx | 0 | 0 | 0 | 0 | 23M | 0 | 4.0M | 78M | 58M | 0 | 0 | 19M | 19M |
| D&A | 243M | 212M | 178M | 145M | 150M | 154M | 158M | 148M | 181M | 198M | 196M | 179M | 179M |
| CapEx/OCF | 13.8% | 16.4% | 17.7% | 9.8% | 12.9% | 11.7% | 12.2% | 18.7% | 21.6% | 9.2% | 11.2% | N/A | 9.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 208M | 210M | 208M | 214M | 403M | 439M | 427M | 446M | 432M | 416M | 424M | 413M | 413M |
| Dividend Yield | 2.2% | 3.1% | 2.8% | 1.9% | 2.6% | 4.0% | 4.0% | 2.5% | 3.2% | 0.2% | 1.8% | N/A | 1.2% |
| Share Buybacks | 1.2B | 960M | 705M | 794M | 2.1B | 1.4B | 125M | 600M | 850M | 900M | 1.1B | 950M | 950M |
| Buyback Yield | 13.0% | 17.0% | 7.9% | 5.2% | 13.6% | 16.6% | 0.8% | 3.8% | 6.5% | 4.3% | 6.3% | 0.0% | 2.8% |
| Stock-Based Comp | 259M | 260M | 195M | 161M | 158M | 153M | 197M | 245M | 312M | 357M | 386M | 382M | 382M |
| Debt Repayment | 0 | 0 | 0 | 750M | 0 | 410M | 689M | 0 | 250M | 0 | 400M | 750M | 750M |
| Balance Sheet | |||||||||||||
| Net Debt | -3.8B | -3.0B | -3.4B | -3.5B | -2.1B | -1.2B | -2.0B | -1.5B | -681M | -860M | -611M | -1.1B | 417M |
| Cash & Equiv. | 1.9B | 2.9B | 2.4B | 2.9B | 2.3B | 2.7B | 4.5B | 4.1B | 2.3B | 1.9B | 2.7B | 2.1B | 2.1B |
| Long-Term Debt | 1.5B | 1.5B | 744M | 1.5B | 1.1B | 1.1B | 2.6B | 2.4B | 2.4B | 2.0B | 2.5B | 2.5B | 2.5B |
| Debt/Equity | 0.44 | 0.81 | 0.51 | 0.85 | 1.64 | 6.89 | 3.84 | 3.15 | 2.06 | 2.09 | 3.11 | 1.84 | 1.84 |
| Interest Coverage | 17.0 | 7.1 | 11.9 | 18.7 | 21.1 | 17.2 | 13.9 | 15.8 | 15.2 | 19.0 | 20.9 | 15.4 | 15.4 |
| Equity | 3.4B | 2.9B | 2.9B | 2.3B | 1.1B | 242M | 685M | 838M | 1.2B | 1.1B | 1.0B | 1.4B | 1.4B |
| Total Assets | 9.4B | 10.0B | 9.5B | 10.0B | 8.7B | 7.5B | 9.4B | 10.0B | 9.8B | 9.9B | 10.8B | 10.7B | 10.7B |
| Total Liabilities | 6.0B | 7.2B | 6.7B | 7.7B | 7.7B | 7.3B | 8.7B | 9.2B | 8.7B | 8.7B | 9.8B | 9.4B | 9.4B |
| Intangibles | 90M | 180M | 131M | 94M | 47M | 44M | 101M | 142M | 181M | 124M | 43M | 22M | 22M |
| Retained Earnings | 53M | 0 | 40M | -9.0M | 0 | 0 | 211M | 122M | 265M | 208M | 0 | 153M | 153M |
| Working Capital | 4.1B | 2.8B | 2.1B | 3.4B | 1.7B | 658M | 2.5B | 2.0B | 1.2B | 791M | 1.2B | 1.8B | 1.8B |
| Current Assets | 6.8B | 6.4B | 6.2B | 7.0B | 5.6B | 4.3B | 6.0B | 5.9B | 4.7B | 4.9B | 5.9B | 5.8B | 5.8B |
| Current Liabilities | 2.7B | 3.7B | 4.1B | 3.5B | 3.9B | 3.6B | 3.5B | 4.0B | 3.5B | 4.1B | 4.7B | 4.0B | 4.0B |
| Per Share Data | |||||||||||||
| EPS | 1.75 | 0.77 | 1.71 | 0.42 | 4.51 | 3.52 | 3.23 | 4.09 | 5.79 | 0.46 | 5.67 | 6.35 | 6.35 |
| Owner EPS | 2.39 | 1.69 | 2.18 | 4.24 | 3.99 | 3.24 | 4.33 | 3.57 | 2.79 | 0.53 | 4.42 | 7.49 | 7.49 |
| Book Value | 10.67 | 9.69 | 10.48 | 8.24 | 4.21 | 1.04 | 3.03 | 3.66 | 5.27 | 0.54 | 4.97 | 6.72 | 6.72 |
| Cash Flow/Share | 3.96 | 3.28 | 3.51 | 5.35 | 5.17 | 4.56 | 5.90 | 5.29 | 5.03 | 0.79 | 7.20 | 10.29 | 7.24 |
| Dividends/Share | 0.66 | 0.72 | 0.76 | 0.80 | 1.60 | 1.92 | 1.92 | 2.00 | 2.00 | 0.20 | 2.08 | 2.08 | 2.06 |
| Shares Out. | 320.0M | 297.4M | 281.3M | 276.2M | 259.2M | 232.7M | 226.0M | 229.1M | 220.0M | 2.1B | 209.2M | 200.9M | 200.9M |
| Valuation | |||||||||||||
| P/E Ratio | 15.9 | 24.7 | 17.6 | 130.5 | 13.3 | 10.4 | 21.2 | 16.8 | 10.3 | 21.2 | 15.3 | N/A | 26.4 |
| P/FCF | 8.2 | 6.9 | 11.1 | 11.4 | 13.3 | 9.1 | 13.2 | 16.0 | 15.1 | 136.4 | 13.6 | N/A | 18.0 |
| EV/EBIT | 7.1 | 7.7 | 9.1 | 10.1 | 11.0 | 7.7 | 13.1 | 12.5 | 12.2 | 16.8 | 13.7 | N/A | 20.4 |
| Price/Book | 2.6 | 2.0 | 3.2 | 6.7 | 14.2 | 35.1 | 22.6 | 18.8 | 11.3 | 18.2 | 17.5 | N/A | 24.9 |
| Price/Sales | 10.4 | 7.1 | 7.7 | 1.9 | 2.5 | 2.0 | 1.9 | 2.8 | 2.2 | 2.7 | 3.6 | N/A | 5.4 |
| FCF Yield | 12.2% | 14.4% | 9.0% | 8.8% | 7.5% | 11.0% | 7.6% | 6.3% | 6.6% | 7.3% | 7.4% | N/A | 5.5% |
| Market Cap | 8.9B | 5.7B | 9.0B | 15.1B | 15.5B | 8.5B | 15.5B | 15.7B | 13.1B | 20.9B | 18.2B | 0 | 33.7B |
| Avg. Price | 29.35 | 22.71 | 26.46 | 40.36 | 59.95 | 46.64 | 47.58 | 76.85 | 62.27 | 78.82 | 113.18 | 0.00 | 167.74 |
| Year-End Price | 27.91 | 19.01 | 31.89 | 54.82 | 59.79 | 36.47 | 68.50 | 68.66 | 59.41 | 98.02 | 86.77 | 0.00 | 167.74 |
NetApp, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
NetApp, Inc. trades at 28.1x trailing earnings, compared to its 15-year median P/E of 16.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.6x vs a median of 13.2x. The company's 5-year average ROIC is 123.7% with a gross margin of 73.6%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +13.0%.
NetApp, Inc. (NTAP) has a net profit margin of 20.5%. This is a strong margin indicating high profitability.
NetApp, Inc. (NTAP) generated $1.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NetApp, Inc. (NTAP) has a debt-to-equity ratio of 1.84. This indicates higher leverage, which may increase financial risk.
NetApp, Inc. (NTAP) reported earnings per share (EPS) of $6.35 in its most recent fiscal year.
NetApp, Inc. (NTAP) has a return on equity (ROE) of 106.7%. This indicates the company generates strong returns for shareholders.
NetApp, Inc. (NTAP) has a 5-year average gross margin of 73.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for NetApp, Inc. (NTAP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NetApp, Inc. (NTAP) has a book value per share of $6.72, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects fiscal 2027 to benefit from broad-based enterprise demand prioritizing data infrastructure for AI, with IT spending forecasted to be strong as enterprises ready themselves for AI deployment across all business segments and geographies. The company is seeing momentum building through accelerated purchasing activity and large deal closures, with confidence in maintaining this momentum supported by differentiated AI offerings and flexible consumption models. Public cloud is expected to grow faster in fiscal 2027 than the prior year at strong gross margins, while Keystone continues to show robust growth momentum. Management is investing additional sales resources to support the outlook and expects to maintain operational discipline while capturing share of cloud transformation, cyber resilience, and AI infrastructure projects.
Based on recent SEC filings and earnings calls, NetApp, Inc. (NTAP) has provided the following forward guidance: Revenue: $7.325 billion–$7.575 billion (FY2027); Gross margin: 68.5%–69.5% (FY2027); Operating margin: 29.1%–30.1% (FY2027); EPS: $8.70–$9.00 (FY2027); Revenue: $1.75 billion–$1.9 billion (Q1 FY2027), plus 2 additional metrics.
EPS (Q1 FY2027): “We expect EPS to be in the range of $2.05-$2.15”