NetApp, Inc. (NTAP)
Information Technology · Technology Hardware, Storage & Peripherals · US stock · S&P 500 component
$212.51
▼ -4.70 (2.16%)
Fair valueOvervalued
$160 −24.9% to fair value
$80fair band $136–$193$239
Day's range
$205.09 – $215.77
52-week range
$93.69 – $240.87
About NetApp, Inc.
NetApp provides data storage and data management products, including flash storage arrays, software for managing data across on-premises and public cloud environments, and cloud-based storage services. Customers are enterprises, governments and service providers that need to store, protect and move large volumes of information. Revenue comes from product sales of hardware and software, from support and maintenance contracts, and from growing cloud services that are billed on a subscription or usage basis.
The figures show revenue of $7.4 billion for the last twelve months and three-year growth of 2.9% a year. It reports an operating margin of 25.0%. Capital is used to generate a return on invested capital of 352%. Net debt to EBITDA is -0.5 times, which means the company holds more cash than debt. The company pays a dividend with a yield of 1.0%. The site's X-Ray Score for the company is 54 out of 100.
Price chart
52-wk range $93.69 – $240.87Volume 1,641,119Daily, split-adjusted
Vitals
Market cap$42.5B
52-week range$93.69 – $240.87
Volume (last day)1,641,119
P/E (TTM)30.1
EBIT / EV yield4.5%
Free-cash-flow yield3.9%
Dividend yield1.0%
Revenue (TTM)$7.4B
Net income (TTM)$1.4B
Operating margin25.0%
Return on capital352.4%
Debt incl. leases$2.5B
Cash & securities$3.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$160middle half of models $130 – $190
Overvalued
−24.9% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $213
Undervalued < $136Fair $136 – $193Overvalued > $193
P/E multiple
$201
P/B multiple
$172
P/S multiple
$145
EV/EBITDA multiple
$188
EV/EBIT multiple
$194
EV/revenue multiple
$165
10-year DCF, EBITDA exit
$176
5-year DCF, EBITDA exit
$194
10-year DCF, revenue exit
$175
5-year DCF, revenue exit
$190
10-year DCF, growth exit
$108
5-year DCF, growth exit
$104
Dividend discount, stable · not used
$52
Dividend discount, multi-stage
$98
Earnings power value
$125
Growth the price implies
20.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Healthy business, but priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
38/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.5%
Free-cash-flow yield3.9%
Fair value vs price0.8×
Growth
Weak
47/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)2.9%
EPS growth (3y)3.1%
Growth consistency100%
Profitability
Strong
72/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital352.4%
Operating margin25.0%
Gross profitability47.6%
Financial health
Strong
72/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA-0.5×
Interest coverNo interest cost
Dividends
Weak
28/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow25%
Dividend growth-1.5%
Quarterly results: last 6 quarters
+3.8%
Apr '25
+1.2%
Jul '25
+2.8%
Oct '25
+4.4%
Jan '26
+12.5%
Apr '26
+29.9%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $1.88.
Compare with peers
SNDK Sandisk Corp73 SMCI Super Micro Computer,...58 STX Seagate Technology Hol...56 DELL Dell Technologies Inc.53Other Technology Hardware, Storage & Peripherals companies by X-Ray Score.
SWOT analysis: NetApp, Inc.
Strengthsinside the company
- Return on invested capital is 352.4%, against a median of 52.7% for industry peers.
- Operating margin of 25.0% is well above the 9.4% median of industry peers, a sign of pricing power or lower costs.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Information Technology as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- The price is 25% above our fair value estimate, so there is little room for disappointment.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare NTAP with peers and sector
Medians of 9 Technology Hardware, Storage & Peripherals peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): AAPL 53, DELL 53, SNDK 73, STX 56, WDC 52, HPE 45.
| Metric | NTAP | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 54 | 53 | 50 |
| Valuation | 38 | 59 | 52 |
| Growth | 47 | 73 | 54 |
| Profitability | 72 | 52 | 49 |
| Financial health | 72 | 51 | 49 |
| Dividends | 28 | 47 | 51 |
Sector leaders: highest X-Ray Score in Information Technology
NTAP ranks #31 of 75 in Information Technology and #4 of 10 in Technology Hardware, Storage & Peripherals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for NTAP
Each factor is rated by where NTAP stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 11 Average · 3 Bad of 23
Growth: 0 · 1 · 2
Profitability: 3 · 2 · 0
Financial strength: 3 · 1 · 0
Valuation: 0 · 4 · 1
Cash flow: 1 · 3 · 0
Efficiency: 2 · 0 · 0
| Factor | NTAP | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +2.9% | Bad beats 26% | +9.7% | – | – |
| Revenue growth, last year | +5.4% | Bad beats 13% | +13.7% | +4.9% | ≈ In line |
| EPS growth, 3 years a year | +3.1% | Average beats 45% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 70.6% | Good beats 74% | 57.8% | 70.2% | ≈ In line |
| Operating margin | 25.0% | Average beats 58% | 20.3% | 19.4% | ▲ Better |
| Net margin | 19.2% | Average beats 53% | 17.8% | 18.0% | ≈ In line |
| Return on invested capital | 352.4% | Good beats 98% | 19.4% | – | – |
| Return on equity | 94.8% | Good beats 92% | 21.0% | 109.9% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -0.5x | Good beats 91% | 0.8x | -0.6x | ≈ In line |
| Interest cover | 50.0x | Good beats 75% | 23.0x | 15.8x | ▲ Better |
| Current ratio | 1.24 | Average beats 35% | 1.57 | 1.35 | ≈ In line |
| Piotroski F-score | 9 / 9 | Good beats 99% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 30.0x | Average beats 58% | 33.6x | 17.1x | ▼ Worse |
| Price / book | 28.4x | Bad beats 12% | 8.3x | 17.8x | ▼ Worse |
| Price / sales | 5.8x | Average beats 57% | 6.9x | 2.8x | ▼ Worse |
| EV / EBITDA | 20.6x | Average beats 62% | 24.7x | 11.7x | ▼ Worse |
| Free cash flow yield | 3.9% | Average beats 58% | 3.4% | 7.1% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 22.3% | Average beats 51% | 22.3% | 20.4% | ≈ In line |
| Cash from operations / net income | 1.34 | Average beats 42% | 1.39 | 1.29 | ≈ In line |
| Free cash flow growth, 3 years a year | +29.1% | Good beats 75% | +15.4% | – | – |
| Accruals (lower is better) | −4.4% | Average beats 50% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 5.8x | Good beats 81% | 3.9x | 10.3x | ▼ Worse |
| Days sales outstanding | 48 days | Good beats 74% | 63 days | 68 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 8 Good · ● 5 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 60/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B |
| Operating income | $1.2B | $1.0B | $1.2B | $1.3B | $1.7B |
| Net income | $937M | $1.3B | $986M | $1.2B | $1.3B |
| Operating cash flow | $1.2B | $1.1B | $1.7B | $1.5B | $2.1B |
| Operating margin | 18.3% | 16.0% | 19.4% | 20.3% | 24.2% |
| Free cash flow | $985M | $868M | $1.5B | $1.3B | $1.9B |
| Diluted EPS | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 4 neutral · 5 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 220.3 | Bearish |
| EMA 10 | 216.2 | Bearish |
| SMA 20 | 219.2 | Bearish |
| EMA 20 | 215.0 | Bearish |
| SMA 50 | 202.9 | Bullish |
| EMA 50 | 203.5 | Bullish |
| SMA 100 | 185.6 | Bullish |
| EMA 100 | 185.2 | Bullish |
| SMA 200 | 146.0 | Bullish |
| EMA 200 | 161.1 | Bullish |
Oscillators (daily)
| RSI (14) | 50.02 | Neutral |
| MACD (12, 26) | 3.62 | Bullish |
| Momentum (12) | -6.77 | Bearish |
| Stochastic %K (14) | 25.97 | Neutral |
| Williams %R (14) | -74.03 | Neutral |
| CCI (20) | -45.73 | Neutral |
Pivot points (classic, last session)
S3 195.8 | S2 200.4 | S1 206.5 | Pivot 211.1 | R1 217.2 | R2 221.8 | R3 227.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.08 USD
Yield on today's price
0.98%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.5000 | |
| 0.5000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold NTAP
| ETF | Share of the fund |
|---|---|
| COWG Pacer US Large Cap Cash Cows Growth Le... | 1.95% |
| CIBR First Trust NASDAQ Cybersecurity | 1.76% |
| SKYY First Trust Cloud Computing | 1.74% |
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.52% |
| VALQ American Century STOXX U.S. Quality Va... | 1.23% |
| BKDV BNY Mellon Dynamic Value | 1.14% |
| NULV Nuveen ESG Large-Cap Value | 1.08% |
| VFLO VictoryShares Free Cash Flow | 1.04% |
The eight funds with the largest weight in NTAP among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
NTAP stock splits
NTAP has split its stock 4 times since 1997. The latest was a 2-for-1 split on 23 Mar 2000.
Full NTAP stock split history →NTAP SEC filings
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.