Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 22 Oct 2026
Key indicators
Price
$212.51
52-week range
$93.69 – $240.87
Market cap
$42.5B
P/E (trailing)
30.1×
EV / EBITDA
20.6×
Free-cash-flow yield
3.9%
Dividend yield
1.0%
Revenue (last 12 months)
$7.4B
Revenue growth (3y a year)
2.9%
Operating margin
25.0%
Return on invested capital
352.4%
Net debt / EBITDA
-0.5×
Fair value
Fair value (average of valid models)$159.62 middle half of models $130 – $190
Versus priceOvervalued−25% to fair value
P/E multiple
$200.98
P/B multiple
$172.32
P/S multiple
$145.33
EV/EBITDA multiple
$187.88
EV/EBIT multiple
$193.75
EV/revenue multiple
$165.41
10-year DCF, EBITDA exit
$175.66
5-year DCF, EBITDA exit
$193.71
10-year DCF, revenue exit
$174.54
5-year DCF, revenue exit
$190.40
10-year DCF, growth exit
$107.71
5-year DCF, growth exit
$104.39
Dividend discount, multi-stage
$97.59
Earnings power value
$125.04
Model uncertainty
Medium
X-Ray Score
54/ 100 · High confidence · ahead of 59% of sector peers
Valuation38
Growth47
Profitability72
Financial health72
Dividends28
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives NetApp, Inc. an X-Ray Score of 54 out of 100 (high confidence), ahead of 59% of the S&P 500 stocks in its sector. Its strongest lens is financial health (72) and its weakest is dividends (28).
Our fair value (the average of the valid models) is $159.62 (range $130.11 to $189.77). At $212.51 the stock trades 33% above that value, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
NetApp, Inc. (NTAP)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$66.36
$58.79
$97.01
$86.31
$108.14
$212.51
Market cap
$15.2B
$12.9B
$20.7B
$18.0B
$21.7B
$42.5B
P/E
16.2×
10.2×
21.0×
15.2×
17.0×
30.1×
EV / revenue
2.2×
1.9×
3.2×
2.7×
3.0×
5.6×
EV / EBITDA
10.5×
10.2×
14.0×
11.4×
11.1×
20.6×
Price / free cash flow
15.4×
14.9×
13.5×
13.5×
11.6×
25.8×
Free-cash-flow yield
6.5%
6.7%
7.4%
7.4%
8.6%
3.9%
Price / book
18.1×
11.2×
18.0×
17.3×
16.1×
28.4×
Dividend yield
3.01%
3.40%
2.06%
2.41%
1.92%
0.98%
Fundamentals checklist ● 8 Good · ● 5 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.4%Average
Free-cash-flow yield3.9%Average
Risk models
Altman Z score2.0×Bad
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)3.1%Average
Free-cash-flow growth (3y)29.1%Good
Revenue growth (3y)2.9%Bad
Growth consistency100%Good
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA-0.5×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.5%Good
Profitability
Return on invested capital352.4%Good
Operating margin25.0%Average
Gross profitability47.6%Good
XStocksXray
NetApp, Inc. (NTAP)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
6,318
6,362
6,268
6,572
6,925
7,391
Gross profit
4,220
4,209
4,433
4,613
4,899
5,220
Operating income
1,157
1,018
1,214
1,337
1,674
1,849
Net income
937
1,274
986
1,186
1,276
1,418
Diluted EPS ($)
4.09
5.79
4.63
5.67
6.35
7.06
Free cash flow
985
868
1,530
1,338
1,869
1,650
Gross margin
66.8%
66.2%
70.7%
70.2%
70.7%
70.6%
Operating margin
18.3%
16.0%
19.4%
20.3%
24.2%
25.0%
Net margin
14.8%
20.0%
15.7%
18.0%
18.4%
19.2%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
10,026
9,818
9,887
10,823
10,744
10,955
Cash
4,112
2,316
1,903
2,742
2,070
1,573
Total debt
2,636
2,389
2,392
3,235
2,487
2,488
Equity
838
1,159
1,146
1,040
1,351
1,495
Dividend per share ($)
2.00
2.00
2.00
2.08
2.08
2.08
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Apr 2025
Jul 2025
Oct 2025
Jan 2026
Apr 2026
Jul 2026
Revenue ($M)
1,732
1,559
1,705
1,713
1,948
2,025
Growth vs a year earlier
+3.8%
+1.2%
+2.8%
+4.4%
+12.5%
+29.9%
Net income ($M)
340
233
305
334
404
375
Diluted EPS ($)
–
1.15
1.51
1.67
–
1.88
XStocksXray
NetApp, Inc. (NTAP)
Peers in Technology Hardware, Storage & Peripherals
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
