NetApp Inc NTAP

Information TechnologyComputers, Phones & Household ElectronicsUnited States of America

Last close 199.18 USD on Nov 1, 2026, +88.8% year to date

Quant rating

Quant rating A Rank 16 of 389 in Information Technology

Growth C 225 of 389
Valuation B 153 of 389
Quality A 17 of 389
Revisions B 126 of 389
Momentum A 26 of 389

Wall Street consensus Hold (2.61)Average target 212.08 USD +6.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 39.1B
Enterprise value: 38.0B
52-week range: 93.69 – 240.59
3-year range: 73.35 – 240.59
Dividend yield: 1.04%
Beta (5 years): 1.51
Shares outstanding: 196M
Next earnings: Dec 1, 2026

About the company

NetApp, Inc. is an intelligent data infrastructure company combining unified data storage, integrated data, operational and workload services. It creates silo-free infrastructure, harnessing observability and AI to enable data management. Its operational and workload services provide continuous optimization of performance and efficiency for infrastructure and workloads through observability and AI. Its Hybrid Cloud segment provides a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers. Hybrid Cloud includes software, hardware, and related support, along with professional and other services. Its Public Cloud segment offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage, data services and operational services. These solutions and services are available in the public clouds, including Amazon AWS, Microsoft Azure, and Google Cloud.

Growth and profitability fiscal year ends April 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	6,925	6,572	6,268	6,362	6,318	–
Revenue growth	5.4%	4.9%	−1.5%	0.7%	10.0%	3.8%
EPS (basic, normalized)	8.13	7.25	6.46	5.59	5.28	–
EPS growth	12.1%	12.2%	15.6%	5.9%	–	–
Gross margin	70.7%	70.2%	70.7%	66.2%	66.8%	68.9%
Net margin	18.4%	18.0%	15.7%	20.0%	14.8%	17.4%
ROE	106.7%	108.5%	85.6%	127.6%	123.0%	110.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,576
Current ratio	1.24x
Long-term debt (mil)	1,938
Net debt (mil)	−1,088
Total equity (mil)	1,495
Net debt / equity	−0.73x
Net debt / EBITDA	−0.48x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	6,925	+5.4%	5.5x	2,267	+9.1%	16.8x	8.13	+12.1%	24.5x
2027	8,182	+18.2%	4.6x	2,708	+19.5%	14.0x	10.00	+23.0%	19.9x
2028	8,736	+6.8%	4.4x	2,944	+8.7%	12.9x	11.15	+11.4%	17.9x
2029	9,333	+6.8%	4.1x	3,330	+13.1%	11.4x	12.49	+12.0%	16.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	8,182	+0.1%	+9.4%	+13.8%	10.00	0.0%	+12.5%	+17.1%
2028	8,736	+0.5%	+10.8%	+15.3%	11.15	+0.3%	+13.5%	+19.6%
2029	9,333	+0.2%	+12.7%	–	12.49	+1.5%	+18.6%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	1,668	1,541	1,658	1,641	1,732	1,559	1,705	1,713	1,948	2,025
Sales mean (mil)	1,655	1,526	1,645	1,694	1,724	1,546	1,688	1,695	1,872	1,839
Surprise	+0.8%	+1.0%	+0.8%	−3.1%	+0.4%	+0.8%	+1.0%	+1.1%	+4.0%	+10.1%
EPS reported	1.80	1.56	1.87	1.91	1.93	1.55	2.05	2.12	2.43	2.58
EPS mean	1.79	1.45	1.78	1.91	1.90	1.54	1.89	2.06	2.27	2.12
Surprise	+0.8%	+7.3%	+4.9%	+0.1%	+1.8%	+0.8%	+8.7%	+2.7%	+7.2%	+21.7%

Peer comparison Computers, Phones & Household Electronics

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NTAP NetApp Inc	39.1B	−0.48x	18.4%	26.11x	19.9x	17.9x	14.0x	12.9x
AAPL Apple Inc.	5.03T	0.15x	26.8%	46.83x	38.9x	35.8x	29.7x	28.1x
DELL Dell Technologies Inc	269.8B	1.83x	5.2%	−190.30x	16.4x	14.0x	11.8x	10.7x
SNDK SanDisk Corporation	166.3B	−0.40x	56.4%	9.14x	5.2x	4.3x	4.0x	3.3x
STX Seagate Technology Holdings PLC	148.0B	0.23x	26.1%	42.88x	16.0x	9.8x	12.7x	7.6x
WDC Western Digital Corp	137.0B	−0.10x	71.9%	14.65x	14.6x	8.9x	11.5x	7.2x
Mean		0.21x	34.1%	−8.45x	18.5x	15.1x	14.0x	11.6x
Median		0.03x	26.5%	20.38x	16.2x	11.9x	12.3x	9.1x

Technical analysis

1M−2.3%
3M+14.4%
1Y+74.5%
3Y+192.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NetApp Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	6,925	6,572	6,268	6,362	6,318	5,744
Cost of revenue	2,026	1,959	1,835	2,153	2,098	1,929
Gross profit	4,899	4,613	4,433	4,209	4,220	3,815
Selling, general & administrative expenses	2,213	2,176	2,136	2,091	2,136	1,996
Research & development	991	1,012	1,029	956	881	881
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.0	88.0	54.0	144	46.0	−79.0
Other operating expenses	0	0	0	0	0	0
Operating income	1,674	1,337	1,214	1,018	1,157	1,017
Net interest income (expense)	4.0	48.0	48.0	34.0	−66.0	−59.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−30.0	−2.0	1.0	14.0	4.0	4.0
Net income before taxes	1,648	1,383	1,263	1,066	1,095	962
Provision for taxes	372	197	277	−208	158	232
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,276	1,186	986	1,274	937	730
Extraordinary items	–	–	–	–	–	–
Net income	1,276	1,186	986	1,274	937	730
EBIT, normalized	1,695	1,425	1,268	1,162	1,203	938
EBITDA, normalized	1,895	1,668	1,523	1,411	1,397	1,145
Basic EPS, normalized	8.13	7.25	6.46	5.59	5.28	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NetApp Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,584	3,846	3,252	3,070	4,134	4,596
Receivables	1,286	1,246	1,007	987	1,230	945
Total inventory	198	186	186	167	204	114
Prepaid expenses	–	–	–	–	–	–
Other current assets	708	573	452	456	377	346
Total current assets	5,776	5,851	4,897	4,680	5,945	6,001
Property, plant & equipment	820	804	851	931	896	639
Goodwill	2,772	2,723	2,759	2,759	2,346	2,039
Intangibles	22.0	43.0	124	181	142	101
Long-term investments	98.0	92.0	85.0	80.0	73.0	71.0
Note receivable	–	–	–	–	–	–
Other long-term assets	1,256	1,310	1,171	1,187	624	509
Total assets	10,744	10,823	9,887	9,818	10,026	9,360
Liabilities
Accounts payable	550	511	517	392	607	420
Payable/accrued	–	–	–	–	–	–
Accrued expenses	614	571	596	427	526	575
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	750	400	0	250	–
Other current liabilities	2,857	2,830	2,593	2,648	2,570	2,457
Total current liabilities	4,021	4,662	4,106	3,467	3,953	3,452
Long-term debt	2,487	2,485	1,992	2,389	2,386	2,632
Minority interest	–	–	–	–	–	–
Other liabilities	2,885	2,636	2,643	2,803	2,849	2,591
Total liabilities	9,393	9,783	8,741	8,659	9,188	8,675
Shareholders' equity
Preferred stock	–	–	–	–	–	0
Common stock	0.2	0.2	0.2	0.2	760	504
Additional paid-in capital	1,209	1,106	997	945	–	–
Retained earnings (accumulated deficit)	153	0	208	265	122	211
Treasury stock	–	–	–	–	–	–
Other equity	−11.0	−66.0	−59.0	−51.0	−44.2	−30.0
Total equity	1,351	1,040	1,146	1,159	838	685
Total liabilities & shareholders' equity	10,744	10,823	9,887	9,818	10,026	9,360

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NetApp Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,276	1,186	986	1,274	937	730
Depreciation, depletion & amortization	200	243	255	248	194	207
Deferred taxes	135	−100	53.0	−606	−144	−6.0
Non-cash items	479	427	389	297	246	117
Changes in working capital	−23.0	−250	2.0	−106	−22.0	285
Cash from operations	2,067	1,506	1,685	1,107	1,211	1,333
Investing activities
Capital expenditures	−198	−168	−155	−239	−226	−162
Other investing cash flows	−397	315	−580	−1,151	−335	183
Cash from investing	−595	147	−735	−1,390	−561	21.0
Financing activities
Financing cash flow items	−137	−202	−128	−89.0	−76.0	−50.0
Cash dividends paid	−413	−424	−416	−432	−446	−427
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,597	−202	−800	−992	−495	921
Cash from financing	−2,147	−828	−1,344	−1,513	−1,017	444
Foreign exchange effects	1.0	15.0	−19.0	−1.0	−49.0	71.0
Net change in cash	−674	840	−413	−1,797	−416	1,869
Free cash flow	1,869	1,338	1,530	868	985	1,171

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.