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Not Investment Advice

NTAP

NASDAQ · USD
NetApp, Inc.
Technology · Computer Hardware
CEO George Kurian Employees 11,700 R&D / revenue 14.3%
Last price
$203.80−5.08%last session
Market cap
$40.0B
P/E (TTM)
28.4x
From 52w high
−15.4%
From 52w low
+117.5%
1-year return
+73.3%
RSI 14 · vs SMA200
43.8 · +41.6%
IS score
75.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NTAP   SPY   XLK (sector ETF) · weekly closes
80100120140160180200Jan 26Apr 26Jul 26Oct 26NTAP 173XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
85
Profitability
76
Growth
45
Value
90
Momentum
90
Risk (safety)
78
Quality
63
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Net cash
Warnings
None of the computed warning flags fires for NTAP (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Intangible AssetsPiotroski 7 / 9Altman Z 3.7Beta 1.431 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
33 open-market sales, $45.7M
Form 144 notices (12m): 26, $45.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+105
183 new holders, 72 closed
966 filers hold 99.6% · 318 added, 344 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+189
1,371 funds adding shares
1,182 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
39.0%
20-day avg 61.3%, 50-day avg 58.5%
Latest 22.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.9B
Revenue growth YoY+5.4%
Gross margin70.7%
Operating income$1.7B
Operating margin24.5%
Net income$1.3B
Net margin18.4%
EPS (diluted)$6.36
Cash flow
Operating cash flow$2.1B
Capital expenditure$198.0M
Free cash flow$1.9B
FCF conversion (FCF / OCF)90.4%
Stock-based compensation$382.0M
FCF less SBC$1.5B
Buybacks$950.0M
Dividends$413.0M
Balance sheet & returns
Cash & short-term investments$3.6B
Total debt$2.5B
Net cash$1.1B
Shareholders' equity$1.4B
Goodwill & intangibles$2.8B
Debt / equity1.69
ROE (TTM)113.7%
ROIC (TTM)21.1%
Operating margin by fiscal year
18.3%FY202216.0%FY202319.4%FY202420.3%FY202524.1%FY2026
Revenue $6.3B (FY2022) to $6.9B (FY2026), a 2.3% CAGR.

Valuation

P/E (TTM)28.4x
EV / EBITDA19.1x
Price / sales5.42x
Price / FCF24.3x
FCF yield4.12%
Buyback yield2.37%
SBC / revenue5.4%
Price / book26.72x
Forward P/E FY202720.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $217.57 across 14 analysts last quarter is theirs, not ours.

NTAP vs industry median

86 companies in Computer Hardware
Gross margin 70.6% 38.4% Operating margin 25.7% -0.1% Net margin 19.2% -3.2% ROIC 21.1% 1.1%
NTAP (TTM)Industry median Asset turnover 0.67 vs industry 0.78 · financial leverage 7.33

Earnings delivery

Next report 2026-12-01 · consensus EPS $2.60
92%
beat rate, 11 of 12 quarters
+6.1%
median EPS surprise
6
longest beat streak
+13+15+1+8+5+0+2+1+9+3+7+22
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-28 to 2026-09-02. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NTAP NetApp, Inc. $40.0B28.4x113.7%19.2%+5.4% +73.3%
P Everpure, Inc. $41.3B163.2x17.7%6.3%+45.1% +102.7%
HPQ HP Inc. $27.1B11.3x-493.7%4.2%+8.1% +16.0%
HPE Hewlett Packard Enterprise C $73.2B27.4x10.8%12.6%+26.6% +146.4%
SMCI Super Micro Computer, Inc. $20.8B8.7x21.5%10.6%+77.8% −41.3%
LOGI Logitech International S.A. $15.0B19.1x35.2%19.2%+6.6% —
WDC Western Digital Corporation $124.3B12.2x133.0%—−2.7% —
IONQ IonQ, Inc. $12.7Bn/m-63.0%—+370.6% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-11Bylaws Amendment; Shareholder Vote
2026-09-02Earnings Release; Exhibits
2026-05-28Earnings Release; Other Events; Exhibits
2026-02-26Results of Operations and Financial Condition; Financial Statements and Exhibits
2026-01-12Departure/Election of Directors; Appointment of Officers; Regulation FD Disclosure; Financial Statements and Exhibits
2025-11-25Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding196,419,000
Free float99.5%
Institutional ownership99.6%
Beta1.43
Dividend yield1.02%
Last dividend$0.52 on 2026-10-09
50 / 200-day average$201.80 / $144.13
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NTAP sits among 21 scored companies in Computer Hardware (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNTAPIndustry medianIndustry percentileSector median
P/E (TTM) 28.2x 25.2x
67th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 3.44 0.74
100th		 1.36
Price / sales 5.4x 5.4x
50th		 3.9x
Price / book 26.8x 5.2x
88th		 4.4x
Price / tangible book —
Price / free cash flow 24.3x 20.9x
55th		 20.3x
Price / operating cash flow 21.1x 18.6x
55th		 17.9x
Enterprise value $39.0B $13.3B
65th		 $5.5B
EV / sales 5.3x 5.3x
50th		 4.1x
EV / EBITDA 18.2x 14.0x
77th		 18.9x
EV / EBIT 19.8x 17.4x
54th		 26.7x
EV / free cash flow 23.6x 22.3x
55th		 21.9x
Earnings yield 3.5% 2.2%
60th		 2.0%
FCF yield 4.1% 2.3%
70th		 3.3%
Operating cash flow yield 4.7% 2.4%
70th		 4.4%
Graham number (per share) $34.53 $34.53
50th		 $28.08

Profitability (TTM)

MeasureNTAPIndustry medianIndustry percentileSector median
Gross margin 70.6% 37.8%
95th		 55.7%
EBITDA margin 29.0% 9.0%
79th		 13.7%
Operating margin 25.7% 5.6%
80th		 8.2%
EBIT margin 26.6% 6.4%
79th		 8.6%
Net margin 19.2% 5.7%
80th		 5.7%
NOPAT margin 20.0% 4.9%
80th		 7.0%
FCF margin 22.3% 5.7%
80th		 15.0%
Operating cash flow margin 25.7% 7.9%
75th		 18.4%
R&D / revenue 13.8% 9.8%
70th		 12.9%
SG&A / revenue 30.8% 30.5%
55th		 25.6%
Stock comp / revenue 5.4% 1.9%
70th		 4.4%
Effective tax rate 22.4% 19.9%
95th		 21.0%

Returns on capital

MeasureNTAPIndustry medianIndustry percentileSector median
ROE (on average equity) 114.8% 14.3%
88th		 9.4%
ROA 13.7% 5.5%
75th		 4.1%
ROIC 325.7% 14.1%
100th		 9.0%
ROCE 30.8% 13.1%
75th		 8.6%
Return on tangible assets 19.0% 7.5%
70th		 5.9%
Cash ROIC (OCF / invested capital) 418.8% 30.8%
100th		 20.7%
Gross profitability (GP / assets) 47.6% 25.6%
70th		 30.0%
ROIC, 3-yr average 431.1% 30.7%
100th		 7.4%
ROIC, 5-yr average -423.5% 1.8%
0th		 7.9%
ROE, 5-yr average 122.9% -3.9%
100th		 6.9%
Incremental ROIC 183.5% 11.4%
90th		 15.3%

Growth

MeasureNTAPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.2% 26.6%
45th		 14.3%
Revenue growth (QoQ) 4.0% 12.1%
25th		 6.6%
Revenue CAGR, 3 yr 6.0% 5.1%
53rd		 9.6%
Revenue CAGR, 5 yr 4.6% 3.6%
53rd		 11.5%
Gross profit CAGR, 3 yr 7.9% 11.0%
31st		 10.9%
Operating income CAGR, 3 yr 26.4% 27.4%
38th		 11.3%
Net income growth (TTM YoY) 21.1% 112.7%
10th		 21.6%
Net income CAGR, 3 yr 5.5% 34.0%
14th		 9.9%
EPS growth (TTM YoY) 22.9% 90.5%
10th		 22.3%
EPS CAGR, 3 yr 8.2% 32.6%
14th		 11.2%
EPS CAGR, 5 yr 13.7% 19.8%
40th		 12.0%
FCF growth (TTM YoY) -0.5% 36.5%
30th		 24.6%
FCF CAGR, 3 yr 15.5% 15.5%
50th		 19.3%
Operating cash flow CAGR, 3 yr 14.0% 13.1%
62nd		 17.9%
Book value CAGR, 3 yr 22.7% 20.5%
64th		 6.8%
Dividend CAGR, 3 yr 1.8% 4.5%
29th		 3.1%
Sustainable growth rate 81.5% 24.8%
70th		 14.2%

Margin history & stability

MeasureNTAPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 70.6% 36.2%
100th		 53.2%
Operating margin, 3-yr average 22.4% 6.2%
94th		 6.6%
Net margin, 3-yr average 18.0% 4.8%
89th		 5.2%
FCF margin, 3-yr average 23.2% 4.6%
89th		 12.7%
Revenue stability (0-1) 0.84 0.46
84th		 0.87
Earnings stability (0-1) 0.81 0.38
79th		 0.45
Margin stability (0-1) 0.97 0.85
89th		 0.95

Liquidity (latest quarter)

MeasureNTAPIndustry medianIndustry percentileSector median
Cash & short-term investments $3.6B $1.6B
70th		 $494.1M
Net cash (− = net debt) $1.0B $386.0M
80th		 $49.8M
Working capital $1.1B $969.7M
60th		 $391.0M
Current ratio 1.24 2.31
20th		 1.92
Quick ratio 1.16 1.95
35th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.78 1.05
40th		 0.95
Defensive interval (days) 500 days 730 days
30th		 521 days

Leverage & solvency (latest quarter)

MeasureNTAPIndustry medianIndustry percentileSector median
Total debt $2.5B $109.2M
75th		 $349.3M
Debt / equity 1.69 0.03
94th		 0.29
Net debt / equity −0.70 −0.50
29th		 −0.13
Debt / assets 23.1% 4.3%
80th		 16.9%
Debt / capital 62.9% 3.2%
94th		 22.3%
Debt / EBITDA 1.18 0.72
62nd		 1.78
Net debt / EBITDA −0.49 −0.41
46th		 −0.18
Interest coverage (EBIT / interest) 18.0x 14.0x
64th		 5.8x
Cash interest coverage 17.4x 12.9x
64th		 12.8x
Debt payback (years of OCF) 1.3 yrs 0.8 yrs
73rd		 1.6 yrs
Liabilities / assets 86.4% 45.3%
85th		 48.7%
IS credit model rating A+ — —
Implied credit spread (bps) 125 150
30th		 175

Efficiency

MeasureNTAPIndustry medianIndustry percentileSector median
Asset turnover 0.72 0.92
45th		 0.62
Fixed asset turnover 11.15 7.42
55th		 9.25
Inventory turnover 8.5 4.0
83rd		 3.8
Receivables turnover 8.4 7.1
75th		 6.2
Days sales outstanding 43 days 52 days
25th		 59 days
Days inventory outstanding 43 days 92 days
17th		 94 days
Days payables outstanding 82 days 80 days
55th		 46 days
Cash conversion cycle (days) 4 days 53 days
25th		 50 days
Capex / revenue 3.3% 3.2%
55th		 2.3%
Capex / depreciation 1.36 1.11
75th		 0.56
Operating expense ratio 43.4% 33.0%
55th		 44.3%

Cash flow & earnings quality

MeasureNTAPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.34 1.34
50th		 1.61
FCF / net income 1.16 1.16
50th		 1.33
FCF / operating cash flow 87.0% 85.9%
55th		 88.0%
Capex / operating cash flow 13.0% 14.1%
45th		 12.0%
Accruals ratio -4.6% -5.4%
65th		 -6.3%
Sloan accruals ratio -1.9% 2.9%
25th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
67th		 0.75

Dividends & buybacks

MeasureNTAPIndustry medianIndustry percentileSector median
Dividend yield 1.0% 0.0%
80th		 0.0%
Dividend per share (TTM) $2.08 $0.00
90th		 $0.00
Payout ratio (dividends / net income) 29.0% 13.8%
67th		 0.0%
Dividends / FCF 24.9% 18.7%
82nd		 0.0%
Dividend growth (YoY) -0.9% 10.2%
0th		 4.1%
Buyback yield 2.1% 0.3%
80th		 1.2%
Shareholder yield (dividends + buybacks) 3.2% 0.4%
80th		 1.7%
Share count change (YoY) -1.5% 4.3%
20th		 0.1%
Buybacks, last 5 years $4.8B $139.8M
80th		 $215.3M

Scores & forensic checks

MeasureNTAPIndustry medianIndustry percentileSector median
IS score 75 55
75th		 56
IS profitability 85 31
75th		 40
IS growth 76 65
60th		 65
IS value 45 45
50th		 39
IS momentum 90 80
70th		 78
IS risk (safety) 90 100
35th		 100
IS quality 78 63
75th		 67
IS balance sheet 63 81
40th		 72
IS earnings quality 78 61
100th		 61
IS cash flow 71 54
75th		 66
Piotroski F-score (0-9) 7 6
60th		 6
Altman Z-score 3.7 5.0
40th		 4.0
Beneish M-score −2.41 −2.37
47th		 −2.58
Ohlson O-score −6.33 −7.92
95th		 −8.00
IS credit score 80 74
70th		 69

Per share

MeasureNTAPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.09 $0.73
80th		 $0.84
Book value per share $7.47 $7.08
55th		 $9.77
Tangible book per share −$7.44 $1.76
10th		 $3.22
Revenue per share $36.95 $13.29
75th		 $13.00
FCF per share $8.25 $0.70
80th		 $1.78
Operating cash flow per share $9.48 $0.97
80th		 $2.40
Cash per share $17.88 $4.25
95th		 $4.50

Size (TTM)

MeasureNTAPIndustry medianIndustry percentileSector median
Market cap $40.0B $15.0B
65th		 $4.7B
Revenue $7.4B $4.3B
60th		 $1.2B
EBITDA $2.1B $986.1M
60th		 $185.8M
Net income $1.4B $253.3M
60th		 $84.9M
Free cash flow $1.6B $128.2M
65th		 $170.6M
Total assets $11.0B $5.2B
65th		 $2.4B
Shareholders' equity $1.5B $1.5B
50th		 $1.1B
Employees 11,700 5,115
75th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-12O'Callahan Elizabeth M
EVP, Chief Admin. Officer
 Open-market sale 1,000$237.42$237,42029,737
2026-10-02Palin Carrie
Director
 Open-market sale 5,000$216.43$1.1M6,660
2026-10-01Held Gerald
Director
 Open-market sale 5,757$212.00$1.2M10,325
2026-10-01Kurian George
Director, CEO
 Open-market sale 3,689$209.01$771,038214,848
2026-10-01Kurian George
Director, CEO
 Open-market sale 3,612$210.20$759,242211,236
2026-10-01Kurian George
Director, CEO
 Open-market sale 1,697$210.98$358,033209,539
2026-10-01Kurian George
Director, CEO
 Open-market sale 1,002$211.67$212,093208,537
2026-09-29Kurian George
Director, CEO
 Open-market sale 50,000$209.95$10.5M218,537
2026-09-24Kurian George
Director, CEO
 Open-market sale 37,000$199.95$7.4M268,537
2026-09-21Kurian George
Director, CEO
 Open-market sale 13,000$200.01$2.6M305,537
2026-09-21Ahuja Deepak
Director
 Open-market sale 3,450$200.00$690,00012,814
2026-09-14Ahuja Deepak
Director
 Open-market sale 3,526$194.04$684,18516,264

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired25369,881—
Open-market saleDisposed33239,152$45.7M
Option exerciseAcquired18121,115—
Option exerciseDisposed38121,115—
Tax withholdingDisposed21176,656$23.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 26 notices · 240,238 shares · $45.4M
FiledFilerShares proposedEst. proceeds
2026-10-13Elizabeth O'Callahan1,000$237,420
2026-10-02Carrie Palin5,000$1.1M
2026-10-01Gerald D Held5,757$1.2M
2026-10-01George Kurian10,000$2.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (0 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-02-27John BoozmanSenatePurchase$1,001 - $15,0002026-03-06
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2024-11-21Doug LambornHouseSale$1,001 - $15,0002024-12-06
2024-11-21Doug LambornHouseSale$1,001 - $15,0002024-12-06
2024-10-09Doug LambornHouseSale$1,001 - $15,0002024-10-24
2020-12-30Thomas R. CarperSenatePurchase$1,001 - $15,0002021-01-07
2020-12-30Thomas R. CarperSenatePurchase$1,001 - $15,0002021-01-06
2020-12-30Thomas Richard CarperSenatePurchase$1,001 - $15,0002021-01-06
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.18,901,321$2.9B9.62%
VANGUARD CAPITAL MANAGEMENT LLC12,885,538$2.0B6.56%
VANGUARD PORTFOLIO MANAGEMENT LLC12,276,980$1.9B6.25%
STATE STREET CORP9,921,533$1.5B5.05%
PRIMECAP MANAGEMENT CO/CA/9,016,690$1.4B4.59%
GEODE CAPITAL MANAGEMENT, LLC6,368,156$986.5M3.24%
AMERIPRISE FINANCIAL INC4,677,207$723.9M2.38%
NORGES BANK4,170,849$645.5M2.12%
WELLINGTON MANAGEMENT GROUP LLP3,860,019$597.4M1.97%
FIRST TRUST ADVISORS LP3,104,993$480.5M1.58%
Invesco Ltd.3,089,597$478.1M1.57%
GOLDMAN SACHS GROUP INC3,075,134$475.9M1.57%
LYRICAL ASSET MANAGEMENT LP2,465,831$381.6M1.26%
DIMENSIONAL FUND ADVISORS LP2,220,548$343.7M1.13%
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,211,019$342.2M1.13%

Institutional ownership by quarter

2023-092026-0699.6%
% of shares held by 13F filers
2023-092026-06966
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3096699.6%18331834472
2026-03-31861100.9%100328309119
2025-12-31901100.3%12530533683
2025-09-3087597.0%10931531569
2025-06-3084797.8%136335274105
2025-03-3182995.6%94316323131
2024-12-3187797.7%13234829073
2024-09-3083595.8%10332530978
2024-06-3082396.5%13433226066
2024-03-3176996.9%11029326462
2023-12-3173296.9%11927524748
2023-09-3067094.5%8622425448

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.3%14,399,983
2026-04-29SCHEDULE 13GVanguard Portfolio Management6.4%12,718,223
2025-11-14SCHEDULE 13G/APRIMECAP MANAGEMENT CO/CA/4.8%9,630,055
2025-07-29SCHEDULE 13G/AThe Vanguard Group13.8%27,728,118
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VSMPX0.06%$1.3B
VTSAX0.06%$1.3B
VTI0.06%$1.3B
VFFSX0.06%$1.1B
VFINX0.06%$1.1B

Share structure

Shares outstanding196,419,000
Float195,456,552
Free float99.5%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$6.3B$6.4B$6.3B$6.6B$6.9B
Cost of revenue$2.1B$2.2B$1.8B$2.0B$2.0B
Gross profit$4.2B$4.2B$4.4B$4.6B$4.9B
R&D$881.0M$956.0M$1.0B$1.0B$991.0M
SG&A$2.1B$2.1B$2.1B$2.2B$2.2B
Operating income$1.2B$1.0B$1.2B$1.3B$1.7B
EBITDA$1.4B$1.4B$1.6B$1.7B$1.9B
Pretax income$1.1B$1.1B$1.3B$1.4B$1.6B
Income tax$158.0M−$208.0M$277.0M$197.0M$372.0M
Net income$937.0M$1.3B$986.0M$1.2B$1.3B
EPS, diluted$4.09$5.79$4.63$5.67$6.36
Diluted shares229.0M220.0M213.0M209.0M199.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$4.1B$3.1B$3.3B$3.8B$3.6B
Receivables$1.2B$987.0M$1.0B$1.2B$1.3B
Inventory$204.0M$167.0M$186.0M$186.0M$198.0M
Total current assets$5.9B$4.7B$4.9B$5.9B$5.8B
PP&E, net$896.0M$931.0M$851.0M$804.0M$820.0M
Goodwill & intangibles$2.5B$2.9B$2.9B$2.8B$2.8B
Total assets$10.0B$9.8B$9.9B$10.8B$10.7B
Accounts payable$607.0M$392.0M$517.0M$511.0M$550.0M
Total current liabilities$4.0B$3.5B$4.1B$4.7B$4.0B
Long-term debt$2.4B$2.4B$2.0B$2.5B$2.5B
Total liabilities$9.2B$8.7B$8.7B$9.8B$9.4B
Shareholders' equity$838.0M$1.2B$1.1B$1.0B$1.4B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$937.0M$1.3B$986.0M$1.2B$1.3B
Depreciation & amortization$194.0M$248.0M$255.0M$243.0M$200.0M
Stock-based compensation$245.0M$312.0M$357.0M$386.0M$382.0M
Change in working capital−$22.0M−$106.0M$2.0M−$250.0M−$23.0M
Operating cash flow$1.2B$1.1B$1.7B$1.5B$2.1B
Capital expenditure−$226.0M−$239.0M−$155.0M−$168.0M−$198.0M
Free cash flow$985.0M$868.0M$1.5B$1.3B$1.9B
Investing cash flow−$561.0M−$1.4B−$735.0M$147.0M−$595.0M
Net debt issued / repaid$0−$250.0M$0$840.0M−$750.0M
Buybacks−$600.0M−$850.0M−$900.0M−$1.1B−$950.0M
Dividends paid−$446.0M−$432.0M−$416.0M−$424.0M−$413.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin66.8%66.2%70.7%70.2%70.7%
Operating margin18.3%16.0%19.4%20.3%24.1%
Net margin14.8%20.0%15.7%18.0%18.4%
FCF margin15.6%13.6%24.4%20.4%27.0%
ROE123.0%127.6%85.6%108.5%106.7%
ROIC-278.1%157.4%173.6%167.4%258.6%
ROA9.7%12.8%10.0%11.5%11.8%
Debt / equity3.512.322.313.362.02
Interest coverage16.0x16.9x20.7x22.6x16.1x
Current ratio1.501.351.191.261.44
Revenue growth+10.0%+0.7%−1.5%+4.9%+5.4%
EPS growth+28.9%+42.9%−20.8%+23.8%+11.4%
P/E at year end16.4x10.2x21.4x15.4x17.0x
EV / EBITDA at year end10.0x8.9x12.9x10.6x10.6x
FCF yield at year end6.41%6.70%7.26%7.30%8.64%
Dividend payout47.6%33.9%42.2%35.8%32.4%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Hybrid Cloud Segment$5.9B$5.8B$5.7B$5.9B—
Product————$3.2B
Support————$2.6B
Hardware Maintenance And Other Services—————
Software Maintenance—————
Hardware Maintenance Support Contracts—————
Public Cloud Segment$396.0M$575.0M$611.0M$665.0M$688.0M
Professional And Other Services————$407.0M

Revenue by region · FY2026

Americas$3.5B · 51%
E M E A$2.4B · 34%
Asia Pacific$1.1B · 15%

Street estimates by fiscal year

Next report 2026-12-01 · consensus EPS $2.60 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.8B$6.8B – $6.9B$7.98$7.95 – $8.021325.5x
2026$6.8B$6.8B – $6.9B$7.98$7.95 – $8.021225.5x
2027$8.2B$8.1B – $8.6B$10.00$9.79 – $10.941120.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-02$2.12$2.58+21.7%$1.8B$2.0B+10.2%
2026-05-28$2.27$2.43+7.0%$1.9B$1.9B+4.1%
2026-02-26$2.06$2.12+2.9%$1.7B$1.7B+1.0%
2025-11-25$1.88$2.05+9.0%$1.7B$1.7B+1.0%
2025-08-27$1.54$1.55+0.6%$1.5B$1.6B+0.7%
2025-05-29$1.90$1.93+1.6%$1.7B$1.7B+0.5%
2025-02-27$1.91$1.910.0%$1.7B$1.6B−2.3%
2024-11-21$1.78$1.87+5.1%$1.6B$1.7B+0.8%
2024-08-28$1.45$1.56+7.6%$1.5B$1.5B+1.0%
2024-05-30$1.79$1.80+0.6%$1.7B$1.7B+0.7%
2024-02-29$1.69$1.94+14.8%$1.6B$1.6B+1.0%
2023-11-28$1.40$1.58+12.9%$1.6B$1.6B+0.4%
2023-08-23$1.07$1.15+7.5%$1.5B$1.4B−5.9%
2023-05-31$1.35$1.54+14.1%$1.5B$1.6B+2.6%
2023-02-22$1.31$1.37+4.6%$1.6B$1.5B−5.2%
2022-11-29$1.34$1.48+10.4%$1.7B$1.7B−0.6%
2022-08-24$1.10$1.20+9.1%$1.5B$1.6B+2.8%
2022-06-01$1.28$1.42+10.9%$1.7B$1.7B−0.1%
2022-02-23$1.28$1.44+12.5%$1.6B$1.6B+0.1%
2021-11-30$1.21$1.28+5.8%$1.6B$1.6B−2.7%
2021-08-25$0.95$1.15+21.1%$1.5B$1.5B−5.8%
2021-06-02$1.12$1.17+4.5%$5.0B$1.6B−69.0%
2021-02-24$1.01$1.10+8.9%$1.3B$1.5B+9.8%
2020-12-01$0.72$1.05+45.8%$1.3B$1.4B+7.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.406-290.807-060.607-130.307-200.607-270.708-030.808-100.608-170.408-240.808-31
Week ofNotionalSharesTrades
2026-08-31$827.6M4,523,62691,672
2026-08-24$434.6M2,296,59470,696
2026-08-17$610.3M3,055,80077,403
2026-08-10$828.4M4,089,47389,927
2026-08-03$702.8M3,716,34191,526
2026-07-27$582.1M3,360,87380,639

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1539.0%
DateShort shareShort volumeTotal volume
2026-10-1539.0%440,1721,127,856
2026-10-1435.0%431,9751,235,403
2026-10-1356.1%490,490873,638
2026-10-1261.4%615,3941,002,024
2026-10-0971.7%550,209767,875
2026-10-0842.7%422,493989,970
2026-10-0764.6%954,9381,478,527
2026-10-0663.7%527,417827,525
2026-10-0562.1%1,003,9171,617,330
2026-10-0276.2%1,895,0782,485,723
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.3Jan-2.6Feb-0.2Mar+2.0Apr+0.3May+1.4Jun+2.8Jul+2.5Aug+0.5Sep+1.1Oct+2.8Nov+0.3Dec
MonthAvg returnUp yearsYears
Jan−1.3%55%20
Feb−2.6%35%20
Mar−0.2%48%21
Apr+2.0%65%20
May+0.3%65%20
Jun+1.4%55%20
Jul+2.8%55%20
Aug+2.5%65%20
Sep+0.5%55%20
Oct+1.1%50%20
Nov+2.8%50%20
Dec+0.3%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1443.8
MFI57.4
ADX30.5
Stochastic %K / %D34.7 / 61.0
Williams %R-91.5
CCI-42
TSI / signal23.7 / 31.0
Chaikin money flow0.12
ATR$9.23
Bollinger width28.4%
Volume vs 20-day avg1.22x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$215.96 (−5.6%)
SMA 50$201.65 (+1.1%)
SMA 200$143.90 (+41.6%)
EMA 21$215.88 (−5.6%)
EMA 50$202.00 (+0.9%)
EMA 200$158.99 (+28.2%)
Bollinger upper$246.66 (−17.4%)
Bollinger lower$185.26 (+10.0%)
Parabolic SAR$239.25 (−14.8%)
Open the live chart, 110+ indicators

About NetApp, Inc.

NetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company's operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions. For cloud environments, NetApp delivers a wide array of cloud storage and data services such as NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and NetApp Cloud Volumes Service for Google Cloud. These are augmented by services like NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense for analytics, and NetApp Cloud Volumes Edge Cache. The company also provides cloud operations services, which include NetApp Cloud Insights, the Spot Ocean Kubernetes Suite, Spot Security, Spot Eco for cost optimization, and Spot CloudCheckr. Moreover, NetApp offers application-aware data management solutions under its NetApp Astra brand. Its service portfolio is rounded out by comprehensive professional and support services, encompassing strategic consulting, managed services, and dedicated support, in addition to assessment, design, implementation, and migration services. NetApp serves a broad spectrum of industries globally, including energy, financial services, government, technology, internet, life sciences, healthcare, manufacturing, media, entertainment, animation, video post-production, and telecommunications. The company reaches its clientele through a direct sales force and a robust network of partners. NetApp, Inc. was founded in 1992 and is headquartered in San Jose, California.

https://www.netapp.com

Key executives

NameTitlePayBorn
Syam NairExecutive Vice President & Chief Product Officer$3.6M1974
George KurianChief Executive Officer & Director$2.6M1967
Cesar Cernuda RegoPresident$2.2M1972
Wissam G. JabreExecutive Vice President & Chief Financial Officer$1.5M1971
Elizabeth O'CallahanEVice President, Chief Administrative Officer & Corporate Secretary$1.4M1969
Gabrielle BokoChief Marketing Officer——
Kris NewtonVice President of Corporate Communications & Investor Relations——
Octavian TanaseSenior Vice President of Engineering - Hybrid Cloud Group——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Syam Nair Executive Vice President and Chief Product Officer2026$571,635$30.7M$506,497$34.3M
George Kurian Chief Executive Officer2026$1.0M$19.6M$1.6M$22.2M
Wissam Jabre Executive Vice President and Chief Financial Officer2026$750,000$9.9M$785,363$11.5M
Cesar Cernuda President2026$868,197$8.9M$1.2M$11.1M
Elizabeth M. O’Callahan Executive Vice President and Chief Administrative Officer2026$715,000$5.2M$703,918$6.6M

Employees

10k201911k202011k202112k202212k202312k202412k202512k2026

Dividends

Ex-dateAmountPaid
2026-10-09$0.522026-10-28
2026-07-10$0.522026-07-29
2026-04-02$0.522026-04-22
2026-01-02$0.522026-01-21
2025-10-03$0.522025-10-22
2025-07-03$0.522025-07-23
2025-04-04$0.522025-04-23
2025-01-03$0.522025-01-22

Moat model

Wide · Intangible Assets · 2026-07-31
Cost advantage65
Intangibles90
Switching costs78
Network effect65
Efficient scale68
Our component scores (0-100) and overall 75.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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