Optional product analytics
With your permission, we use privacy-limited analytics to understand which research journeys work. We do not run advertising trackers or session replay. You can change this choice in Preferences. Read the Privacy Policy.
NetApp, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $44.4B | |
|---|---|---|
| Revenue (ttm) | 7.4B | |
| Net income (ttm) | 1.4B | |
| EPS (ttm) | $7.09 | |
| Shares out | 196.4M | |
| P/E (trailing) | 31.6x | |
| P/E (forward) | 21.4x | |
| Dividend | $2.08 (0.93%) | |
| Volume | 930,099 | |
| Beta | 1.45 |
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2022-04-29 | 2023-04-28 | 2024-04-26 | 2025-04-25 | 2026-04-24 | Trend |
| Revenue | $6.32B | $6.36B | $6.27B | $6.57B | $6.93B | +2.3% |
| Gross profit | $4.22B | $4.21B | $4.43B | $4.61B | $4.90B | +3.8% |
| Operating income | $1.16B | $1.02B | $1.21B | $1.34B | $1.67B | +9.7% |
| Net income | $937.0M | $1.27B | $986.0M | $1.19B | $1.28B | +8.0% |
| EPS (diluted) | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 | +11.6% |
| EBITDA | $1.36B | $1.43B | $1.58B | $1.69B | $1.93B | +9.1% |
| R&D | $881.0M | $956.0M | $1.03B | $1.01B | $991.0M | +3.0% |
| SG&A | $279.0M | $265.0M | $308.0M | $311.0M | $344.0M | +5.4% |
Recent company headlines from major financial publishers.
The Base case reflects the modal trajectory of a mature compounder executing steadily within its core enterprise storage markets. Revenue expands at 3% to 4% annually in line with corporate guidance ($6.75B midpoint), as robust commercial execution in the Americas offsets European macro stagnation ($2,358M EMEA revenue) and federal budget timing,. Component pricing agreements protect gross margins, allowing operating margins to normalize near 26.0%-27.5%. High cash conversion yields resilient free cash flow exceeding $1.8B, compounding EPS toward $11.12 in FY2028 and anchoring the house fair value midpoint at $145.24.
In the Bull scenario, enterprise adoption of NetApp's all-flash architectures accelerates as enterprise AI pipelines transition from pilot data lakes (20% of wins) and training projects (45% of wins) into production deployments. High-performance flash outgrows capacity flash, lifting Hybrid Cloud revenue. Co-engineered public cloud storage offerings scale rapidly, driving Public Cloud gross margins to 80%-85% as initial hardware depreciates. Consolidated operating margins expand toward 29%, expanding free cash flow above $2.0B and driving high-end fair value toward $171.74.
| Ke ↓ / g → | 2.5% | 2.8% | 3.0% | 3.3% | 3.5% |
|---|---|---|---|---|---|
| 9.4% | $156 | $159 | $162 | $166 | $169 |
| 9.9% | $148 | $150 | $153 | $156 | $159 |
| 10.4% | $141 | $143 | $145 | $148 | $150 |
| 10.9% | $134 | $136 | $138 | $141 | $143 |
| 11.4% | $129 | $130 | $132 | $134 | $136 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
