NetApp, Inc. (NTAP)

NASDAQ: NTAP · USD

$224

-3.71 (-1.6%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: NTAP rated Sell

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.

Fair value

$145 / share

Potential value

$172 / share

Upside to FV

-35.8%

from $224

Moat

7/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

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

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 7.4B
Net income (ttm): 1.4B
EPS (ttm): $7.09
P/E (trailing): 31.6x
P/E (forward): 21.4x
Market cap: $44.4B

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%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Vendre
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Vendre
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Achat fort
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	Conserver
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	Vendre
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	Vendre

Base and Bull scenarios

Base60%

Price target

$145.24

-35.8% from spot

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.

Annual revenue grows at 3%-4% in line with FY2026 guidance ($6.63B-$6.88B), with Americas enterprise strength offsetting EMEA softness.
Operating margins normalize between 26.0% and 27.5%, supported by locked-in component procurement pricing.
Free cash flow remains steady at $1.8B-$2.0B on low capital expenditure of $198M.
Diluted EPS reaches consensus estimate of $11.12 by FY2028, supported by 1.5%-2.0% annual net share buybacks.

Bull20%

Price target

$171.74

-24.1% from spot

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.

Hybrid Cloud revenue growth accelerates toward 6%-8% driven by enterprise AI deal win conversions (>125 wins in Q1).
Public Cloud gross margins expand to the top of guided range at 80%-85% on hardware depreciation roll-offs.
Consolidated operating margins reach 28%-29%, lifting free cash flow above $2.0B.
Diluted share count shrinks at 2.0% annually, driving FY2028 diluted EPS toward $12.72.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($145.24). Each row and column shows what Fair value becomes when one assumption moves.

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

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E21.4

P25 n/aP50 n/aP75 n/a

Trailing P/E32

P25 n/aP50 n/aP75 n/a

ROE114.8

P25 n/aP50 n/aP75 n/a

ROIC313.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NTAP indicators

Market & fundamental data

Available fields

291

Groups with data

Currency

USD

Showing 291 of 291 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001002047
Company name	NetApp, Inc.
Country	United States
Country code	US
CUSIP number	64110D104
Earnings date	2026-12-01
Earnings time	amc
Employees	11,700
Employees change	0
Employees growth	0%
Enterprise value	$42.9B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	April
Founded	1992
In index	SP500
Industry	Software - Infrastructure
IPO date	1995-11-21
Is primary listing	Yes
Is SPAC	No
ISIN number	US64110D1046
Last 10-K release date	2026-06-05
Last earnings date	2026-09-02
Last refreshed	2026-10-28
Last stock split date	2000-03-23
Last stock split type	Forward
Market cap	$44B
Market cap category	Large-Cap
Next earnings date	2026-12-01
Options	Yes
Price	$223.86
Price currency	USD
Sector	Technology
SIC code	3572
Stock price date	2026-10-28
Symbol	NTAP
U.S. state	California
Website	https://www.netapp.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	24.39x
Average P/E ratio (10Y)	50.19x
Average P/E ratio (3Y)	20.02x
Average P/E ratio (5Y)	17.98x
Earnings yield	3.17%
EV/Earnings	30.59x
EV/EBIT	22.55x
EV/EBITDA	20.71x
EV/FCF	26.29x
EV/Sales	5.87x
FCF / EV yield	3.8%
FCF yield	3.71%
Forward EV/Sales	5.28x
Forward P/E	22.45x
Forward P/S	5.41x
Graham number	34.87172
Graham upside	-84.58%
Industry forward P/E	29.48x
Industry P/E	39.18x
Lynch fair value	$75.45
Lynch upside	-66.64%
P/(FCF - SBC) ratio	35.45x
P/(OCF - SBC) ratio	29.61x
P/B ratio	29.84x
P/E ratio	31.59x
P/FCF ratio	26.92x
P/OCF ratio	23.42x
P/S ratio	6.01x
PEG ratio	2.13x
Price/EBITDA ratio	21.2x
Sector forward P/E	18.38x
Sector P/E	32.76x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	26.03%
EBITDA margin	28.35%
Effective tax rate	22.43%
FCF margin	22.32%
Gross margin	70.63%
Operating margin	26.03%
Pretax margin	24.73%
Profit margin	19.19%
Profit per employee	$121,197
Profitable quarters	34
Profitable years	31
Revenue per employee	$631,709
ROA	11.66%
ROA (5Y)	8.31%
ROCE	30.12%
ROE	114.82%
ROE (5Y)	110.29%
ROIC	313.21%
SBC / revenue	5.37%
Tax / revenue	5.55%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	25.16%
EPS growth (Q)	63.48%
EPS growth (QoQ)	-7.33%
EPS growth 10Y	20.35%
EPS growth 3Y	8.55%
EPS growth 5Y	13.58%
EPS growth quarters	4
EPS growth years	2
FCF growth	-0.48%
FCF growth (Q)	-35.32%
FCF growth (QoQ)	-55.44%
FCF growth 3Y	15.53%
FCF growth 5Y	7.04%
Gross profit growth	13.16%
Gross profit growth (Q)	29.23%
Gross profit growth 3Y	7.87%
Gross profit growth 5Y	5.78%
Net income growth	21.09%
Net income growth (Q)	60.94%
Net income growth (QoQ)	-7.18%
Net income growth 3Y	5.46%
Net income growth 5Y	10.65%
Net income growth quarters	4
Net income growth years	2
OCF growth	3.21%
OCF growth (Q)	-25.26%
OCF growth (QoQ)	-47.05%
OCF growth 10Y	5.86%
OCF growth 3Y	14.04%
OCF growth 5Y	7.28%
Operating income growth	33.98%
Operating income growth (Q)	73.63%
Operating income growth 3Y	20.85%
Operating income growth 5Y	12.64%
Revenue growth	12.16%
Revenue growth (Q)	29.89%
Revenue growth (QoQ)	3.95%
Revenue growth 10Y	2.99%
Revenue growth 3Y	6.02%
Revenue growth 5Y	4.61%
Revenue growth quarters	11
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-247M
Depreciation and amortization	$171M
EBIT	$1.9B
EBITDA	$2.1B
EPS	$7.09
FCF per share	$8.40
Financing cash flow	$-1.3B
Free cash flow	$1.7B
Free cash flow minus SBC	$1.3B
Gross profit	$5.2B
Income taxes	$410M
Investing cash flow	$-1.1B
Net cash flow	$-512M
Net income	$1.4B
Operating cash flow minus SBC	$1.5B
Operating income	$1.9B
Revenue	$7.4B
Stock-based compensation	$397M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.91
Book value per share	$7.63
Debt / EBITDA	1.17
Debt / equity	1.69
Debt / FCF	1.54
Goodwill	$2.9B
Interest coverage	17.65
Long-term assets	$5.3B
Long-term liabilities	$4.9B
Net cash (debt)	$1B
Net cash / market cap	2.35%
Net cash growth	78.12%
Net debt / EBITDA	-0.5
Net debt / equity	-0.7
Net debt / FCF	-0.63
Piotroski F-Score	7
Property, plant and equipment	$663M
Shareholders' equity	$1.5B
Tangible book value	$-1.5B
Tangible book value per share	$-7.44
Total assets	$11B
Total cash	$3.6B
Total debt	$2.5B
Total liabilities	$9.5B
WACC	11.75%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.72
Current assets	$5.7B
Current liabilities	$4.6B
Current ratio	1.24
Inventory turnover	8.55
Net working capital	$-1.9B
Quick ratio	0.99
Working capital	$1.1B
Working capital turnover	6.65

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.14%
Dividend growth	0%
Dividend growth (10Y)	10.89%
Dividend growth (3Y)	1.32%
Dividend growth (5Y)	1.2%
Dividend growth years	2
Dividend payment date	2026-10-28
Dividend payment years	14
Dividend payout frequency	Quarterly
Dividend per share	$2.08
Dividend yield	0.93%
Ex-dividend date	2026-10-09
FCF payout ratio	24.76%
Last dividend	$0.52
Payout ratio	29.36%
Shareholder yield	4.06%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	561.6%
10Y return CAGR	23.78%
10Y total return	743.76%
150-day SMA	$165.14
15Y price change	436.13%
15Y return CAGR	14.21%
15Y total return	634.2%
1D price change	-1.63%
1M price change	11.17%
1M total return	11.42%
1W price change	6.5%
1W total return	6.5%
1Y price change	90.82%
1Y return CAGR	93.84%
1Y total return	93.75%
20-day SMA	$222.61
200-day SMA	$149.05
20Y price change	524.99%
20Y return CAGR	11.33%
20Y total return	755.88%
3M price change	31.7%
3M total return	31.99%
3Y price change	211.41%
3Y return CAGR	48.67%
3Y total return	228.72%
50-day SMA	$204.57
50-day SMA vs 200-day SMA	50over200
52-week high	$240.87
52-week high date	2026-10-13
52-week low	$93.69
52-week low date	2026-01-20
5Y price change	153.02%
5Y return CAGR	23.1%
5Y total return	182.58%
6M price change	106.22%
6M total return	107.31%
All-time high	$240.87
All-time high date	2026-10-13
All-time low	$1.08
All-time low date	1995-11-21
Average true range (ATR)	$8.85
Average volume	2.3M
Beta (1Y)	1.38
Beta (2Y)	1.47
Beta (5Y)	1.45
Change from 52-week high	-7.06%
Change from 52-week low	138.94%
Change from all-time high	-7.16%
Change from all-time low	20,643.97%
Change from open	-2.22%
Day's gap	0.6%
Dollar volume	$208.2M
High price	$228.94
Low price	$222.99
Monthly RSI	77.18
Open price	$228.94
Position in 52-week range	14.62%
Premarket change	0.56%
Premarket close	$227.58
Premarket price	$228.86
Premarket volume	3.4K
Previous close	$227.58
Price vs 150-day SMA	35.42%
Price vs 20-day SMA	0.45%
Price vs 200-day SMA	50.03%
Price vs 50-day SMA	9.31%
Relative volume	0.4
RSI	56.29
Sharpe ratio	1.59
Sharpe ratio (3Y)	1.09
Sharpe ratio (5Y)	0.63
Sortino ratio	2.92
Sortino ratio (3Y)	1.92
Sortino ratio (5Y)	1.16
Volume	930.1K
Weekly RSI	65.63
YTD price change	108.82%
YTD total return	112.03%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	195.5M
Float percentage	99.51%
Shares change (QoQ)	0.5%
Shares change (YoY)	-3.14%
Shares held by insiders	0.24%
Shares held by institutions	100.18%
Shares outstanding	196.4M
Short % of float	4.94%
Short % of shares	4.91%
Short ratio	4 days

Deeper analysis on NTAP

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NTAP report

What is the latest published NTAP stock rating?

NetApp, Inc. is shown with Sell in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NTAP analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/NTAP/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NTAP?

The latest published report analyzed 2026-10-04 gives NTAP a fair value of USD 145 and a potential value of USD 172. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NTAP page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellNTAP · Fair value $145-35.8%

Read full analysis →

NetApp, Inc. (NTAP)

Our latest published analysis: NTAP rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · NTAP

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NTAP indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on NTAP

Frequently asked questions

Historique des notations

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	3.5
Profitability	7.5
Revenue Growth	7.5
Risk Assessment	6.0
Competitive Moat	7.0
Earnings Quality	9.0
Capital Efficiency	7.5