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NetApp, Inc.

NTAP Technology Software Infrastructure

NetApp, Inc.’s revenue for fiscal 2026 (year ended April 2026) was $6.9 billion, up 5.37% from fiscal 2025.

Revenue
+29.9%
EPS
+64.7%
Free cash flow
−35.3%
Total debt
+0.12%

Quarter to July 2026, against a year earlier

170.57 17.10 −9.11%
Market cap
$33.3B
P/E
23.8×
Fwd P/E
25.7×
Dividend yield
1.22%
F-score
9/9
Altman Z
2.78
Beneish M
−2.74
Dividend safety
93/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • All-flash revenues
  • Hybrid-flash and other revenues
  • Public Cloud Segment

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 45.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 2 1 1 2 4 1 2 7 4 —
Insider Ownership 0.12%

Capital & Financial Ratios $m

Size
Market Cap 33,270.00
Revenue ttm 7,391.00
Net income ttm 1,418.00
Free cash flow ttm 1,650.00
Net debt Q (1,088.00)
Valuation
P/E 23.76
Forward P/E 25.70
Price / sales 4.52
Forward P/S Powerpack
Price / FCF 20.26
Price / book 22.36 (above 6: high)
Financial health
Current ratio Q 1.24
Debt / equity Q 1.66
Interest coverage Q 12.16
Growth
Revenue growth Q +29.89% (above 0%: growing)
Operating income growth Q +56.63% (above 0%: growing)
EPS, this year +23.21% (at or above 15%: strong)
EPS, next year A +11.41%
Revenue, next year A +18.17% (at or above 10%: strong)
EPS, past 5 yrs +14.48%
EPS, next 5 yrs A +15.40% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 2.4×; over the ten years it ranged from 0.5× in 2016 to 5.4× in 2026.
P/E against its own 10 years 69.02%
10-year low 10-year high
P/S against its own 10 years 96.22%
10-year low 10-year high
P/B against its own 10 years 62.30%
10-year low 10-year high
EV/Sales against its own 10 years 95.97%
10-year low 10-year high
EV/FCF against its own 10 years 97.18%
10-year low 10-year high

Dividends

Yield
1.22%
Annual rate
2.08
Payout ratio
29.3%
Growth, 2018–26
+7.12%/yr
  1. 1.20 ’18
  2. 1.76 ’19 +47
  3. 1.92 ’20 +9
  4. 1.96 ’21 +2
  5. 2.00 ’22 +2
  6. 2.00 ’23 +0
  7. 2.04 ’24 +2
  8. 2.08 ’25 +2
  9. 2.08 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 3,252 3,846 3,584 3,576
Receivables 1,007 1,246 1,286 966
Inventory 186 186 198 375
Other 452 573 708 755
4,897 5,851 5,776 5,672
2024 2025 2026 Q'26
Payables 517 511 550 566
ST’ Debt 400 750 — 550
Other — — — —
4,106 4,662 4,021 4,568

Compound Annual Growth %

10y 5y 3y
Sales 2.25% 3.81% 2.87%
Cash Flow 7.81% 9.17% 23.14%
Earnings 18.74% 11.82% 0.05%
Book Value (7.29%) 14.55% 5.24%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate 2.13 Actual 2.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 1.89 2.05 Beat by 0.16
Q3 FY26 2.07 2.12 Beat by 0.05
Q4 FY26 2.27 2.43 Beat by 0.16
Q1 FY26 2.13 2.58 Beat by 0.45
Q2 FY26 2.60 — Reports 1 December 2026

EPS $

Jul Oct Jan Apr Year
’26 1.88 — — — —
’26 1.15 1.51 1.67 2.03 6.35
’25 1.17 1.42 1.44 1.65 5.67
’24 0.69 1.10 1.48 1.37 4.63
’23 0.96 3.41 0.30 1.13 5.79
’22 0.88 0.98 1.10 1.14 4.09
’21 0.35 0.61 0.80 1.46 3.23
Fiscal quarters ending in the months shown.

Revenue $m

Jul Oct Jan Apr Year
’26 2,025 — — — —
’26 1,559 1,705 1,713 1,948 6,925
’25 1,541 1,658 1,641 1,732 6,572
’24 1,432 1,562 1,606 1,668 6,268
’23 1,592 1,663 1,526 1,581 6,362
’22 1,458 1,566 1,614 1,680 6,318
’21 1,303 1,416 1,470 1,555 5,744
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jul Oct Jan Apr Year
’26 503 — — — —
’26 673 127 317 950 2,067
’25 341 105 385 675 1,506
’24 453 135 484 613 1,685
’23 281 214 377 235 1,107
’22 242 298 260 411 1,211
’21 240 161 373 559 1,333
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jul Oct Jan Apr Year
’26 401 — — — —
’26 620 78 271 900 1,869
’25 300 60 338 640 1,338
’24 418 97 448 567 1,530
’23 216 137 319 196 868
’22 191 252 199 343 985
’21 194 121 341 886 1,542
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.4% a year for ten years. It grew 7.5% a year over the last ten.

Implied
9.4%
10 years, reported
7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to April

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 5,491 5,919 6,146 5,412 5,744 6,318 6,362 6,268 6,572 6,925 7,391 +2.6% 8,183 8,671 9,185 +9.9%
Gross margin, % 61.26 62.66 64.19 66.94 66.42 66.79 66.16 70.72 70.19 70.74 70.63 +9.5 pt
EBT 621 1,199 1,268 944 962 1,095 1,066 1,263 1,383 1,648 1,828 +11.5%
EBT margin, % 11.31 20.26 20.63 17.44 16.75 17.33 16.76 20.15 21.04 23.80 24.73 +12.5 pt
Net income 481 116 1,169 819 730 937 1,274 986 1,186 1,276 1,418 +11.4%
Per share, $
Per share, $ Revenue 19.97 22.09 24.20 23.53 25.87 28.33 29.32 30.13 32.22 34.80 37.71 +6.4%
Earnings 1.85 0.43 4.60 3.56 3.29 4.20 5.87 4.74 5.81 6.41 7.18 +14.8%
Cash flow 3.59 5.51 5.28 4.61 6.00 5.43 5.10 8.10 7.38 10.39 9.68 +12.5%
Capex (0.64) 0.24 (0.68) (0.12) 0.94 (1.01) (1.10) (0.75) (0.82) (0.99) (1.26) +5.1%
Free cash flow 2.95 5.76 4.60 4.49 6.95 4.42 4.00 7.36 6.56 9.39 8.42 +13.7%
Book value 10.11 8.49 4.29 1.05 3.09 3.76 5.34 5.51 5.10 6.79 7.63 (4.3%)
Shares, m 275 268 254 230 222 223 217 208 204 199 198 (3.5%)
Valuation, ×
Valuation, × P/E 21.71 237.79 15.73 12.23 22.70 17.58 10.83 21.52 15.45 17.23 23.76 39.3
P/S 2.01 3.01 3.01 1.86 2.89 2.61 2.17 3.39 2.79 3.18 4.52 2.7
P/B 3.97 7.84 16.98 41.60 24.21 19.69 11.92 18.55 17.60 16.32 22.36 17.9
EV/Sales 1.39 2.49 2.63 1.65 2.55 2.37 2.07 3.25 2.69 3.13 4.38 2.4
EV/FCF 9.39 9.56 13.83 8.63 9.51 15.23 15.19 13.33 13.23 11.61 19.60 12.0
Cash, $m
Cash, $m Operating cash flow 986 1,478 1,341 1,060 1,333 1,211 1,107 1,685 1,506 2,067 1,897 +8.6%
Capex (175) 65 (173) (28) 209 (226) (239) (155) (168) (198) (247) +1.4%
Free cash flow 811 1,543 1,168 1,032 1,542 985 868 1,530 1,338 1,869 1,650 +9.7%
Balance, $m
Balance, $m Working capital 2,076 3,421 1,743 658 2,549 1,992 1,213 791 1,189 1,755 1,104 (1.8%)
Net debt (3,428) (3,465) (2,355) (1,163) (1,915) (1,498) (634) (860) (611) (1,097) (1,088) (11.9%)
Shareholders’ equity 2,780 2,276 1,090 242 685 838 1,159 1,146 1,040 1,351 1,495 (7.7%)
Returns, %
Returns, % ROA 4.93 1.19 12.48 10.07 8.65 9.67 12.84 10.01 11.45 11.83 13.74 +6.9 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 121.19 265.30 194.78 411.91 283.94 +411.9 pt
ROE 16.99 4.59 69.46 122.97 157.50 123.05 127.59 85.55 108.51 106.73 114.82 +89.7 pt
People
People Employees 10,100 10,300 10,500 10,800 11,000 12,000 12,000 11,800 11,700 11,700 — +1.6%
Revenue/emp, $m 0.54 0.57 0.59 0.50 0.52 0.53 0.53 0.53 0.56 0.59 — +0.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Apr 2026 · latest quarter Jul 2026

Business profile

Updated

NetApp, founded in 1992 and headquartered in Sunnyvale, provides data infrastructure for organizations that need to store, manage, protect and move data across their own data centers, private clouds and public clouds. George Kurian is chief executive officer.

Its core software, ONTAP, manages data stored on NetApp systems and in cloud environments. It supports file, block, object and container environments, and provides functions such as storage efficiency, data replication, backup, point-in-time copies, compliance controls and ransomware detection. Customers can use the same underlying data-management software across on-premises systems and cloud storage services.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
All-flash revenues 4,178 60.33%
Hybrid-flash and other revenues 2,059 29.73%
Public Cloud Segment 688 9.94%
Gross margin 70.74%
Operating margin 24.17%
Pre-tax margin 23.80%

Revenue by segment since 2017

NetApp, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
XYZ Block, Inc. $50.8B 112× 44.1× +9.88% (above 0%: growing) +23.20% (above 0%: growing) −30.59% (below 0%: shrinking) 48.15% 6.38% Compare
NTAP NetApp, Inc. $33.3B 23.8× 25.7× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90%
ZS Zscaler, Inc. $33.2B — (loss-making) 8,874× +24.88% (above 0%: growing) n/m −64.66% (below 0%: shrinking) 76.73% (1.72%) Compare
NBIS Nebius Group N.V. $32.7B 466× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
TWLO Twilio Inc. $31.1B 24.3× 22.8× +19.93% (above 0%: growing) +333.33% (above 0%: growing) +54.25% (above 0%: growing) 48.77% 9.53% Compare
OKTA Okta, Inc. $29.9B 102× 105× +10.58% (above 0%: growing) +76.32% (above 0%: growing) +38.89% (above 0%: growing) 79.63% 13.29% Compare
CPAY Corpay, Inc. $29.4B 24.5× 20.1× +17.86% (above 0%: growing) +45.06% (above 0%: growing) −71.00% (below 0%: shrinking) 100.00% 44.96% Compare
VRSN VeriSign, Inc. $28.0B 33.5× 32.3× +5.70% (above 0%: growing) +3.51% (above 0%: growing) −13.96% (below 0%: shrinking) 88.76% 66.93% Compare
CRWV CoreWeave Inc. $24.1B — (loss-making) — (loss-making) +112.46% (above 0%: growing) n/m −112.39% (below 0%: shrinking) 65.86% (1.90%) Compare
Median of peers $30.5B 67.6× 34.8× +18.90% +45.06% −47.62% 76.90% 7.96%

All 183 Software Infrastructure stocks →

From the latest earnings call

Updated

  • George Kurian said demand was broad-based across customer types, geographies, industries, workloads and routes to market, while accelerated purchases were not material to the business.
  • Wissam Jabre said NetApp expects product margins for the rest of FY2027 to be slightly better than its outlook 90 days earlier as pricing actions take effect.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Guggenheim Oct 26, 2026 Initiated Hold —
Barclays Oct 15, 2026 Downgrade Buy → Hold —
TD Cowen Oct 7, 2026 Target raised Buy 200.00 → 250.00
Bank of America Sep 30, 2026 Reiterated Hold —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.13%
Held by the ten largest 47.47%
Holder Shares Stake Change
Vanguard 27.23m 13.90% +70.32k
BlackRock 18.90m 9.65% −1.01m
State Street 9.92m 5.06% −101.94k
PRIMECAP Management 9.02m 4.60% −40.76k
Geode Capital Management 6.37m 3.25% −76.29k
UBS 5.44m 2.78% +149.81k
Ameriprise (Columbia Threadneedle) 4.68m 2.39% −1.32m
Norges Bank 4.17m 2.13% +4.17m
Wellington Management 3.86m 1.97% −810.70k
Boston Partners 3.42m 1.75% −166.68k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 July 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 22.16m 22.54m 163.57
2025 23.13m 4.75m 130.57
2024 17.74m 39.83m 146.70
2023 11.36m (3.14m) 88.91
2022 18.88m 17.38m 100.38

Ownership

Directors and executive officers, together less than 1%
New York, NY 9.87%
Malvern, PA 7.34%
Boston, MA 5.24%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NetApp, Inc. (NTAP) Latest News

5 Nov

Impact 3 · · Zacks

29 Oct

Impact 3 · · Zacks
Impact 3 · · Business Wire

28 Oct

Impact 3 · · Trefis
Impact 3 · · Trefis

27 Oct

Impact 4 · · Trefis
Impact 4 · · Barchart
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

26 Oct

Impact 3 · · StockStory

23 Oct

Impact 3 · · Trefis

21 Oct

Impact 3 · · Trefis

20 Oct

Impact 3 · · Zacks
Impact 3 · · PR Newswire

19 Oct

Impact 3 · · Trefis

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Trefis

15 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · TIKR

14 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis

13 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire
Impact 3 · · Zacks

NTAP metrics, ten years each

stockrow.com/NTAP · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com