NetApp, Inc. (NTAP)
Information Technology · Technology Hardware, Storage & Peripherals · US stock · S&P 500 component
$203.80
▼ -10.90 (5.08%)
Fair valueFair
$271 +32.9% to fair value
$135fair band $190–$352$406
Day's range
$203.56 – $214.31
52-week range
$92.72 – $240.87
About NetApp, Inc.
NetApp provides data storage and data management products, including flash storage arrays, software for managing data across on-premises and public cloud environments, and cloud-based storage services. Customers are enterprises, governments and service providers that need to store, protect and move large volumes of information. Revenue comes from product sales of hardware and software, from support and maintenance contracts, and from growing cloud services that are billed on a subscription or usage basis.
The figures show revenue of $7.4 billion for the last twelve months and three-year growth of 2.9% a year. It reports an operating margin of 25.0%. Capital is used to generate a return on invested capital of 352%. Net debt to EBITDA is -0.5 times, which means the company holds more cash than debt. The company pays a dividend with a yield of 1.0%. The site's X-Ray Score for the company is 64 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $92.72 – $240.87Volume 3,217,500Daily, split-adjusted
Vitals
Market cap$40.8B
52-week range$92.72 – $240.87
Volume (last day)3,217,500
P/E (TTM)28.9
EBIT / EV yield4.7%
Free-cash-flow yield4.0%
Dividend yield1.0%
Revenue (TTM)$7.4B
Net income (TTM)$1.4B
Operating margin25.0%
Return on capital352.4%
Debt incl. leases$2.5B
Cash & securities$3.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$271model spread $242 – $305
Fair
+32.9% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $204
Undervalued < $190Fair $190 – $352Overvalued > $352
10-year DCF (market-scaled)
$370
Peer multiples
$242
Earnings power floor (not blended)
$59
Fundamentals-adjusted multiple
$201
Growth the price implies
19.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Strong
70/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.7%
Free-cash-flow yield4.0%
Fair value vs price1.3×
Growth
Weak
47/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)2.9%
EPS growth (3y)3.1%
Growth consistency100%
Profitability
Strong
72/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital352.4%
Operating margin25.0%
Gross profitability47.6%
Financial health
Strong
72/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA-0.5×
Interest coverNo interest cost
Dividends
Weak
28/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow25%
Dividend growth-1.5%
Quarterly results: last 6 quarters
+3.8%
Apr '25
+1.2%
Jul '25
+2.8%
Oct '25
+4.4%
Jan '26
+12.5%
Apr '26
+29.9%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $1.88.
Compare with peers
SNDK Sandisk Corp77 AAPL Apple Inc.55 WDC Western Digital Corp55 STX Seagate Technology Hol...54Other Technology Hardware, Storage & Peripherals companies by X-Ray Score.
Fundamentals checklist
● 9 Good · ● 5 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 66/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B |
| Operating income | $1.2B | $1.0B | $1.2B | $1.3B | $1.7B |
| Net income | $937M | $1.3B | $986M | $1.2B | $1.3B |
| Operating cash flow | $1.2B | $1.1B | $1.7B | $1.5B | $2.1B |
| Operating margin | 18.3% | 16.0% | 19.4% | 20.3% | 24.2% |
| Free cash flow | $985M | $868M | $1.5B | $1.3B | $1.9B |
| Diluted EPS | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 2 neutral · 5 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 227.3 | Bearish |
| EMA 10 | 221.1 | Bearish |
| SMA 20 | 216.0 | Bearish |
| EMA 20 | 216.4 | Bearish |
| SMA 50 | 201.7 | Bullish |
| EMA 50 | 202.0 | Bullish |
| SMA 100 | 183.5 | Bullish |
| EMA 100 | 183.0 | Bullish |
| SMA 200 | 143.9 | Bullish |
| EMA 200 | 159.0 | Bullish |
Oscillators (daily)
| RSI (14) | 43.82 | Neutral |
| MACD (12, 26) | 7.36 | Bullish |
| Momentum (12) | -2.77 | Bearish |
| Stochastic %K (14) | 8.54 | Bullish |
| Williams %R (14) | -91.46 | Bullish |
| CCI (20) | -41.80 | Neutral |
Pivot points (classic, last session)
S3 189.4 | S2 196.5 | S1 200.1 | Pivot 207.2 | R1 210.9 | R2 218.0 | R3 221.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.08 USD
Yield on today's price
1.02%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 9 Oct 2026 | 0.5200 |
| 10 Jul 2026 | 0.5200 |
| 2 Apr 2026 | 0.5200 |
| 2 Jan 2026 | 0.5200 |
| 3 Oct 2025 | 0.5200 |
| 3 Jul 2025 | 0.5200 |
| 4 Apr 2025 | 0.5200 |
| 3 Jan 2025 | 0.5200 |
| 4 Oct 2024 | 0.5200 |
| 5 Jul 2024 | 0.5200 |
| 4 Apr 2024 | 0.5000 |
| 4 Jan 2024 | 0.5000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
NTAP SEC filings
11 Sep 2026
8-KSEC EDGAR
Shareholder vote results
2 Sep 2026
10-QSEC EDGAR
Quarterly report
2 Sep 2026
8-KSEC EDGAR
Results of operations
28 Jul 2026
DEF 14ASEC EDGAR
Proxy statement
5 Jun 2026
10-KSEC EDGAR
Annual report
28 May 2026
8-KSEC EDGAR
Results of operations; Other events
26 Feb 2026
10-QSEC EDGAR
Quarterly report
26 Feb 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.