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NetApp, Inc. (NTAP)

NASDAQ / Technology / Computer Hardware

Share price

214.70 USD Market dataClose of Oct 15, 2026

Market capitalisation

42.17B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Jun 5, 2026
Ratios computed
Oct 15, 2026
Filed years
17, FY2009 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

64.4% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

33.49x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.3% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 5.52B USDFY2017 Net income: 481.0M USDFY2018 Revenue: 5.91B USDFY2018 Net income: 116.0M USDFY2019 Revenue: 6.15B USDFY2019 Net income: 1.17B USDFY2020 Revenue: 5.41B USDFY2020 Net income: 819.0M USDFY2021 Revenue: 5.74B USDFY2021 Net income: 730.0M USDFY2022 Revenue: 6.32B USDFY2022 Net income: 937.0M USDFY2023 Revenue: 6.36B USDFY2023 Net income: 1.27B USDFY2024 Revenue: 5.66B USDFY2024 Net income: 986.0M USDFY2025 Revenue: 5.91B USDFY2025 Net income: 1.19B USDFY2026 Revenue: 6.24B USDFY2026 Net income: 1.28B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 33.49x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Technology sector (365 companies), 33.49x sits at the 55th percentile; the middle half of that group runs from 15.65x to 58.59x.

Is it good

Return on invested capital was 64.4% in FY2026, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Technology sector (220 companies), 64.4% sits at the 96th percentile; the middle half of that group runs from 1.2% to 17.5%.

Is it safe

Interest coverage was 15.36x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether NetApp, Inc.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2024 to FY2026, 3 fiscal years of NetApp, Inc. with a comparable figure)
The direction
Which way NetApp, Inc.'s return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of NetApp, Inc.)
What could explain it
What in NetApp, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines NetApp, Inc. filed)
What to check next
What to check next on NetApp, Inc., and where in its filings. (5 questions for NetApp, Inc.)
In one paragraph
One paragraph on NetApp, Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for NetApp, Inc.)

These are NTAP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NTAPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Jun 5, 2026, accession 0001193125-26-259683.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

NetApp, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax64.4% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Return on equity94.5% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Return on capital employed, pre-tax24.9% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Return on assets11.9% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Gross margin78.5% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Operating margin26.8% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Net margin20.5% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
NTAP 20.5%
WDC 73.0%STX 26.1%HPQ 4.6%LOGI 14.7%SMCI 5.7%
4.6%73.0%
Net margin: NTAP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

NetApp, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.02 ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Current ratio1.44 ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Quick ratio1.39 ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Interest coverage15.36x ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Altman Z-score4.07 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Net debt-851.0M ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Total assets 10.74BTotal liabilities 9.39BShareholders' equity 1.35BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What NetApp, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Jun 5, 2026, 0001193125-26-259683).

NetApp, Inc: balance sheet position
Total assets10.74B FiledFY2026 10-K, filed Jun 5, 2026
Total liabilities9.39B FiledFY2026 10-K, filed Jun 5, 2026
Shareholders' equity1.35B FiledFY2026 10-K, filed Jun 5, 2026
Cash3.58B FiledFY2026 10-K, filed Jun 5, 2026
Total debt2.73B FiledFY2026 10-K, filed Jun 5, 2026
Net debt-851.0M
Current ratio1.44
Debt to equity2.02

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

NetApp, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings33.49x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
P/E on trailing twelve months31.95x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book31.94x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Price to sales6.92x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Enterprise value to EBIT26.18x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Enterprise value to EBITDA23.65x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Price to earnings over growth2.35 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Diluted earnings per share6.35 USD FiledFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Graham number31.14 USD ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683

We publish no fair value or price target of our own. Value NTAP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for NetApp, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

NetApp, Inc: valuation
Share price214.70 USD
Market capitalisation42.17B USD
Enterprise value to EBITDA23.65x
Graham number31.14 USD
Diluted earnings per share, FY20266.35 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 7.38x, median 21.41x, high 197.55x, latest 31.95x. 2,442 trading days with a meaningful ratio, 81 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like NetApp, Inc

  1. Western Digital Corporation (WDC)Market cap 133.40B USD
  2. Seagate Technology Holdings plc (STX)Market cap 157.10B USD
  3. HP Inc. (HPQ)Market cap 27.82B USD
  4. Logitech International S.A. (LOGI)Market cap 15.10B USD
  5. Super Micro Computer, Inc. (SMCI)Market cap 23.05B USD

Same industry (Computer Hardware) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

NetApp, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.3% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Free cash flow1.87B USD ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Free cash flow margin30.0% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Dividend yield1.0% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Payout ratio32.4% ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
FY2017 Free cash flow: 811.0M USDFY2017 Net income: 481.0M USDFY2018 Free cash flow: 1.33B USDFY2018 Net income: 116.0M USDFY2019 Free cash flow: 1.17B USDFY2019 Net income: 1.17B USDFY2020 Free cash flow: 936.0M USDFY2020 Net income: 819.0M USDFY2021 Free cash flow: 1.17B USDFY2021 Net income: 730.0M USDFY2022 Free cash flow: 985.0M USDFY2022 Net income: 937.0M USDFY2023 Free cash flow: 868.0M USDFY2023 Net income: 1.27B USDFY2024 Free cash flow: 1.53B USDFY2024 Net income: 986.0M USDFY2025 Free cash flow: 1.34B USDFY2025 Net income: 1.19B USDFY2026 Free cash flow: 1.87B USDFY2026 Net income: 1.28B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

NetApp, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
33.49xFY2026Oct 15, 2026
31.94xFY2026Oct 15, 2026
26.18xFY2026Oct 15, 2026
4.3%FY2026Oct 15, 2026
64.4%FY2026Jun 5, 2026
1.0%FY2026Oct 15, 2026
2.02FY2026Jun 5, 2026
1.44FY2026Jun 5, 2026
6.92xFY2026Oct 15, 2026
2.35FY2026Oct 15, 2026
4.07FY2026Oct 15, 2026
-1.96FY2026Jun 5, 2026
8/9FY2026Jun 5, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 17 filed fiscal years on record, FY2009 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports NetApp, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

NetApp, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20266.24B1.67B1.28B6.351.87B26.8%94.5%10-K, Jun 5, 20260001193125-26-259683
FY20255.91B1.34B1.19B5.671.34B22.6%114.0%10-K, Jun 9, 20250000950170-25-083705
FY20245.66B1.21B986.0M4.631.53B21.5%86.0%10-K, Jun 10, 20240000950170-24-071327
FY20236.36B1.02B1.27B5.79868.0M16.0%109.9%10-K, Jun 14, 20230000950170-23-027948
FY20226.32B1.16B937.0M4.09985.0M18.3%111.8%10-K, Jun 16, 20220000950170-22-011708
FY20215.74B1.03B730.0M3.231.17B17.9%106.6%10-K, Jun 14, 20230000950170-23-027948
FY20205.41B945.0M819.0M3.52936.0M17.5%338.4%10-K, Jun 15, 20200001564590-20-029349
FY20196.15B1.22B1.17B4.511.17B19.9%107.3%10-K, Jun 18, 20190001564590-19-022779
FY20185.91B1.16B116.0M0.421.33B19.6%5.1%10-K, Jun 19, 20180001564590-18-015820
FY20175.52B621.0M481.0M1.71811.0M11.3%16.3%10-K, Jun 20, 20170001564590-17-012758
  • Revenue, compound annual growth FY2017 to FY2026: 1.4%
  • Earnings, compound annual growth FY2017 to FY2026: 11.4%
  • Earnings per share, compound annual growth FY2017 to FY2026: 15.7%
  • Free cash flow, compound annual growth FY2017 to FY2026: 9.7%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

NetApp, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.96 ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Piotroski F-score8/9 ComputedFY2026 10-K, filed Jun 5, 2026, 0001193125-26-259683
Named tests met3 of 30 Computed
Beta1.45 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 27 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.