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NetApp

NTAP Nasdaq Technology Hardware, Storage & Peripherals Financials FY2017–FY2026

NetApp's revenue rose 5.4% to $6.9 billion in fiscal 2026. Its operating margin was 24.2%, up from 20.3% a year earlier. Free cash flow was $1.9 billion, up 39.7%. It paid out $1.4 billion in dividends and buybacks, 73% of free cash flow. The diluted share count fell 3.8%.

Last close · Oct 23, 2026

$215.48

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$6.9B
5.4% vs prior year
Operating margin Operating income as a share of revenue.
24.2%
3.8 pts
Net income Profit after all expenses, interest and tax.
$1.3B
7.6%
Free cash flow Cash from operations minus capital spending.
$1.9B
39.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$43.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
30.4x
On $7.09 EPS (TTM)

About these figures. Revenue is NetApp's total net revenues; the SEC data's plain revenue tag holds only part of them.

What NetApp does

No business description yet.

Legal name
NetApp, Inc.
Fiscal year ends
April 24, 2026
Latest annual report
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Accession · CIK
0001193125-26-259683
0001002047

Revenue and margins

NetApp had $6.9B of revenue in fiscal 2026, up 5.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 15.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.9B in fiscal 2026, 27.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NetApp returned $1.4B to shareholders in fiscal 2026, 73% of free cash flow. The diluted share count fell 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NetApp yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 201.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 30.4x · peers 32.7x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably NetApp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $4.1B$3.1B$3.3B$3.8B$3.6B
Debt incl. finance leases $2.6B$2.4B$2.4B$3.2B$2.5B
Net debt / EBITDA −1.2x−0.6x−0.6x−0.4x−0.6x
Debt / equity 3.2x2.1x2.1x3.1x1.8x
Interest coverage 15.9x15.2x19.0x20.9x15.4x
Current ratio 1.5x1.4x1.2x1.3x1.4x
Quick ratio 1.5x1.3x1.2x1.2x1.4x
Total assets $10.0B$9.8B$9.9B$10.8B$10.7B
Total liabilities $9.2B$8.7B$8.7B$9.8B$9.4B
Shareholders' equity $838M$1.2B$1.1B$1.0B$1.4B
Net debt (− = net cash) −$1.5B−$681M−$860M−$611M−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$35.5M

6 insiders

Of sales under plans

90%

$32.0M

DateInsiderTradeSharesPriceValueFiling
Oct 12, 2026 Elizabeth M O'CallahanEVP, Chief Admin. Officer Sold plan 1,000 $237.42 $0.2M Form 4
Oct 2, 2026 Carrie PalinDirector Sold 5,000 $216.43 $1.1M Form 4
Oct 1, 2026 George KurianCEO, Director Sold plan 10,000 $210.04 $2.1M Form 4
Oct 1, 2026 Gerald HeldDirector Sold 5,757 $212.00 $1.2M Form 4
Sep 29, 2026 George KurianCEO, Director Sold plan 50,000 $209.95 $10.5M Form 4
Sep 24, 2026 George KurianCEO, Director Sold plan 37,000 $199.95 $7.4M Form 4
Sep 21, 2026 Deepak AhujaDirector Sold plan 3,450 $200.00 $0.7M Form 4
Sep 21, 2026 George KurianCEO, Director Sold plan 13,000 $200.01 $2.6M Form 4
Sep 14, 2026 Deepak AhujaDirector Sold plan 3,526 $194.04 $0.7M Form 4
Sep 14, 2026 George KurianCEO, Director Sold plan 40,000 $191.42 $7.7M Form 4
Sep 11, 2026 Thomas Michael NevensDirector Sold 5,940 $195.21 $1.2M Form 4
Sep 10, 2026 Elizabeth M O'CallahanEVP, Chief Admin. Officer Sold plan 1,000 $184.74 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 97 / 97 / 9
Accruals ratio −7.1%−3.1%−7.3%
Altman Z'' 1.561.662.32

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NetApp NTAP $43.1B 5.4% 24.2% 27.0% — 30.4x 7
Logitech LOGI $15.9B 6.3% 16.0% 20.2% 121.9% 20.1x 7 Compare →
Seagate Technology STX $144.4B 34.1% 33.6% 25.5% 92.0% 45.4x 8 Compare →
Western Digital WDC $132.0B 35.7% 34.5% 27.2% 52.2% 13.3x 7 Compare →
Everpure P $42.6B 15.6% 3.1% 16.8% — 169.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $5.5B $5.9B $6.1B $5.4B $5.7B $6.3B $6.4B $6.3B $6.6B $6.9B
Gross profit $3.4B $3.7B $3.9B $3.6B $3.8B $4.2B $4.2B $4.4B $4.6B $4.9B
Research and development $779M $783M $827M $847M $881M $881M $956M $1.0B $1.0B $991M
Operating income $621M $1.2B $1.2B $945M $1.0B $1.2B $1.0B $1.2B $1.3B $1.7B
Interest expense $52.0M $62.0M $58.0M $55.0M $74.0M $73.0M $67.0M $64.0M $64.0M $109M
Pretax income $621M $1.2B $1.3B $944M $962M $1.1B $1.1B $1.3B $1.4B $1.6B
Income tax $140M $1.1B $99.0M $125M $232M $158M −$208M $277M $197M $372M
Net income $481M $116M $1.2B $819M $730M $937M $1.3B $986M $1.2B $1.3B
Diluted EPS $1.71 $0.42 $4.51 $3.52 $3.23 $4.09 $5.79 $4.63 $5.67 $6.35
Diluted shares 0.28B 0.28B 0.26B 0.23B 0.23B 0.23B 0.22B 0.21B 0.21B 0.20B
Cash flow
Cash from operations $986M $1.5B $1.3B $1.1B $1.3B $1.2B $1.1B $1.7B $1.5B $2.1B
Capital expenditure $175M $145M $173M $124M $162M $226M $239M $155M $168M $198M
Free cash flow $811M $1.3B $1.2B $936M $1.2B $985M $868M $1.5B $1.3B $1.9B
Depreciation and amortization $178M $145M $150M $154M $158M $148M $181M $198M $196M $179M
Stock-based compensation $195M $161M $158M $153M $197M $245M $312M $357M $386M $382M
Acquisitions $8.0M $75.0M $3.0M $73.0M $350M $380M $491M $0.0M $0.0M $0.0M
Share buybacks $705M $794M $2.1B $1.4B $125M $600M $850M $900M $1.2B $950M
Dividends paid $208M $214M $403M $439M $427M $446M $432M $416M $424M $413M
Dividends and buybacks $913M $1.0B $2.5B $1.9B $552M $1.0B $1.3B $1.3B $1.6B $1.4B
Balance sheet
Cash and short-term investments $4.9B $5.4B $3.9B $2.9B $4.6B $4.1B $3.1B $3.3B $3.8B $3.6B
Total debt $1.5B $1.9B $1.8B $1.7B $2.6B $2.6B $2.4B $2.4B $3.2B $2.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $6.2B $7.0B $5.6B $4.3B $6.0B $5.9B $4.7B $4.9B $5.9B $5.8B
Current liabilities $4.1B $3.5B $3.9B $3.6B $3.5B $4.0B $3.5B $4.1B $4.7B $4.0B
Inventory $163M $122M $131M $145M $114M $204M $167M $186M $186M $198M
Property and equipment, net $799M $756M $759M $727M $525M $602M $650M $604M $563M $592M
Total assets $9.5B $10.0B $8.7B $7.5B $9.4B $10.0B $9.8B $9.9B $10.8B $10.7B
Total liabilities $6.7B $7.7B $7.7B $7.3B $8.7B $9.2B $8.7B $8.7B $9.8B $9.4B
Shareholders' equity $2.9B $2.3B $1.1B $242M $685M $838M $1.2B $1.1B $1.0B $1.4B
Margins
Gross margin 61.3% 62.7% 64.2% 66.9% 66.4% 66.8% 66.2% 70.7% 70.2% 70.7%
Operating margin 11.3% 19.6% 19.9% 17.5% 18.0% 18.3% 16.0% 19.4% 20.3% 24.2%
EBITDA margin 14.6% 22.0% 22.3% 20.3% 20.7% 20.7% 18.9% 22.5% 23.3% 26.8%
Net margin 8.8% 2.0% 19.0% 15.1% 12.7% 14.8% 20.0% 15.7% 18.1% 18.4%
FCF margin 14.8% 22.5% 19.0% 17.3% 20.4% 15.6% 13.6% 24.4% 20.4% 27.0%
Returns
Return on capital employed 10.6% 19.6% 21.6% 21.5% 21.0% 19.3% 16.4% 20.0% 22.4% 26.0%
Return on equity 16.5% 4.4% 69.5% 123.0% 157.5% 123.1% 127.6% 85.6% 108.5% 106.7%
Return on assets 4.9% 1.2% 12.5% 10.1% 8.7% 9.7% 12.8% 10.0% 11.5% 11.8%
Growth
Revenue growth −1.0% 7.8% 3.8% −11.9% 6.1% 10.0% 0.7% −1.5% 4.9% 5.4%
Net income growth 110.0% −75.9% 907.8% −29.9% −10.9% 28.4% 36.0% −22.6% 20.3% 7.6%
EPS growth 122.1% −75.4% 973.8% −22.0% −8.2% 26.6% 41.6% −20.0% 22.5% 12.0%
FCF growth −0.4% 64.4% −12.4% −19.9% 25.1% −15.9% −11.9% 76.3% −12.6% 39.7%
Share count change −5.4% −1.8% −6.2% −10.0% −3.0% 1.3% −3.9% −3.2% −1.9% −3.8%
Financial health
Net debt / EBITDA −4.3x −2.7x −1.5x −1.1x −1.7x −1.2x −0.6x −0.6x −0.4x −0.6x
Debt / equity 0.5x 0.9x 1.6x — 3.8x 3.2x 2.1x 2.1x 3.1x 1.8x
Interest coverage 11.9x 18.7x 21.1x 17.2x 13.9x 15.9x 15.2x 19.0x 20.9x 15.4x
Current ratio 1.5x 2.0x 1.5x 1.2x 1.7x 1.5x 1.4x 1.2x 1.3x 1.4x
Quick ratio 1.5x 1.9x 1.4x 1.1x 1.7x 1.5x 1.3x 1.2x 1.2x 1.4x
Capital allocation
Capex / revenue 3.2% 2.5% 2.8% 2.3% 2.8% 3.6% 3.8% 2.5% 2.6% 2.9%
Stock comp / revenue 3.6% 2.7% 2.6% 2.8% 3.4% 3.9% 4.9% 5.7% 5.9% 5.5%
Payouts / FCF 112.6% 75.6% 215.2% 197.7% 47.1% 106.2% 147.7% 86.0% 117.6% 72.9%
Quality scores
Piotroski F-score 7.0 7.0 7.0 6.0 7.0 6.0 5.0 6.0 7.0 7.0
Altman Z'' 2.4 3.3 2.4 1.5 2.7 2.2 1.7 1.6 1.7 2.3
Accruals ratio −5.2% −14.0% −1.8% −3.0% −7.1% −2.8% 1.7% −7.1% −3.1% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0001002047). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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