NetApp vs Seagate Technology
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The short version
- Seagate Technology is the larger business, with $12.2B of revenue in fiscal 2026 against $6.9B for NetApp, about 1.8 times as much.
- Seagate Technology grew revenue faster (34.1%, against 5.4%).
- Seagate Technology kept more of each dollar of sales as operating profit (33.6% operating margin, against 24.2%).
- NetApp turned more of its sales into free cash flow (27.0% FCF margin, against 25.5%).
| Latest fiscal year | NTAP · FY26 | STX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $43.1B | $144.4B |
| Revenue | $6.9B | $12.2B |
| Free cash flow | $1.9B | $3.1B |
| Net income | $1.3B | $3.2B |
| Growth | ||
| Revenue growth | 5.4% | 34.1% |
| 5-year growth | 3.8% | 2.7% |
| Share count change | −3.8% | 5.5% |
| Profitability | ||
| Gross margin | 70.7% | 45.6% |
| Operating margin | 24.2% | 33.6% |
| Net margin | 18.4% | 26.1% |
| FCF margin | 27.0% | 25.5% |
| Return on capital | — | 92.0% |
| Return on equity | 106.7% | 371.5% |
| Balance sheet | ||
| Net debt | −$1.1B | $1.9B |
| Net debt / EBITDA | −0.6x | 0.4x |
| Dividends and buybacks | $1.4B | $810M |
| Valuation & quality | ||
| P/E | 30.4x | — |
| Piotroski F-score | 7 | 8 |
Revenue
FY17
NTAP $5.5B
STX $10.8B
FY18
NTAP $5.9B
STX $11.2B
FY19
NTAP $6.1B
STX $10.4B
FY20
NTAP $5.4B
STX $10.5B
FY21
NTAP $5.7B
STX $10.7B
FY22
NTAP $6.3B
STX $11.7B
FY23
NTAP $6.4B
STX $7.4B
FY24
NTAP $6.3B
STX $6.6B
FY25
NTAP $6.6B
STX $9.1B
FY26
NTAP $6.9B
STX $12.2B
NTAP
STX
Operating margin
FY17
NTAP 11.3%
STX 9.8%
FY18
NTAP 19.6%
STX 14.6%
FY19
NTAP 19.9%
STX 14.3%
FY20
NTAP 17.5%
STX 12.4%
FY21
NTAP 18.0%
STX 14.0%
FY22
NTAP 18.3%
STX 16.8%
FY23
NTAP 16.0%
STX −4.6%
FY24
NTAP 19.4%
STX 6.9%
FY25
NTAP 20.3%
STX 20.8%
FY26
NTAP 24.2%
STX 33.6%
NTAP
STX
Free cash flow
FY17
NTAP $811M
STX $1.5B
FY18
NTAP $1.3B
STX $1.7B
FY19
NTAP $1.2B
STX $1.2B
FY20
NTAP $936M
STX $1.1B
FY21
NTAP $1.2B
STX $1.1B
FY22
NTAP $985M
STX $1.3B
FY23
NTAP $868M
STX $626M
FY24
NTAP $1.5B
STX $664M
FY25
NTAP $1.3B
STX $818M
FY26
NTAP $1.9B
STX $3.1B
NTAP
STX
Return on capital
FY17
NTAP —
STX 23.8%
FY18
NTAP —
STX 32.1%
FY19
NTAP —
STX 33.7%
FY20
NTAP —
STX 30.0%
FY21
NTAP —
STX 33.1%
FY22
NTAP —
STX 76.5%
FY23
NTAP —
STX −13.8%
FY24
NTAP —
STX 10.8%
FY25
NTAP —
STX 56.7%
FY26
NTAP —
STX 92.0%
NTAP
STX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.