Logitech vs NetApp
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The short version
- NetApp is the larger business, with $6.9B of revenue in fiscal 2026 against $4.8B for Logitech.
- Logitech grew revenue faster (6.3%, against 5.4%).
- NetApp kept more of each dollar of sales as operating profit (24.2% operating margin, against 16.0%).
- NetApp turned more of its sales into free cash flow (27.0% FCF margin, against 20.2%).
- Investors pay more for each dollar of NetApp’s earnings: a P/E of 30.4x against 20.1x for Logitech.
| Latest fiscal year | LOGI · FY26 | NTAP · FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $43.1B |
| Revenue | $4.8B | $6.9B |
| Free cash flow | $976M | $1.9B |
| Net income | $711M | $1.3B |
| Growth | ||
| Revenue growth | 6.3% | 5.4% |
| 5-year growth | −1.6% | 3.8% |
| Share count change | −3.0% | −3.8% |
| Profitability | ||
| Gross margin | 43.2% | 70.7% |
| Operating margin | 16.0% | 24.2% |
| Net margin | 14.7% | 18.4% |
| FCF margin | 20.2% | 27.0% |
| Return on capital | 121.9% | — |
| Return on equity | 32.8% | 106.7% |
| Balance sheet | ||
| Net debt | −$1.7B | −$1.1B |
| Net debt / EBITDA | −2.0x | −0.6x |
| Dividends and buybacks | $768M | $1.4B |
| Valuation & quality | ||
| P/E | 20.1x | 30.4x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
LOGI $2.2B
NTAP $5.5B
FY18
LOGI $2.6B
NTAP $5.9B
FY19
LOGI $2.8B
NTAP $6.1B
FY20
LOGI $3.0B
NTAP $5.4B
FY21
LOGI $5.3B
NTAP $5.7B
FY22
LOGI $5.5B
NTAP $6.3B
FY23
LOGI $4.5B
NTAP $6.4B
FY24
LOGI $4.3B
NTAP $6.3B
FY25
LOGI $4.6B
NTAP $6.6B
FY26
LOGI $4.8B
NTAP $6.9B
LOGI
NTAP
Operating margin
FY17
LOGI 9.5%
NTAP 11.3%
FY18
LOGI 9.0%
NTAP 19.6%
FY19
LOGI 9.4%
NTAP 19.9%
FY20
LOGI 9.3%
NTAP 17.5%
FY21
LOGI 21.9%
NTAP 18.0%
FY22
LOGI 14.1%
NTAP 18.3%
FY23
LOGI 10.1%
NTAP 16.0%
FY24
LOGI 13.7%
NTAP 19.4%
FY25
LOGI 14.4%
NTAP 20.3%
FY26
LOGI 16.0%
NTAP 24.2%
LOGI
NTAP
Free cash flow
FY17
LOGI $257M
NTAP $811M
FY18
LOGI $307M
NTAP $1.3B
FY19
LOGI $269M
NTAP $1.2B
FY20
LOGI $386M
NTAP $936M
FY21
LOGI $1.4B
NTAP $1.2B
FY22
LOGI $209M
NTAP $985M
FY23
LOGI $442M
NTAP $868M
FY24
LOGI $1.1B
NTAP $1.5B
FY25
LOGI $786M
NTAP $1.3B
FY26
LOGI $976M
NTAP $1.9B
LOGI
NTAP
Return on capital
FY17
LOGI 73.9%
NTAP —
FY18
LOGI 57.5%
NTAP —
FY19
LOGI 51.0%
NTAP —
FY20
LOGI 41.1%
NTAP —
FY21
LOGI 147.4%
NTAP —
FY22
LOGI 81.3%
NTAP —
FY23
LOGI 33.1%
NTAP —
FY24
LOGI 63.5%
NTAP —
FY25
LOGI 87.5%
NTAP —
FY26
LOGI 121.9%
NTAP —
LOGI
NTAP
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.