NetApp vs Seagate Technology
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KIRA’s take AI analyst
I put NetApp and Seagate Technology side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
NetApp
NTAP
5/10
5-year growthGross marginFCF marginNet debt / EBITDAShare count change
Seagate Technology
STX
5/10
Revenue growthOperating marginNet marginReturn on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | NTAP FY26 | STX FY26 |
|---|---|---|
| Size | ||
| Market cap | $44.4B | $147.5B |
| 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 | 31.3x | — |
| Piotroski F-score | 7 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.