NetApp vs Western Digital
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The short version
- Western Digital is the larger business, with $12.9B of revenue in fiscal 2026 against $6.9B for NetApp, about 1.9 times as much.
- Western Digital grew revenue faster (35.7%, against 5.4%).
- Western Digital kept more of each dollar of sales as operating profit (34.5% operating margin, against 24.2%).
- Investors pay more for each dollar of NetApp’s earnings: a P/E of 30.4x against 13.3x for Western Digital.
| Latest fiscal year | NTAP · FY26 | WDC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $43.1B | $132.0B |
| Revenue | $6.9B | $12.9B |
| Free cash flow | $1.9B | $3.5B |
| Net income | $1.3B | $9.4B |
| Growth | ||
| Revenue growth | 5.4% | 35.7% |
| 5-year growth | 3.8% | −5.3% |
| Share count change | −3.8% | 6.7% |
| Profitability | ||
| Gross margin | 70.7% | 48.9% |
| Operating margin | 24.2% | 34.5% |
| Net margin | 18.4% | 73.0% |
| FCF margin | 27.0% | 27.2% |
| Return on capital | — | 52.2% |
| Return on equity | 106.7% | 133.0% |
| Balance sheet | ||
| Net debt | −$1.1B | −$527M |
| Net debt / EBITDA | −0.6x | −0.1x |
| Dividends and buybacks | $1.4B | $2.8B |
| Valuation & quality | ||
| P/E | 30.4x | 13.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
NTAP $5.5B
WDC $19.1B
FY18
NTAP $5.9B
WDC $20.6B
FY19
NTAP $6.1B
WDC $16.6B
FY20
NTAP $5.4B
WDC $16.7B
FY21
NTAP $5.7B
WDC $16.9B
FY22
NTAP $6.3B
WDC $18.8B
FY23
NTAP $6.4B
WDC $6.3B
FY24
NTAP $6.3B
WDC $6.3B
FY25
NTAP $6.6B
WDC $9.5B
FY26
NTAP $6.9B
WDC $12.9B
NTAP
WDC
Operating margin
FY17
NTAP 11.3%
WDC 10.2%
FY18
NTAP 19.6%
WDC 17.5%
FY19
NTAP 19.9%
WDC 0.5%
FY20
NTAP 17.5%
WDC 2.0%
FY21
NTAP 18.0%
WDC 7.2%
FY22
NTAP 18.3%
WDC 12.7%
FY23
NTAP 16.0%
WDC −8.8%
FY24
NTAP 19.4%
WDC −6.4%
FY25
NTAP 20.3%
WDC 24.5%
FY26
NTAP 24.2%
WDC 34.5%
NTAP
WDC
Free cash flow
FY17
NTAP $811M
WDC $2.9B
FY18
NTAP $1.3B
WDC $3.4B
FY19
NTAP $1.2B
WDC $671M
FY20
NTAP $936M
WDC $177M
FY21
NTAP $1.2B
WDC $752M
FY22
NTAP $985M
WDC $758M
FY23
NTAP $868M
WDC −$1.2B
FY24
NTAP $1.5B
WDC −$781M
FY25
NTAP $1.3B
WDC $1.3B
FY26
NTAP $1.9B
WDC $3.5B
NTAP
WDC
Return on capital
FY17
NTAP —
WDC —
FY18
NTAP —
WDC 10.1%
FY19
NTAP —
WDC 0.4%
FY20
NTAP —
WDC 1.6%
FY21
NTAP —
WDC 6.7%
FY22
NTAP —
WDC 10.3%
FY23
NTAP —
WDC −2.6%
FY24
NTAP —
WDC −2.0%
FY25
NTAP —
WDC 19.0%
FY26
NTAP —
WDC 52.2%
NTAP
WDC
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.