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NTAPNetApp, Inc.
$192.91$38.2B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
NTAP logo

NetApp, Inc.

NTAP
NASDAQ · Computer Hardware
$192.91
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$38.21B
P/E30.3x
52W High$209.06
Volume2.28M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2027Q1

Hybrid Cloud Reacceleration Drives Margin Expansion

NetApp's revenue growth has reaccelerated to 29.9% year-over-year in Q1 FY27, driven by strong demand for its hybrid cloud solutions, while gross margins have stabilized above 70% for five consecutive quarters, indicating a software-led mix shift. The company ...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsStrong
Explore valuation models
MARKET ACTION

NTAP price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

-40% Peers

P/E is 40% below peer median

03

Market leadership

RS 94 · Leader

High momentum (Outperforming 94% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Dec 2
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has reaccelerated sharply to 29.9% year-over-year in Q1 FY27, while gross margins have stabilized above 70% for five consecutive quarters, suggesting a sustainable software-led mix shift.

Analyst Consensus+2.1% target
Hold(71 analysts)
26 Buy37 Hold8 Sell

The Bull Case

Upside Catalysts

Cloud-embedded storage leadership

NetApp is the only enterprise-grade storage service embedded into major public cloud providers, positioning it uniquely in the market.

Intelligent data infrastructure

The company provides unified data storage and integrated services, helping customers modernize infrastructure and transform cloud strategies.

AI innovation enabler

NetApp's solutions support AI innovation, making it a key player in the growing AI-driven data management space.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
NTAP+82.65%
S&P 500 (^GSPC)+13.20%
1-Year Return
NTAP+56.48%
S&P 500 (^GSPC)+15.98%
3-Year Return
NTAP+161.89%
S&P 500 (^GSPC)+74.10%
5-Year Return
NTAP+125.71%
S&P 500 (^GSPC)+68.09%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
30.3x
Forward P/EExpansion
24.2x
EV/EBITDA100th %ile
19.6x
FCF YieldCash Flow
4.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
30.3x
17.1x
100th· High
EV/EBITDA
19.6x
11.5x
100th· High
Price/FCF
20.4x
14.2x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$78.00-59.6%
Base (Fair)$125.78-36.4%
Bull$155.98-19.1%
$78.00 Bear$125.78 Base$155.98 Bull
Current Market Price: $192.91
Trades at a 53.4% premium to Base DCF ($125.78)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$6.92B+5.4% YoY
Net income
$1.28B+7.6% YoY
Free cash flow
$1.87B+39.7% YoY
Operating margin
24.5%+4.1 pts YoY
ROIC (TTM)124.4%
Avg ROIC 5Y-
ROE (TTM)106.7%
Piotroski Score9 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Sep 2, 2026
$2.58+21.7%
vs $2.12
$2.0B+10.2%
vs $1.8B
Q2 2026
May 28, 2026
$2.43+7.0%
vs $2.27
$1.9B+4.1%
vs $1.9B
Q1 2026
Feb 26, 2026
$2.12+2.9%
vs $2.06
$1.7B+1.0%
vs $1.7B
Q4 2025
Nov 25, 2025
$2.05+9.0%
vs $1.88
$1.7B+1.0%
vs $1.7B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·15h ago
NetApp Hosts Technology Sessions at 2026 INSIGHT Conference in Las Vegas, Nevada

SUNNYVALE, Calif.--(BUSINESS WIRE)--NetApp (NASDAQ: NTAP) will hold their 2026 INSIGHT™ customer conference in Las Vegas, Nevada on September 29 – October 1, 2026. On Tuesday, September 29, 2026, NetApp will host a technology session for financial analysts and investors from 11:00 a.m. – 3:00 p.m. Pacific Time. The event will include George Kurian, Chief Executive Officer; Syam Nair, Chief Product Officer; Wissam Jabre, Executive Vice President and Chief Financial Officer and several tech speci.

Zacks Investment Research·18h ago
Why NetApp (NTAP) Might be Well Poised for a Surge

NetApp (NTAP) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Zacks Investment Research·4d ago
Are You Looking for a Top Momentum Pick? Why NetApp (NTAP) is a Great Choice

Does NetApp (NTAP) have what it takes to be a top stock pick for momentum investors? Let's find out.

Defense World·5d ago
George Kurian Sells 40,000 Shares of NetApp (NASDAQ:NTAP) Stock

NetApp, Inc. (NASDAQ: NTAP - Get Free Report) CEO George Kurian sold 40,000 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $191.42, for a total value of $7,656,800.00. Following the sale, the chief executive officer directly owned 318,537 shares in the company, valued

Filtered for NetApp, Inc.More Headlines
04

Compare before deciding

Benchmark NTAP against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for NetApp, Inc. (NTAP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NTAP logoNTAPNetApp, Inc.Current
$192.91$38.21B30.335.37%18.43%106.73%1.08%
PSTG logoPSTGEverpure, Inc
$86.22$28.49B183.45—5.89%17.22%—
HPE logoHPEHewlett Packard Enterprise Company
$61.04$80.83B-1368.6114.06%6.57%10.85%—
DELL logoDELLDell Technologies Inc.
$549.02$364.69B63.2518.8%7.53%——
IBM logoIBMInternational Business Machines Corporation
$231.38$217.99B20.717.62%15.52%33.43%—
STX logoSTXSeagate Technology Holdings plc
$919.84$206.25B66.1834.06%26.11%348.17%—

Compare NTAP vs Peers

NetApp, Inc. (NTAP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PSTG

Most directly comparable listed peer for NTAP.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare NTAP against a more recognizable public peer.

Peer Set

Compare Top 5

vs PSTG, HPE, DELL, IBM

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

NTAP SEC Filings & Documents

NetApp, Inc. (NTAP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Sep 11, 2026·SEC

Material company update

Sep 2, 2026·SEC

Material company update

May 28, 2026·SEC

10-K Annual Reports

3
FY 2026

Jun 5, 2026·SEC

FY 2025

Jun 9, 2025·SEC

FY 2024

Jun 10, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Sep 2, 2026·SEC

FY 2026

Feb 26, 2026·SEC

FY 2025

Nov 25, 2025·SEC

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NTAP Frequently Asked Questions

NetApp, Inc. (NTAP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is NetApp, Inc.'s revenue?

NetApp, Inc. (NTAP) reported $7.39B in revenue for fiscal year 2026. This represents a 7819% increase from $93.3M in 1997.

How fast is NetApp, Inc. growing?

NetApp, Inc. (NTAP) grew revenue by 5.4% over the past year. This is steady growth.

Is NTAP profitable?

Yes, NetApp, Inc. (NTAP) is profitable, generating $1.42B in net income for fiscal year 2026 (18.4% net margin).

Dividend & Returns
Does NTAP pay dividends?

Yes, NetApp, Inc. (NTAP) pays a dividend with a yield of 1.08%. This makes it attractive for income-focused investors.

What is NTAP's return on equity?

NetApp, Inc. (NTAP) has a return on equity (ROE) of 106.7%. This is excellent, indicating efficient use of shareholder capital.

What is NetApp, Inc.'s free cash flow?

NetApp, Inc. (NTAP) generated $1.65B in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NTAP back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →