NetApp, Inc. (NTAP) 10-Year Financial Performance & Capital Metrics

NTAP • • Industrial / General

TechnologyComputer HardwareData Storage SystemsEnterprise Storage Solutions

AboutNetApp, Inc. provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, including NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, and NetApp SolidFire. It also provides cloud storage and data services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, NetApp Cloud Volumes Service for Google Cloud, NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense, and NetApp Cloud Volumes Edge Cache; and cloud operations services, such as NetApp Cloud Insights, Spot Ocean Kubernetes Suite, Spot Security, Spot Eco, and Spot CloudCheckr. In addition, the company offers application-aware data management service under the NetApp Astra name; and professional and support services, such as strategic consulting, professional, managed, and support services. Further, it provides assessment, design, implementation, and migration services. The company serves the energy, financial service, government, technology, internet, life science, healthcare service, manufacturing, media, entertainment, animation, video postproduction, and telecommunication markets through a direct sales force and an ecosystem of partners. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.Show more

Revenue $6.57B +4.9%
EBITDA $1.58B +7.6%
Net Income $1.19B +20.3%
EPS (Diluted) 5.67 +22.5%
Gross Margin 70.19% -0.8%
EBITDA Margin 24.04% +2.6%
Operating Margin 20.34% +5.0%
Net Margin 18.05% +14.7%
ROE 108.51% +26.8%
ROIC 54.44% +2.3%
Debt/Equity 3.36 +45.1%
Interest Coverage 20.89 +10.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 107.2%
✓FCF machine: 20.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 16.3%

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Expensive at 21.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.71%

5Y3.96%

3Y1.32%

TTM2.55%

Profit (Net Income) CAGR

10Y7.79%

5Y7.69%

3Y8.17%

TTM2.26%

EPS CAGR

10Y12.47%

5Y10%

3Y11.5%

TTM5.7%

ROCE

10Y Avg17.84%

5Y Avg19.82%

3Y Avg19.6%

Latest22.39%

Peer Comparison

Enterprise Storage Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PSTGPure Storage, Inc.	23.89B	72.36	233.42	11.92%	4.15%	10.55%	2.21%	0.22
NTAPNetApp, Inc.	21.47B	108.40	19.12	4.85%	17.73%	119.37%	6.23%	3.36
QMCOQuantum Corporation	129.52M	7.91	-0.35	-12.05%	-55.7%

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	5.55B	5.52B	5.91B	6.15B	5.41B	5.74B	6.32B	6.36B	6.27B	6.57B
Revenue Growth %	-0.09%	-0%	0.07%	0.04%	-0.12%	0.06%	0.1%	0.01%	-0.01%	0.05%
Cost of Goods Sold+	2.17B	2.13B	2.21B	2.2B	1.79B	1.93B	2.1B	2.15B	1.83B	1.96B
COGS % of Revenue	0.39%	0.39%	0.37%	0.36%	0.33%	0.34%	0.33%	0.34%	0.29%	0.3%
Gross Profit+	3.37B	3.39B	3.7B	3.94B	3.62B	3.81B	4.22B	4.21B	4.43B	4.61B
Gross Margin %	0.61%	0.61%	0.63%	0.64%	0.67%	0.66%	0.67%	0.66%	0.71%	0.7%
Gross Profit Growth %	-0.12%	0.01%	0.09%	0.07%	-0.08%	0.05%	0.11%	-0%	0.05%	0.04%
Operating Expenses+	2.96B	2.68B	2.79B	2.72B	2.68B	2.78B	3.06B	3.19B	3.22B	3.28B
OpEx % of Revenue	0.53%	0.49%	0.47%	0.44%	0.49%	0.48%	0.48%	0.5%	0.51%	0.5%
Selling, General & Admin	2.1B	1.9B	2.01B	1.94B	1.85B	2B	2.14B	2.09B	2.14B	2.18B
SG&A % of Revenue	0.38%	0.34%	0.34%	0.31%	0.34%	0.35%	0.34%	0.33%	0.34%	0.33%
Research & Development	861M	779M	783M	827M	847M	881M	881M	956M	1.03B	1.01B
R&D % of Revenue	0.16%	0.14%	0.13%	0.13%	0.16%	0.15%	0.14%	0.15%	0.16%	0.15%
Other Operating Expenses	-3M	8M	0	-38M	-17M	-98M	46M	141M	54M	88M
Operating Income+	348M	665M	1.13B	1.22B	945M	1.03B	1.16B	1.02B	1.21B	1.34B
Operating Margin %	0.06%	0.12%	0.19%	0.2%	0.17%	0.18%	0.18%	0.16%	0.19%	0.2%
Operating Income Growth %	-0.51%	0.91%	0.69%	0.09%	-0.23%	0.09%	0.12%	-0.12%	0.19%	0.1%
EBITDA+	616M	891M	1.32B	1.42B	1.19B	1.29B	1.35B	1.32B	1.47B	1.58B
EBITDA Margin %	0.11%	0.16%	0.22%	0.23%	0.22%	0.22%	0.21%	0.21%	0.23%	0.24%
EBITDA Growth %	-0.4%	0.45%	0.48%	0.07%	-0.16%	0.08%	0.05%	-0.02%	0.11%	0.08%
D&A (Non-Cash Add-back)	268M	226M	198M	197M	244M	259M	194M	301M	255M	243M
EBIT	394M	673M	1.26B	1.33B	999M	1.04B	1.17B	1.13B	1.33B	1.45B
Net Interest Income+	-3M	-8M	17M	30M	-7M	-65M	-66M	2M	48M	48M
Interest Income	46M	44M	79M	88M	48M	9M	7M	69M	112M	112M
Interest Expense	49M	52M	62M	58M	55M	74M	73M	67M	64M	64M
Other Income/Expense	-3M	0	41M	47M	-1M	-69M	-62M	48M	49M	46M
Pretax Income+	345M	665M	1.17B	1.27B	944M	962M	1.09B	1.07B	1.26B	1.38B
Pretax Margin %	0.06%	0.12%	0.2%	0.21%	0.17%	0.17%	0.17%	0.17%	0.2%	0.21%
Income Tax+	116M	156M	1.09B	99M	125M	232M	158M	-208M	277M	197M
Effective Tax Rate %	0.66%	0.77%	0.07%	0.92%	0.87%	0.76%	0.86%	1.2%	0.78%	0.86%
Net Income+	229M	509M	76M	1.17B	819M	730M	937M	1.27B	986M	1.19B
Net Margin %	0.04%	0.09%	0.01%	0.19%	0.15%	0.13%	0.15%	0.2%	0.16%	0.18%
Net Income Growth %	-0.59%	1.22%	-0.85%	14.38%	-0.3%	-0.11%	0.28%	0.36%	-0.23%	0.2%
Net Income (Continuing)	229M	509M	116M	1.17B	819M	730M	937M	1.27B	986M	1.19B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.77	1.81	0.28	4.51	3.52	3.23	4.09	5.79	4.63	5.67
EPS Growth %	-0.56%	1.35%	-0.85%	15.11%	-0.22%	-0.08%	0.27%	0.42%	-0.2%	0.22%
EPS (Basic)	0.78	1.85	0.28	4.60	3.56	3.29	4.20	5.87	4.74	5.81
Diluted Shares Outstanding	297M	281M	276M	259M	233M	226M	229M	220M	213M	209M
Basic Shares Outstanding	294M	275M	268M	254M	230M	222M	223M	217M	208M	204M
Dividend Payout Ratio	0.92%	0.41%	2.82%	0.34%	0.54%	0.58%	0.48%	0.34%	0.42%	0.36%

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	6.45B	6.2B	6.86B	5.61B	4.27B	6B	5.95B	4.68B	4.9B	5.85B
Cash & Short-Term Investments	5.3B	4.92B	5.39B	3.9B	2.88B	4.6B	4.13B	3.07B	3.25B	3.85B
Cash Only	2.87B	2.44B	2.94B	2.33B	2.66B	4.53B	4.11B	2.32B	1.9B	2.74B
Short-Term Investments	2.44B	2.48B	2.45B	1.57B	224M	67M	22M	754M	1.35B	1.1B
Accounts Receivable	813M	731M	1.05B	1.22B	973M	945M	1.23B	987M	1.01B	1.25B
Days Sales Outstanding	53.51	48.34	64.65	72.22	65.62	60.05	71.06	56.63	58.64	69.2
Inventory	98M	163M	126M	131M	145M	114M	204M	167M	186M	186M
Days Inventory Outstanding	16.46	27.95	20.79	21.72	29.58	21.57	35.49	28.31	37	34.66
Other Current Assets	0	383M	392M	364M	274M	346M	377M	456M	452M	573M
Total Non-Current Assets+	3.59B	3.29B	3.04B	3.13B	3.25B	3.36B	4.08B	5.14B	4.99B	4.97B
Property, Plant & Equipment	937M	799M	756M	759M	864M	639M	896M	931M	851M	804M
Fixed Asset Turnover	5.92x	6.91x	7.82x	8.10x	6.26x	8.99x	7.05x	6.83x	7.37x	8.17x
Goodwill	1.68B	1.68B	1.74B	1.74B	1.78B	2.04B	2.35B	2.76B	2.76B	2.72B
Intangible Assets	180M	131M	94M	47M	44M	101M	142M	181M	124M	43M
Long-Term Investments	0	0	0	0	0	0	0	0	85M	92M
Other Non-Current Assets	175M	156M	221M	389M	342M	361M	335M	319M	275M	316M
Total Assets+	10.04B	9.49B	9.87B	8.74B	7.52B	9.36B	10.03B	9.82B	9.89B	10.82B
Asset Turnover	0.55x	0.58x	0.60x	0.70x	0.72x	0.61x	0.63x	0.65x	0.63x	0.61x
Asset Growth %	0.07%	-0.05%	0.04%	-0.11%	-0.14%	0.24%	0.07%	-0.02%	0.01%	0.09%
Total Current Liabilities+	3.66B	4.04B	3.62B	3.87B	3.62B	3.45B	3.95B	3.47B	4.11B	4.66B
Accounts Payable	254M	347M	609M	542M	426M	420M	607M	392M	517M	511M
Days Payables Outstanding	42.66	59.49	100.49	89.88	86.91	79.47	105.6	66.46	102.84	95.21
Short-Term Debt	849M	1.25B	385M	649M	522M	0	250M	0	400M	750M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	698M	619M	800M	826M	697M	900M	878M	810M	973M	1.08B
Current Ratio	1.76x	1.53x	1.89x	1.45x	1.18x	1.74x	1.50x	1.35x	1.19x	1.26x
Quick Ratio	1.73x	1.49x	1.86x	1.42x	1.14x	1.71x	1.45x	1.30x	1.15x	1.22x
Cash Conversion Cycle	27.3	16.8	-15.05	4.06	8.29	2.15	0.95	18.48	-7.2	8.65
Total Non-Current Liabilities+	3.49B	2.67B	4.17B	3.78B	3.66B	5.22B	5.24B	5.19B	4.63B	5.12B
Long-Term Debt	1.49B	744M	1.54B	1.14B	1.15B	2.63B	2.39B	2.39B	1.99B	2.48B
Capital Lease Obligations	0	0	0	0	93M	71M	257M	248M	220M	216M
Deferred Tax Liabilities	0	0	0	0	0	127M	131M	144M	153M	45M
Other Non-Current Liabilities	413M	249M	992M	797M	621M	452M	400M	316M	212M	118M
Total Liabilities	7.16B	6.71B	7.8B	7.65B	7.28B	8.68B	9.19B	8.66B	8.74B	9.78B
Total Debt+	2.36B	2.12B	1.93B	1.79B	1.81B	2.75B	2.94B	2.68B	2.65B	3.49B
Net Debt	-510M	-321M	-1.01B	-532M	-846M	-1.78B	-1.17B	368M	749M	749M
Debt / Equity	0.82x	0.76x	0.93x	1.64x	7.49x	4.02x	3.51x	2.32x	2.31x	3.36x
Debt / EBITDA	3.83x	2.38x	1.46x	1.26x	1.52x	2.13x	2.18x	2.03x	1.81x	2.21x
Net Debt / EBITDA	-0.83x	-0.36x	-0.77x	-0.38x	-0.71x	-1.38x	-0.87x	0.28x	0.51x	0.47x
Interest Coverage	7.10x	12.79x	18.15x	21.05x	17.18x	13.93x	15.85x	15.19x	18.97x	20.89x
Total Equity+	2.88B	2.78B	2.07B	1.09B	242M	685M	838M	1.16B	1.15B	1.04B
Equity Growth %	-0.16%	-0.04%	-0.26%	-0.47%	-0.78%	1.83%	0.22%	0.38%	-0.01%	-0.09%
Book Value per Share	9.70	9.89	7.49	4.21	1.04	3.03	3.66	5.27	5.38	4.98
Total Shareholders' Equity	2.88B	2.78B	2.07B	1.09B	242M	685M	838M	1.16B	1.15B	1.04B
Common Stock	2.91B	2.77B	2.35B	1.13B	284M	504M	760M	945M	997M	1.11B
Retained Earnings	0	40M	-218M	0	0	211M	122M	265M	208M	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-31M	-29M	-70M	-43M	-42M	-30M	-44M	-51M	-59M	-66M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	974M	986M	1.48B	1.34B	1.06B	1.33B	1.21B	1.11B	1.69B	1.51B
Operating CF Margin %	0.18%	0.18%	0.25%	0.22%	0.2%	0.23%	0.19%	0.17%	0.27%	0.23%
Operating CF Growth %	-0.23%	0.01%	0.5%	-0.09%	-0.21%	0.26%	-0.09%	-0.09%	0.52%	-0.11%
Net Income	229M	509M	76M	1.17B	819M	730M	937M	1.27B	986M	1.19B
Depreciation & Amortization	279M	226M	198M	197M	193M	207M	194M	248M	255M	243M
Stock-Based Compensation	260M	195M	161M	158M	153M	197M	245M	312M	357M	386M
Deferred Taxes	-113M	90M	277M	-3M	-17M	-6M	-144M	-606M	53M	-100M
Other Non-Cash Items	19M	-16M	-245M	-71M	14M	-80M	1M	-15M	32M	41M
Working Capital Changes	300M	-18M	1.01B	-109M	-102M	285M	-22M	-106M	2M	-250M
Change in Receivables	-16M	81M	-272M	-185M	238M	62M	-313M	260M	-33M	-219M
Change in Inventory	49M	-65M	37M	-9M	-14M	31M	-90M	37M	-18M	-1M
Change in Payables	-53M	94M	262M	-57M	-117M	-11M	181M	-207M	123M	-8M
Cash from Investing+	85M	-220M	-21M	704M	1.27B	21M	-561M	-1.39B	-735M	147M
Capital Expenditures	-160M	-175M	-145M	-173M	-124M	-162M	-226M	-239M	-155M	-168M
CapEx % of Revenue	0.03%	0.03%	0.02%	0.03%	0.02%	0.03%	0.04%	0.04%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	105M	6M	209M	4M	96M	378M	18M	59M	0	70M
Cash from Financing+	-109M	-1.18B	-986M	-2.63B	-1.96B	444M	-1.02B	-1.51B	-1.34B	-828M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-210M	-208M	-214M	-403M	-439M	-427M	-446M	-432M	-416M	-424M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7M	-7M	-81M	-102M	-85M	90M	29M	-89M	-28M	-202M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	814M	811M	1.33B	1.17B	936M	1.17B	985M	868M	1.53B	1.34B
FCF Margin %	0.15%	0.15%	0.23%	0.19%	0.17%	0.2%	0.16%	0.14%	0.24%	0.2%
FCF Growth %	-0.26%	-0%	0.64%	-0.12%	-0.2%	0.25%	-0.16%	-0.12%	0.76%	-0.13%
FCF per Share	2.74	2.89	4.83	4.51	4.02	5.18	4.30	3.95	7.18	6.40
FCF Conversion (FCF/Net Income)	4.25x	1.94x	19.45x	1.15x	1.29x	1.83x	1.29x	0.87x	1.71x	1.27x
Interest Paid	43M	44M	0	0	50M	57M	67M	65M	59M	53M
Taxes Paid	161M	102M	0	0	276M	338M	398M	386M	357M	412M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.28%	17.98%	3.14%	74.06%	122.97%	157.5%	123.05%	127.59%	85.55%	108.51%
Return on Invested Capital (ROIC)	9.76%	20.65%	48.06%	113.76%	-	-	-	128%	53.21%	54.44%
Gross Margin	60.82%	61.42%	62.58%	64.19%	66.94%	66.42%	66.79%	66.16%	70.72%	70.19%
Net Margin	4.13%	9.22%	1.29%	19.02%	15.13%	12.71%	14.83%	20.03%	15.73%	18.05%
Debt / Equity	0.82x	0.76x	0.93x	1.64x	7.49x	4.02x	3.51x	2.32x	2.31x	3.36x
Interest Coverage	7.10x	12.79x	18.15x	21.05x	17.18x	13.93x	15.85x	15.19x	18.97x	20.89x
FCF Conversion	4.25x	1.94x	19.45x	1.15x	1.29x	1.83x	1.29x	0.87x	1.71x	1.27x
Revenue Growth	-9.42%	-0.49%	7.1%	3.98%	-11.94%	6.13%	9.99%	0.7%	-1.48%	4.85%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Hybrid Cloud	-	-	-	-	-	-	5.92B	5.79B	5.66B	5.91B
Hybrid Cloud Growth	-	-	-	-	-	-	-	-2.28%	-2.25%	4.42%
Public Cloud	-	-	-	-	-	-	396M	575M	611M	665M
Public Cloud Growth	-	-	-	-	-	-	-	45.20%	6.26%	8.84%
Product	-	-	-	3.75B	3B	2.99B	-	-	-	-
Product Growth	-	-	-	-	-20.24%	-0.13%	-	-	-	-
Software Maintenance	-	-	-	946M	1.03B	1.28B	-	-	-	-
Software Maintenance Growth	-	-	-	-	9.30%	23.89%	-	-	-	-
Hardware Maintenance Support Contracts	-	-	-	-	1.14B	1.2B	-	-	-	-
Hardware Maintenance Support Contracts Growth	-	-	-	-	-	4.64%	-	-	-	-
Strategic Product Revenues	-	-	-	-	1.81B	-	-	-	-	-
Strategic Product Revenues Growth	-	-	-	-	-	-	-	-	-	-
Hardware Maintenance And Other Services	-	-	-	1.45B	1.38B	-	-	-	-	-
Hardware Maintenance And Other Services Growth	-	-	-	-	-4.29%	-	-	-	-	-
Mature Product Revenues	-	-	-	-	1.19B	-	-	-	-	-
Mature Product Revenues Growth	-	-	-	-	-	-	-	-	-	-
Deferred Services Revenue	3.1B	3B	3.24B	-	-	-	-	-	-	-
Deferred Services Revenue Growth	-	-3.26%	7.90%	-	-	-	-	-	-	-
Financed Unearned Services Revenue	217M	219M	122M	-	-	-	-	-	-	-
Financed Unearned Services Revenue Growth	-	0.92%	-44.29%	-	-	-	-	-	-	-
Deferred Product Revenue	68M	124M	119M	-	-	-	-	-	-	-
Deferred Product Revenue Growth	-	82.35%	-4.03%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	3.07B	3.08B	3.18B	3.42B	2.86B	3.1B	3.46B	3.39B	3.19B	3.35B
Americas Growth	-	0.33%	3.48%	7.57%	-16.41%	8.17%	11.72%	-2.02%	-5.81%	4.82%
E M E A	1.76B	1.71B	1.88B	1.85B	1.74B	1.77B	1.98B	2.06B	2.1B	2.2B
E M E A Growth	-	-2.56%	9.99%	-1.91%	-5.68%	1.89%	11.49%	4.24%	1.99%	4.75%
Asia Pacific	722M	730M	844M	874M	807M	872M	879M	909M	971M	1.02B
Asia Pacific Growth	-	1.11%	15.62%	3.55%	-7.67%	8.05%	0.80%	3.41%	6.82%	5.15%

Frequently Asked Questions

Valuation & Price

NetApp, Inc. (NTAP) has a price-to-earnings (P/E) ratio of 19.1x. This is roughly in line with market averages.

Growth & Financials

NetApp, Inc. (NTAP) reported $6.64B in revenue for fiscal year 2025. This represents a 6% increase from $6.23B in 2012.

NetApp, Inc. (NTAP) grew revenue by 4.9% over the past year. Growth has been modest.

Yes, NetApp, Inc. (NTAP) is profitable, generating $1.18B in net income for fiscal year 2025 (18.0% net margin).

Dividend & Returns

Yes, NetApp, Inc. (NTAP) pays a dividend with a yield of 1.87%. This makes it attractive for income-focused investors.

NetApp, Inc. (NTAP) has a return on equity (ROE) of 108.5%. This is excellent, indicating efficient use of shareholder capital.

NetApp, Inc. (NTAP) generated $1.68B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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