NetApp, Inc. (NTAP) Financial Ratios
30 years of historical data (1996–2025) · Technology · Computer Hardware
EV/EBITDA
↑
14.63
+19% vs avg
5yr avg: 12.34
30Y Low7.9·High92.0
P/FCF
↓
16.72
+11% vs avg
5yr avg: 15.13
30Y Low8.6·High128.7
P/B Ratio
↓
22.71
↑+21% vs avg
5yr avg: 18.73
30Y Low2.4·High53.3
ROE
↓
108.5%
-10% vs avg
5yr avg: 120.4%
30Y Low0%·High157%
Debt/EBITDA
↑
2.21
+7% vs avg
5yr avg: 2.07
30Y Low0.0·High5.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NTAP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NetApp, Inc. trades at 19.9x earnings, 11% above its 5-year average of 18.0x, sitting at the 23rd percentile of its historical range. Compared to the Technology sector median P/E of 27.7x, the stock trades at a discount of 28%. On a free-cash-flow basis, the stock trades at 16.7x P/FCF, 11% above the 5-year average of 15.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.4B | $18.8B | $21.8B | $13.8B | $16.8B | $16.9B | $10.2B | $18.9B | $18.4B | $11.2B | $7.0B |
| Enterprise Value | $23.1B | $19.5B | $22.5B | $14.2B | $15.6B | $15.1B | $9.4B | $18.3B | $17.4B | $10.9B | $6.5B |
| P/E Ratio → | 19.93 | 15.83 | 22.08 | 10.86 | 17.91 | 23.12 | 12.43 | 16.15 | 237.79 | 22.02 | 30.70 |
| P/S Ratio | 3.40 | 2.85 | 3.47 | 2.17 | 2.65 | 2.94 | 1.88 | 3.07 | 3.11 | 2.03 | 1.27 |
| P/B Ratio | 22.71 | 18.04 | 19.00 | 11.94 | 20.02 | 24.64 | 42.14 | 17.31 | 8.89 | 4.03 | 2.44 |
| P/FCF | 16.72 | 14.02 | 14.23 | 15.94 | 17.03 | 14.41 | 10.90 | 16.15 | 13.79 | 13.81 | 8.63 |
| P/OCF | 14.86 | 12.46 | 12.92 | 12.50 | 13.85 | 12.66 | 9.62 | 14.07 | 12.43 | 11.36 | 7.21 |
P/E links to full P/E history page with 30-year chart
NTAP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
NetApp, Inc.'s enterprise value stands at 14.6x EBITDA, 19% above its 5-year average of 12.3x. The Technology sector median is 17.5x, placing the stock at a 16% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.97 | 3.59 | 2.23 | 2.47 | 2.63 | 1.73 | 2.98 | 2.94 | 1.97 | 1.17 |
| EV / EBITDA | 14.63 | 12.35 | 15.33 | 10.77 | 11.55 | 11.71 | 7.87 | 12.93 | 13.12 | 12.21 | 10.57 |
| EV / EBIT | 17.29 | 13.48 | 16.97 | 12.54 | 13.36 | 14.58 | 9.36 | 13.83 | 13.77 | 16.16 | 16.53 |
| EV / FCF | — | 14.58 | 14.72 | 16.36 | 15.84 | 12.90 | 9.99 | 15.70 | 13.02 | 13.41 | 8.00 |
NTAP Profitability
Margins and return-on-capital ratios measuring operating efficiency
NetApp, Inc. earns an operating margin of 20.3%. Operating margins have expanded from 16.0% to 20.3% over the past 3 years, signaling improving operational efficiency. Return on equity of 108.5% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks. ROIC of 54.4% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.2% | 70.2% | 70.7% | 66.2% | 66.8% | 66.4% | 66.9% | 64.2% | 62.6% | 61.4% | 60.8% |
| Operating Margin | 20.3% | 20.3% | 19.4% | 16.0% | 18.3% | 17.9% | 17.5% | 19.9% | 19.0% | 12.0% | 6.3% |
| Net Profit Margin | 18.0% | 18.0% | 15.7% | 20.0% | 14.8% | 12.7% | 15.1% | 19.0% | 1.3% | 9.2% | 4.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 108.5% | 108.5% | 85.6% | 127.6% | 123.0% | 157.5% | 123.0% | 74.1% | 3.1% | 18.0% | 7.3% |
| ROA | 11.5% | 11.5% | 10.0% | 12.8% | 9.7% | 8.6% | 10.1% | 12.6% | 0.8% | 5.2% | 2.4% |
| ROIC | 54.4% | 54.4% | 53.2% | 128.0% | — | — | — | 113.8% | 48.1% | 20.7% | 9.8% |
| ROCE | 22.4% | 22.4% | 20.0% | 16.4% | 19.3% | 21.0% | 21.5% | 22.0% | 19.2% | 11.2% | 5.3% |
NTAP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NetApp, Inc. carries a Debt/EBITDA ratio of 2.2x, which is manageable (24% below the sector average of 2.9x). Net debt stands at $749M ($3.5B total debt minus $2.7B cash). Interest coverage of 20.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.36 | 3.36 | 2.31 | 2.32 | 3.51 | 4.02 | 7.49 | 1.64 | 0.93 | 0.76 | 0.82 |
| Debt / EBITDA | 2.21 | 2.21 | 1.81 | 2.03 | 2.18 | 2.13 | 1.52 | 1.26 | 1.46 | 2.38 | 3.83 |
| Net Debt / Equity | — | 0.72 | 0.65 | 0.32 | -1.40 | -2.59 | -3.50 | -0.49 | -0.49 | -0.12 | -0.18 |
| Net Debt / EBITDA | 0.47 | 0.47 | 0.51 | 0.28 | -0.87 | -1.38 | -0.71 | -0.38 | -0.77 | -0.36 | -0.83 |
| Debt / FCF | — | 0.56 | 0.49 | 0.42 | -1.19 | -1.52 | -0.90 | -0.46 | -0.76 | -0.40 | -0.63 |
| Interest Coverage | 20.89 | 20.89 | 18.97 | 15.19 | 15.85 | 13.93 | 17.18 | 21.05 | 18.15 | 12.79 | 7.10 |
NTAP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.26x means NetApp, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.35x to 1.26x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.19 | 1.35 | 1.50 | 1.74 | 1.18 | 1.45 | 1.89 | 1.53 | 1.76 |
| Quick Ratio | 1.22 | 1.22 | 1.15 | 1.30 | 1.45 | 1.71 | 1.14 | 1.42 | 1.86 | 1.49 | 1.73 |
| Cash Ratio | 0.82 | 0.82 | 0.79 | 0.89 | 1.05 | 1.33 | 0.80 | 1.01 | 1.49 | 1.22 | 1.45 |
| Asset Turnover | — | 0.61 | 0.63 | 0.65 | 0.63 | 0.61 | 0.72 | 0.70 | 0.60 | 0.58 | 0.55 |
| Inventory Turnover | 10.53 | 10.53 | 9.87 | 12.89 | 10.28 | 16.92 | 12.34 | 16.80 | 17.56 | 13.06 | 22.17 |
| Days Sales Outstanding | — | 69.20 | 58.64 | 56.63 | 71.06 | 60.05 | 65.62 | 72.22 | 64.65 | 48.34 | 53.51 |
NTAP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NetApp, Inc. returns 6.9% to shareholders annually — split between a 1.8% dividend yield and 5.1% buyback yield. The payout ratio of 35.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.3% | 1.9% | 3.1% | 2.7% | 2.5% | 4.3% | 2.1% | 1.2% | 1.9% | 3.0% |
| Payout Ratio | 35.8% | 35.8% | 42.2% | 33.9% | 47.6% | 58.5% | 53.6% | 34.5% | 281.6% | 40.9% | 91.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 6.3% | 4.5% | 9.2% | 5.6% | 4.3% | 8.0% | 6.2% | 0.4% | 4.5% | 3.3% |
| FCF Yield | 6.0% | 7.1% | 7.0% | 6.3% | 5.9% | 6.9% | 9.2% | 6.2% | 7.3% | 7.2% | 11.6% |
| Buyback Yield | 5.1% | 6.1% | 4.1% | 6.1% | 3.6% | 0.7% | 13.8% | 11.2% | 4.3% | 6.3% | 13.7% |
| Total Shareholder Yield | 6.9% | 8.4% | 6.0% | 9.3% | 6.2% | 3.3% | 18.1% | 13.3% | 5.5% | 8.2% | 16.7% |
| Shares Outstanding | — | $209M | $213M | $220M | $229M | $226M | $233M | $259M | $276M | $281M | $297M |
Peer Comparison
Compare NTAP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NTAPYou | $22B | 19.9 | 14.6 | 16.7 | 70.2% | 20.3% | 108.5% | 54.4% | 2.2 |
 PSTG | $22B | 142.5 | 81.3 | 35.7 | 70.4% | 3.1% | 13.7% | 10.3% | 0.8 |
 HPE | $39B | -665.9 | 12.8 | 62.9 | 28.8% | 4.8% | 0.2% | 3.5% | 5.1 |
 DELL | $77B | — | 11.9 | — | 20.0% | 7.2% | — | 33.0% | 3.9 |
 IBM | $217B | 20.7 | 17.6 | 18.7 | 59.5% | 15.3% | 35.2% | 9.8% | 4.4 |
 STX | $167B | 113.2 | 80.2 | 204.3 | 35.2% | 20.8% | — | 41.4% | 2.5 |
 WDC | $157B | 90.6 | 57.5 | 122.5 | 38.8% | 24.5% | 23.1% | 13.8% | 1.8 |
 SCSC | $952M | 14.5 | 8.4 | 9.2 | 13.4% | 2.8% | 7.8% | 7.0% | 1.3 |
 NCNO | $2B | -53.9 | 122.0 | 39.4 | 60.1% | -3.4% | -3.5% | -1.2% | 13.0 |
 BOX | $4B | 43.6 | 28.3 | 10.6 | 79.2% | 7.1% | 51.4% | 64.7% | 0.6 |
 CSCO | $365B | 36.1 | 26.3 | 27.5 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonNTAP — Frequently Asked Questions
Quick answers to the most common questions about buying NTAP stock.
What is NetApp, Inc.'s P/E ratio?
NetApp, Inc.'s current P/E ratio is 19.9x. The historical average is 40.4x. This places it at the 23th percentile of its historical range.
What is NetApp, Inc.'s EV/EBITDA?
NetApp, Inc.'s current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.3x.
What is NetApp, Inc.'s ROE?
NetApp, Inc.'s return on equity (ROE) is 108.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 37.0%.
Is NTAP stock overvalued?
Based on historical data, NetApp, Inc. is trading at a P/E of 19.9x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is NetApp, Inc.'s dividend yield?
NetApp, Inc.'s current dividend yield is 1.80% with a payout ratio of 35.8%.
What are NetApp, Inc.'s profit margins?
NetApp, Inc. has 70.2% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does NetApp, Inc. have?
NetApp, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.