NetApp, Inc. (NTAP) Financial Ratios
30 years of historical data (1997–2026) · Technology · Computer Hardware
EV/EBITDA
↓
16.11
↑+32% vs avg
5yr avg: 12.17
30Y Low7.9·High92.0
P/FCF
↓
16.92
+16% vs avg
5yr avg: 14.56
30Y Low8.6·High128.7
P/B Ratio
↓
23.52
↑+38% vs avg
5yr avg: 17.00
30Y Low2.4·High53.3
ROE
↓
106.7%
-3% vs avg
5yr avg: 110.3%
30Y Low0%·High157%
Debt/EBITDA
↓
1.31
↓-31% vs avg
5yr avg: 1.91
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 25.1x earnings, 50% above its 5-year average of 16.8x, sitting at the 46th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a discount of 13%. On a free-cash-flow basis, the stock trades at 16.9x P/FCF, 16% above the 5-year average of 14.6x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.6B | $21.6B | $18.8B | $21.8B | $13.8B | $16.8B | $16.9B | $10.2B | $18.9B | $18.4B | $11.2B |
| Enterprise Value | $30.5B | $20.5B | $19.5B | $22.5B | $14.2B | $15.6B | $15.1B | $9.4B | $18.3B | $17.4B | $10.9B |
| P/E Ratio → | 25.11 | 17.09 | 15.83 | 22.08 | 10.86 | 17.91 | 23.12 | 12.43 | 16.15 | 237.79 | 22.02 |
| P/S Ratio | 4.57 | 3.12 | 2.85 | 3.47 | 2.17 | 2.65 | 2.94 | 1.88 | 3.07 | 3.11 | 2.03 |
| P/B Ratio | 23.52 | 16.01 | 18.04 | 19.00 | 11.94 | 20.02 | 24.64 | 42.14 | 17.31 | 8.89 | 4.03 |
| P/FCF | 16.92 | 11.57 | 14.02 | 14.23 | 15.94 | 17.03 | 14.41 | 10.90 | 16.15 | 13.79 | 13.81 |
| P/OCF | 15.30 | 10.47 | 12.46 | 12.92 | 12.50 | 13.85 | 12.66 | 9.62 | 14.07 | 12.43 | 11.36 |
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 16.1x EBITDA, 32% above its 5-year average of 12.2x. This is roughly in line with the Technology sector median of 16.7x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.97 | 2.97 | 3.59 | 2.23 | 2.47 | 2.63 | 1.73 | 2.98 | 2.94 | 1.97 |
| EV / EBITDA | 16.11 | 10.84 | 12.35 | 15.33 | 10.77 | 11.55 | 11.71 | 7.87 | 12.93 | 13.12 | 12.21 |
| EV / EBIT | 18.01 | 12.12 | 13.48 | 16.97 | 12.54 | 13.36 | 14.58 | 9.36 | 13.83 | 13.77 | 16.16 |
| EV / FCF | — | 10.99 | 14.58 | 14.72 | 16.36 | 15.84 | 12.90 | 9.99 | 15.70 | 13.02 | 13.41 |
NTAP Profitability
Margins and return-on-capital ratios measuring operating efficiency
NetApp, Inc. earns an operating margin of 24.5%. Operating margins have expanded from 19.4% to 24.5% over the past 3 years, signaling improving operational efficiency. Return on equity of 106.7% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks. ROIC of 124.4% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.7% | 70.7% | 70.2% | 70.7% | 66.2% | 66.8% | 66.4% | 66.9% | 64.2% | 62.6% | 61.4% |
| Operating Margin | 24.5% | 24.5% | 20.3% | 19.4% | 16.0% | 18.3% | 17.9% | 17.5% | 19.9% | 19.0% | 12.0% |
| Net Profit Margin | 18.4% | 18.4% | 18.0% | 15.7% | 20.0% | 14.8% | 12.7% | 15.1% | 19.0% | 1.3% | 9.2% |
Return on Capital
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 106.7% | 106.7% | 108.5% | 85.6% | 127.6% | 123.0% | 157.5% | 123.0% | 74.1% | 3.1% | 18.0% |
| ROA | 11.8% | 11.8% | 11.5% | 10.0% | 12.8% | 9.7% | 8.6% | 10.1% | 12.6% | 0.8% | 5.2% |
| ROIC | 124.4% | 124.4% | 54.4% | 53.2% | 128.0% | — | — | — | 113.8% | 48.1% | 20.7% |
| ROCE | 26.3% | 26.3% | 22.4% | 20.0% | 16.4% | 19.3% | 21.0% | 21.5% | 22.0% | 19.2% | 11.2% |
NTAP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NetApp, Inc. carries a Debt/EBITDA ratio of 1.3x, which is manageable (55% below the sector average of 2.9x). The company holds a net cash position — cash of $3.6B exceeds total debt of $2.5B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 20.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 3.36 | 2.31 | 2.32 | 3.51 | 4.02 | 7.49 | 1.64 | 0.93 | 0.76 |
| Debt / EBITDA | 1.31 | 1.31 | 2.21 | 1.81 | 2.03 | 2.18 | 2.13 | 1.52 | 1.26 | 1.46 | 2.38 |
| Net Debt / Equity | — | -0.81 | 0.72 | 0.65 | 0.32 | -1.40 | -2.59 | -3.50 | -0.49 | -0.49 | -0.12 |
| Net Debt / EBITDA | -0.58 | -0.58 | 0.47 | 0.51 | 0.28 | -0.87 | -1.38 | -0.71 | -0.38 | -0.77 | -0.36 |
| Debt / FCF | — | -0.59 | 0.56 | 0.49 | 0.42 | -1.19 | -1.52 | -0.90 | -0.46 | -0.76 | -0.40 |
| Interest Coverage | 20.93 | 20.93 | 22.61 | 20.73 | 16.91 | 16.00 | 14.00 | 18.16 | 22.86 | 20.34 | 12.94 |
Net cash position: cash ($3.6B) exceeds total debt ($2.5B)
NTAP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.44x means NetApp, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.19x to 1.44x over the past 3 years.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.26 | 1.19 | 1.35 | 1.50 | 1.74 | 1.18 | 1.45 | 1.89 | 1.53 |
| Quick Ratio | 1.39 | 1.39 | 1.22 | 1.15 | 1.30 | 1.45 | 1.71 | 1.14 | 1.42 | 1.86 | 1.49 |
| Cash Ratio | 1.27 | 1.27 | 0.82 | 0.79 | 0.89 | 1.05 | 1.33 | 0.80 | 1.01 | 1.49 | 1.22 |
| Asset Turnover | — | 0.64 | 0.61 | 0.63 | 0.65 | 0.63 | 0.61 | 0.72 | 0.70 | 0.60 | 0.58 |
| Inventory Turnover | 10.23 | 10.23 | 10.53 | 9.87 | 12.89 | 10.28 | 16.92 | 12.34 | 16.80 | 17.56 | 13.06 |
| Days Sales Outstanding | — | 67.78 | 69.20 | 58.64 | 56.63 | 71.06 | 60.05 | 65.62 | 72.22 | 64.65 | 48.34 |
NTAP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NetApp, Inc. returns 4.3% to shareholders annually — split between a 1.3% dividend yield and 3.0% buyback yield. The payout ratio of 32.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.0% (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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.9% | 2.3% | 1.9% | 3.1% | 2.7% | 2.5% | 4.3% | 2.1% | 1.2% | 1.9% |
| Payout Ratio | 32.4% | 32.4% | 35.8% | 42.2% | 33.9% | 47.6% | 58.5% | 53.6% | 34.5% | 281.6% | 40.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 5.9% | 6.3% | 4.5% | 9.2% | 5.6% | 4.3% | 8.0% | 6.2% | 0.4% | 4.5% |
| FCF Yield | 5.9% | 8.6% | 7.1% | 7.0% | 6.3% | 5.9% | 6.9% | 9.2% | 6.2% | 7.3% | 7.2% |
| Buyback Yield | 3.0% | 4.4% | 6.1% | 4.1% | 6.1% | 3.6% | 0.7% | 13.8% | 11.2% | 4.3% | 6.3% |
| Total Shareholder Yield | 4.3% | 6.3% | 8.4% | 6.0% | 9.3% | 6.2% | 3.3% | 18.1% | 13.3% | 5.5% | 8.2% |
| Shares Outstanding | — | $199M | $209M | $213M | $220M | $229M | $226M | $233M | $259M | $276M | $281M |
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 | $32B | 25.1 | 16.1 | 16.9 | 70.7% | 24.5% | 106.7% | 124.4% | 1.3 |
 PSTG | $28B | 183.4 | 106.1 | 46.3 | 70.4% | 3.1% | 13.0% | 10.7% | 0.8 |
 HPE | $63B | -1063.0 | 18.5 | 100.1 | 28.8% | 4.8% | 0.2% | 3.4% | 5.5 |
 DELL | $272B | 47.2 | 25.5 | 31.8 | 20.0% | 7.4% | — | 34.2% | 2.7 |
 IBM | $234B | 22.3 | 18.7 | 20.2 | 59.5% | 15.3% | 35.2% | 9.8% | 4.4 |
 STX | $233B | 158.1 | 111.1 | 285.3 | 35.2% | 20.8% | — | 41.4% | 2.5 |
 WDC | $253B | 145.7 | 91.9 | 197.0 | 38.8% | 24.5% | 23.1% | 13.8% | 1.8 |
 SCSC | $1B | 16.5 | 8.9 | 9.7 | 13.4% | 2.8% | 7.8% | 7.0% | 1.3 |
 NCNO | $2B | 296.0 | 486.1 | 19.6 | 60.6% | 0.6% | 0.5% | 0.2% | 74.8 |
 BOX | $3B | 42.1 | 34.0 | 9.8 | 79.2% | 7.1% | — | 19.4% | 8.5 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into NTAP consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
NTAP — 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 25.1x. The historical average is 38.5x. This places it at the 46th percentile of its historical range.
What is NetApp, Inc.'s EV/EBITDA?
NetApp, Inc.'s current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.4x.
What is NetApp, Inc.'s ROE?
NetApp, Inc.'s return on equity (ROE) is 106.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 40.0%.
Is NTAP stock overvalued?
Based on historical data, NetApp, Inc. is trading at a P/E of 25.1x. This is at the 46th 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 1.30% with a payout ratio of 32.4%.
What are NetApp, Inc.'s profit margins?
NetApp, Inc. has 70.7% gross margin and 24.5% 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 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.