NetApp (NTAP)
Market Price (12/28/2025): $110.48 | Market Cap: $22.0 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
NetApp (NTAP)
Market Price (12/28/2025): $110.48Market Cap: $22.0 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 7.6% | Weak multi-year price returns2Y Excs Rtn is -18% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% | Key risksNTAP key risks include [1] intense competition from both established technology giants and specialized rivals, Show more. | |
| Low stock price volatilityVol 12M is 36% | ||
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and Cybersecurity. Themes include Hybrid Cloud Solutions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 7.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and Cybersecurity. Themes include Hybrid Cloud Solutions, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -18% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.6% |
| Key risksNTAP key risks include [1] intense competition from both established technology giants and specialized rivals, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are the key points for why NetApp (NTAP) stock moved by -1.6% for the approximate time period from August 31, 2025, to December 27, 2025:
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<b>1. Weak Q3 Fiscal Year 2026 Revenue Forecast:</b> Despite reporting stronger-than-expected Q2 Fiscal Year 2026 earnings, NetApp's stock experienced a decline following a weak revenue forecast for the subsequent quarter (Q3 FY2026). This outlook was approximately 1.1% below consensus estimates and overshadowed the positive Q2 report, contributing to a stock drop on December 12, 2025.
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<b>2. Shift in AI Investment Sentiment:</b> NetApp's stock fell on December 13, 2025, as investors shifted away from AI-linked stocks. This rotation was influenced by earnings updates from other major technology companies, such as Oracle and Broadcom, which prompted a market re-evaluation from "growth at any cost" to a focus on "proving returns" for AI infrastructure investments.
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<b>3. Negative Analyst Revisions for Future Fiscal Years:</b> While some near-term estimates for NetApp were raised, analysts made significant downward revisions for the company's fiscal year 2028 and multiple quarters in 2027. These adjustments indicate expectations of weaker earnings momentum in mid-2027 and a cautious outlook on growth beyond FY2026, potentially impacting investor confidence.
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<b>4. Bearish Technical Signals and Falling Trend:</b> As of late December 2025, technical analysis indicators suggested a bearish sentiment for NetApp's stock. The stock exhibited sell signals from both short-term and long-term Moving Averages, indicating a negative forecast and a general falling trend in the short to medium term.
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<b>5. General Market Caution and Macroeconomic Uncertainties:</b> NetApp's management had previously incorporated caution into their fiscal year 2026 guidance, citing macroeconomic and geopolitical uncertainties, particularly within public sector and EMEA markets. This ongoing cautious sentiment from management likely continued to influence investor perception throughout the period.
Show moreStock Movement Drivers
Fundamental Drivers
The -7.4% change in NTAP stock from 9/27/2025 to 12/27/2025 was primarily driven by a -8.8% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 119.36 | 110.51 | -7.42% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6590.00 | 6637.00 | 0.71% |
| Net Income Margin (%) | 17.77% | 17.73% | -0.20% |
| P/E Multiple | 20.49 | 18.68 | -8.80% |
| Shares Outstanding (Mil) | 201.00 | 199.00 | 1.00% |
| Cumulative Contribution | -7.42% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| NTAP | -7.4% | |
| Market (SPY) | 4.3% | 61.9% |
| Sector (XLK) | 5.1% | 62.0% |
Fundamental Drivers
The 5.5% change in NTAP stock from 6/28/2025 to 12/27/2025 was primarily driven by a 5.2% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 104.75 | 110.51 | 5.50% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6572.00 | 6637.00 | 0.99% |
| Net Income Margin (%) | 18.05% | 17.73% | -1.73% |
| P/E Multiple | 17.75 | 18.68 | 5.24% |
| Shares Outstanding (Mil) | 201.00 | 199.00 | 1.00% |
| Cumulative Contribution | 5.48% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| NTAP | 5.5% | |
| Market (SPY) | 12.6% | 60.0% |
| Sector (XLK) | 17.0% | 59.0% |
Fundamental Drivers
The -3.6% change in NTAP stock from 12/27/2024 to 12/27/2025 was primarily driven by a -8.0% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 114.64 | 110.51 | -3.60% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6473.00 | 6637.00 | 2.53% |
| Net Income Margin (%) | 17.78% | 17.73% | -0.27% |
| P/E Multiple | 20.32 | 18.68 | -8.04% |
| Shares Outstanding (Mil) | 204.00 | 199.00 | 2.45% |
| Cumulative Contribution | -3.66% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| NTAP | -3.6% | |
| Market (SPY) | 17.0% | 66.5% |
| Sector (XLK) | 24.0% | 68.9% |
Fundamental Drivers
The 103.3% change in NTAP stock from 12/28/2022 to 12/27/2025 was primarily driven by a 133.7% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 54.35 | 110.51 | 103.34% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6549.00 | 6637.00 | 1.34% |
| Net Income Margin (%) | 22.52% | 17.73% | -21.26% |
| P/E Multiple | 8.00 | 18.68 | 133.68% |
| Shares Outstanding (Mil) | 217.00 | 199.00 | 8.29% |
| Cumulative Contribution | 101.94% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| NTAP | 30.2% | |
| Market (SPY) | 48.0% | 61.0% |
| Sector (XLK) | 53.5% | 63.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NTAP Return | 11% | 42% | -33% | 51% | 34% | -3% | 108% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| NTAP Win Rate | 58% | 75% | 33% | 42% | 50% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| NTAP Max Drawdown | -43% | -7% | -35% | 0% | -3% | -34% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See NTAP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | NTAP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -39.1% | -25.4% |
| % Gain to Breakeven | 64.1% | 34.1% |
| Time to Breakeven | 429 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.9% | -33.9% |
| % Gain to Breakeven | 85.0% | 51.3% |
| Time to Breakeven | 274 days | 148 days |
| 2018 Correction | ||
| % Loss | -49.1% | -19.8% |
| % Gain to Breakeven | 96.6% | 24.7% |
| Time to Breakeven | 747 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -74.3% | -56.8% |
| % Gain to Breakeven | 289.7% | 131.3% |
| Time to Breakeven | 580 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
NetApp's stock fell -39.1% during the 2022 Inflation Shock from a high on 1/13/2022. A -39.1% loss requires a 64.1% gain to breakeven.
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AI Analysis | Feedback
Here are 1-2 brief analogies to describe NetApp (NTAP):
- They are like the VMware of enterprise data management and hybrid cloud storage.
- Think of them as similar to Dell's enterprise storage division (formerly EMC), but with a strong specialization in managing data seamlessly across hybrid cloud environments.
AI Analysis | Feedback
- ONTAP Software: The foundational operating system for data management across hybrid cloud environments, enabling storage efficiency and flexibility.
- All-Flash and Hybrid Storage Arrays (FAS/AFF): On-premises hardware systems providing high-performance and scalable data storage for enterprise workloads.
- Cloud Storage Services: Managed data storage solutions offered natively within major public cloud platforms like AWS, Azure, and Google Cloud.
- Data Management & Protection Software: Software products offering advanced capabilities for data replication, backup, recovery, and application-aware data mobility.
AI Analysis | Feedback
NetApp (NTAP) primarily sells its data storage and management solutions to other companies, making it a B2B (business-to-business) enterprise.
While NetApp serves a vast number of enterprise customers across various industries (including financial services, government, high technology, life sciences, manufacturing, media, and telecommunications), specific end-user customer names are generally not disclosed publicly due to competitive reasons and client confidentiality. However, NetApp has significant strategic partnerships and sales relationships with major cloud service providers who integrate and offer NetApp's technology as part of their own cloud services. These relationships represent major customer and partner engagements for NetApp.
Major customer categories and identifiable customer companies include:
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Hyperscale Cloud Service Providers: NetApp has deep integrations and partnerships with these providers, who consume NetApp's technology (e.g., Cloud Volumes ONTAP, Azure NetApp Files, Google Cloud NetApp Volumes) and offer it as a service to their own customer base.
- Amazon Web Services (part of Amazon.com, Inc. - Symbol: AMZN)
- Microsoft Azure (part of Microsoft Corp. - Symbol: MSFT)
- Google Cloud (part of Alphabet Inc. - Symbol: GOOGL)
- Large Enterprises and Government Agencies: NetApp sells directly and through channel partners to a broad range of large businesses and public sector organizations globally. While specific names of these end-user customers are not disclosed, this represents the largest portion of NetApp's diverse customer base across sectors like finance, healthcare, manufacturing, and technology.
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- Intel Corporation (INTC)
- Micron Technology, Inc. (MU)
- Western Digital Corporation (WDC)
- Seagate Technology Holdings plc (STX)
- Broadcom Inc. (AVGO)
- NVIDIA Corporation (NVDA)
AI Analysis | Feedback
George Kurian, Chief Executive Officer
George Kurian joined NetApp in 2011 and was named Chief Executive Officer in June 2015. Prior to his CEO role, he served as executive vice president of Product Operations and senior vice president of the Data ONTAP Group at NetApp. Before joining NetApp, Kurian was vice president and general manager of the Application Networking and Switching Technology Group at Cisco Systems. His career also includes roles as vice president at Akamai Technologies, management consulting at McKinsey & Company, and leading software engineering and product management teams at Oracle Corporation. He holds a Bachelor of Science degree in electrical engineering from Princeton University and an MBA from Stanford University. His twin brother, Thomas Kurian, is the CEO of Google Cloud.
Wissam Jabre, Executive Vice President, Chief Financial Officer
Wissam Jabre was appointed Executive Vice President and Chief Financial Officer of NetApp, effective March 10, 2025. He previously served as Executive Vice President and Chief Financial Officer at Western Digital Corporation. Jabre was also Senior Vice President and Chief Financial Officer of Dialog Semiconductor from 2016 until its acquisition by Renesas Electronics in 2021. He has held senior finance roles at Advanced Micro Devices (AMD), Freescale Semiconductor, and Motorola, and began his career in engineering and finance at Schlumberger. He earned an MBA from Columbia Business School and a B.E. in Electrical Engineering from the American University of Beirut.
César Cernuda, President
César Cernuda has led NetApp's integrated go-to-market organization since July 2020. Before joining NetApp, Cernuda had a long career at Microsoft, where he served as president of Microsoft Asia Pacific, president of Microsoft Latin America, and global corporate vice president of the brand. He holds a Bachelor's in Business Administration from ESIC Business & Marketing School.
Harvinder (Harv) Bhela, Executive Vice President and Chief Product Officer
Harvinder (Harv) Bhela joined NetApp in 2022 and leads product and engineering teams, focusing on multi-cloud and AI-powered data services. Prior to NetApp, he spent 25 years at Microsoft, where he was instrumental in the growth of Office 365, launched Windows 10, and led the Microsoft 365 Security business. Bhela holds a B. Eng. from the University of Mumbai and an M.S. in Computer Science from the University of Minnesota.
Gus Shahin, Executive Vice President of Business Technology and Operations
Gus Shahin drives IT, Operations, Security, and Process Excellence functions at NetApp, having joined in September 2024. Before his tenure at NetApp, Shahin spent 25 years at Flex, where he led global IT and business process transformation as CIO and VP. He earned a B.S. in Mechanical Engineering from the University of Southwestern Louisiana and an M.S. from the University of Western Ontario.
AI Analysis | Feedback
NetApp (NTAP) faces several key risks to its business, primarily driven by the dynamic nature of the data storage and management industry and the increasing reliance on cloud infrastructure.
- Cybersecurity Threats and Data Protection: NetApp's business is deeply intertwined with data protection and security. A significant risk is the escalating threat of cyberattacks, particularly ransomware, which remains a top concern for a vast majority of C-suite executives and board members. A study sponsored by NetApp revealed that over 54% of organizations experienced a cyberattack within 12-18 months, with one in five being unable to recover lost data. Cloud security risks, including misconfigurations and vulnerabilities in hybrid multi-cloud environments, are also identified as leading threats. Despite NetApp offering solutions to enhance cyber resilience and protect against these attacks, the persistent and evolving nature of these threats poses an ongoing risk to the company and its clients.
- Intense Competition and Market Evolution: The data storage and management market is highly competitive and constantly evolving. NetApp faces significant competition from established technology giants such as Dell EMC, Hewlett Packard Enterprise (HPE), IBM, and Hitachi Vantara, as well as specialized players like Pure Storage and newer entrants offering innovative data management and storage efficiency solutions. The need for greater agility, performance, and scalability in modern workloads, including those driven by AI, requires continuous innovation and adaptation to maintain a competitive edge. Failure to anticipate and respond to evolving customer demands and competitive offerings could impact NetApp's market share and revenue growth.
- Complexities and Margin Pressures in Cloud Transition: While NetApp is strategically focused on hybrid cloud and AI-driven solutions, the transition to and management of cloud environments present inherent risks. Cloud deployments often involve intricate, constantly changing architectures, leading to challenges in monitoring and protecting all cloud resources. There is also a shared responsibility model for security in the cloud, meaning customers bear significant responsibility for data protection and configuration, which can lead to vulnerabilities if not managed correctly. Furthermore, strategic partnerships with hyperscale cloud providers, while essential for market access, may lead to margin compression.
AI Analysis | Feedback
The accelerating adoption of container-native storage (CNS) solutions and paradigms for cloud-native application development. As enterprises increasingly build and deploy applications using microservices, containers, and Kubernetes, the demand for storage and data management solutions purpose-built for these environments is growing rapidly. These solutions, often integrated directly with public cloud providers' native services or leveraging open-source projects (e.g., Ceph, Rook, Portworx, Longhorn, MinIO), can offer different cost structures, operational models, and architectural fit compared to NetApp's traditional enterprise storage offerings or even its cloud-integrated solutions. This trend threatens to bypass NetApp's established data management platforms for a significant and growing segment of new enterprise workloads, potentially shifting data away from their core products.
AI Analysis | Feedback
NetApp (NTAP) operates in a significant global market, with its total addressable market (TAM) projected to reach $96 billion by 2025, growing at an 8% compound annual growth rate (CAGR). This represents an increase from a previously estimated $90 billion TAM by 2023, with a 7% CAGR. NetApp's primary product and service areas contribute to this market size:- Hybrid Cloud Business: The addressable market for NetApp's hybrid cloud business is characterized by a 4–6% revenue CAGR. The company has set fiscal year 2025 revenue targets for this segment between $6.6 billion and $7 billion.
- Public Cloud Services: NetApp anticipates its public cloud annual recurring revenue (ARR) to reach $1 billion by 2024 and $2 billion by fiscal year 2026. Public cloud revenues are expected to be between $1.3 billion and $1.4 billion, with an estimated 50% public cloud revenue CAGR.
- All-Flash Array (AFA) Solutions: The annualized net revenue run rate for NetApp's all-flash array offerings reached $4.1 billion in the fourth quarter of fiscal year 2025, marking a 14% year-over-year increase. This figure was $3.6 billion in the first quarter of fiscal year 2026.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for NetApp (NTAP) over the next 2-3 years:- Growth in Public Cloud Services and Storage-as-a-Service (Keystone): NetApp anticipates significant revenue growth from its expanding public cloud services portfolio, including first-party and marketplace offerings. This is reinforced by strategic partnerships with hyperscalers like AWS, Google Cloud, and Microsoft Azure, and the increasing adoption of its Keystone storage-as-a-service solution, which contributes to recurring revenue and professional services.
- Expansion and Adoption of All-Flash Storage Solutions: The company is experiencing robust demand and gaining market share in its all-flash array (AFA) portfolio. New product introductions and the ongoing need for customers to modernize their legacy storage infrastructure are expected to continue driving revenue growth in this segment.
- Capitalizing on the Artificial Intelligence (AI) Market Opportunity: NetApp is strategically positioning itself to benefit from the burgeoning AI market by providing AI-ready data management and storage solutions. Integrations with platforms like NVIDIA's AI Data Platform and offerings such as AIPod Mini are crucial as enterprises adopt generative AI (GenAI) and other data-intensive AI workloads.
- Demand for Hybrid Cloud Solutions and Unified Data Management: NetApp's core strategy revolves around delivering a unified, enterprise-grade data platform that connects, protects, and activates data across diverse hybrid and multi-cloud environments. This approach addresses the ongoing need for businesses to manage data seamlessly across both on-premises and cloud infrastructures, fostering innovation and resilience.
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Share Repurchases
- NetApp authorized an additional $1 billion stock repurchase program on March 17, 2022, and another $1 billion authorization was announced on June 1, 2023.
- In fiscal year 2023, NetApp repurchased approximately 13 million shares for an aggregate purchase price of $850 million.
- NetApp returned $1.57 billion to stockholders through share repurchases and cash dividends in fiscal year 2025, and $404 million in Q1 fiscal year 2026, which included $300 million in share repurchases.
Share Issuance
- Proceeds from the issuance of common stock under employee stock award plans amounted to $100 million in fiscal year 2024, $108 million in fiscal year 2023, and $105 million in fiscal year 2022.
- The number of shares outstanding has shown a declining trend over the last few years, indicating that repurchases generally exceed issuances.
Outbound Investments
- NetApp made several strategic acquisitions focusing on cloud infrastructure and CloudOps, including Spot for $450 million in 2020, CloudCheckr in October 2021, Fylamynt in February 2022, and Instaclustr in April 2022.
- In January 2025, NetApp sold parts of its Spot by NetApp and CloudCheckr businesses to Flexera for an estimated $100 million, to streamline its focus on core operations, hybrid cloud, and AI initiatives.
Capital Expenditures
- NetApp's capital expenditures (purchases of property and equipment) were $155 million in fiscal year 2024, $239 million in fiscal year 2023, and $226 million in fiscal year 2022.
- In fiscal year 2025, capital expenditure was reported as -$168 million, which refers to capital outlays.
- NetApp's manufacturing strategy aims to minimize capital investments and overhead, while capital expenditures support ongoing operations and investment requirements.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to NTAP. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 14.4% | 14.4% | -0.9% |
| 11262025 | PD | PagerDuty | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 13.1% | 13.1% | 0.0% |
| 11212025 | CRM | Salesforce | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 17.3% | 17.3% | -0.1% |
| 11212025 | HUBS | HubSpot | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 12.0% | 12.0% | 0.0% |
| 11212025 | FIVN | Five9 | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 5.5% | 5.5% | 0.0% |
| 05312025 | NTAP | NetApp | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 13.5% | 12.5% | -0.4% |
| 09302022 | NTAP | NetApp | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.9% | 26.4% | -5.2% |
Research & Analysis
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Peer Comparisons for NetApp
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 94.34 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 18.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 19.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 158.8 |
| P/S | 3.8 |
| P/EBIT | 21.2 |
| P/E | 33.0 |
| P/CFO | 16.5 |
| Total Yield | 5.2% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.9% |
| 3M Rtn | 4.9% |
| 6M Rtn | 10.9% |
| 12M Rtn | 11.8% |
| 3Y Rtn | 92.3% |
| 1M Excs Rtn | -2.8% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | 8.2% |
Comparison Analyses
Price Behavior
| Market Price | $110.51 | |
| Market Cap ($ Bil) | 22.2 | |
| First Trading Date | 11/21/1995 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $113.42 | $105.55 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.6% | 4.7% |
| 3M | 1YR | |
| Volatility | 28.6% | 36.0% |
| Downside Capture | 164.46 | 134.19 |
| Upside Capture | 94.36 | 109.89 |
| Correlation (SPY) | 60.6% | 66.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.34 | 1.41 | 1.35 | 1.50 | 1.23 | 1.21 |
| Up Beta | 0.93 | 1.19 | 1.20 | 1.71 | 1.13 | 1.11 |
| Down Beta | 1.48 | 1.76 | 1.67 | 1.81 | 1.27 | 1.26 |
| Up Capture | 94% | 90% | 98% | 123% | 127% | 187% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 6 | 17 | 27 | 62 | 124 | 394 |
| Down Capture | 167% | 156% | 143% | 136% | 123% | 105% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 13 | 24 | 35 | 63 | 124 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of NTAP With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTAP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -4.8% | 25.0% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 35.7% | 27.5% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.07 | 0.79 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 68.8% | 66.4% | 1.3% | 28.5% | 37.0% | 30.2% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of NTAP With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTAP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 14.2% | 18.8% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 31.8% | 24.7% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.47 | 0.69 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 59.7% | 59.5% | 7.8% | 16.4% | 38.6% | 22.9% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of NTAP With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| NTAP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 17.6% | 22.5% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 34.8% | 24.2% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.56 | 0.85 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 58.8% | 60.5% | -0.0% | 21.3% | 39.7% | 14.1% | |
ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/25/2025 | -2.0% | 4.0% | |
| 8/27/2025 | 4.5% | 6.0% | 6.9% |
| 5/29/2025 | -0.1% | 5.4% | 7.4% |
| 2/27/2025 | -15.6% | -22.3% | -25.2% |
| 11/21/2024 | -3.4% | -3.2% | -6.8% |
| 8/28/2024 | -9.6% | -11.4% | -8.1% |
| 5/30/2024 | 3.4% | 4.3% | 11.8% |
| 2/29/2024 | 18.2% | 17.0% | 17.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 4.5% | 6.7% | 11.8% |
| Median Negative | -5.7% | -3.5% | -8.9% |
| Max Positive | 18.2% | 17.0% | 22.3% |
| Max Negative | -15.6% | -22.3% | -32.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 10312025 | 11252025 | 10-Q 10/24/2025 |
| 7312025 | 8272025 | 10-Q 7/25/2025 |
| 4302025 | 6092025 | 10-K 4/25/2025 |
| 1312025 | 2272025 | 10-Q 1/24/2025 |
| 10312024 | 11252024 | 10-Q 10/25/2024 |
| 7312024 | 8282024 | 10-Q 7/26/2024 |
| 4302024 | 6102024 | 10-K 4/26/2024 |
| 1312024 | 2292024 | 10-Q 1/26/2024 |
| 10312023 | 11302023 | 10-Q 10/27/2023 |
| 7312023 | 8292023 | 10-Q 7/28/2023 |
| 4302023 | 6142023 | 10-K 4/28/2023 |
| 1312023 | 3012023 | 10-Q 1/27/2023 |
| 10312022 | 12012022 | 10-Q 10/28/2022 |
| 7312022 | 8302022 | 10-Q 7/29/2022 |
| 4302022 | 6162022 | 10-K 4/29/2022 |
| 1312022 | 3022022 | 10-Q 1/28/2022 |
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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