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NetApp (NTAP)

Market Price (3/24/2026): $101.7 | Market Cap: $20.1 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

NetApp (NTAP)

Market Price (3/24/2026): $101.7
Market Cap: $20.1 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%, FCF Yield is 8.0%		 Weak multi-year price returns
2Y Excs Rtn is -24%		 Key risks
NTAP key risks include [1] intense competition from both established technology giants and specialized rivals, Show more.
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%		  
2 Low stock price volatility
Vol 12M is 35%		  
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, Artificial Intelligence, and Cybersecurity. Themes include Hybrid Cloud Solutions, Show more.		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%, FCF Yield is 8.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Low stock price volatility
Vol 12M is 35%
3 Megatrend and thematic drivers
Megatrends include Cloud Computing, Artificial Intelligence, and Cybersecurity. Themes include Hybrid Cloud Solutions, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -24%
5 Key risks
NTAP key risks include [1] intense competition from both established technology giants and specialized rivals, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

NetApp (NTAP) stock has lost about 10% since 11/30/2025 because of the following key factors:

1. Analyst Downgrades and Price Target Reductions contributed to negative sentiment. Morgan Stanley downgraded NetApp from "Equal-Weight" to "Underweight" on January 20, 2026, lowering its price target from $117.00 to $89.00. This was followed by Citigroup maintaining a "Neutral" rating but lowering its price target from $125.00 to $110.00 on February 17, 2026.

2. Mixed Investor Reaction to Q3 FY26 Earnings despite beating estimates. On February 26, 2026, NetApp reported Q3 fiscal year 2026 earnings of $2.12 per share, beating analyst estimates of $2.07, and revenue of $1.71 billion, narrowly exceeding estimates of $1.70 billion. Despite these beats and raised full-year guidance for fiscal 2026, the stock declined by 2.69% to close at $99.14, as investors weighed concerns over rising memory and NAND costs pressuring product gross margins.

Show more

Stock Movement Drivers

Fundamental Drivers

The -8.8% change in NTAP stock from 11/30/2025 to 3/23/2026 was primarily driven by a -11.8% change in the company's P/E Multiple.
(LTM values as of)113020253232026Change
Stock Price ($)111.02101.30-8.8%
Change Contribution By: 
Total Revenues ($ Mil)6,6376,7091.1%
Net Income Margin (%)17.7%18.1%1.9%
P/E Multiple18.816.5-11.8%
Shares Outstanding (Mil)1991980.5%
Cumulative Contribution-8.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/23/2026
ReturnCorrelation
NTAP-8.8% 
Market (SPY)-3.8%56.0%
Sector (XLK)-4.2%50.7%

Fundamental Drivers

The -9.4% change in NTAP stock from 8/31/2025 to 3/23/2026 was primarily driven by a -13.7% change in the company's P/E Multiple.
(LTM values as of)83120253232026Change
Stock Price ($)111.76101.30-9.4%
Change Contribution By: 
Total Revenues ($ Mil)6,5906,7091.8%
Net Income Margin (%)17.8%18.1%1.7%
P/E Multiple19.216.5-13.7%
Shares Outstanding (Mil)2011981.5%
Cumulative Contribution-9.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/23/2026
ReturnCorrelation
NTAP-9.4% 
Market (SPY)2.2%57.9%
Sector (XLK)4.7%52.9%

Fundamental Drivers

The 3.6% change in NTAP stock from 2/28/2025 to 3/23/2026 was primarily driven by a 3.4% change in the company's Net Income Margin (%).
(LTM values as of)22820253232026Change
Stock Price ($)97.79101.303.6%
Change Contribution By: 
Total Revenues ($ Mil)6,5086,7093.1%
Net Income Margin (%)17.5%18.1%3.4%
P/E Multiple17.516.5-5.7%
Shares Outstanding (Mil)2041983.0%
Cumulative Contribution3.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/23/2026
ReturnCorrelation
NTAP3.6% 
Market (SPY)11.6%73.5%
Sector (XLK)22.2%72.6%

Fundamental Drivers

The 67.5% change in NTAP stock from 2/28/2023 to 3/23/2026 was primarily driven by a 85.9% change in the company's P/E Multiple.
(LTM values as of)22820233232026Change
Stock Price ($)60.49101.3067.5%
Change Contribution By: 
Total Revenues ($ Mil)6,5496,7092.4%
Net Income Margin (%)22.5%18.1%-19.8%
P/E Multiple8.916.585.9%
Shares Outstanding (Mil)2171989.6%
Cumulative Contribution67.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/23/2026
ReturnCorrelation
NTAP67.5% 
Market (SPY)72.1%57.0%
Sector (XLK)105.0%58.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NTAP Return42%-33%51%34%-6%-5%73%
Peers Return30%-16%48%48%16%-4%168%
S&P 500 Return27%-19%24%23%16%-5%73%

Monthly Win Rates [3]
NTAP Win Rate75%33%42%50%50%67% 
Peers Win Rate60%40%67%65%53%47% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
NTAP Max Drawdown-7%-35%0%-3%-34%-12% 
Peers Max Drawdown-9%-30%-10%-5%-29%-15% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-5% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DELL, HPE, PSTG, IBM, AMZN. 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] 2026 data is for the year up to 3/23/2026 (YTD)

How Low Can It Go

Unique KeyEventNTAPS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-39.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven64.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven429 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-45.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven85.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven274 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-49.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven96.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven747 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-74.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven289.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven580 days1,480 days

Compare to DELL, HPE, PSTG, IBM, AMZN

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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About NetApp (NTAP)

NetApp, Inc. provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service. It provides data storage solutions comprising NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod, NetApp E/EF series, NetApp StorageGRID, NetApp SolidFire, and NetApp HCI; data protection solutions, such as NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, and NetApp Data Availability Services; and data management solutions, including NetApp ONTAP Storage Management System, NetApp ElementOS software, NetApp SANtricity software, NetApp Active IQ Digital Advisor, OnCommand Insight, and OnCommand Workflow Automation. In addition, the company offers application-aware data management service under the NetApp Astra name; and payment solutions and storage-as-a-service under the NetApp Keystone name. Further, it provides assessment, design, consulting, and implementation 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.

AI Analysis | Feedback

Here are a couple of analogies for NetApp (NTAP):

  • NetApp is like **Dell EMC for the multi-cloud data era.**
  • NetApp is like **VMware for enterprise data management.**

AI Analysis | Feedback

  • Cloud Services: Provides a comprehensive suite of cloud offerings including storage (NetApp Cloud Volumes), control (NetApp Cloud Manager), analytics (NetApp Cloud Insights), and optimization (Spot by NetApp).
  • Data Storage Systems: Offers various hardware and software-defined storage solutions such as All-Flash FAS, Fabric Attached Storage, FlexPod, and StorageGRID.
  • Data Management Software: Includes NetApp ONTAP Storage Management System, NetApp ElementOS, NetApp SANtricity, and NetApp Astra for efficient data organization and optimization.
  • Data Protection Solutions: Features tools like NetApp SnapCenter, SnapMirror, and SnapLock for backup management, data replication, and compliance.
  • NetApp Keystone: A portfolio of payment solutions and storage-as-a-service offerings for flexible consumption.
  • Professional Services: Provides assessment, design, consulting, and implementation services to support NetApp solutions.

AI Analysis | Feedback

NetApp (NTAP) sells primarily to other companies and organizations, operating in a business-to-business (B2B) model. Due to the nature of its enterprise software, systems, and cloud services business, NetApp does not typically disclose the names of its individual major customer companies.

However, NetApp serves a wide range of markets globally, which represent its customer base:

  • Energy
  • Financial Services
  • Government
  • Technology
  • Internet
  • Life Science
  • Healthcare Service
  • Manufacturing
  • Media
  • Entertainment
  • Animation
  • Video Postproduction
  • Telecommunication

AI Analysis | Feedback

  • Flex (FLEX)
  • Jabil (JBL)

AI Analysis | Feedback

George Kurian, Chief Executive Officer, Director

George Kurian became Chief Executive Officer of NetApp in June 2015, having joined the company in 2011. Prior to his time at NetApp, he held significant leadership roles including Vice President and General Manager of the Application Networking and Switching Technology Group at Cisco Systems, Vice President at Akamai Technologies, a management consultant at McKinsey & Company, and led 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.

Mike Berry, Executive Vice President, Chief Financial Officer

Mike Berry joined NetApp as Executive Vice President and Chief Financial Officer on March 16, 2020. Before his role at NetApp, he served as EVP and CFO at McAfee. His extensive background in finance and operations also includes positions as EVP, CFO, and COO at FireEye, and EVP and CFO for Informatica. He has also held finance and operations leadership roles at other technology companies such as SolarWinds and i2 Technologies. Mr. Berry earned a bachelor's degree in finance from Augsburg University and an MBA in finance from the University of St. Thomas. He serves on the boards of directors for Rapid7, Inc. and FinancialForce.com, Inc.

César Cernuda, President

César Cernuda has served as President of NetApp since July 2020, overseeing the company's go-to-market strategy. Before joining NetApp, he was President of Microsoft Asia Pacific and Latin America. He holds a Bachelor's degree in Business Administration from ESIC Business & Marketing School.

Syam Nair, Executive Vice President and Chief Product Officer

Syam Nair is the Chief Product Officer at NetApp, leading the company's product and engineering teams with over 25 years of experience in scaling cloud platforms. He is recognized for his disruptive innovation, incubating new technologies, and leading large teams through transformations. Previously at Microsoft, he played a key role in the growth of Office 365, launched Windows 10, and led the Microsoft 365 Security business.

Elizabeth (Beth) O'Callahan, Executive Vice President and Chief Administrative Officer

Elizabeth (Beth) O'Callahan serves as NetApp's Chief Administrative Officer, responsible for Legal, Compliance, Government Relations, Sustainability, Human Resources, Workplace Experience, and Corporate Communications. She also holds the position of NetApp's Corporate Secretary.

AI Analysis | Feedback

Key Risks for NetApp (NTAP)

  1. Intense and Evolving Competition in Data Management and Storage Markets: NetApp operates in a highly competitive environment against both traditional enterprise storage vendors (such as Dell EMC, Hewlett Packard Enterprise, and IBM) and hyperscale cloud providers (including Amazon Web Services, Microsoft Azure, and Google Cloud). This diverse competitive landscape puts significant pressure on pricing, product differentiation, and market share, particularly as customers increasingly adopt hybrid and multi-cloud strategies.

  2. Rapid Technological Change and the Need for Continuous Innovation: The data storage and management industry is characterized by swift technological advancements, including the rise of new storage technologies (e.g., all-flash arrays, object storage), software-defined infrastructure, artificial intelligence for data insights, and evolving cloud architectures. NetApp must consistently invest heavily in research and development and successfully bring innovative products and services to market to meet changing customer demands and avoid technological obsolescence.

  3. Vulnerability to Macroeconomic Conditions and Enterprise IT Spending Fluctuations: NetApp's financial performance is closely tied to overall enterprise IT spending, which can be significantly impacted by global economic conditions, geopolitical events, and business confidence. Economic downturns or uncertainty can lead to reduced capital expenditures by businesses, delayed purchasing decisions for new storage systems and data management solutions, and extended product refresh cycles, thereby negatively affecting NetApp's revenue and profitability.

AI Analysis | Feedback

The clear emerging threat for NetApp is the increasing maturity and comprehensive nature of native data storage, management, and optimization services offered directly by hyperscale public cloud providers (such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform). As enterprises continue to accelerate their adoption of cloud-native strategies and consolidate workloads within these public cloud environments, they may increasingly opt for the integrated, native services provided by the cloud vendors themselves, potentially diminishing the need for third-party hybrid cloud data management solutions like those offered by NetApp. While NetApp strategically partners and integrates with these cloud providers, the hyperscalers are also direct competitors aiming to capture the full stack of enterprise IT spending, including data services that NetApp traditionally provides.

AI Analysis | Feedback

NetApp (NTAP) participates in several large and growing addressable markets globally, spanning data storage, cloud services, and data management.

Here are the estimated market sizes for their main products and services:

  • Global Data Storage Market: The global data storage market size was valued at approximately USD 255.29 billion in 2025 and is projected to reach USD 984.56 billion by 2034. Within this, the global next-generation data storage market was estimated at USD 65.12 billion in 2024 and is projected to grow to USD 90.03 billion by 2029. The global data center storage market revenue reached USD 63.72 billion in 2024 and is predicted to attain around USD 185.56 billion by 2033.
  • Global Cloud Storage Market: The global cloud storage market was valued at USD 161.28 billion in 2025 and is projected to grow to USD 809.99 billion by 2034. Another estimate places the global cloud storage market at USD 179.26 billion in 2026, expected to reach USD 513.86 billion by 2031.
  • Global Hybrid Cloud Market: The global hybrid cloud market size was valued at approximately USD 196.04 billion in 2025 and is projected to grow to USD 611.33 billion by 2034. North America accounted for approximately 35% of the global hybrid cloud market in 2023.
  • Global Data Protection Market: The global data protection market size was valued at over USD 179.02 billion in 2025 and is poised to exceed USD 817.39 billion by 2035. North America is projected to hold a 35% share of this market by 2035.
  • Global Enterprise Data Management Market: The global enterprise data management market size is estimated at USD 124.93 billion in 2025 and is predicted to increase to approximately USD 349.52 billion by 2034. North America dominated this market with a 37% share in 2024.
  • Global Storage-as-a-Service (STaaS) Market: The global Storage as a Service market size was valued at USD 55.94 billion in 2024 and is poised to grow to USD 549.56 billion by 2033. North America held the second-largest market share in 2024. Other reports estimate the global STaaS market at USD 53.6 billion in 2025, reaching USD 323.9 billion by 2032.
  • Global Cloud Cost Management and Optimization Market: The global cloud cost management and optimization market size is projected at USD 11.01 billion in 2026 and is anticipated to reach USD 38.4 billion by 2035. North America leads this global market.

AI Analysis | Feedback

NetApp (NASDAQ: NTAP) is expected to drive future revenue growth over the next 2-3 years through several key areas:

  • Growth in All-Flash Array Revenue: NetApp has demonstrated strong performance in its all-flash array portfolio, which recorded a revenue of $1 billion in Q3 FY2026, marking an 11% year-over-year increase. This segment is a significant contributor to its Hybrid Cloud offerings.
  • Expansion of Public Cloud Services: The company's Public Cloud revenue, excluding the divested Spot business, saw an 18% increase in Q2 FY2026 and a 17% rise in Q3 FY2026, primarily driven by its first-party and marketplace storage services. Approximately half of this revenue growth is attributed to new customer acquisition.
  • Increasing Adoption of AI-focused Solutions: NetApp is experiencing strong momentum with its Artificial Intelligence (AI) solutions, including AFX, a disaggregated storage system for AI, and the AI Data Engine (AIDE). Around 300 customers have already selected NetApp for their AI data preparation and storage needs, indicating a growing opportunity in this sector.
  • Growth of Keystone (Storage-as-a-Service): Revenue from NetApp's storage-as-a-service offering, Keystone, grew by 76% year-over-year in Q2 FY2026 and approximately 65% in Q3 FY2026, highlighting its increasing adoption and contribution to the company's top line.

AI Analysis | Feedback

Share Repurchases

  • NetApp consistently returned capital to shareholders through share repurchases, with $1.57 billion returned in fiscal year 2025 through dividends and buybacks.
  • In fiscal year 2023, NetApp repurchased $850 million in stock.
  • At the end of fiscal year 2023, the company authorized an additional $1 billion for share repurchases, with approximately $400 million remaining from prior authorizations.

Share Issuance

  • No significant dollar amounts for share issuance for capital raising purposes were explicitly detailed. However, the diluted share count decreased year-over-year, for example, by 5% in Q4 fiscal year 2023, reflecting the impact of share repurchases.

Inbound Investments

  • No information available regarding large investments made in NetApp by third parties.

Outbound Investments

  • NetApp completed the acquisition of CloudCheckr, a cloud optimization platform, in February 2022.

Capital Expenditures

  • NetApp reported cash flow from operations of $1.51 billion in fiscal year 2025 and $1.69 billion in fiscal year 2024.
  • The company consistently directs investments towards product innovation, focusing on its all-flash array portfolio and cloud storage services, with new system launches and enhanced capabilities occurring in Q3 fiscal year 2025.
  • Capital expenditures are primarily focused on strategic growth areas such as AI, hybrid cloud, and data security, aligning with customers' digital transformation priorities.

Interactive Breakdown

NetApp Interactive Breakdown Analysis

Better Bets vs. NetApp (NTAP)

Latest Trefis Analyses

Trade Ideas

Select ideas related to NTAP.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BMI_2282026_Insider_Buying_45D_2Buy_200K02282026BMIBadger MeterInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
VRNS_2282026_Insider_Buying_45D_2Buy_200K02282026VRNSVaronis SystemsInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
ITRI_2272026_Dip_Buyer_FCFYield02272026ITRIItronDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
FSLR_2272026_Dip_Buyer_ValueBuy02272026FSLRFirst SolarDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
PEGA_2272026_Dip_Buyer_ValueBuy02272026PEGAPegasystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
NTAP_1232026_Monopoly_xInd_xCD_Getting_Cheaper01232026NTAPNetAppMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.7%1.7%-2.0%
NTAP_5312025_Monopoly_xInd_xCD_Getting_Cheaper05312025NTAPNetAppMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		13.5%1.3%-3.7%
NTAP_9302022_Dip_Buyer_FCFYield09302022NTAPNetAppDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		4.9%26.4%-5.2%

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Peer Comparisons

Peers to compare with:

Financials

NTAPDELLHPEPSTGIBMAMZNMedian
NameNetApp Dell Tec.Hewlett .Everpure Internat.Amazon.c. 
Mkt Price101.30164.5922.1864.46248.44210.14132.94
Mkt Cap20.1108.629.621.2232.72,250.669.1
Rev LTM6,709113,53835,7433,48467,536716,92451,640
Op Inc LTM1,5588,2511,7177012,49279,9754,984
FCF LTM1,6098,5522,15456711,4557,6954,924
FCF 3Y Avg1,3445,4472,14453211,77924,2633,796
CFO LTM1,79211,1854,48782113,193139,5147,836
CFO 3Y Avg1,5148,1274,56575913,523113,4466,346

Growth & Margins

NTAPDELLHPEPSTGIBMAMZNMedian
NameNetApp Dell Tec.Hewlett .Everpure Internat.Amazon.c. 
Rev Chg LTM3.1%18.8%14.5%13.2%7.6%12.4%12.8%
Rev Chg 3Y Avg1.3%4.4%7.1%9.6%3.8%11.7%5.8%
Rev Chg Q4.4%39.5%18.4%16.0%12.2%13.6%14.8%
QoQ Delta Rev Chg LTM1.1%9.1%4.2%4.0%3.3%3.7%3.8%
Op Mgn LTM23.2%7.3%4.8%2.0%18.5%11.2%9.2%
Op Mgn 3Y Avg21.5%6.9%6.9%3.0%16.6%9.4%8.2%
QoQ Delta Op Mgn LTM0.6%0.2%0.0%-0.3%0.8%0.1%0.2%
CFO/Rev LTM26.7%9.9%12.6%23.6%19.5%19.5%19.5%
CFO/Rev 3Y Avg23.3%8.1%14.7%24.2%21.2%17.5%19.3%
FCF/Rev LTM24.0%7.5%6.0%16.3%17.0%1.1%11.9%
FCF/Rev 3Y Avg20.7%5.4%6.9%17.0%18.4%3.9%11.9%

Valuation

NTAPDELLHPEPSTGIBMAMZNMedian
NameNetApp Dell Tec.Hewlett .Everpure Internat.Amazon.c. 
Mkt Cap20.1108.629.621.2232.72,250.669.1
P/S3.01.00.86.13.43.13.1
P/EBIT12.612.317.2120.619.022.618.1
P/E16.518.3-250.7163.022.029.020.1
P/CFO11.29.76.625.917.616.113.7
Total Yield8.1%6.8%2.0%0.6%7.2%3.5%5.1%
Dividend Yield2.1%1.3%2.4%0.0%2.7%0.0%1.7%
FCF Yield 3Y Avg6.4%7.8%8.2%3.2%6.0%1.3%6.2%
D/E0.10.30.70.00.30.10.2
Net D/E-0.00.20.6-0.10.20.00.1

Returns

NTAPDELLHPEPSTGIBMAMZNMedian
NameNetApp Dell Tec.Hewlett .Everpure Internat.Amazon.c. 
1M Rtn-1.2%34.6%3.8%-12.8%-3.4%0.0%-0.6%
3M Rtn-8.2%30.6%-10.2%-4.2%-17.5%-8.0%-8.1%
6M Rtn-18.0%22.3%-11.3%-26.6%-7.4%-7.7%-9.5%
12M Rtn12.1%71.8%40.8%26.0%4.4%7.1%19.0%
3Y Rtn77.0%367.0%68.1%171.2%119.8%114.1%117.0%
1M Excs Rtn3.6%39.4%8.5%-8.1%1.4%4.8%4.2%
3M Excs Rtn-5.0%37.3%-4.4%-1.0%-14.0%-4.5%-4.4%
6M Excs Rtn-17.1%27.0%-9.5%-25.4%-4.4%-8.0%-8.7%
12M Excs Rtn-4.0%53.3%24.1%10.7%-11.6%-8.4%3.4%
3Y Excs Rtn8.2%292.6%0.9%101.1%54.7%43.9%49.3%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Hybrid Cloud5,6575,7875,9225,545 
Public Cloud611575396199 
Hardware maintenance and other services    1,383
Product    2,995
Software    1,034
Total6,2686,3626,3185,7445,412


Price Behavior

Price Behavior
Market Price$101.30 
Market Cap ($ Bil)20.2 
First Trading Date11/21/1995 
Distance from 52W High-19.1% 
   50 Days200 Days
DMA Price$100.84$108.38
DMA Trendindeterminatedown
Distance from DMA0.5%-6.5%
 3M1YR
Volatility38.0%34.7%
Downside Capture154.47138.85
Upside Capture143.71128.09
Correlation (SPY)55.8%72.7%
NTAP Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.962.442.221.721.291.25
Up Beta1.301.671.291.181.151.09
Down Beta3.793.703.462.371.431.34
Up Capture182%175%159%130%118%202%
Bmk +ve Days9203170142431
Stock +ve Days11213058125397
Down Capture146%232%211%166%127%107%
Bmk -ve Days12213054109320
Stock -ve Days10203166126355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NTAP
NTAP12.3%34.7%0.39-
Sector ETF (XLK)29.3%26.6%0.9371.8%
Equity (SPY)17.3%18.9%0.7172.6%
Gold (GLD)45.0%27.1%1.361.4%
Commodities (DBC)17.6%17.4%0.8226.0%
Real Estate (VNQ)0.8%16.4%-0.1344.6%
Bitcoin (BTCUSD)-16.3%44.2%-0.2834.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NTAP
NTAP10.5%31.6%0.36-
Sector ETF (XLK)16.3%24.6%0.6060.1%
Equity (SPY)12.1%17.0%0.5560.5%
Gold (GLD)20.2%17.5%0.946.9%
Commodities (DBC)11.0%19.0%0.4716.7%
Real Estate (VNQ)2.8%18.8%0.0638.9%
Bitcoin (BTCUSD)4.4%56.7%0.3022.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NTAP
NTAP17.2%34.9%0.55-
Sector ETF (XLK)21.7%24.2%0.8258.6%
Equity (SPY)14.3%17.9%0.6960.3%
Gold (GLD)13.2%15.8%0.691.5%
Commodities (DBC)8.4%17.6%0.4020.6%
Real Estate (VNQ)5.0%20.7%0.2139.3%
Bitcoin (BTCUSD)67.1%66.8%1.0614.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity18.8 Mil
Short Interest: % Change Since 21520262.0%
Average Daily Volume2.5 Mil
Days-to-Cover Short Interest7.6 days
Basic Shares Quantity198.0 Mil
Short % of Basic Shares9.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/25/2025-2.0%4.0%-2.7%
8/27/20254.5%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%
5/30/20243.4%4.3%11.8%
2/29/202418.2%17.0%17.9%
...
SUMMARY STATS   
# Positive131211
# Negative101112
Median Positive4.5%6.7%11.8%
Median Negative-5.2%-3.4%-7.4%
Max Positive18.2%17.0%22.3%
Max Negative-15.6%-22.3%-25.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
01/31/202602/26/202610-Q
10/31/202511/25/202510-Q
07/31/202508/27/202510-Q
04/30/202506/09/202510-K
01/31/202502/27/202510-Q
10/31/202411/25/202410-Q
07/31/202408/28/202410-Q
04/30/202406/10/202410-K
01/31/202402/29/202410-Q
10/31/202311/30/202310-Q
07/31/202308/29/202310-Q
04/30/202306/14/202310-K
01/31/202303/01/202310-Q
10/31/202212/01/202210-Q
07/31/202208/30/202210-Q
04/30/202206/16/202210-K

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1O'Callahan, Elizabeth MEVP, Chief Admin. OfficerDirectSell12122025117.371,000117,3702,590,943Form
2De, Lorenzo DanielVP, Controller & CAODirectSell12032025110.0433  Form
3De, Lorenzo DanielVP, Controller & CAODirectSell11192025107.48327  Form
4O'Callahan, Elizabeth MEVP, Chief Admin. OfficerDirectSell11122025114.291,000114,2902,471,864Form
5O'Callahan, Elizabeth MEVP, Chief Admin. OfficerDirectSell10142025119.001,000119,0002,692,732Form

Industry Resources

Technology Hardware, Storage & Peripherals Resources
The Verge
TechRadar
Tom’s Hardware
PCMag
CNET

External Quote Links


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