Tearsheet

NetApp (NTAP)

Market Price (3/23/2026): $102.52 | Market Cap: $20.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

NetApp (NTAP)

Market Price (3/23/2026): $102.52
Market Cap: $20.3 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 -25%	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 -25%
5	Key risks NTAP key risks include [1] intense competition from both established technology giants and specialized rivals, Show more.

Valuation, Metrics & Events

	3/23/26	2025	2024	2023	2022
Share Price CYE	$102.52	$107.09	$116.08	$88.16	$60.06
Market Cap CYE ($ Bil)	20.3	21.2	23.7	18.2	13.0
Total Debt ($ Bil)	2.7	2.7	2.2	2.7	2.7
Total Cash ($ Bil)	3.0	3.0	2.3	2.9	3.1
Enterprise Value ($ Bil)	20.0	23.9	25.9	20.9	15.7
Valuation Ratios
P/S TTM	3.0	3.2	3.6	2.9	2.0
P/EBIT TTM	12.8	13.4	16.1	14.4	11.9
P/E TTM	16.7	17.5	20.8	19.3	10.1
P/FCF TTM	12.6	13.2	18.7	15.7	12.8
Sector Ratios
P/S TTM (Sector)	3.4	3.6	3.8	3.6	2.9
P/EBIT TTM (Sector)	8.7	9.4	7.2	3.7	0.3
P/E TTM (Sector)	6.3	7.0	3.4	0.2	-0.1
P/FCF TTM (Sector)	12.5	14.8	17.3	15.8	12.4

	3/23/26	2025	2024
Share Price CYE	$102.52	$107.09	$116.08
Market Cap CYE ($ Bil)	20.3	21.2	23.7
Total Debt ($ Bil)	2.7	2.7	2.2
Total Cash ($ Bil)	3.0	3.0	2.3
Enterprise Value ($ Bil)	20.0	23.9	25.9
Valuation Ratios
P/S TTM	3.0	3.2	3.6
P/EBIT TTM	12.8	13.4	16.1
P/E TTM	16.7	17.5	20.8
P/FCF TTM	12.6	13.2	18.7
Sector Ratios
P/S TTM (Sector)	3.4	3.6	3.8
P/EBIT TTM (Sector)	8.7	9.4	7.2
P/E TTM (Sector)	6.3	7.0	3.4
P/FCF TTM (Sector)	12.5	14.8	17.3

	NTAP	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	6.7
Rev Chg Q	4.4%	7.3%
Rev Chg LTM	3.1%	6.6%
Rev Chg 3Y Avg	1.3%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.6
CFO LTM ($ Bil)	1.8
Net Inc LTM ($ Bil)	1.2
Op Mgn LTM	23.2%	18.7%
CFO/Rev LTM	26.7%	20.9%
Net Inc Mgn	18.1%	12.8%
VALUATION	MODERATE
P/S	3.0	3.1
P/CFO	11.3	14.9
P/FCF	12.6	19.3
P/E	16.7	23.4
STABILITY	VERY GOOD
Debt/Equity	0.13	0.22
Cash/Assets	0.30	0.07

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Metric	Value	Date	Source
All-Flash Array Annualized Net Revenue Run Rate	$3.6 billion	7252025	Link
Market Share in All-Flash Array	#1	3312025	Link
Percentage of Installed Base that is All-Flash	45%	7252025	Link
Keystone (Storage-as-a-Service) Revenue Growth	approximately 80% year-over-year	7252025	Link
First-Party and Marketplace Public Cloud Storage Services Revenue Growth	33%	7252025	Link
Billings	$1.51 billion	7252025	Link
Public Cloud Revenue (excluding Spot) Growth	18% year-over-year	7252025	Link
Public Cloud Annual Recurring Revenue (ARR)	$630 million	4262024	Link
Deferred Revenue	$4.23 billion	4262024	Link
Employee Count	11700	4252025	Link

Recent
2/26/2026	Earnings Release	Rev: $1.0 Bil (A) vs. $1.0 Bil (E) EPS: 2.12 (A) vs. $2.06 (E)
Upcoming
4/02/2026	Dividend	Amount: $0.52 Payment On: 4/22/2026
5/28/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $2.27 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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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.

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Stock Movement Drivers

Fundamental Drivers

The -8.9% change in NTAP stock from 11/30/2025 to 3/22/2026 was primarily driven by a -12.0% change in the company's P/E Multiple.

(LTM values as of)	11302025	3222026	Change
Stock Price ($)	111.02	101.11	-8.9%
Change Contribution By:
Total Revenues ($ Mil)	6,637	6,709	1.1%
Net Income Margin (%)	17.7%	18.1%	1.9%
P/E Multiple	18.8	16.5	-12.0%
Shares Outstanding (Mil)	199	198	0.5%
Cumulative Contribution			-8.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/22/2026

	Return	Correlation
NTAP	-8.9%
Market (SPY)	-4.8%	56.6%
Sector (XLK)	-5.5%	50.9%

Fundamental Drivers

The -9.5% change in NTAP stock from 8/31/2025 to 3/22/2026 was primarily driven by a -13.9% change in the company's P/E Multiple.

(LTM values as of)	8312025	3222026	Change
Stock Price ($)	111.76	101.11	-9.5%
Change Contribution By:
Total Revenues ($ Mil)	6,590	6,709	1.8%
Net Income Margin (%)	17.8%	18.1%	1.7%
P/E Multiple	19.2	16.5	-13.9%
Shares Outstanding (Mil)	201	198	1.5%
Cumulative Contribution			-9.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/22/2026

	Return	Correlation
NTAP	-9.5%
Market (SPY)	1.1%	58.2%
Sector (XLK)	3.2%	53.1%

Fundamental Drivers

The 3.4% change in NTAP stock from 2/28/2025 to 3/22/2026 was primarily driven by a 3.4% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3222026	Change
Stock Price ($)	97.79	101.11	3.4%
Change Contribution By:
Total Revenues ($ Mil)	6,508	6,709	3.1%
Net Income Margin (%)	17.5%	18.1%	3.4%
P/E Multiple	17.5	16.5	-5.9%
Shares Outstanding (Mil)	204	198	3.0%
Cumulative Contribution			3.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/22/2026

	Return	Correlation
NTAP	3.4%
Market (SPY)	10.4%	73.6%
Sector (XLK)	20.5%	72.6%

Fundamental Drivers

The 67.1% change in NTAP stock from 2/28/2023 to 3/22/2026 was primarily driven by a 85.6% change in the company's P/E Multiple.

(LTM values as of)	2282023	3222026	Change
Stock Price ($)	60.49	101.11	67.1%
Change Contribution By:
Total Revenues ($ Mil)	6,549	6,709	2.4%
Net Income Margin (%)	22.5%	18.1%	-19.8%
P/E Multiple	8.9	16.5	85.6%
Shares Outstanding (Mil)	217	198	9.6%
Cumulative Contribution			67.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/22/2026

	Return	Correlation
NTAP	67.1%
Market (SPY)	70.3%	57.0%
Sector (XLK)	102.2%	58.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
NTAP Return	42%	-33%	51%	34%	-6%	-3%	76%
Peers Return	30%	-16%	48%	48%	16%	-2%	173%
S&P 500 Return	27%	-19%	24%	23%	16%	-3%	76%
Monthly Win Rates [3]
NTAP Win Rate	75%	33%	42%	50%	50%	67%
Peers Win Rate	60%	40%	67%	65%	53%	53%
S&P 500 Win Rate	75%	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%	-3%

[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 3/20/2026 (YTD)

How Low Can It Go

Unique Key	Event	NTAP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-39.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	64.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	429 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	85.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	274 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-49.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	96.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	747 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-74.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	289.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	580 days	1,480 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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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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.**

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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.

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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

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Flex (FLEX)
Jabil (JBL)

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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.

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Key Risks for NetApp (NTAP)

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.
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.
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.

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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.

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  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.

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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.

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 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)

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PD (28.5%)

PagerDuty

HPQ (18.1%)

CCSI (16.6%)

Consensus Cloud Solutions

EGAN (16.2%)

eGain

DDD (12.2%)

3D Systems

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for NTAP: 1.3% | 3.0x)

ACN (4.5% | 1.7x)

Accenture

DELL (4.4% | 0.9x)

Dell Technologies

CLS (19.8% | 2.5x)

Celestica

CTSH (2.8% | 1.4x)

Cognizant Technology Solutions

HPE (7.1% | 0.8x)

Hewlett Packard Enterprise

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NTAP: 1.3% | 12.8x)

QCOM (2.3% | 11.4x)

Qualcomm

ACN (4.5% | 10.9x)

Accenture

DELL (4.4% | 12.6x)

Dell Technologies

ADBE (10.5% | 11.9x)

Adobe

CTSH (2.8% | 8.9x)

Cognizant Technology Solutions

Higher Rev Chg LTM (Value for NTAP: 3.1%)

MU (85.5%)

Micron Technology

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (16.7%)

Microsoft

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for NTAP: 1.3%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for NTAP: 23.2%)

NVDA (60.4%)

NVIDIA

MU (48.4%)

Micron Technology

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for NTAP: 26.7%)

MU (52.7%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for NTAP: 24.0%)

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

Higher Total Yield (Value for NTAP: 8.1%)

HPQ (18.1%)

SWKS (10.1%)

Skyworks Solutions

ACN (9.3%)

Accenture

CDW (8.9%)

CDW

ZM (8.4%)

Zoom Communications

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NTAP: 1.3% | 3.0x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

WMT (5.3% | 1.3x)

Walmart

COST (6.9% | 1.5x)

Costco Wholesale

HD (1.9% | 1.9x)

Home Depot

UNH (11.4% | 0.6x)

UnitedHealth

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NTAP: 1.3% | 12.8x)

MRK (3.2% | 12.8x)

Merck

TMUS (3.6% | 12.5x)

T-Mobile US

BMY (1.5% | 8.5x)

Bristol-Myers Squibb

ENB (8.8% | 10.1x)

Enbridge

HCA (7.9% | 9.4x)

HCA Healthcare

Higher Rev Chg LTM (Value for NTAP: 3.1%)

LLY (44.7%)

Eli Lilly

META (22.2%)

Meta Platforms

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

WMT (4.7%)

Walmart

Higher Rev Chg 3Y Avg (Value for NTAP: 1.3%)

BRK-B (27.0%)

Berkshire Hathaway

META (19.9%)

Meta Platforms

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

TSLA (5.6%)

Tesla

Higher Op Mgn LTM (Value for NTAP: 23.2%)

V (67.0%)

Visa

LLY (45.6%)

Eli Lilly

META (41.4%)

Meta Platforms

GOOGL (32.0%)

Alphabet

JNJ (27.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for NTAP: 26.7%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MA (53.8%)

Mastercard

GOOGL (40.9%)

Alphabet

ABBV (31.1%)

AbbVie

Higher FCF/Rev LTM (Value for NTAP: 24.0%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

ABBV (29.1%)

AbbVie

PM (26.2%)

Philip Morris International

Higher Total Yield (Value for NTAP: 8.1%)

VZ (13.6%)

Verizon Communications

WFC (11.1%)

Wells Fargo

RY (9.4%)

Royal Bank of Canada

MRK (9.3%)

Merck

BAC (8.8%)

Bank of America

Best Bets in Information Technology

What You Pay

P/EBIT (Value for NTAP: 12.6x)

APP (37.6x)

AppLovin

VRSN (19.4x)

VeriSign

NVDA (29.6x)

NVIDIA

QLYS (15.6x)

Qualys

ADEA (14.0x)

Adeia

ADBE (11.5x)

Adobe

GEN (7.5x)

Gen Digital

IDCC (16.4x)

InterDigital

ZM (20.2x)

Zoom Communications

YOU (25.3x)

Clear Secure

P/E (Value for NTAP: 16.5x)

APP (44.9x)

AppLovin

VRSN (26.9x)

VeriSign

NVDA (35.0x)

NVIDIA

QLYS (17.4x)

Qualys

ADEA (22.8x)

Adeia

ADBE (14.5x)

Adobe

GEN (21.2x)

Gen Digital

IDCC (20.6x)

InterDigital

ZM (12.0x)

Zoom Communications

YOU (43.1x)

Clear Secure

What You Get

Rev Chg 3Y Avg (Value for NTAP: 1.3%)

APP (40.7%)

AppLovin

VRSN (5.2%)

VeriSign

NVDA (101.8%)

NVIDIA

QLYS (11.0%)

Qualys

ADEA (1.1%)

Adeia

ADBE (10.5%)

Adobe

GEN (15.3%)

Gen Digital

IDCC (24.7%)

InterDigital

ZM (3.5%)

Zoom Communications

YOU (27.6%)

Clear Secure

Rev Chg LTM (Value for NTAP: 3.1%)

APP (61.1%)

AppLovin

VRSN (6.4%)

VeriSign

NVDA (65.5%)

NVIDIA

QLYS (10.1%)

Qualys

ADEA (17.9%)

Adeia

ADBE (10.5%)

Adobe

GEN (21.5%)

Gen Digital

IDCC (-4.0%)

InterDigital

ZM (4.4%)

Zoom Communications

YOU (16.9%)

Clear Secure

Rev Chg Q (Value for NTAP: 4.4%)

APP (65.9%)

AppLovin

VRSN (7.6%)

VeriSign

NVDA (73.2%)

NVIDIA

QLYS (10.1%)

Qualys

ADEA (53.3%)

Adeia

ADBE (10.5%)

Adobe

GEN (25.8%)

Gen Digital

IDCC (-37.4%)

InterDigital

ZM (5.3%)

Zoom Communications

YOU (16.7%)

Clear Secure

FCF/Rev 3Y Avg (Value for NTAP: 20.7%)

APP (60.8%)

AppLovin

VRSN (58.3%)

VeriSign

NVDA (45.3%)

NVIDIA

QLYS (42.1%)

Qualys

ADEA (40.6%)

Adeia

ADBE (37.9%)

Adobe

GEN (37.6%)

Gen Digital

IDCC (37.4%)

InterDigital

ZM (36.9%)

Zoom Communications

YOU (35.8%)

Clear Secure

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	NetApp Stock (-9.4%): MSFT Downgrade Hits Sentiment, Volume Surge	01/21/2026
2	NetApp Stock Down 9.4% in One Day, Should You Buy The Stock?	01/21/2026
3	NetApp Stock at Support Zone - Bargain or Trap?	01/21/2026
4	NetApp Earnings Notes	12/28/2026
5	With NetApp Stock Surging, Have You Considered The Downside?	10/17/2025
6	Day 8 of Loss Streak for NetApp Stock with -6.3% Return (vs. 3.2% YTD) [9/30/2025]	10/01/2025
7	ARTICLES
8	Buy or Sell NetApp Stock?	01/21/2026
9	S&P 500 Movers \| Winners: SNDK, ALB, EXE \| Losers: NTAP, NCLH, DELL	01/21/2026
10	How Will NetApp Stock React To Its Upcoming Earnings?	11/22/2025
11	NTAP Stock Down -6.3% after 8-Day Loss Streak	10/01/2025
12	NTAP Stock Down -6.2% after 7-Day Loss Streak	09/30/2025

	Title
0	DASHBOARDS
1	NetApp Stock (-9.4%): MSFT Downgrade Hits Sentiment, Volume Surge
2	NetApp Stock Down 9.4% in One Day, Should You Buy The Stock?
3	NetApp Stock at Support Zone - Bargain or Trap?
4	NetApp Earnings Notes
5	With NetApp Stock Surging, Have You Considered The Downside?
6	Day 8 of Loss Streak for NetApp Stock with -6.3% Return (vs. 3.2% YTD) [9/30/2025]
7	ARTICLES
8	Buy or Sell NetApp Stock?
9	S&P 500 Movers \| Winners: SNDK, ALB, EXE \| Losers: NTAP, NCLH, DELL
10	How Will NetApp Stock React To Its Upcoming Earnings?
11	NTAP Stock Down -6.3% after 8-Day Loss Streak
12	NTAP Stock Down -6.2% after 7-Day Loss Streak

Trade Ideas

Select ideas related to NTAP.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BMI_2282026_Insider_Buying_45D_2Buy_200K	02282026	BMI	Badger Meter	Insider	Insider 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_200K	02282026	VRNS	Varonis Systems	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ITRI_2272026_Dip_Buyer_FCFYield	02272026	ITRI	Itron	Dip Buy	DB \| 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_ValueBuy	02272026	FSLR	First Solar	Dip Buy	DB \| 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_ValueBuy	02272026	PEGA	Pegasystems	Dip Buy	DB \| 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_Cheaper	01232026	NTAP	NetApp	Monopoly	MY \| 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_Cheaper	05312025	NTAP	NetApp	Monopoly	MY \| 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_FCFYield	09302022	NTAP	NetApp	Dip Buy	DB \| 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%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PL	Planet Labs PBC	10.5	25.5%	71.6%
GTN-A	Gray Media	1.3	24.4%	8.6%
LBTYB	Liberty Global	4.8	16.7%	19.9%
SEDG	SolarEdge Technologies	3.1	13.3%	79.3%
FMCC	Federal Home Loan Mortgage	15.8	10.7%	-51.9%
VG	Venture Global	38.5	10.6%	132.1%
URG	Ur-Energy	0.5	9.8%	4.3%
SCHL	Scholastic	0.9	8.8%	26.4%
FNMA	Federal National Mortgage Association Fannie Mae	31.1	8.6%	-50.6%
SM	SM Energy	3.4	8.3%	62.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BCPC	Balchem	0.8	-85.7%	-84.7%
SMCI	Super Micro Computer	12.3	-33.3%	-29.9%
VNDA	Vanda Pharmaceuticals	0.4	-16.9%	-19.3%
TE	T1 Energy	1.1	-14.4%	-1.2%
AAOI	Applied Optoelectronics	5.5	-14.1%	151.1%
VICR	Vicor	7.4	-13.5%	50.1%
VST	Vistra	49.5	-12.8%	-9.4%
RCAT	Red Cat	1.3	-12.5%	67.1%
AEBI	Aebi Schmidt	0.8	-12.3%	-21.5%
FLOC	Flowco	0.6	-11.3%	16.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RHLD	Resolute Management	1.4	44.9%	-22.0%
BW	Babcock & Wilcox Enterprises	1.6	44.4%	139.4%
SEDG	SolarEdge Technologies	3.1	38.2%	79.3%
PL	Planet Labs PBC	10.5	36.5%	71.6%
DSGR	Distribution Solutions	1.2	35.0%	-4.9%
NEXT	NextDecade	1.9	27.0%	39.1%
HTFL	HeartFlow	1.3	27.0%	-10.7%
GLNG	Golar LNG	5.4	22.7%	42.3%
ANDG	Andersen	3.0	22.2%	7.6%
KOS	Kosmos Energy	1.4	21.9%	213.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	0.8	-86.1%	-84.7%
SMCI	Super Micro Computer	12.3	-33.2%	-29.9%
MVST	Microvast	0.5	-28.3%	-42.9%
USAS	Americas Gold And Silver	1.5	-26.9%	5.3%
AEBI	Aebi Schmidt	0.8	-25.8%	-21.5%
NG	Novagold Resources	3.2	-25.6%	-16.8%
IDR	Idaho Strategic Resources	0.4	-23.6%	-33.7%
IAUX	i-80 Gold	1.0	-23.5%	-13.0%
SCZM	Santacruz Silver Mining	0.6	-23.5%	-42.2%
ELE	Elemental Royalty	0.4	-23.5%	0.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AXTI	AXT	2.4	127.8%	231.7%
CRCL	Circle Internet	29.0	103.5%	58.9%
LWLG	Lightwave Logic	0.9	96.8%	109.0%
AAOI	Applied Optoelectronics	5.5	86.3%	151.1%
SOC	Sable Offshore	1.6	82.3%	80.5%
DAWN	Day One Biopharmaceuticals	2.2	77.6%	130.0%
AMPX	Amprius Technologies	2.3	75.8%	130.7%
ACLX	Arcellx	6.5	72.5%	76.0%
BW	Babcock & Wilcox Enterprises	1.6	62.5%	139.4%
KOS	Kosmos Energy	1.4	60.5%	213.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BCPC	Balchem	0.8	-86.6%	-84.7%
MNKD	MannKind	0.8	-55.3%	-56.4%
EOSE	Eos Energy Enterprises	1.4	-54.7%	-54.7%
GRAL	GRAIL	1.7	-53.9%	-45.3%
CWH	Camping World	0.4	-48.9%	-37.0%
VITL	Vital Farms	0.6	-47.3%	-54.6%
FWRD	Forward Air	0.5	-44.3%	-38.1%
GO	Grocery Outlet	0.6	-43.2%	-42.7%
FULC	Fulcrum Therapeutics	0.4	-42.3%	-40.1%
ERII	Energy Recovery	0.5	-41.1%	-29.9%

Peer Comparisons

Peers to compare with:

Financials

	NTAP	DELL	HPE	PSTG	IBM	AMZN	Median
Name	NetApp	Dell Tec.	Hewlett .	Everpure	Internat.	Amazon.c.
Mkt Price	101.11	157.67	21.69	62.63	241.77	205.37	129.39
Mkt Cap	20.0	104.1	28.9	20.6	226.4	2,199.5	66.5
Rev LTM	6,709	113,538	35,743	3,484	67,536	716,924	51,640
Op Inc LTM	1,558	8,251	1,717	70	12,492	79,975	4,984
FCF LTM	1,609	8,552	2,154	567	11,455	7,695	4,924
FCF 3Y Avg	1,344	5,447	2,144	532	11,779	24,263	3,796
CFO LTM	1,792	11,185	4,487	821	13,193	139,514	7,836
CFO 3Y Avg	1,514	8,127	4,565	759	13,523	113,446	6,346

Growth & Margins

	NTAP	DELL	HPE	PSTG	IBM	AMZN	Median
Name	NetApp	Dell Tec.	Hewlett .	Everpure	Internat.	Amazon.c.
Rev Chg LTM	3.1%	18.8%	14.5%	13.2%	7.6%	12.4%	12.8%
Rev Chg 3Y Avg	1.3%	4.4%	7.1%	9.6%	3.8%	11.7%	5.8%
Rev Chg Q	4.4%	39.5%	18.4%	16.0%	12.2%	13.6%	14.8%
QoQ Delta Rev Chg LTM	1.1%	9.1%	4.2%	4.0%	3.3%	3.7%	3.8%
Op Mgn LTM	23.2%	7.3%	4.8%	2.0%	18.5%	11.2%	9.2%
Op Mgn 3Y Avg	21.5%	6.9%	6.9%	3.0%	16.6%	9.4%	8.2%
QoQ Delta Op Mgn LTM	0.6%	0.2%	0.0%	-0.3%	0.8%	0.1%	0.2%
CFO/Rev LTM	26.7%	9.9%	12.6%	23.6%	19.5%	19.5%	19.5%
CFO/Rev 3Y Avg	23.3%	8.1%	14.7%	24.2%	21.2%	17.5%	19.3%
FCF/Rev LTM	24.0%	7.5%	6.0%	16.3%	17.0%	1.1%	11.9%
FCF/Rev 3Y Avg	20.7%	5.4%	6.9%	17.0%	18.4%	3.9%	11.9%

Valuation

	NTAP	DELL	HPE	PSTG	IBM	AMZN	Median
Name	NetApp	Dell Tec.	Hewlett .	Everpure	Internat.	Amazon.c.
Mkt Cap	20.0	104.1	28.9	20.6	226.4	2,199.5	66.5
P/S	3.0	0.9	0.8	5.9	3.4	3.1	3.0
P/EBIT	12.6	11.8	16.9	117.2	18.5	22.1	17.7
P/E	16.5	17.5	-245.2	158.3	21.4	28.3	19.5
P/CFO	11.2	9.3	6.4	25.2	17.2	15.8	13.5
Total Yield	8.1%	7.1%	2.0%	0.6%	7.4%	3.5%	5.3%
Dividend Yield	2.1%	1.4%	2.4%	0.0%	2.8%	0.0%	1.7%
FCF Yield 3Y Avg	6.4%	7.8%	8.2%	3.2%	6.0%	1.3%	6.2%
D/E	0.1	0.3	0.7	0.0	0.3	0.1	0.2
Net D/E	-0.0	0.2	0.6	-0.1	0.2	0.0	0.1

Returns

	NTAP	DELL	HPE	PSTG	IBM	AMZN	Median
Name	NetApp	Dell Tec.	Hewlett .	Everpure	Internat.	Amazon.c.
1M Rtn	-1.3%	29.0%	1.5%	-15.3%	-6.0%	-2.3%	-1.8%
3M Rtn	-9.2%	25.3%	-11.2%	-9.4%	-19.2%	-9.7%	-9.5%
6M Rtn	-18.5%	20.5%	-12.7%	-28.7%	-8.2%	-11.3%	-12.0%
12M Rtn	11.9%	64.6%	37.7%	22.4%	1.6%	4.7%	17.2%
3Y Rtn	75.3%	342.2%	63.9%	159.7%	117.2%	108.1%	112.6%
1M Excs Rtn	4.7%	37.6%	6.6%	-9.7%	-0.5%	5.4%	5.1%
3M Excs Rtn	-5.2%	27.0%	-6.5%	-2.4%	-16.6%	-4.0%	-4.6%
6M Excs Rtn	-17.4%	22.2%	-11.7%	-26.2%	-5.8%	-9.3%	-10.5%
12M Excs Rtn	-4.3%	48.0%	21.7%	6.9%	-16.4%	-9.6%	1.3%
3Y Excs Rtn	9.5%	278.7%	2.4%	101.0%	50.2%	46.3%	48.3%

Comparison Analyses

	Title
0	How Does NetApp Stock Stack Up Against Its Peers?
1	NetApp vs. Nutanix: With Return Forecast Of -46%, NetApp Is A Better Bet
2	IBM or NTAP - With 3.8% Return Forecast, NTAP Probably Deserves Your Money
3	Why ANET With 36% Upside May Beat NTAP?
4	Why TDC With 7.3% Upside May Beat NTAP?
5	PSTG Could Deliver 23% Returns And Outperform NTAP
6	NetApp vs. Synopsys: With Return Forecast Of 8.7%, Synopsys Is A Better Bet
7	NetApp vs. Intuitive Surgical: With Return Forecast Of 52%, Intuitive Surgical Is A Better Bet
8	NetApp vs. Boston Scientific: With Return Forecast Of 1.2%, Boston Scientific Is A Better Bet
9	NetApp vs. Edwards Lifesciences: With Return Forecast Of 19%, Edwards Lifesciences Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 4/25	LTM	2025	2024	2023	2022	2021	2020
Period End	1/23/2026	4/25/2025	4/26/2024	4/28/2023	4/29/2022	4/30/2021	4/24/2020
Filing Date	2/26/2026	6/9/2025	6/10/2024	6/14/2023	6/16/2022	6/21/2021	6/15/2020
Key Financials
Total Revenue	6,709	6,572	6,268	6,362	6,318	5,744	5,412
EBITDA	1,790	1,690	1,582	1,381	1,362	1,243	1,192
Operating Income	1,558	1,425	1,268	1,159	1,203	933	928
Net Income	1,212	1,186	986	1,274	937	730	819
EPS	6.05	5.81	4.74	5.87	4.20	3.29	3.56
Growth Rates
Total Revenue Growth	3.1%	4.9%	-1.5%	0.7%	10.0%	6.1%	-11.9%
EBITDA Growth	3.9%	6.8%	14.6%	1.4%	9.6%	4.3%	-21.7%
Operating Income Growth	11.4%	12.4%	9.4%	-3.7%	28.9%	0.5%	-21.6%
Net Income Growth	6.6%	20.3%	-22.6%	36.0%	28.4%	-10.9%	-29.9%
Margins
EBITDA Margin	26.7%	25.7%	25.2%	21.7%	21.6%	21.6%	22.0%
Operating Income Margin	23.2%	21.7%	20.2%	18.2%	19.0%	16.2%	17.1%
Net Income Margin	18.1%	18.0%	15.7%	20.0%	14.8%	12.7%	15.1%
Cash & Debt
Total Cash	3,008	3,846	3,252	3,070	4,134	4,596	2,882
Total Debt	2,734	3,491	2,652	2,684	2,940	2,752	1,812
Net Debt / (Cash)	-274	-355	-600	-386	-1,194	-1,844	-1,070
Cash Flows
Net Cash from Operations	1,792	1,506	1,685	1,107	1,211	1,333	1,060
Free Cash from Operations	1,609	1,338	1,530	868	985	1,171	936
Returns to Shareholders
Dividends	415	424	416	432	446	427	439
Share Repurchases	1,000	1,150	900	850	600	125	1,411

$ Mil \| FY: 4/25	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	1/23/2026	10/24/2025	7/25/2025	4/25/2025	1/24/2025	10/25/2024	7/26/2024	4/26/2024	1/26/2024	10/27/2023	7/28/2023	4/28/2023
Filing Date	2/26/2026	11/25/2025	8/27/2025	6/9/2025	2/27/2025	11/25/2024	8/28/2024	6/10/2024	2/29/2024	11/30/2023	8/29/2023	6/14/2023
Key Financials Quarterly
Total Revenue	1,713	1,705	1,559	1,732	1,641	1,658	1,541	1,668	1,606	1,562	1,432	1,581
Ebitda	507	471	384	428	446	438	378	460	462	394	266	396
Operating Income	431	422	311	394	373	358	300	367	382	312	207	323
Net Income	334	305	233	340	299	299	248	291	313	233	149	245
EPS	1.69	1.53	1.16	1.67	1.47	1.47	1.20	1.41	1.52	1.12	0.70	1.15
Key Financials TTM
Total Revenue TTM	6,709	6,637	6,590	6,572	6,508	6,473	6,377	6,268	6,181	6,101	6,202	6,362
Ebitda TTM	1,790	1,729	1,696	1,690	1,722	1,738	1,694	1,582	1,518	1,314	1,301	1,381
Operating Income TTM	1,558	1,500	1,436	1,425	1,398	1,407	1,361	1,268	1,224	1,104	1,090	1,159
Net Income TTM	1,212	1,177	1,171	1,186	1,137	1,151	1,085	986	940	692	1,209	1,274
Growth Rates Quarterly
Total Revenue Growth	4.4%	2.8%	1.2%	3.8%	2.2%	6.1%	7.6%	5.5%	5.2%	-6.1%	-10.1%	-5.9%
EBITDA Growth	13.7%	7.5%	1.6%	-7.0%	-3.5%	11.2%	42.1%	16.2%	79.1%	3.4%	-23.1%	16.1%
Operating Income Growth	15.5%	17.9%	3.7%	7.4%	-2.4%	14.7%	44.9%	13.6%	45.8%	4.7%	-25.0%	7.0%
Net Income Growth	11.7%	2.0%	-6.0%	16.8%	-4.5%	28.3%	66.4%	18.8%	381.5%	-68.9%	-30.4%	-5.4%
Margins Quarterly
EBITDA Margin	29.6%	27.6%	24.6%	24.7%	27.2%	26.4%	24.5%	27.6%	28.8%	25.2%	18.6%	25.0%
Operating Income Margin	25.2%	24.8%	19.9%	22.7%	22.7%	21.6%	19.5%	22.0%	23.8%	20.0%	14.5%	20.4%
Net Income Margin	19.5%	17.9%	14.9%	19.6%	18.2%	18.0%	16.1%	17.4%	19.5%	14.9%	10.4%	15.5%
Cash & Debt
Total Cash	3,008	3,014	3,324	3,846	2,261	2,222	3,017	3,252	2,917	2,620	2,975	3,070
Total Debt	2,734	2,739	2,745	3,491	2,250	2,250	2,648	2,652	2,656	2,662	2,672	2,684
Net Debt / (Cash)	-274	-275	-579	-355	-11	28	-369	-600	-261	42	-303	-386
Cash Flows Quarterly
FCF from Operations	317	127	673	675	385	105	341	613	484	135	453	235
Cash Flows TTM
FCF from Operations TTM	1,792	1,860	1,838	1,506	1,444	1,543	1,573	1,685	1,307	1,200	1,279	1,107
Returns to Shareholders Quarterly
Dividends	103	103	104	105	106	106	107	104	103	103	106	106
Share Repurchases	200	250	300	250	200	300	400	100	100	300	400	150
Return on Invested Capital (ROIC) Quarterly
ROIC	157.6%	184.3%	240.8%	221.0%	122.5%	129.3%	177.7%	332.6%	202.6%	113.7%	116.4%	198.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	150.8%	174.7%	305.9%	178.4%	114.6%	123.9%	191.6%	292.9%	155.5%	94.8%	191.2%	228.1%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Hybrid Cloud	5,657	5,787	5,922	5,545
Public Cloud	611	575	396	199
Hardware maintenance and other services					1,383
Product					2,995
Software					1,034
Total	6,268	6,362	6,318	5,744	5,412

Price Behavior

Price Behavior

Market Price	$101.11
Market Cap ($ Bil)	20.1
First Trading Date	11/21/1995
Distance from 52W High	-19.2%
	50 Days	200 Days
DMA Price	$100.93	$108.39
DMA Trend	indeterminate	down
Distance from DMA	0.2%	-6.7%
	3M	1YR
Volatility	38.4%	34.8%
Downside Capture	154.47	138.85
Upside Capture	140.59	129.30
Correlation (SPY)	55.8%	72.6%

NTAP Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.96	2.44	2.22	1.72	1.29	1.25
Up Beta	1.30	1.67	1.29	1.18	1.15	1.09
Down Beta	3.79	3.70	3.46	2.37	1.43	1.34
Up Capture	182%	175%	159%	130%	118%	202%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	11	21	30	58	125	397
Down Capture	146%	232%	211%	166%	127%	107%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	10	20	31	66	126	355

[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
NTAP	10.4%	34.8%	0.34	-
Sector ETF (XLK)	26.6%	26.6%	0.86	71.9%
Equity (SPY)	15.8%	18.9%	0.64	72.6%
Gold (GLD)	48.2%	27.0%	1.45	1.5%
Commodities (DBC)	17.8%	17.4%	0.83	25.9%
Real Estate (VNQ)	1.0%	16.4%	-0.11	44.6%
Bitcoin (BTCUSD)	-18.9%	44.2%	-0.35	34.8%

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

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with NTAP
NTAP	10.6%	31.6%	0.37	-
Sector ETF (XLK)	16.2%	24.6%	0.59	60.1%
Equity (SPY)	11.8%	17.0%	0.54	60.5%
Gold (GLD)	20.7%	17.5%	0.97	7.0%
Commodities (DBC)	10.9%	19.0%	0.46	16.7%
Real Estate (VNQ)	2.8%	18.8%	0.06	38.9%
Bitcoin (BTCUSD)	4.8%	56.7%	0.31	22.9%

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
NTAP	17.0%	34.9%	0.55	-
Sector ETF (XLK)	21.6%	24.2%	0.82	58.6%
Equity (SPY)	14.2%	17.9%	0.68	60.3%
Gold (GLD)	13.3%	15.7%	0.70	1.6%
Commodities (DBC)	8.3%	17.6%	0.39	20.6%
Real Estate (VNQ)	5.0%	20.7%	0.21	39.3%
Bitcoin (BTCUSD)	66.9%	66.8%	1.06	14.4%

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

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	18.8 Mil
Short Interest: % Change Since 2152026	2.0%
Average Daily Volume	2.5 Mil
Days-to-Cover Short Interest	7.6 days
Basic Shares Quantity	198.0 Mil
Short % of Basic Shares	9.5%

Returns Analyses

	Title
0	With NetApp Stock Surging, Have You Considered The Downside?
1	NTAP YTD Stock Return Of 1.9% Outperforms TDC by 22% and Underperforms IBM by -17%
2	NetApp During 2008 Recession vs. 2022 Inflation Shock: NTAP Stock Is Now 28% Higher Than Its Pre-Shock High
3	NetApp (NTAP) Stock Has 54% Chance Of Rise In The Next One Month
4	NTAP YTD Stock Return Of -23% Outperforms NTNX by 25% and Underperforms IBM by -20%
5	NetApp Stock Return Comparison
6	[10/2/2021] NetApp (NTAP) Stock Price Forecast: AI Forecasts NTAP Stock Price To Be Around $91 In A Month (Up 0.5%)
7	NetApp Total Shareholder Return (TSR): -11.4% in 2023 and 16.0% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/25/2025	-2.0%	4.0%	-2.7%
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	10	11	12
Median Positive	4.5%	6.7%	11.8%
Median Negative	-5.2%	-3.4%	-7.4%
Max Positive	18.2%	17.0%	22.3%
Max Negative	-15.6%	-22.3%	-25.2%

	Forward Returns
11/25/2025	-2.0%	4.0%	-2.7%
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%
11/28/2023	14.6%	16.0%	12.9%
8/23/2023	-1.3%	-0.1%	-0.7%
5/31/2023	8.5%	7.0%	15.1%
2/22/2023	0.6%	-1.9%	-6.5%
11/29/2022	-5.8%	-12.1%	-16.3%
8/24/2022	7.9%	-0.9%	-12.8%
6/1/2022	0.5%	-3.4%	-13.4%
2/23/2022	-5.7%	-3.6%	2.6%
11/30/2021	0.7%	2.0%	3.2%
8/25/2021	4.7%	8.6%	13.8%
6/2/2021	2.1%	6.4%	6.4%
2/24/2021	-14.5%	-10.9%	-1.8%
12/1/2020	9.4%	11.8%	22.3%
8/26/2020	4.0%	14.1%	-0.6%
5/27/2020	-4.6%	-1.3%	-9.7%
SUMMARY STATS
# Positive	13	12	11
# Negative	10	11	12
Median Positive	4.5%	6.7%	11.8%
Median Negative	-5.2%	-3.4%	-7.4%
Max Positive	18.2%	17.0%	22.3%
Max Negative	-15.6%	-22.3%	-25.2%

SEC Filings

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Report Date	Filing Date	Filing
01/31/2026	02/26/2026	10-Q
10/31/2025	11/25/2025	10-Q
07/31/2025	08/27/2025	10-Q
04/30/2025	06/09/2025	10-K
01/31/2025	02/27/2025	10-Q
10/31/2024	11/25/2024	10-Q
07/31/2024	08/28/2024	10-Q
04/30/2024	06/10/2024	10-K
01/31/2024	02/29/2024	10-Q
10/31/2023	11/30/2023	10-Q
07/31/2023	08/29/2023	10-Q
04/30/2023	06/14/2023	10-K
01/31/2023	03/01/2023	10-Q
10/31/2022	12/01/2022	10-Q
07/31/2022	08/30/2022	10-Q
04/30/2022	06/16/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	12122025	117.37	1,000	117,370	2,590,943	Form
2	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	12032025	110.04	33			Form
3	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	11192025	107.48	327			Form
4	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	11122025	114.29	1,000	114,290	2,471,864	Form
5	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	10142025	119.00	1,000	119,000	2,692,732	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	12122025	117.37	1,000	117,370	2,590,943	Form
2	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	12032025	110.04	33			Form
3	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	11192025	107.48	327			Form
4	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	11122025	114.29	1,000	114,290	2,471,864	Form
5	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	10142025	119.00	1,000	119,000	2,692,732	Form
6	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	9292025	121.87	779			Form
7	Kurian, George	CEO	Direct	Sell	9192025	122.91	8,750	1,075,462	33,792,630	Form
8	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	9122025	123.67	1,000	123,670	2,922,075	Form
9	Kurian, George	CEO	Direct	Sell	8202025	108.85	8,500	925,225	30,879,439	Form
10	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	8122025	105.90	1,000	105,900	2,462,281	Form
11	Kurian, George	CEO	Direct	Sell	7232025	108.08	8,500	918,680	31,160,004	Form
12	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	7142025	106.84	1,000	106,840	2,590,977	Form
13	Kurian, George	CEO	Direct	Sell	6182025	101.78	8,500	865,130	30,208,813	Form
14	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	6122025	103.06	528	54,416	2,602,368	Form
15	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	6052025	98.77	302	29,829	44,940	Form
16	Kurian, George	CEO	Direct	Sell	5212025	100.02	8,500	850,145	30,535,710	Form
17	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	5192025	99.98	326	32,593	45,491	Form
18	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	5132025	97.50	452	44,070	1,169,708	Form
19	Kurian, George	CEO	Direct	Sell	4232025	81.83	8,500	695,555	20,438,270	Form
20	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	4112025	83.14	451	37,496	1,035,010	Form
21	Gustafsson, Anders		Direct	Buy	3312025	91.00	2,800	254,800	577,668	Form
22	Gustafsson, Anders		Direct	Buy	3312025	89.87	2,724	244,797	815,272	Form
23	Cernuda, Cesar	President	Direct	Sell	3312025	90.15	19,696	1,775,523	1,075,266	Form
24	Kurian, George	CEO	Direct	Sell	3192025	92.62	8,500	787,277	23,920,726	Form
25	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	3112025	92.58	528	48,882	1,194,282	Form
26	Berry, Michael J	EVP, CFO	The Berry Family Trust	Sell	3062025	93.98	12,500	1,174,771	9,454,366	Form
27	Berry, Michael J	EVP, CFO	The Berry Family Trust	Sell	3062025	94.52	12,500	1,181,520	8,327,162	Form
28	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	2112026	103.45	1,000	103,450	2,076,759	Form
29	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	1142026	105.49	1,000	105,490	2,223,202	Form
30	O'Callahan, Elizabeth M	EVP, Chief Admin. Officer	Direct	Sell	3122026	100.67	1,000	100,670	2,051,856	Form
31	De, Lorenzo Daniel	VP, Controller & CAO	Direct	Sell	2192026	101.84	252			Form

NTAP Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing NTAP?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What NTAP Makes & Who Pays

TTM figures based on

NTAP Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Technology Hardware, Storage & Peripherals Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

NetApp (NTAP)

Market Price (3/23/2026): $102.52 | Market Cap: $20.3 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

NetApp (NTAP)

Market Price (3/23/2026): $102.52Market Cap: $20.3 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About NetApp (NTAP)

George Kurian, Chief Executive Officer, Director

Mike Berry, Executive Vice President, Chief Financial Officer

César Cernuda, President

Syam Nair, Executive Vice President and Chief Product Officer

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

Key Risks for NetApp (NTAP)

Interactive Breakdown

Better Bets vs. NetApp (NTAP)

INDUSTRY: Technology Hardware, Storage & Peripherals

Higher Rev Chg 3Y Avg | Lower P/S (Values for NTAP: 1.3% | 3.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NTAP: 1.3% | 12.8x)

Higher Rev Chg LTM (Value for NTAP: 3.1%)

Higher Rev Chg 3Y Avg (Value for NTAP: 1.3%)

Higher Op Mgn LTM (Value for NTAP: 23.2%)

Higher CFO/Rev LTM (Value for NTAP: 26.7%)

Higher FCF/Rev LTM (Value for NTAP: 24.0%)

Higher Total Yield (Value for NTAP: 8.1%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for NTAP: 1.3% | 3.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NTAP: 1.3% | 12.8x)

Higher Rev Chg LTM (Value for NTAP: 3.1%)

Higher Rev Chg 3Y Avg (Value for NTAP: 1.3%)

Higher Op Mgn LTM (Value for NTAP: 23.2%)

Higher CFO/Rev LTM (Value for NTAP: 26.7%)

Higher FCF/Rev LTM (Value for NTAP: 24.0%)

Higher Total Yield (Value for NTAP: 8.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NTAP: 1.3% | 3.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NTAP: 1.3% | 12.8x)

Higher Rev Chg LTM (Value for NTAP: 3.1%)

Higher Rev Chg 3Y Avg (Value for NTAP: 1.3%)

Higher Op Mgn LTM (Value for NTAP: 23.2%)

Higher CFO/Rev LTM (Value for NTAP: 26.7%)

Higher FCF/Rev LTM (Value for NTAP: 24.0%)

Higher Total Yield (Value for NTAP: 8.1%)

Best Bets in Information Technology

P/EBIT (Value for NTAP: 12.6x)

P/E (Value for NTAP: 16.5x)

Rev Chg 3Y Avg (Value for NTAP: 1.3%)

Rev Chg LTM (Value for NTAP: 3.1%)

Rev Chg Q (Value for NTAP: 4.4%)

FCF/Rev 3Y Avg (Value for NTAP: 20.7%)

Latest Trefis Analyses

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Market Price (3/23/2026): $102.52 | Market Cap: $20.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (3/23/2026): $102.52
Market Cap: $20.3 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals