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NetApp, Inc. (NTAP) USD

Provides enterprise data-storage and hybrid-cloud data-management.

At a glance: strengths & risks
✓Revenue growing (+30% y/y, Q1 2026)✓Profit growing (+61% y/y, Q1 2026)✓Margins improving (23%→26%, Q1 2026)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 19.8 vs avg 13.1)

Sector: United States — large cap (SEC filings)

US_NTAP

Price chart

215.48 USDDay 1.40%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
215.48 USD · 1.40%
Market cap
42.9 bn USD

Growth

Δ revenue y/y
29.9%
Δ EBITDA y/y
43.6%

Multiples

P/E (LTM)
30.2x
3y avg: 17.7x
P/B (FY)
31.7x
P/E (ann.)
28.6x
EV/EBITDA (LTM)
19.8x
3y avg: 13.1x
EV/EBITDA (ann.)
19.3x

Cash return

Dividend yield
1.0%
FCF yield (LTM)
4.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+30.0%
↓ details

Liquidity

Daily turnover (US listing)
366.4 mln USD

Shares: yahoo_fundamentals_timeseries/NTAP

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-07-31Q3 2026 (3M)OK2025.0
y/y 29.9%
484.0
y/y 56.6%
33.0
y/y -35.3%
517.0
y/y 43.6%
375.0
y/y 60.9%
503.0-102.010955.0
y/y 13.2%
1495.0
y/y 53.3%
105.4%-3045.0SEC EDGAR
2026-04-24Q2 2026 (3M)OK1260.0
y/y 18.1%
532.0
y/y 52.9%
28.0
y/y 149.1%
560.0
y/y 92.4%
404.0
y/y 18.8%
950.0-50.010744.0
y/y -0.7%
1351.0
y/y 29.9%
101.7%-851.0Link
2026-01-23Q1 2026 (3M)OK1713.0
y/y 4.4%
434.0
y/y 19.9%
48.0
y/y -25.0%
482.0
y/y 13.1%
334.0
y/y 11.7%
317.0-46.09971.0
y/y 10.9%
1158.0
y/y 16.4%
41.5%-274.0Link
2025-10-24Q4 2025 (3M)OK1705.0
y/y 2.8%
399.0
y/y 15.7%
52.0
y/y -58.7%
451.0
y/y -4.2%
305.0
y/y 2.0%
127.0-49.09630.0
y/y 7.0%
986.0
y/y 10.5%
124.4%-275.0Link
2025-07-25Q3 2025 (3M)OK1559.0
y/y 1.2%
309.0
y/y 9.6%
51.0
y/y -19.0%
360.0
y/y 4.3%
233.0
y/y -6.0%
673.0-53.09679.0
y/y 4.0%
975.0
y/y 5.0%
92.5%-579.0Link
2025-04-25Q2 2025 (3M)OK1067.0
y/y 0.9%
348.0
y/y -4.9%
-57.0
y/y -914.3%
291.0
y/y -22.0%
340.0
y/y 16.8%
334.06.010823.0
y/y 9.5%
1040.0
y/y -9.2%
116.6%-355.0Link
2025-01-24Q1 2025 (3M)OK1641.0
y/y 2.2%
362.0
y/y -1.1%
64.0
y/y 1.6%
426.0
y/y -0.7%
299.0
y/y -4.5%
385.0-47.08989.0
y/y -4.1%
995.0
y/y 0.1%
42.3%-11.0Link
2024-10-25Q4 2024 (3M)OK1658.0
y/y 6.1%
345.0
y/y 13.5%
126.0
y/y 96.9%
471.0
y/y 28.0%
299.0
y/y 28.3%
446.0-86.09004.0
y/y -0.8%
892.0
y/y 15.8%
131.4%28.0Link
2024-07-26Q3 2024 (3M)OK1541.0
y/y 7.6%
282.0
y/y 58.4%
63.0
y/y -1.6%
345.0
y/y 42.6%
248.0
y/y 66.4%
341.0-41.09311.0
y/y 0.4%
929.0
y/y 6.4%
95.6%-369.0Link
2024-04-26Q2 2024 (3M)OK1057.0
y/y —
366.0
y/y —
7.0
y/y —
373.0
y/y —
291.0
y/y —
613.0-46.09887.0
y/y —
1146.0
y/y —
92.1%-600.0Link
2024-01-26Q1 2024 (3M)OK1606.0
y/y 5.2%
366.0
y/y 112.8%
63.0
y/y -3.1%
429.0
y/y 81.0%
313.0
y/y 381.5%
484.0-36.09369.0
y/y -3.5%
994.0
y/y -9.8%
47.3%-261.0Link
2023-10-27Q4 2023 (3M)OK1562.0
y/y —
304.0
y/y —
64.0
y/y —
368.0
y/y —
233.0
y/y —
135.0-38.09073.0
y/y —
770.0
y/y —
113.5%42.0Link
2023-07-28Q3 2023 (3M)OK1432.0
y/y —
178.0
y/y —
64.0
y/y —
242.0
y/y —
149.0
y/y —
453.0-35.09270.0
y/y —
873.0
y/y —
68.3%-303.0Link
2023-06-30Q2 2023 (3M)PARTIAL1432.0
y/y —
178.0
y/y —
—
y/y —
—
y/y —
149.0
y/y —
453.0-35.09270.0
y/y —
873.0
y/y —
60.4%≈ -451.0SEC EDGAR
2023-01-27Q1 2023 (3M)OK1526.0
y/y —
172.0
y/y —
65.0
y/y —
237.0
y/y —
65.0
y/y —
377.0-58.09710.0
y/y —
1102.0
y/y —
—-451.0Link

Net debt structure (leases included, IFRS 16) 2026-07-31

Short-term debt (incl. ST leases)596
Long-term debt (incl. LT leases)1 938
− Cash & equivalents3 576
Net debt-1 042

Net debt / LTM EBITDA: -0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 q22024 FY2025 FY2026 FY

Year-over-year change

0%10%20%30%2023 q22024 FY2025 FY2026 FY

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

05001 0001 5002 0002023 q22024 FY2025 FY2026 FY

Net debt / cash ($ mln)

-1 000-800-600-400-20002023 H12024 FY2025 FY2026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2024–2026 operating cash flow came to 1.62x of reported net profit; after capex, 1.47x.
year202420252026
cash flow / profit1.71x1.27x1.62x
accruals, % of assets-7.1%-3.0%-7.4%
Last twelve months (to 2026-07-31): 1.34x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · EBIT covers interest 15.4x · capex 0.9x of depreciation · dividends 26% of free cash flow · share count -2.9% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +30.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-07-31 vs 2025-07-25)
= (517 − 360) × 3.93
617
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (42 881 + -3 045) ÷ 2 031
19.6x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (19.6 + 12) ÷ 2
15.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 2 466 + 206 + 450 − 49
3 122
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (617 × 15.8 + 3 122) ÷ 42 881
+30.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +6% vs +4% the year before — a +1.2 pp move. 3-year CAGR —.
revenue growth by year: 2025 +4% · 2026 +6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 21.5x · 3-year 75th pct 18.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS987.28.8x
ORACLE CORPUS381.515.2x
INTERNATIONAL BUSINESS MACHINES CORPUS240.518.9x
Dell Technologies Inc.US308.119.2x
MICROSOFT CORPUS3909.220.5x
TEXAS INSTRUMENTS INCUS259.925.2x
NVIDIA CORPUS5127.225.6x
CISCO SYSTEMS, INC.US420.227.1x
Broadcom Inc.US1561.128.6x
Apple Inc.US5137.030.1x
ANALOG DEVICES INCUS191.530.5x
Arista Networks, Inc.US219.946.9x
Group median25.4x
Group average24.7x
This companyUS42.919.8x

Group median 25.4x; this company 19.8x — a 22% discount.

Group average 24.7x; against the average this company is at a 20% discount.

At the adjusted group median the market cap would be +28% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-090.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2026-07-100.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2026-04-020.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2026-01-020.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2025-10-030.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2025-07-030.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2025-04-040.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2025-01-030.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2024-10-040.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2024-07-050.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2024-04-040.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-01-040.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-10-050.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-07-060.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-04-050.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-01-050.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-10-060.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-07-070.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-04-070.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-01-060.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of NetApp, Inc. (NTAP) — from primary filings.

Frequently asked questions

What is NetApp, Inc. (NTAP)'s P/E ratio?
NetApp, Inc. (NTAP) trades at a P/E of 30.2x (price to trailing 12-month earnings).
What is NetApp, Inc. (NTAP)'s EV/EBITDA?
NetApp, Inc. (NTAP) trades at 19.8x EV/EBITDA.
What is NetApp, Inc. (NTAP)'s P/B ratio?
NetApp, Inc. (NTAP) trades at a P/B of 31.7x.
What is NetApp, Inc. (NTAP)'s dividend yield?
NetApp, Inc. (NTAP)'s trailing 12-month dividend yield is 1.0%.
What is NetApp, Inc. (NTAP)'s return on equity (ROE)?
NetApp, Inc. (NTAP)'s ROE is 105.4%.
What is NetApp, Inc. (NTAP)'s market capitalization?
NetApp, Inc. (NTAP)'s market cap is 42.9 bn USD.

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