NTAP

NetApp, Inc.

$207.37

+1.75% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

NTAPSPY

-13.3%

+5.1%

+29.0%

+95.2%

YTD

+96.6%

+76.8%

Grades vs sector

Momentum

77th pct in sector

B+

12-1 return: +80.7%
Percentile within its GICS sector across the S&P 1500.

Growth

75th pct in sector

B+

Revenue growth (YoY): +29.9%
Percentile within its GICS sector across the S&P 1500.

Value

50th pct in sector

C+

Forward E/P: 5.5% · EBITDA/EV: 5.4%
Percentile within its GICS sector across the S&P 1500.

Profitability

84th pct in sector

A-

Profit margin: +19.2% · Return on equity: +114.8%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Held by 1 of 3 live models: Quality Growth.

Quality Growth

6.7% of the book · rank 13 of 360

Held Momentum Top 15

rank 50 of 499 · 12-1 momentum % 59.1

Momentum Blend

not in the current book

Why it's in Quality Growth #13 of 360

Qualified on ROIC 61%, revenue +13% (TTM), growth accelerating +20.5 pts, latest quarter 2026-07-31. Ranked 13th of 360 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-16) it ranks 13th.

Key stats

Market cap$40.7B

P/E (trailing)29.2

P/E (forward)18.6

52-week range93.69 – 240.87

Revenue growth (YoY, latest qtr)+29.9%

Dividend yield1.02%

Analyst consensusBuy (16)

Mean price target$211.69 (+2%)

Valuation & fundamentals

Bottom line

Leans undervalued

Model read-out from the numbers below, not advice. Score +1 (DCF counts double).

•DCF (base case)below the price by 10%

•Forward P/E vs sector18.6x vs median 16.9x

▲Piotroski F-score8/9

▲Altman Z3.9 (safe)

▲Net debt / EBITDA-0.5x

•Analyst target+2% (16 analysts)

Discounted cash flow

Bear

$121

-42%

growth 9% · disc. 12.5% · term. 2.0%

Base

$187

-10%

growth 15% · disc. 11.5% · term. 2.5%

Bull

$269

+30%

growth 18% · disc. 10.5% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 13% a year for 10 years.

Implied

+13%/yr

FCF, last 3 yrs

+29%/yr

FCF, last 5 yrs

+10%/yr

Revenue, last 3 yrs

-1%/yr

Revenue, last 5 yrs

+2%/yr

Same inputs as the DCF above: trailing free cash flow 1.6B, 11.5% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-07-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.45 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 39th pct

29.2×
cheaper

Forward P/E

sector median 16.9× · 55th pct

18.6×
pricier

EV / EBITDA

sector median 20.8× · 47th pct

19.5×
cheaper

Price / sales

sector median 4.6× · 61st pct

6.1×
pricier

Price / book

sector median 5.1× · 93rd pct

27.2×
pricier

FCF yield

sector median 3.5% · 57th pct

4.1%
cheaper

Forward EPS $11.16 vs trailing $7.09 (+57% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$3.9B

as of 2021-07-30

vs a year ago

+8%

YoY

× TTM revenue

0.59×

coverage

19-10

20-01

20-04

20-07

20-10

21-01

21-04

21-07

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

78.4%

Operating margin

27.8%

FCF margin

24.8%

Net margin

21.3%

Return on equity

94.8%

Return on invested capital

352.4%

Net debt / EBITDA

-0.5×

Current ratio

1.2×

Interest cover

17.0×

Cash conversion (OCF/NI)

1.3×

Piotroski F-score 8/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 3.9 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$212

+2%

Analysts

Buy

Range

$170–$300

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2026	$6.2B	$1.3B	$1.9B
2025	$5.9B	$1.2B	$1.3B
2024	$5.7B	$986.0M	$1.5B
2023	$6.4B	$1.3B	$868.0M
2022	$6.3B	$937.0M	$985.0M
2021	$5.7B	$730.0M	$1.2B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR -0.7%.

Earnings

Next report: 2026-12-01 · during market · EPS est 2.60

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-05-28	2.27	2.43	+7.2%
2026-02-26	2.06	2.12	+2.8%
2025-11-25	1.88	2.05	+8.8%
2025-08-27	1.54	1.55	+0.7%
2025-05-29	1.90	1.93	+1.8%
2025-02-27	1.91	1.91	-0.1%
2024-11-21	1.78	1.87	+4.9%
2024-08-28	1.45	1.56	+7.3%

Quarterly revenue

Quarter	Revenue	YoY
2026-07-31	$2.0B	+29.9%
2026-04-30	$1.9B	–
2026-01-31	$1.7B	–
2025-10-31	$1.7B	–
2025-07-31	$1.6B	–

Analyst actions

Barclays

2026-10-14 · down

Overweight → Equal-Weight
PT $219

Evercore ISI Group

2026-10-07 · up

In-Line → Outperform
PT $300

TD Cowen

2026-10-06 · main

Buy → Buy
PT $250

Loop Capital

2026-10-02 · main

Buy → Buy
PT $260

B of A Securities

2026-09-30 · main

Neutral → Neutral
PT $220

Northland Capital Markets

2026-09-03 · main

Outperform → Outperform
PT $187

Recent dividends

2026-10-09: $0.520 · 2026-07-10: $0.520 · 2026-04-02: $0.520 · 2026-01-02: $0.520 · 2025-10-03: $0.520 · 2025-07-03: $0.520 · 2025-04-04: $0.520 · 2025-01-03: $0.520

Insider trades

O'Callahan Elizabeth M

EVP, Chief Admin. Officer · 2026-10-12

SELL
$237.4K

Palin Carrie

Director · 2026-10-02

SELL
$1.1M

Held Gerald

Director · 2026-10-01

SELL
$1.2M

Kurian George

Director, CEO · 2026-10-01

SELL
$771.0K

Kurian George

Director, CEO · 2026-10-01

SELL
$759.2K

Kurian George

Director, CEO · 2026-10-01

SELL
$358.0K

Kurian George

Director, CEO · 2026-10-01

SELL
$212.1K

Kurian George

Director, CEO · 2026-09-29

SELL
$10.5M

Kurian George

Director, CEO · 2026-09-24

SELL
$7.4M

Kurian George

Director, CEO · 2026-09-21

SELL
$2.6M

Ahuja Deepak

Director · 2026-09-21

SELL
$690.0K

Ahuja Deepak

Director · 2026-09-14

SELL
$684.2K

News

How Much Of NetApp Stock's Rise Did The Business Earn?

Trefis · 12h ago

HPE Stock’s Worst Week Ever Exposes Wall Street’s Newest Fear

Barrons.com · Oct 16

NetApp highlighted as Zacks Bull and NVR Bear of the Day

Zacks · Oct 09

Stats refreshed 2026-10-19 17:47:14 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

coteau

Hypothetical research for education, not investment advice. Data: Yahoo Finance (via yfinance, delayed), SEC EDGAR.

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