NASDAQ: NTAP
NetApp
Technology · Computer Storage Devices
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$35.1B
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| Period | Market cap |
|---|---|
| FY2017, ended Apr 28, 2017 | $10.8B |
| FY2018, ended Apr 27, 2018 | $17.8B |
| FY2019, ended Apr 26, 2019 | $17.3B |
| FY2020, ended Apr 24, 2020 | $9.55B |
| FY2021, ended Apr 30, 2021 | $16.7B |
| FY2022, ended Apr 29, 2022 | $16.2B |
| FY2023, ended Apr 28, 2023 | $13.4B |
| FY2024, ended Apr 26, 2024 | $20.9B |
| FY2025, ended Apr 25, 2025 | $17.7B |
| FY2026, ended Apr 24, 2026 | $21.3B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $35.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$7.39B
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| Period | Revenue |
|---|---|
| FY2017, ended Apr 28, 2017 | $5.52B |
| FY2018, ended Apr 27, 2018 | $5.92B |
| FY2019, ended Apr 26, 2019 | $6.15B |
| FY2020, ended Apr 24, 2020 | $5.41B |
| FY2021, ended Apr 30, 2021 | $5.74B |
| FY2022, ended Apr 29, 2022 | $6.32B |
| FY2023, ended Apr 28, 2023 | $6.36B |
| FY2024, ended Apr 26, 2024 | $6.27B |
| FY2025, ended Apr 25, 2025 | $6.57B |
| FY2026, ended Apr 24, 2026 | $6.92B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $7.39B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Apr 28, 2017 | $481M | $811M |
| FY2018, ended Apr 27, 2018 | $116M | $1.33B |
| FY2019, ended Apr 26, 2019 | $1.17B | $1.17B |
| FY2020, ended Apr 24, 2020 | $819M | $936M |
| FY2021, ended Apr 30, 2021 | $730M | $1.17B |
| FY2022, ended Apr 29, 2022 | $937M | $985M |
| FY2023, ended Apr 28, 2023 | $1.27B | $868M |
| FY2024, ended Apr 26, 2024 | $986M | $1.53B |
| FY2025, ended Apr 25, 2025 | $1.19B | $1.34B |
| FY2026, ended Apr 24, 2026 | $1.28B | $1.87B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $1.42B | $1.65B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$1.57B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Apr 28, 2017 | $2.44B |
| FY2018, ended Apr 27, 2018 | $2.94B |
| FY2019, ended Apr 26, 2019 | $2.33B |
| FY2020, ended Apr 24, 2020 | $2.66B |
| FY2021, ended Apr 30, 2021 | $4.53B |
| FY2022, ended Apr 29, 2022 | $4.11B |
| FY2023, ended Apr 28, 2023 | $2.32B |
| FY2024, ended Apr 26, 2024 | $1.90B |
| FY2025, ended Apr 25, 2025 | $2.74B |
| FY2026, ended Apr 24, 2026 | $2.07B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $1.57B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$2.49B
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| Period | Total debt |
|---|---|
| FY2017, ended Apr 28, 2017 | $1.49B |
| FY2018, ended Apr 27, 2018 | $1.93B |
| FY2019, ended Apr 26, 2019 | $1.79B |
| FY2020, ended Apr 24, 2020 | $1.67B |
| FY2021, ended Apr 30, 2021 | $2.63B |
| FY2022, ended Apr 29, 2022 | $2.64B |
| FY2023, ended Apr 28, 2023 | $2.39B |
| FY2024, ended Apr 26, 2024 | $2.39B |
| FY2025, ended Apr 25, 2025 | $3.23B |
| FY2026, ended Apr 24, 2026 | $2.49B |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $2.49B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 27.7% since 2017.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.196M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Apr 28, 2017 | 272M |
| FY2018, ended Apr 27, 2018 | 263M |
| FY2019, ended Apr 26, 2019 | 240M |
| FY2020, ended Apr 24, 2020 | 222M |
| FY2021, ended Apr 30, 2021 | 223M |
| FY2022, ended Apr 29, 2022 | 221M |
| FY2023, ended Apr 28, 2023 | 212M |
| FY2024, ended Apr 26, 2024 | 206M |
| FY2025, ended Apr 25, 2025 | 200M |
| FY2026, ended Apr 24, 2026 | 196M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | 196M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Net: $453M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2017, ended Apr 28, 2017 | $705M | $195M |
| FY2018, ended Apr 27, 2018 | $794M | $161M |
| FY2019, ended Apr 26, 2019 | $2.11B | $158M |
| FY2020, ended Apr 24, 2020 | $1.41B | $153M |
| FY2021, ended Apr 30, 2021 | $125M | $197M |
| FY2022, ended Apr 29, 2022 | $600M | $245M |
| FY2023, ended Apr 28, 2023 | $850M | $312M |
| FY2024, ended Apr 26, 2024 | $900M | $357M |
| FY2025, ended Apr 25, 2025 | $1.15B | $386M |
| FY2026, ended Apr 24, 2026 | $950M | $382M |
| Trailing 12 months to Jul 31, 2026 (through Q1 FY2027) | $850M | $397M |
Revenue (TTM)
$7.39B
+12.2% YoY
Net income (TTM)
$1.42B
+21.1% YoY
Cash
$1.57B
−24.6% YoY
Total debt
$2.49B
+0.1% YoY
Valuation
At current price- Market Cap
- $39.1B
- P/E
- 27.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.3×
- Price / Book
- 26.2×
- EV / EBITDA
- 19.9×
Growth
Trailing 12 months- Revenue (TTM)
- $7.39B
- Revenue Growth YoY
- 12.2%
- Revenue CAGR 3Y
- 2.9%
- Revenue CAGR 5Y
- 3.8%
- EPS Growth YoY
- 25.3%
- Net Income Growth YoY
- 21.1%
Profitability
Trailing 12 months- Gross Margin
- 70.6%
- Operating Margin
- 25.0%
- Net Margin
- 19.2%
- FCF Margin
- 22.3%
- Return on Equity
- 115%
Earnings
Trailing 12 months- Net Income
- $1.42B
- EPS (diluted)
- $7.08
- EBITDA
- $2.01B
- Operating Income
- $1.85B
Balance Sheet
As of Jul 31, 2026- Cash and cash equivalents
- $1.57B
- Total Debt
- $2.49B
- Net Debt
- $915M
- Total Assets
- $11.0B
- Total Liabilities
- $9.46B
- Shareholders' Equity
- $1.50B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.90B
- Capital Expenditure
- $247M
- Free Cash Flow
- $1.65B
Dividends and risk
Last 12 months- Dividend Yield
- 1.0%
- Dividend / Share
- $2.08
- Beta (5Y)
- 1.46
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.2% year over year, at $7.39B.
Strength
Operating margin widened 4.3 pts in a year, to 25.0%.
Note
Net debt of $915M is 0.5× EBITDA, a manageable load.
Strength
Turns 22.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Apr 24, 2026 · filed Jun 5, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K66Mildly positive
10-K for the fiscal year ended Apr 25, 2025
Filed Jun 9, 2025 · Read the filing on EDGAR
- Revenue rose 5% to $6.57 billion and operating income rose 10% to $1.34 billion. Product sales recovered, up 7%.
- Net income rose 20% to $1.19 billion, helped by a lower tax rate that included a $36 million benefit from closing an IRS audit.
- Gross margin slipped from 71% to 70% because parts cost more. Public cloud margins improved by 8 percentage points.
- NetApp issued $1.25 billion in new bonds, spent $1.2 billion on buybacks and sold its Spot business. Cash rose to $3.85 billion.
Business momentum
Improving
“Our net revenues increased approximately 5% in fiscal 2025 compared to fiscal 2024, due to increases in both product revenues and services revenues.”
Outlook
Neutral
“We anticipate capital expenditures for fiscal 2026 to be between $175 million and $225 million.”
Financial stress
Low
“As of April 25, 2025, our cash, cash equivalents and short-term investments totaled $3.8 billion, reflecting an increase of $594 million from April 26, 2024.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Product sales grew again, driven by lower-cost all-flash storage systems
“Total product revenues increased in fiscal 2025 compared to fiscal 2024, primarily due to higher sales of C-Series all-flash array systems”
Public cloud revenue grew 9% and its profit margin widened sharply
“Public Cloud gross margins increased by eight percentage points in fiscal 2025 compared to fiscal 2024.”
Deferred revenue grew, meaning more revenue is already booked for future periods
“Deferred revenue and financed unearned services revenue increased by $208 million, primarily due to an increase in deferred revenue for software and hardware support contracts.”
Concerns
Higher parts costs cut product margins
“Hybrid Cloud product gross margins decreased by approximately two percentage points in fiscal 2025 compared to fiscal 2024 primarily due to higher component costs.”
Cash from operations fell 11% while buybacks rose to $1.2 billion, paid for partly with new debt
“During fiscal 2025, we used $1.2 billion for the repurchase of 10.2 million shares of common stock, $424 million for the payment of dividends and $400 million principal repayment upon maturity”
Restructuring costs nearly doubled to $83 million
“Restructuring charges $ 83 $ 44 89 %”
New risks since the previous report
US tariffs, especially on Mexico, could raise costs
“Additional tariffs and restrictive policies, particularly with respect to the tariffs on Mexico, could have a significant impact on our business and results of operations.”
US government spending cuts and agency staff reductions make demand less certain
“changes to governmental agency structure, compliance with new initiatives and executive orders, and reductions in force have increased demand uncertainty for our products.”
New global tax rules could raise taxes from fiscal 2026
“Amount B is applicable to NetApp beginning in fiscal 2026 and we could be subject to higher controlled profit requirements for some of our global distribution entities which could increase our global tax burden.”
Switching to a new business management (ERP) system could disrupt operations
“in fiscal 2025, we continued our implementation of certain new business information systems, including a new enterprise resource planning (ERP) system to enhance and standardize our processes”
EU rules for suppliers to banks (DORA) add compliance costs
“As NetApp provides technology services to EU financial institutions, the Digital Operational Resilience Act (DORA) imposes financial and legal risks.”
Biggest risks named
- Tariffs and trade tensions raising costs
- Higher component costs squeezing margins
- Heavy reliance on distributors Arrow and TD Synnex (45% of revenue)
- Competition from cloud providers and changing ways of buying storage
- Tax law changes, including the global minimum tax
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 66 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Jun 5, 2026 | Pro | |||
| 10-K | Jun 9, 2025 | 66 | Improving | None | |
| 10-K | Jun 10, 2024 | 64 | Improving | None | |
| 10-K | Jun 14, 2023 | 49 | Mixed | 2 minor | |
| 10-K | Jun 16, 2022 | 70 | Strong improvement | None | |
| 10-K | Jun 21, 2021 | 55 | Mixed | None | |
| 10-K | Jun 15, 2020 | 48 | Weakening | None | |
| 10-K | Jun 18, 2019 | 64 | Improving | None | |
| 10-K | Jun 19, 2018 | 43 | Sharp deterioration | 1 medium | |
| 10-K | Jun 20, 2017 | 66 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2027 (period ended Jul 31, 2026), filed Sep 2, 2026. View filings on SEC EDGAR