Inside the research
NetApp, Inc.
NTAP Research profile · latest available data
Price overview
$201.15
▲ +3.91 (+2.0%)
| 52w hi | $207.08 |
|---|---|
| 52w lo | $93.35 |
| Vol | 1.43M |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.62
| Short | +0.14 |
|---|---|
| Medium | +0.92 |
| Long | +0.99 |
computed 2026-09-27
Key fundamentals
NetApp, Inc.
Technology · Software - Infrastructure
| Market cap | $39.51B |
|---|---|
| Enterprise value | $38.47B |
| Trailing P/E | 28.41x |
| Forward P/E | 18.09x |
| EV / EBITDA | 18.36x |
| P / S (ttm) | 5.35x |
| Profit margin | 19.2% |
| Return on equity | 114.8% |
| Revenue growth | +29.9% |
| Earnings growth | +63.5% |
| Debt / equity | 169.50 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.37 | |
| Sector | +0.19 | |
| Technical | +0.23 | |
| Earnings | +0.00 | |
| Sentiment | +0.00 |
macro × 1.00 · 2026-09-27
Business overview
NetApp, Inc. provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Hybrid Cloud and Public Cloud. The company offers data management software, such as NetApp ONTAP, ONTAP One, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, and NetApp SnapLock Data Compliance; and storage infrastructure solutions, including NetApp AFF and ASA A-Series and C-Series, NetApp AFX, NetApp Fabric Attached Storage (FAS), NetApp E/EF series, and NetApp StorageGRID. It also provides cloud storage services comprising Azure NetApp Files, Amazon FSx for NetApp ONTAP, and Google Cloud NetApp Volumes, as well as NetApp Cloud Volumes ONTAP. In addition, the company offers operational services, such as NetApp Data Infrastructure Insights and Instaclustr; and professional and support services include storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services, as well as assessment, design, implementation, migration, and proactive support services to help customers optimize the performance and efficiency of their on-premises and hybrid multicloud storage environments. Further, it offers ransomware protection, data backup and recovery, and disaster recovery. It serves various industries comprising energy, financial services, government, technology, internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications through a direct sales force and an ecosystem of partners, including the cloud providers. The company has a strategic alliance with Commvault Systems, Inc. to develop an integrated solution for enterprise data protection and cyber resilience. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.
Risk Metrics
| Beta vs SPX | 1.30 |
|---|---|
| Corr SPX | 0.51 |
| Annual vol | 40.7% |
| Annual ret | +33.1% |
| Sharpe | 0.81 |
| Max DD | -42.0% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $117.13 |
|---|---|
| High / Low | $137.00 / $88.00 |
| Median | $115.00 |
| Analysts | 15 |
| Strong Buy | 2 | |
|---|---|---|
| Buy | 6 | |
| Hold | 11 | |
| Sell | 1 | |
| Strong Sell | 0 |
Recent rating actions
| 2026-04-16 | JP Morgan | → Neutral |
| 2026-03-02 | Citigroup | → Neutral |
| 2026-02-25 | Wedbush | → Neutral |
| 2026-02-17 | Citigroup | → Neutral |
| 2026-01-20 | Morgan Stanley | → Underweight |
| 2025-11-26 | Wells Fargo | → Equal-Weight |
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-05-28 | Earnings Release, Other Material Event… | read |
| 2026-02-26 | Earnings Release, Exhibits | read |
| 2026-01-12 | Officer / Director Change, Reg FD Disclosure… | read |
| 2025-11-25 | Earnings Release, Exhibits | read |
| 2025-09-15 | Officer / Director Change, Shareholder Vote… | read |
| 2025-08-27 | Earnings Release, Exhibits | read |
| 2025-05-29 | Earnings Release, Officer / Director Change… | read |
| 2025-03-26 | Officer / Director Change, Reg FD Disclosure… | read |
| 2025-03-17 | Material Agreement, Material Obligation… | read |
| 2025-03-05 | Material Agreement, Material Obligation… | read |
| 2025-02-27 | Earnings Release, Exhibits | read |
| 2025-02-26 | Officer / Director Change, Exhibits | read |
Flow & Concentration
| Insider 180d net | $0 |
|---|---|
| Insider buys / sells | 0 / 0 |
| Insider bias | Neutral |
| 13F holders | 9 |
| Top-5 share | 96.2% |
| HHI | 4,836 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $1.54B | 9.92M |
| AQR Capital Management | $194.78M | 1.26M |
| Citadel Advisors | $169.24M | 1.09M |
| Capital Research / Capital World | $155.09M | 1.00M |
| Fidelity / FMR LLC | $117.45M | 758.90K |
| Millennium Management | $64.07M | 414.00K |
| Renaissance Technologies | $19.01M | 122.83K |
| Bridgewater Associates | $2.98M | 19.26K |
| T. Rowe Price Group | $93.72K | 605.56K |
As of 2026-06-30
Dividends
| Yield (TTM) | 0.78% |
|---|---|
| $ / share (TTM) | $1.56 |
| 5y CAGR | +1.6% |
Annual dividend per share
| 2021 | $1.96 |
|---|---|
| 2022 | $2.00 |
| 2023 | $2.00 |
| 2024 | $2.04 |
| 2025 | $2.08 |
| 2026 | $1.04 |
SEC Filings
The Long Run
FY 2011–2025 · 15 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $6.36B | +12.1% | |
| Gross profit | $4.61B | +16.8% | |
| Operating income | $1.34B | +3.5% | |
| Net income | $1.19B | +23.1% | |
| Cash from ops | $1.69B | +7.4% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $197.32 | $201.39 | $196.24 | $201.15 | 1.43M |
| Sep 24 | $193.97 | $203.91 | $192.96 | $197.24 | 2.35M |
| Sep 23 | $192.71 | $197.89 | $192.48 | $196.33 | 1.67M |
| Sep 22 | $197.73 | $198.98 | $190.89 | $192.91 | 2.29M |
| Sep 21 | $200.15 | $200.84 | $195.19 | $198.15 | 1.80M |
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