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NetApp, Inc.

NTAP· Nasdaq· Computer Storage Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
27.0%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+3.8%
We record prices for the companies we cover; NTAP is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
201.0M
Revenue
$6.9B
Free cash flow
$1.9B
Owner earnings
$1.5B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
70.7%
Operating
24.2%
Net
18.4%
Free cash flow
27.0%
Owner earnings
21.5%
Stock pay
5.5%

Returns

ROIC, FY2026
510.3%
ROIC, 5 yr avg
–
ROE, FY2026
94.4%
ROE, 5 yr avg
103.3%

Growth (CAGR)

Revenue, 3 yr
2.9%
Revenue, 5 yr
3.8%
Revenue, 9 yr
2.6%
Diluted EPS, 3 yr
3.1%
Diluted EPS, 5 yr
14.5%
Diluted EPS, 9 yr
15.7%
Free cash flow, 3 yr
29.1%
Free cash flow, 5 yr
9.8%
Free cash flow, 9 yr
9.7%

Financial health · FY2026

Cash and investments
$3.6B
Total debt
$2.5B
Net cash
$1.1B
Debt/Equity
1.8x
Debt/FCF
1.3x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
32.4%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.3%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$6.9B

+2.6% a year over 9 years

FY2017: Revenue $5.5BFY2018: Revenue $5.9BFY2019: Revenue $6.1BFY2020: Revenue $5.4BFY2021: Revenue $5.7BFY2022: Revenue $6.3BFY2023: Revenue $6.4BFY2024: Revenue $6.3BFY2025: Revenue $6.6BFY2026: Revenue $6.9B
FY2017FY2026

Margins

Gross70.7%Operating24.2%Net18.4%

FY2026

FY2017: Gross 61.3%, Operating 11.3%, Net 8.8%FY2018: Gross 62.7%, Operating 19.6%, Net 2.0%FY2019: Gross 64.2%, Operating 19.9%, Net 19.0%FY2020: Gross 66.9%, Operating 17.5%, Net 15.1%FY2021: Gross 66.4%, Operating 17.9%, Net 12.7%FY2022: Gross 66.8%, Operating 18.3%, Net 14.8%FY2023: Gross 66.2%, Operating 16.0%, Net 20.0%FY2024: Gross 70.7%, Operating 19.4%, Net 15.7%FY2025: Gross 70.2%, Operating 20.3%, Net 18.0%FY2026: Gross 70.7%, Operating 24.2%, Net 18.4%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$1.9BOwner earnings$1.5B

Free cash flow +9.7% a year

FY2017: Free cash flow $811.0M, Owner earnings $616.0MFY2018: Free cash flow $1.3B, Owner earnings $1.2BFY2019: Free cash flow $1.2B, Owner earnings $1.0BFY2020: Free cash flow $936.0M, Owner earnings $783.0MFY2021: Free cash flow $1.2B, Owner earnings $974.0MFY2022: Free cash flow $985.0M, Owner earnings $740.0MFY2023: Free cash flow $868.0M, Owner earnings $556.0MFY2024: Free cash flow $1.5B, Owner earnings $1.2BFY2025: Free cash flow $1.3B, Owner earnings $952.0MFY2026: Free cash flow $1.9B, Owner earnings $1.5B
FY2017FY2026

Diluted shares

201.0M

-28.5% over 9 years, net buybacks

FY2017: Diluted shares 281.0MFY2018: Diluted shares 276.0MFY2019: Diluted shares 259.0MFY2020: Diluted shares 233.0MFY2021: Diluted shares 226.0MFY2022: Diluted shares 229.0MFY2023: Diluted shares 220.0MFY2024: Diluted shares 213.0MFY2025: Diluted shares 209.0MFY2026: Diluted shares 201.0M
FY2017FY2026

Return on invested capital

510.3%

FY2026

FY2017: ROIC 2290.5%FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC –FY2022: ROIC –FY2023: ROIC –FY2024: ROIC 331.4%FY2025: ROIC 267.3%FY2026: ROIC 510.3%
FY2017FY2026

Net cash

$1.1B

$1.1B more cash than debt

FY2017: Net cash $2.9BFY2018: Net cash $3.5BFY2019: Net cash $2.1BFY2020: Net cash $1.2BFY2021: Net cash $2.0BFY2022: Net cash $1.5BFY2023: Net cash $681.0MFY2024: Net cash $860.0MFY2025: Net cash $611.0MFY2026: Net cash $1.1B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$5.5B$5.9B$6.1B$5.4B$5.7B$6.3B$6.4B$6.3B$6.6B$6.9B
Revenue growth-1.0%7.8%3.8%-11.9%6.1%10.0%0.7%-1.5%4.9%5.4%
Gross margin61.3%62.7%64.2%66.9%66.4%66.8%66.2%70.7%70.2%70.7%
Operating margin11.3%19.6%19.9%17.5%17.9%18.3%16.0%19.4%20.3%24.2%
Net income$481.0M$116.0M$1.2B$819.0M$730.0M$937.0M$1.3B$986.0M$1.2B$1.3B
Net margin8.8%2.0%19.0%15.1%12.7%14.8%20.0%15.7%18.0%18.4%
Diluted EPS$1.71$0.42$4.51$3.52$3.23$4.09$5.79$4.63$5.67$6.35
Return on invested capital?2290.5%––––––331.4%267.3%510.3%
Cash
Operating cash flow$986.0M$1.5B$1.3B$1.1B$1.3B$1.2B$1.1B$1.7B$1.5B$2.1B
Capital expenditure$175.0M$145.0M$173.0M$124.0M$162.0M$226.0M$239.0M$155.0M$168.0M$198.0M
Free cash flow$811.0M$1.3B$1.2B$936.0M$1.2B$985.0M$868.0M$1.5B$1.3B$1.9B
Stock-based compensation$195.0M$161.0M$158.0M$153.0M$197.0M$245.0M$312.0M$357.0M$386.0M$382.0M
Owner earnings?$616.0M$1.2B$1.0B$783.0M$974.0M$740.0M$556.0M$1.2B$952.0M$1.5B
Free cash flow per share$2.89$4.83$4.51$4.02$5.18$4.30$3.95$7.18$6.40$9.30
Capital allocation
Dividends paid$208.0M$214.0M$403.0M$439.0M$427.0M$446.0M$432.0M$416.0M$424.0M$413.0M
Share repurchases$705.0M$794.0M$2.1B$1.4B$125.0M$600.0M$850.0M$900.0M$1.1B$950.0M
Diluted shares281.0M276.0M259.0M233.0M226.0M229.0M220.0M213.0M209.0M201.0M
Share count change?41.9%-1.8%-6.2%-10.0%-3.0%1.3%-3.9%-3.2%-1.9%-3.8%
Balance sheet
Cash and equivalents$2.4B$2.9B$2.3B$2.7B$4.5B$4.1B$2.3B$1.9B$2.7B$2.1B
Short-term investments$2.5B$2.5B$1.6B$224.0M$67.0M$22.0M$754.0M$1.3B$1.1B$1.5B
Total debt$2.0B$1.9B$1.8B$1.7B$2.6B$2.6B$2.4B$2.4B$3.2B$2.5B
Net debt-$2.9B-$3.5B-$2.1B-$1.2B-$2.0B-$1.5B-$681.0M-$860.0M-$611.0M-$1.1B
Shareholders' equity$2.9B$2.3B$1.1B$242.0M$685.0M$838.0M$1.2B$1.1B$1.0B$1.4B

Latest filings

All on EDGAR
2026-09-0210-QQuarterly report
2026-09-028-KEarnings release
2026-07-28DEF 14AProxy statement
2026-06-0510-KAnnual report
2026-05-288-KEarnings release
2026-02-2610-QQuarterly report
2026-02-268-KEarnings release
2025-11-2510-QQuarterly report
2025-11-258-KEarnings release
2025-08-2710-QQuarterly report

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