# NetApp, Inc. (NTAP)

> Source: Nexqual · https://nexqual.com/NTAP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NetApp, Inc. (NTAP), nexqual.com/NTAP" · informational, not investment advice.

**Price:** USD 212.51 (-2.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 217.21 · day 205.09–215.77 · 52w 93.69–240.87 · market cap $41.7B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $7.39B, net income $1.42B (19.2% margin), free cash flow $1.65B (SEC filings).
- Valuation: P/E 29.4x (avg 18.4x at the last 3 fiscal year-ends), EV/EBITDA 20.2x, net cash $1.09B.
- 1 of 80 tracked superinvestors hold NTAP (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.55 on a 1–5 scale) (20 analysts), mean target USD 211.69 (range 170–300).
- Total return with dividends: 1Y +83.2% vs S&P 500 +14.9%; 5Y +155.2% vs S&P 500 +80.3%.
- Next earnings: 2026-12-01, EPS estimate USD 2.6, revenue estimate $2.10B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.32B | $6.36B | $6.27B | $6.57B | $6.92B | $7.39B |
| Gross profit | $4.22B | $4.21B | $4.43B | $4.61B | $4.90B | — |
| Operating income | $1.16B | $1.02B | $1.21B | $1.34B | $1.67B | $1.85B |
| Net income | $937M | $1.27B | $986M | $1.19B | $1.28B | $1.42B |
| EPS (diluted) | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 | — |
| Free cash flow | $985M | $868M | $1.53B | $1.34B | $1.87B | $1.65B |
| Gross margin | 66.8% | 66.2% | 70.7% | 70.2% | 70.7% | — |
| Operating margin | 18.3% | 16.0% | 19.4% | 20.3% | 24.2% | 25.0% |
| Net margin | 14.8% | 20.0% | 15.7% | 18.0% | 18.4% | 19.2% |
| Revenue growth | +10.0% | +0.7% | -1.5% | +4.9% | +5.4% | — |
| Cash + short-term investments | $3.07B | $3.07B | $3.25B | $3.85B | $3.58B | — |
| Total debt | $2.64B | $2.39B | $2.39B | $3.23B | $2.49B | — |
Fiscal years end Apr. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 29.4x · P/S 5.7x · EV/EBITDA 20.2x · EV/Sales 5.5x · P/FCF 25.3x · P/B 27.9x · FCF yield 3.95% · Earnings yield 3.40% · Dividend yield (paid, TTM) 0.98% · Buyback yield (TTM) 2.04% · Net cash $1.09B · EV $40.7B
P/E at fiscal year-ends: Apr 2026 17.4x, Apr 2025 15.8x, Apr 2024 22.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NTAP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $677K | New position |

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 20 analysts; mean target USD 211.69 (low 170, high 300).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Barclays | Downgrade | Overweight → Equal-Weight | $219 |
| 2026-10-07 | Evercore ISI Group | Upgrade | In-Line → Outperform | $210 → $300 |
| 2026-10-06 | TD Cowen | Target raised | Buy | $200 → $250 |
| 2026-10-02 | Loop Capital | Target raised | Buy | $215 → $260 |
| 2026-09-30 | B of A Securities | Target raised | Neutral | $200 → $220 |
| 2026-09-03 | Northland Capital Markets | Target raised | Outperform | $171 → $187 |
| 2026-09-03 | Citigroup | Target lowered | Neutral | $209 → $190 |
| 2026-09-03 | TD Cowen | Reiterated | Buy | $200 |
| 2026-09-03 | UBS | Target raised | Neutral | $160 → $171 |
| 2026-09-03 | Wells Fargo | Target raised | Equal-Weight | $180 → $190 |
| 2026-09-03 | Morgan Stanley | Target raised | Equal-Weight | $173 → $191 |
| 2026-09-03 | Barclays | Target raised | Overweight | $199 → $219 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +83.2% | +155.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +83.6% | +20.6% |
| Volatility (annualized) | 44.5% | 35.4% |
| Max drawdown | -20.8% (Dec 2025→Jan 2026) | -42.0% (Aug 2024→Mar 2025) |

## Peers (Software - Infrastructure)
TWLO (Twilio Inc.) USD 253.63 -4.89% · XYZ (Block, Inc.) USD 79.02 +1.04% · ZS (Zscaler, Inc.) USD 237.76 +2.78% · OKTA (Okta, Inc.) USD 201.33 -3.50% · CRWV (CoreWeave, Inc.) USD 55.6 -10.06% · MDB (MongoDB, Inc.) USD 362.24 -7.30%

## More
Full page: https://nexqual.com/NTAP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NTAP in their own reports (relationship from NTAP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | TERADATA CORP /DE/ (TDC) | 10-K 2026-02-27 | "In addition, we buy servers from Dell Technologies Inc., storage disk systems from NetApp, Inc., and graphics processing units ("GPU") from NVIDIA." |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hybrid Cloud | $1.82B | 89.8% | +30.1% |
| — All-Flash Revenues (part of Hybrid Cloud) | $1.31B | 64.6% | +46.6% |
| — Hybrid-Flash & Other Revenues (part of Hybrid Cloud) | $510.0M | 25.2% | +1.0% |
| Public Cloud | $206.0M | 10.2% | +28.0% |
| Total revenue | $2.02B | 100% | — |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $1.04B | 51.3% | +14.7% |
| Product | $987.0M | 48.7% | +50.9% |
| Support | $720.0M | 35.6% | +11.3% |
| Professional & Other Services | $112.0M | 5.5% | +15.5% |
| Total revenue | $2.02B | 100% | — |
The lines above cover 141.1% of total revenue.

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $978.0M | 48.3% | +23.6% |
| United States | $930.0M | 45.9% | +24.7% |
| EMEA | $668.0M | 33.0% | +32.8% |
| Asia Pacific | $379.0M | 18.7% | +43.0% |
| Total revenue | $2.02B | 100% | — |
The lines above cover 145.9% of total revenue.

## Customer concentration

Period ended 2026-07-31: 21%, 20% of revenue from unnamed direct customers (10-Q, filed 2026-09-02).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $2.60 | $2.14 | +21.6% | $2.10B | 18 |
| Next quarter (ends 2027-01-31) | $2.37 | $2.20 | +7.6% | $1.98B | 18 |
| Current fiscal year (ends 2027-04-30) | $10.01 | $8.90 | +12.4% | $8.18B | 19 |
| Next fiscal year (ends 2028-04-30) | $11.16 | $9.84 | +13.4% | $8.65B | 19 |