NetApp (NTAP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

NetApp

NasdaqGS•Technology•Software - Infrastructure

$196.92+5.43(0.03%)After hours

Market Cap

$38.60B

P/E

27.2x

P/S

5.2x

P/B

25.8x

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.

How this company scores

GoodMetricSide Score: 79/100

Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability22/25

Growth23/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality18/25

Strengths

Strong marginsHigh ROERising earningsCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 27.2x5y range 9.9x – 27.2x

Currently above its 20-quarter median.

P/S · 5.2x5y range 2.1x – 5.2x

Currently above its 20-quarter median.

P/B · 25.8x5y range 11.8x – 27.8x

Price & Volume

Market Cap $38.60B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $7.39B
Q. Revenue: $2.02B
TTM EBITDA: $2.01B
TTM Op. Income: $1.85B
Q. Op. Income: $484.00M
TTM Net Income: $1.42B
Q. Net Income: $375.00M
EPS: $1.91
Shares Out.: $196.00M

$7.39B in TTM revenue grew 12.2% YoY, reaching $2.02B last quarter. TTM EBITDA of $2.01B and TTM operating income of $1.85B show growth is flowing through to the bottom line. TTM net income of $1.42B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 70.1%
EBITDA Margin: 25.5%
Op. Margin: 23.9%
Net Margin: 18.5%

Op. margin of 23.9% is up 4.1% YoY — cost efficiency is improving. Net margin at 18.5% and gross margin of 70.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 21% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 27.2x
P/S Ratio: 5.2x
P/B Ratio: 25.8x

At 27.2x P/E, the stock trades within typical market levels. P/S of 5.2x and P/B of 25.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.96B
Cash: $1.57B
Long-Term Debt: $1.94B
Book Value: $1.50B
D/E Ratio: 1.3
Debt/EBITDA: 3.7

With $10.96B in assets and $1.94B in long-term debt, D/E is 1.3and book value is $1.50B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $503.00M
TTM Free Cash Flow: $1.65B
FCF Margin: 22.3%
FCF / Net Income: 1.2

TTM FCF of $1.65B on $503.00M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 0% — a weakening trend.