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Enterprise data-storage and hybrid-cloud data-management company selling the ONTAP storage software and matching hardware systems.
Enterprise data-storage and hybrid-cloud data-management company selling the ONTAP storage software and matching hardware systems.
Sells storage systems running its ONTAP software, mostly through channel partners, and gets recurring income from support contracts, subscriptions and, increasingly, cloud services. ONTAP is also offered inside the big cloud platforms as a service on AWS, Azure and Google Cloud, so customers can move data between them.
Moat: narrow (switching costs, installed base, IP / patents). ONTAP software and a long enterprise install base create high migration costs.
Headquarters: San Jose, California, US · Founded: 1992 · Employees: 11,700
Size NetApp (NTAP) is a United States Information Technology company (Computer Peripherals) with a market value of $33.2B, the 334th largest of 3,117 United States companies the cockpit tracks. Shares closed at $169.19 on 6 Nov 2026.
Performance Over six months the shares gained 43.4%, against -2.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 13 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +25.1%); the operating margin is 26.0% (peer median 24.2%).
Valuation It trades at 17.0× forward earnings against a peer median of 13.0× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Credit NetApp has 4 bonds outstanding ($2.50B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 107 bp.
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.39B | $6.92B | $6.57B | $6.27B | $6.36B |
| Revenue growth | — | +5% | +5% | -1% | — |
| Gross profit | $5.21B | $4.89B | $4.59B | $4.41B | $4.18B |
| EBITDA | $2.11B | $1.89B | $1.67B | $1.52B | $1.46B |
| Net income | $1.42B | $1.28B | $1.19B | $986M | $1.27B |
| Free cash flow | $1.65B | $1.87B | $1.34B | $1.53B | $868M |
| Capital expenditure | $247M | $198M | $168M | $155M | $239M |
| Total debt | $2.53B | $2.73B | $3.49B | $2.65B | $2.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NetApp NTAP | $33.2B | +43% | +12% | 26% | 17.0× | 15.2% |
| Everpure P | $32.2B | +24% | +27% | 5% | 29.6× | 58.7% |
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
| IBM IBM | $232B | +6% | +7% | 21% | 18.8× | 7.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NTAP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.8% | -29.4% | 6th highest of 13 |
| 6-month return | +43.4% | -2.5% | highest of 13 |
| Distance from 52-week high | -29.8% | -42.2% | 4th highest of 13 |
| Revenue growth (TTM) | +12.2% | +25.1% | 4th lowest of 13 |
| Operating margin | 26.0% | 24.2% | 7th highest of 13 |
| Forward P/E | 17.0× | 13.0× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 21.4% | 4th least demanding of 9 |
| Growth delivered (Del g) | +3.8% | +11.4% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +11.4 pp | +12.7 pp | 5th least demanding of 9 |
| EV / EBITDA | 15.3× | 14.7× | 5th cheapest of 9 |
| Net debt / EBITDA | -0.5× | -0.4× | 5th least indebted of 10 |
| Bond spread | 107 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NetApp NTAP | United States | $33.2B | +43% | +12% | 26% | 17.0× | 15.2% | +3.8% |
| Everpure P | United States | $32.2B | +24% | +27% | 5% | 29.6× | 58.7% | +16.8% |
| Canon 7751.T | Japan | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% | +7.9% |
| Jentech Precision Industrial 3653.TW | Taiwan | $23.1B | +9% | +28% | 33% | 48.3× | 32.5% | +24.3% |
| Lite-on Technology 2301.TW | Taiwan | $13.2B | +16% | +24% | 13% | 13.8× | n/a | n/a |
| Logitech International LOGN.SW | Switzerland | $13.2B | -1% | -1% | 18% | 16.8× | -5.7% | -4.3% |
| Hon Hai Precision Industry 2317.TW | Taiwan | $95.6B | -3% | +25% | 4% | 10.5× | n/a | n/a |
| Western Digital WDC | United States | $98.7B | -45% | +21% | 41% | 9.2× | 20.7% | -5.3% |
| Unisplendour 000938.SZ | China | $10.4B | -24% | +25% | 3% | 21.8× | n/a | n/a |
| Seagate Technology STX | United States | $106B | -41% | +44% | 40% | 9.8× | 22.1% | +2.7% |
| Sandisk SNDK | United States | $119B | -47% | +272% | 73% | 3.4× | 3.5% | +49.3% |
| Biwin Storage Technology 688525.SS | China | $8.99B | -52% | +221% | 41% | 5.0× | n/a | n/a |
| Hubei Dinglong 300054.SZ | China | $8.79B | -2% | +7% | 30% | 51.4× | 32.2% | +15.0% |
NetApp has 4 bonds outstanding with $2.50B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.75%, a spread of 107 bp over government bonds.