Latest revenue
$1.71B
as of 2026-01-23
Latest net income
$334.0M
as of 2026-01-23
Net margin
19.5%
as of 2026-01-23
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $27.50B
- Enterprise value
- $28.36B
- P/E (trailing)
- 23.2×
- Forward P/E
- —
- P/B
- 23.75×
- Dividend yield
- 1.5%
- 52-wk high
- $141.75
- 52-wk low
- $93.69
- Beta
- —
- Shares out
- 197.3M
5-year trend
dashed bar = fiscal Q4 derived from 10-K annual − Q1 − Q2 − Q3 (SEC requires only three 10-Qs per year).
What this company does
NetApp sells enterprise data storage hardware, software, and cloud services that help large organizations store, manage, and protect their data across on-premises systems and public clouds. Services revenue (support contracts and cloud subscriptions) now slightly exceeds product sales, generating $927M versus $786M in the latest quarter, with total nine-month revenue of $4.98B up 3% year-over-year. The company is leaning hard into shareholder returns, paying down $750M in debt while spending $750M on buybacks and $310M on dividends over nine months as operating cash flow jumped 34% to $1.12B.
Generated from NTAP's filing dated 2025-06-09
Key risks
- Thin equity cushion: stockholders' equity just $1.16B against $9.97B assets and $2.49B long-term debt, leaving little buffer if demand softens.
- Cash burn from capital returns: nine-month outflows included $750M buybacks, $750M debt repayment and $310M dividends, dropping cash from $2.74B to $1.63B.
- Modest top-line growth: Q3 revenue up only 4.4% YoY ($1.71B vs $1.64B); product gross margin compressed as product COGS rose 7% on 3.7% product revenue growth.
Generated from NTAP's filing dated 2025-06-09
Profitability
Gross margin
70.2%
0.8%Operating margin
20.3%
5.0%Net margin
18.0%
14.7%Return on equity
114.0%
34.0%Return on assets
11.0%
9.9%Leverage
Debt / equity
9.41×
24.9%Long-term debt / equity
2.39×
39.0%Debt / assets
90.4%
2.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-01-23 | $1.71B | +4.4% | $334.0M | +11.7% | 19.5% |
Q4 2025 2025-10-24 | $1.71B | +2.8% | $305.0M | +2.0% | 17.9% |
Q3 2025 2025-07-25 | $1.56B | +1.2% | $233.0M | -6.0% | 14.9% |
Q2 2025 2025-04-25 | $1.73B | +3.8% | $340.0M | +16.8% | 19.6% |
Q1 2025 2025-01-24 | $1.64B | +2.2% | $299.0M | -4.5% | 18.2% |
Q4 2024 2024-10-25 | $1.66B | +6.1% | $299.0M | +28.3% | 18.0% |
Q3 2024 2024-07-26 | $1.54B | +7.6% | $248.0M | +66.4% | 16.1% |
Q2 2024 2024-04-26 | $1.67B | — | $291.0M | — | 17.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Computer Storage Devices · SIC 3572
Your notes
Keep private notes on NTAP — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$5.3M
Net activity
−$5.3M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-05-18 | Daniel De Lorenzo VP, Controller & CAO | Sale | 275 | $120.00 | $33.0K | |
| 2026-05-11 | Elizabeth M O'Callahan EVP, Chief Admin. Officer | Sale | 1,000 | $117.73 | $117.7K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns NTAP
Institutional value
$12.06B
Total shares held
123.1M
Distinct holders
621
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 19.9M | $2.04B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 12.7M | $1.30B | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 12.5M | $1.28B | — | New |
| 4 | PRIMECAP MANAGEMENT CO/CA/ | 9.1M | $927.4M | — | New |
| 5 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 4.1M | $415.7M | — | New |
| 6 | Invesco Ltd. | 3.9M | $398.5M | — | New |
| 7 | CITIGROUP INC | 3.8M | $386.7M | — | New |
| 8 | FIRST TRUST ADVISORS LP | 3.7M | $374.5M | — | New |
| 9 | Boston Partners | 3.6M | $367.7M | — | New |
| 10 | LYRICAL ASSET MANAGEMENT LP | 2.5M | $258.8M | — | New |
| 11 | DIMENSIONAL FUND ADVISORS LP | 2.1M | $218.1M | — | New |
| 12 | JPMORGAN CHASE & CO | 1.8M | $179.7M | — | New |
| 13 | Legal & General Group Plc | 1.7M | $176.0M | — | New |
| 14 | TD ASSET MANAGEMENT INC | 1.6M | $164.1M | — | New |
| 15 | Bank of New York Mellon Corp | 1.4M | $147.3M | — | New |
| 16 | UBS Group AG | 1.2M | $126.3M | — | New |
| 17 | DEUTSCHE BANK AG\ | 1.2M | $123.4M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 1.1M | $111.8M | — | New |
| 19 | Allianz Asset Management GmbH | 1.0M | $106.4M | — | New |
| 20 | HSBC HOLDINGS PLC | 1.0M | $104.3M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Product revenue grew only 3.7% YoY to $786M despite the AI storage tailwind—why is NetApp underperforming peers, and when does acceleration come?
- 2
Product gross margin compressed to 55.1% from 56.5% YoY—is this NAND cost inflation, pricing pressure, or mix, and how much further downside?
- 3
With cash down to $1.63B after $750M buybacks and $750M debt repayment, what's the floor before you slow repurchases or re-lever?
Refreshed when NTAP files a new report · last from 2025-06-09