FirmAtlas
Company handbook · NTAP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NTAP · CIK 1002047 · LATEST FILING: 10-Q JUL '26 · FILED SEP 2, 2026
NetApp, Inc.
$203.80
−10.90 (−5.08%)
Close, Oct 16, 2026 · 52-week $94–241
Last fiscal year
NetApp, Inc. reported revenue of $6.9B for the year ended Apr 24, 2026 (FY25), up 5.4% from FY24. Net income was $1.3B, operating cash flow $2.1B and free cash flow $1.9B. Source: 10-K filed Jun 5, 2026.
Market cap
$39.9B
P/E
28.2
EV/EBITDA
21.0x
P/B
26.7
Div yield
1.02%
ROIC
379.5%
Revenue 1Y
5.4%/yr
EPS 1Y
12.0%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGeorge Kurian
HQSan Jose, CA
AuditorDeloitte & Touche LLP
Employees11,700
Year endsApril
Revenue by segment · FY25
All-Flash Revenues60%
Hybrid-Flash And Other Revenues30%
Public Cloud10%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.8%
16.6%
39.0%
70.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.3B deployed
Capex
$366M
11.1%
Dividends
$837M
25.3%
Buybacks
$2.1B
63.6%
Operating cash flow over the period: $3.6B. Total debt changed by −$748M. R&D of $2.0B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Apr 24, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
6,572
6,925+5.4%
7,391
YoY
+5.4%
Gross profit
4,613
4,899+6.2%
5,220
Gross margin
70.2%
70.7%+0.6 pp
—
Operating income
1,337
1,674+25.2%
1,849
Operating margin
20.3%
24.2%+3.8 pp
—
EBITDA
1,533
1,853+20.9%
—
EBITDA margin
23.3%
26.8%+3.4 pp
—
Interest expense
64
109+70.3%
—
Interest coverage
23.95x
17.00x−6.95x
—
Net income
1,186
1,276+7.6%
1,418
YoY
+7.6%
Net margin
18.0%
18.4%+0.4 pp
—
EPS (diluted, $)
5.67
6.35+12.0%
7.12
YoY
+12.0%
Balance sheet
Total assets
10,823
10,744−0.7%
10,955
Cash & short-term investments
3,846
3,584−6.8%
—
Accounts receivable
1,246
1,286+3.2%
—
Inventory
186
198+6.5%
—
Net PP&E
563
592+5.2%
—
Other assets
4,982
5,084+2.0%
—
Total liabilities
9,783
9,393−4.0%
9,460
Accounts payable
511
550+7.6%
—
Total debt
3,235
2,487−23.1%
2,488
Other liabilities
6,037
6,356+5.3%
—
Shareholders’ equity
1,040
1,351+29.9%
1,495
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,506
2,067+37.3%
1,897
Net income
1,186
1,276+7.6%
—
Depreciation & amortization
196
179−8.7%
—
Stock-based compensation
386
382−1.0%
—
Working capital & other
(262)
230n/m
—
Cash from investing
147
(595)−504.8%
—
Capex
(168)
(198)n/m
—
Acquisitions
0
—
—
Investments bought
(1,782)
(2,758)n/m
—
Investments sold / matured
2,027
2,346+15.7%
—
Other investing
70
15−78.6%
—
Cash from financing
(828)
(2,147)n/m
—
Debt raised
1,240
0−100.0%
—
Debt repaid
(400)
(750)n/m
—
Dividends
(424)
(413)n/m
—
Buybacks
(1,150)
(950)n/m
—
Other financing
(94)
(34)n/m
—
Net change in cash
840
(674)−180.2%
—
Free cash flow (OCF − capex)
1,338
1,869+39.7%
1,650
Where the cash went
Operating cash flow
1,506
2,067+37.3%
1,897
Reinvested in the business
168
198+17.9%
—
% of operating cash flow
11.2%
9.6%
Capex
168
198+17.9%
247
Acquisitions
0
—
—
R&D (memo, already in costs)
1,012
991−2.1%
—
Free cash flow
1,338
1,869+39.7%
1,650
YoY
+39.7%
Returned to shareholders
1,574
1,363−13.4%
—
% of free cash flow
117.6%
72.9%
Dividends
424
413−2.6%
—
Buybacks
1,150
950−17.4%
—
Change in total debt
—
(748)
—
Cash left over
—
(242)
—
FCF conversion (FCF ÷ net income)
112.8%
146.5%+33.7 pp
—
Owner earnings
—
1,244
—
Owner earnings margin
—
18.0%
—
Buyback yield
6.5%
4.5%−2.0 pp
—
Returns & ratios
ROIC (all capital)
267.3%
379.5%+112.3 pp
—
ROIC (operating)
77.3%
86.1%+8.9 pp
—
Net debt / EBITDA
−0.40x
−0.59x−0.19x
—
Debt / equity
3.11x
1.84x−1.27x
—
Cash conversion cycle (days)
9
4−4 d
—
ROE
114.0%
94.4%−19.6 pp
—
ROA
11.0%
11.9%+0.9 pp
—
ROCE
21.7%
24.9%+3.2 pp
—
NOPAT
1,147
1,296+13.0%
—
Invested capital (operating)
1,484
1,526+2.8%
—
Invested capital (all)
429
254−40.8%
—
Reinvestment rate
—
3.2%
—
Debtor days
69
68−1 d
—
Inventory days
35
36+1 d
—
Days payable
95
99+4 d
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
1,705
1,713
1,948
2,025
vs year-ago quarter
Gross profit
1,227
1,209
1,365
1,419
Gross margin
72.0%
70.6%
70.1%
70.1%
Operating income
399
434
532
484
Net income
305
334
404
375
vs year-ago quarter
Net margin
17.9%
19.5%
20.7%
18.5%
EPS (diluted, $)
1.51
1.67
2.06
1.88
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
9,630
9,971
10,744
10,955
Cash & equivalents
3,014
3,008
3,584
1,579
Total debt
2,486
2,486
2,487
2,488
Shareholders’ equity
986
1,158
1,351
1,495
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
127
317
950
503
Capex
49
46
50
102
Free cash flow
78
271
900
401
vs year-ago quarter