NetApp (NTAP) stock
Information Technology · Technology Hardware, Storage & Peripherals
NetApp (NTAP) is a Technology Hardware, Storage & Peripherals company in the Information Technology sector, headquartered in San Jose, California. As of October 23, 2026, NTAP closed at $215.48, a market capitalization of $42.32 billion, the 263rd largest company in the S&P 500. Over the last twelve months it generated $7.39 billion in revenue (+30% year over year) and $1.65 billion in free cash flow. The stock trades at 30.4x trailing earnings and 19.3x forward earnings.
- 1-year total return: +85.7% (dividends reinvested)
- 5-year return: +20.9% a year
- 52-week range: $93.69 – $240.87
- Gross margin 70.6%, operating margin 26.7%
- Dividend yield: 0.97%, 2 straight years of increases
- FI Handbook report card: B+ across 10 metrics
- 49th largest of 75 Information Technology stocks in the S&P 500
NTAP price chart
1Y price change: +82.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NTAP | +10.0% | +104.3% | +85.7% | +45.9% | +20.9% | +23.3% | +19.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1995.
NTAP key statistics
- Market cap
- $42.3B
- #263 in S&P 500
- P/E (TTM)
- 30.4x
- Forward P/E
- 19.3x
- EPS (TTM)
- $7.09
- Revenue (TTM)
- $7.4B
- +30%
- Free cash flow
- $1.6B
- Gross margin
- 70.6%
- Operating margin
- 26.7%
- Return on equity
- 114.8%
- Dividend yield
- 0.97%
- 52-week range
- $93.69 – $240.87
- Beta
- 1.45
- Price / sales
- 5.7x
- EV / EBITDA
- 19.7x
- Debt / equity
- 1.69x
- Employees
- 11,700
NTAP report card
B+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth29.9%A
- Gross margin70.6%A
- Operating margin26.7%B
- FCF margin22.3%B
- Return on equity114.8%A
- Net debt / EBITDA-0.5xA
- Forward P/E19.3xB
- PEG ratio2.1xD
- Shareholder yield3.2%B
- Share count change / yr-2.3%A
NetApp financials
Revenue went from $5.5B in fiscal 2017 to $6.9B in fiscal 2026, growing 2.6% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B | $5.9B | $6.1B | $5.4B | $5.7B | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B |
| Gross profit | $3.4B | $3.7B | $3.9B | $3.6B | $3.8B | $4.2B | $4.2B | $4.4B | $4.6B | $4.9B |
| Operating income | $621.0M | $1.2B | $1.2B | $945.0M | $1.0B | $1.2B | $1.0B | $1.2B | $1.3B | $1.7B |
| Net income | $481.0M | $116.0M | $1.2B | $819.0M | $730.0M | $937.0M | $1.3B | $986.0M | $1.2B | $1.3B |
| EPS (diluted) | $1.71 | $0.42 | $4.51 | $3.52 | $3.23 | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 |
| Free cash flow | $811.0M | $1.3B | $1.2B | $936.0M | $1.2B | $985.0M | $868.0M | $1.5B | $1.3B | $1.9B |
| Buybacks | $705.0M | $794.0M | $2.1B | $1.4B | $125.0M | $600.0M | $850.0M | $900.0M | $1.1B | $950.0M |
| Dividends paid | $208.0M | $214.0M | $403.0M | $439.0M | $427.0M | $446.0M | $432.0M | $416.0M | $424.0M | $413.0M |
| Diluted shares | 281.0M | 276.0M | 259.0M | 233.0M | 226.0M | 229.0M | 220.0M | 213.0M | 209.0M | 201.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NTAP?
A reverse DCF asks what growth the current price requires. With an enterprise value of $41.3B and $1.6B of trailing free cash flow, NetApp needs to grow free cash flow about 16.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 9.8% a year over the last five years.
P/E ratio history
Current 33.9x vs. median 23.0x (10th–90th percentile 13.5x–123.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NTAP dividend
- Dividend yield
- 0.97%
- Annual dividend
- $2.08
- Years of increases
- 2
- 5-yr dividend growth
- 1.6%
- per year
- Payout ratio
- 29%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
NTAP analyst price targets
16 analysts' average 12-month target is $211.69 (-2% vs. $215.48). Targets range from $170.00 to $300.00. 40% rate it a buy.
NTAP earnings
Next report: September 2, 2026. NetApp has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| May 28, 2026 | $2.27 | $2.43 | +7.2% |
| Feb 26, 2026 | $2.06 | $2.12 | +2.8% |
| Nov 25, 2025 | $1.88 | $2.05 | +8.8% |
| Aug 27, 2025 | $1.54 | $1.55 | +0.7% |
| May 29, 2025 | $1.90 | $1.93 | +1.8% |
| Feb 27, 2025 | $1.91 | $1.91 | -0.1% |
| Nov 21, 2024 | $1.78 | $1.87 | +4.9% |
| Aug 28, 2024 | $1.45 | $1.56 | +7.3% |
Stocks like NTAP
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|---|---|---|---|---|---|
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 SNDK Sandisk | -1.82% | +641% | $178.9B | 16.8x | Compare |
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 WDC Western Digital | -2.97% | +174% | $128.6B | 12.1x | Compare |
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NTAP news
- NetApp vs. IBM: Which Enterprise Storage Stock is the Better Buy? · Oct 22, 2026
- Savvy Investors Love This Often Overlooked Clue. It's Flashing Now For This Nvidia, Google Partner. · Oct 21, 2026
- NetApp (NTAP) Rises Higher Than Market: Key Facts · Oct 20, 2026
- ePlus Named NetApp North America Flash Partner of the Year · Oct 20, 2026
- How Much Of NetApp Stock's Rise Did The Business Earn? · Oct 19, 2026
NTAP stock FAQ
What is NTAP's market cap?
NetApp's market capitalization is $42.32 billion as of October 23, 2026, ranking 263rd in the S&P 500.
What is NTAP's P/E ratio?
NTAP trades at a trailing price-to-earnings ratio of 30.4x and a forward P/E of 19.3x. Its median P/E over the period we track is 23.0x.
Does NTAP pay a dividend?
Yes. NetApp pays $2.08 per share a year, a 0.97% yield. It has raised its dividend 2 years in a row. Dividends grew 1.6% a year over the last five years.
How much has NTAP stock returned?
Including reinvested dividends, NTAP returned +85.7% over one year, +20.9% a year over five years, +23.3% a year over ten years through October 23, 2026.
Is NTAP stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies NetApp must grow free cash flow about 16% a year for the next decade. Its free cash flow grew 10% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the NTAP price target?
16 analysts cover NTAP with an average 12-month price target of $211.69, -2% from the current price. 40% of them rate it a buy.
When does NTAP report earnings?
NetApp is expected to report earnings on September 2, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does NetApp have?
NetApp has about 11,700 full-time employees, or $631,709 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology