Netapp Inc
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+ FollowMarket Cap$36.47B
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Earnings Call Q1 2027
September 2, 2026 - AI Summary
Q1 FY27 delivered record momentum; beat guidance on every metric
- Revenue $2.03B (+30% YoY, +4% sequential); ex-extra-week revenue +26% YoY (extra week contributed ~$65M, mainly support/public cloud).
- Non-GAAP EPS $2.58 (+66% YoY); operating margin 31.9% (up 6.1pp YoY).
- Gross profit $1.43B (+29% YoY); gross margin 70.6% (down 50 bps YoY due to product mix—more product revenue at 49% vs 42% last year—though offset by YoY gross margin expansion within categories).
- Cash flow & capital returns: CFO $503M, free cash flow $401M; returned $302M to shareholders ($200M buybacks, $102M dividends). Net cash position ~$1.1B (cash/short-term investments $3.6B, gross debt $2.5B).
Strong growth led by cloud + all-flash + Keystone; AI driving modernization beyond “just compute”
- Hybrid Cloud revenue $1.82B (+30% YoY; +27% excluding extra week).
- Product revenue $987M (+51% YoY); all-flash revenue $1.31B (+47% YoY).
- Public cloud revenue $206M (+28% YoY; +19% excluding extra week); Q1 extra week added ~$15M to public cloud.
- Support revenue $720M (+11% YoY; +4% excluding extra week); professional services $112M (+15% YoY) largely driven by Keystone (Storage-as-a-Service).
- Management frames the demand shift as structural: AI operationalization increases the need for data readiness (in-place, governed, secure), not just GPUs/compute.
Demand drivers: broad-based spending, some accelerated purchases, and pricing actions flowing through sooner
- CEO said demand was broad-based across customer type/size, geography, and workloads (on-prem, cloud, Keystone; “every metric” strength).
- Noted two mixed elements:
- Accelerated purchases in some large customers, but less-priority workloads may be moderated (typical pacing).
- Pricing benefits: as commodity/tech cost pressures rise, NetApp adjusted pricing; pricing impact is materializing earlier than in the past (Wissam: previously 2–3 quarters lag; now earlier).
- Customer elasticity early: CEO emphasized customers have budgeted in dollars and overall data infrastructure priority has increased due to AI/modernization—suggesting less demand pullback than prior price-up cycles.
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$82.63
55.6% downside
Current Fair Value
55.6% downsideOvervalued by 55.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $36.47 Billion |
|---|---|
| Enterprise Value | $39.68 Billion |
| Annual dividend | $2.08 |
| Dividend yield | 1.23% |
| Earnings per Share | $6.43 |
| Beta | 1.51 |
| Outstanding Shares | 196,000,000 |
Return
| Return on Equity | 94.85% |
|---|---|
| Return on Assets | 12.94% |
| Return on Invested Capital | 28.71% |
Valuation & Multiples
| P/E Ratio | 23.56 |
|---|---|
| PEG | 38.66 |
| Price to Sales | 5.03 |
| Price to Book Ratio | 26.58 |
| Enterprise Value to Revenue | 5.37 |
| Enterprise Value to EBIT | 21.64 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.12 |
| Debt to Equity | 3.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 2, 2026
EPS
$2.58
Est. $2.12Revenue
$2.02 B
Est. $1.84 BNext Earnings Call
Expected Date
November 24, 2026
EPS Estimate
$2.27
Consensus analyst estimateRevenue Estimate
$1.89 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.72, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7247▼ 9.54% |
|---|---|
| Total Calls | 183,800▼ 87.61% |
| Total Puts | 133,200▼ 89.05% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 19.32%▼ 79.95% |
|---|---|
| Total Invested | $7.55B▼ 75.00% |
| Investors Holding | 564▼ 442.00% |
About Netapp Inc
10,500 employees
CEO: George Kurian
NetApp, Inc. is an American hybrid cloud data services and data management company headquartered in Sunnyvale, California. It has ranked in the Fortune 500 since 2012. Founded in 1992 with an IPO in 1995, NetApp offers hybrid cloud data ...