Netapp Inc

Netapp Inc

NTAP

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Market Cap$34.52B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Netapp IncNetapp Inc26.91.19%94%5.23.6

Earnings Call Q4 2026

May 28, 2026 - AI Summary

FY26 performance: record profitability + cash + strong demand behind AI/cloud - FY2026 revenue $6.93B (+5% YoY), exceeding guidance; gross margin 71.3%, operating margin 30.2% (+190 bps YoY). - FY EPS $8.13 (+12% YoY) (more than double revenue growth), driven by operating leverage. - Cash: operating cash flow $2.07B and free cash flow $1.87B (~+40% YoY)—a major positive. - Q4 was also strong: revenue $1.95B (+12% YoY, +14% QoQ) and non-GAAP EPS $2.43 (+26% YoY) at/above the top end of guidance. - Strategic thesis reiterated: enterprise AI adoption is the tailwind; the problem is activating unstructured data, where NetApp positions its hybrid intelligent data infrastructure as a differentiator.
Where growth came from (good surprises: magnitude of AI wins, Keystone momentum, public cloud strength) - Public cloud revenue $688M in FY26 (+18% YoY) (normalized for divested Spot); cloud services grew 30% (first-party + marketplace). - All-flash revenue $4.2B (+11% YoY) with Q4 $1.2B (+18% YoY)—notable acceleration/strength. - Keystone (storage-as-a-service) grew ~+65% in FY26 (vs FY25); Q4 professional services also benefitted from Keystone growth. - AI traction was a standout “surprising” detail: ~500 AI/data-prep wins in Q4 bringing FY26 total to 1.1K+, with momentum described as broad-based across segments/geographies and use cases.
Guidance / forecasts: FY27 acceleration but with component-cost realism - FY27 revenue outlook: $7.325B–$7.575B (midpoint $7.45B = ~+8% YoY vs FY26’s ~+5%). - FY27 gross margin: 68.5%–69.5%; operating margin: 29.1%–30.1%. - FY27 EPS: $8.70–$9.00 (midpoint $8.85 = +9% YoY). - Assumptions/challenges embedded: possible pockets of accelerated purchasing and NetApp’s ongoing need to adjust pricing to track memory/component cost movements.

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$170.00

Target Price by Analysts

6.1% downsideNetapp Target Price DetailsTarget Price
$113.12

Current Fair Value

37.5% downside

Overvalued by 37.5% based on the discounted cash flow analysis.

Share Statistics

Market cap$34.52 Billion
Enterprise Value$35.74 Billion
Dividend Yield$2.08 (1.19%)
Earnings per Share$6.43
Beta1.27
Outstanding Shares197,000,000

Return

Return on Equity94.45%ROE
Return on Assets11.88%
Return on Invested Capital24.68%

Valuation & Multiples

P/E Ratio26.91P/E Ratio
PEG142.95PEG
Price to Sales5.17Price to Sales
Price to Book Ratio30.18Price to Book Ratio
Enterprise Value to Revenue5.16
Enterprise Value to EBIT21.54
Enterprise Value to Net Income28
Total Debt to Enterprise0.13
Debt to Equity3.56Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 28, 2026
EPS Estimate
$2.27
Average shareholder expectation
Revenue Estimate
$1.87 B
Average shareholder expectation

Next Earnings Call

Expected Date
June 4, 2026
EPS Estimate
$2.24
Average shareholder expectation
Revenue Estimate
-
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.4174▼ 19.56%
Total Calls903,330▼ 32.86%
Total Puts377,030▼ 54.29%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %98.96%▲ 0.22%
Total Invested$20.06B▼ 4.69%
Investors Holding886▼ 55.00%

ESG Score

No data

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 ...

Relevant Senate Committees

Appropriations

This committee directly allocates discretionary federal spending. Its subcommittees determine the precise funding for defense programs, scientific research, and other government agencies that are potential NetApp clients, directly influencing their budget for data services and storage.

Armed Services

This committee oversees the Department of Defense and authorizes the annual NDAA, which funds military programs. The DoD is a massive consumer of IT infrastructure, data storage, and cybersecurity solutions, making NetApp's offerings highly relevant to this committee's spending decisions.

Select Committee on Intelligence

Members receive classified briefings on global threats, cybersecurity, and intelligence operations. NetApp's data management and storage solutions are highly relevant to the Intelligence Community, making this committee a source of potential insider information regarding government IT and security spending priorities.

Commerce, Science, and Transportation

This committee has vast jurisdiction over interstate commerce, data privacy (e.g., 'Big Tech' regulation), and telecommunications. Given NetApp's role in hybrid cloud data services, policy decisions regarding data handling, net neutrality, or antitrust in the tech sector could directly impact NetApp's products, services, and client base.

Homeland Security and Governmental Affairs

NetApp's hybrid cloud data services are critical for federal agencies. This committee's oversight of government procurement, federal contracting, and emerging AI risks directly impacts NetApp's potential as a federal IT provider and its operational environment.