NetApp, Inc.
- Open
- 186.10
- Day high
- 189.21
- Day low
- 180.03
- Prev close
- 183.16
- Volume
- 3.7M
- Mkt cap
- $35.5B
- P/E (TTM)
- 28.1
- EPS (TTM)
- $6.43
- P/B
- 26.2
- P/S
- 5.1
- Yield
- 1.15%
- Per share
- $2.08
- ▼Insiders net selling -$8.7M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
NetApp, Inc. (NTAP) is a Technology company listed on NASDAQ. The stock is up 57% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4). Drillr has 2 published research articles covering NTAP.
NetApp, Inc. (NTAP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NTAP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 2, 2026 | $2.12 | $2.58 | +21.7% | $2.0B | +10.2% |
| May 28, 2026 | $2.27 | $2.43 | +7.0% | $1.9B | +4.1% |
| Nov 25, 2025 | $1.88 | $2.05 | +8.9% | $1.7B | +1.0% |
| Aug 27, 2025 | $1.54 | $1.55 | +0.4% | $1.6B | +0.5% |
| May 29, 2025 | $1.90 | $1.93 | +1.4% | $1.7B | +0.4% |
| Feb 27, 2025 | $1.92 | $1.91 | -0.6% | $1.6B | -2.4% |
| Nov 21, 2024 | $1.78 | $1.87 | +4.8% | $1.7B | +0.9% |
| Aug 28, 2024 | $1.45 | $1.56 | +7.7% | $1.5B | +1.3% |
| May 30, 2024 | $1.79 | $1.80 | +0.6% | $1.7B | +1.2% |
| Feb 29, 2024 | $1.68 | $1.94 | +15.2% | $1.6B | +1.5% |
| Nov 28, 2023 | $1.40 | $1.58 | +12.6% | $1.6B | +0.3% |
| Aug 23, 2023 | $1.07 | $1.15 | +7.1% | $1.4B | -6.2% |
NTAP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | CERNUDA CESARofficer: President | Sell | 495 | $204.36 |
| Aug 19, 2026 | CERNUDA CESARofficer: President | Sell | 1,192 | $203.63 |
| Aug 19, 2026 | CERNUDA CESARofficer: President | Sell | 821 | $205.56 |
| Aug 19, 2026 | CERNUDA CESARofficer: President | Sell | 100 | $206.40 |
| Aug 18, 2026 | O'Callahan Elizabeth Mofficer: EVP, Chief Admin. Officer | Tax | 1,468 | $204.99 |
| Aug 18, 2026 | De Lorenzo Danielofficer: SVP, Chief Accounting Officer | Tax | 266 | $204.99 |
| Aug 18, 2026 | O'Callahan Elizabeth Mofficer: EVP, Chief Admin. Officer | Option | 2,908 | — |
| Aug 18, 2026 | JABRE WISSAM Gofficer: EVP, CFO | Tax | 684 | $204.99 |
| Aug 18, 2026 | CERNUDA CESARofficer: President | Option | 1,446 | — |
| Aug 18, 2026 | Kurian Georgedirector, officer: CEO | Option | 1,999 | — |
| Aug 18, 2026 | Nair Syamofficer: EVP, Chief Product Officer | Tax | 16,818 | $204.99 |
| Aug 18, 2026 | De Lorenzo Danielofficer: SVP, Chief Accounting Officer | Option | 147 | — |
| Aug 18, 2026 | CERNUDA CESARofficer: President | Option | 1,199 | — |
| Aug 18, 2026 | Kurian Georgedirector, officer: CEO | Tax | 3,817 | $204.99 |
| Aug 18, 2026 | CERNUDA CESARofficer: President | Option | 4,402 | — |
Source: NTAP SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full NTAP insider & 13F page →NTAP research & analysis
[NTAP] NetApp Thesis 2026: Cloud ARR Re-Accelerates as ONTAP Embeds in Hyperscaler Platforms
NetApp delivered its strongest year in the hybrid cloud repositioning with FY2025 revenue of ~$6.55B and non-GAAP EPS of ~$7.65, led by cloud ARR re-accelerating to ~$635M (+25%) as Google Cloud NetApp Volumes went GA and Azure ANF adoption expanded. All-flash revenue grew ~15% to ~$3.8B on AI workload storage demand. The ONTAP first-party cloud partnerships with all three major hyperscalers create a structural moat that pure-play all-flash vendors cannot replicate. FY2026 thesis test is cloud ARR sustaining 20%+ growth toward $1B.
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NetApp, Inc. company profile
Overview
NetApp, Inc. (NASDAQ:NTAP) is a multinational data storage and cloud services company founded in 1992 and headquartered in San Jose, California. The company went public in 1995 and has established itself as a leading provider of intelligent data management solutions for hybrid cloud environments. NetApp serves enterprise customers across various industries including energy, financial services, government, technology, healthcare, manufacturing, and telecommunications through both direct sales and a partner ecosystem.
Business
NetApp operates in the enterprise data storage and cloud data services industry, providing comprehensive data management solutions that help organizations store, manage, and protect their data across on-premises, private cloud, and public cloud environments. The company's core business revolves around intelligent data management software and storage infrastructure that enables seamless data mobility and protection across hybrid cloud architectures. The company operates through two primary segments. The Hybrid Cloud segment generates approximately 90% of total revenue and includes on-premises storage systems, software, and support services. This segment features NetApp's flagship ONTAP data management software, which provides unified storage across different protocols and environments, along with hardware products like All-Flash Arrays (AFF), Fabric Attached Storage (FAS) systems, and specialized storage solutions. The Public Cloud segment accounts for roughly 10% of revenue and encompasses cloud-native storage services delivered through major cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud Platform. NetApp's product portfolio includes intelligent data management software such as ONTAP (their core operating system), Snapshot technology for data protection, SnapCenter for backup management, and SnapMirror for data replication. On the hardware side, they offer All-Flash Arrays for high-performance workloads, hybrid flash systems, and object storage solutions like StorageGRID. Their cloud services include Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and various cloud data management tools. The company also provides professional services, support, and managed services to help customers implement and optimize their data infrastructure.
Revenue model
NetApp generates revenue through multiple streams centered around data storage products, software licensing, and ongoing services. The primary revenue model involves selling storage hardware systems bundled with proprietary ONTAP software, generating substantial upfront product sales. Additionally, the company earns recurring revenue through software subscriptions, support contracts, and maintenance services, which provide steady cash flow and typically represent about 40% of total revenue. The company's customers are primarily large enterprises, government agencies, and service providers who require robust data management capabilities. These organizations pay for NetApp's solutions to address critical needs like data protection, regulatory compliance, disaster recovery, and digital transformation initiatives. The Public Cloud segment operates on a consumption-based model where customers pay for cloud storage services based on usage, creating a more predictable recurring revenue stream. Several factors influence NetApp's margins and profitability. On the positive side, the ongoing shift toward all-flash storage systems commands higher margins than traditional hard disk-based solutions, while the growing adoption of cloud services provides more predictable recurring revenue. The company's focus on software and services, which carry higher margins than hardware, also supports profitability. However, margin pressures can arise from commodity component costs, particularly NAND flash memory pricing, competitive pricing dynamics in the storage market, and the need to invest heavily in research and development to maintain technological leadership. Additionally, macroeconomic factors affecting enterprise IT spending and the timing of large customer deployments can impact quarterly results, as evidenced by deal slippages during uncertain economic periods.
Competitive moat
NetApp's competitive moat is moderately strong, built primarily around its comprehensive data management software ecosystem and established customer relationships. The company's ONTAP operating system represents its strongest defensive asset, as it provides unified data management across diverse storage environments and has been refined over decades. This software creates significant switching costs for customers who have integrated ONTAP into their data infrastructure, as migrating to alternative solutions requires substantial time, training, and operational disruption. The company benefits from its hybrid cloud positioning, offering seamless data mobility between on-premises and cloud environments at a time when most enterprises are adopting multi-cloud strategies. NetApp's partnerships with major cloud providers (AWS, Microsoft Azure, Google Cloud) and its first-party cloud services create additional stickiness and differentiation. The company's focus on emerging technologies like AI infrastructure also provides growth opportunities, as organizations require specialized storage solutions for data-intensive AI workloads. However, NetApp faces significant competitive threats that limit the strength of its moat. The storage industry is highly competitive, with challenges from both traditional competitors like Dell EMC and HPE, as well as cloud-native solutions from hyperscale providers. Pure-play flash storage vendors and software-defined storage solutions pose additional competitive pressure. The commoditization of storage hardware and the shift toward cloud-native architectures could potentially erode NetApp's traditional advantages. Furthermore, large cloud providers are increasingly offering their own storage services, potentially reducing demand for third-party solutions. While NetApp has successfully adapted to these trends, the company must continue innovating and evolving its business model to maintain its competitive position in a rapidly changing market.
Risks & safety
NetApp demonstrates a moderate margin of safety with some financial strengths offset by concerning leverage metrics. • **Liquidity position**: Strong with $1.5 billion in cash and short-term investments, providing adequate cushion for operations and investments • **Debt concerns**: High debt-to-equity ratio of 2.26, indicating significant leverage that could constrain financial flexibility during downturns • **Current ratio**: Below 1.0 at 0.93, suggesting potential short-term liquidity challenges as current liabilities exceed current assets • **Cash generation**: Solid free cash flow of $338 million in recent quarter, though volatile across periods • **Valuation metrics**: Trading at 21.5x P/E ratio and 14.8x EV/EBITDA, representing moderate valuation levels for a mature technology company • **Profitability**: Healthy ROE of 30% and consistent EBITDA margins around 27%, indicating efficient operations • **Other considerations**: Cyclical nature of enterprise IT spending creates earnings volatility; exposure to commodity component pricing affects margins
Recent development
Over the past few years, NetApp has undergone significant strategic transformation focused on three key areas: cloud services expansion, AI infrastructure positioning, and portfolio optimization. The company has aggressively expanded its cloud presence, achieving over 40% growth in first-party and marketplace cloud storage services, while building deeper partnerships with major hyperscalers. This cloud strategy shift has been accompanied by a focus on recurring revenue models, with cloud Annual Recurring Revenue (ARR) reaching $630 million. NetApp has positioned itself as a key player in the emerging AI infrastructure market, securing over 100 AI and data lake modernization deals across various industries. The company has refreshed its entire product portfolio with new AFF A-series and ASA block-optimized arrays specifically designed for AI workloads, while forming strategic partnerships with NVIDIA, Lenovo, and Domino Data Labs. The introduction of NetApp AIPod and enhanced data management capabilities for AI workflows represents a significant strategic pivot toward this high-growth market. The company has also undertaken portfolio rationalization efforts, including the divestiture of the Spot by NetApp business to focus resources on core storage and data management capabilities. NetApp has introduced innovative service models like Keystone Storage-as-a-Service, which has grown nearly 60% year-over-year, representing a shift toward consumption-based offerings. Additionally, the company has maintained disciplined capital allocation, committing to return up to 100% of free cash flow to shareholders while investing in product innovation and market expansion. These strategic moves reflect NetApp's evolution from a traditional storage hardware vendor to a comprehensive data services provider aligned with cloud and AI trends.
NTAP company profile · for informational purposes only — not investment advice.
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