# NetApp Inc. (NTAP) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Technology / Computers & Hardware. Price $190.78, market value $37.5 billion.

## Valuation
- **P/E (trailing): 26.9×** (5-yr avg 16.0×, 3-yr avg 17.8×). NetApp Inc. trades at 26.9× trailing earnings, well above its own five-year average of 16.0×: investors are paying up relative to the company's past. The Technology median in the September 2026 study was 32.1×. Forward P/E is 17.1×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 1.42**. A PEG of 1.42 is in the range usually read as fairly priced for its growth.
- **Price / sales: 5.2×**. Each dollar of revenue is priced at 5.2×.
- **Price / book: 25.0×**. The shares trade at 25.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 18.9×**. Enterprise value is 18.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.4%** (5-yr avg 7.3%). Free cash flow equals 4.4% of the market value, below its five-year average of 7.3%, so the shares are pricier on cash than usual.
- **Earnings yield: 3.7%**. The inverse of the P/E: 3.7% of the price is earned each year.

## Profitability
- **Gross margin: 72.7%**. NetApp Inc. keeps 72.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 25.7%**. 25.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 18.4%**. 18.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 94.4%**. A 94.4% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 82.6%**. Return on all capital, debt included, is 82.6%: comfortably above what that capital costs.
- **Return on assets: 13.2%**. Each dollar of assets produces 13.2% of profit.

## Growth
- **Revenue growth (1 yr): 5.4%** (3-yr 2.9%/yr, 5-yr 3.8%/yr). Revenue grew 5.4% over the last year, against 3.8% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 12.0%** (3-yr 3.1%/yr, 5-yr 14.5%/yr). Earnings per share rose 12.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 29.1%/yr**. Free cash flow has compounded at 29.1% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.84**. Debt is 1.84 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.2×**. It would take 0.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Current ratio: 1.44** (quick 1.44). Current assets cover the next year's liabilities 1.44 times.
- **Altman Z-score: 3.92**. A Z-score of 3.92 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 1.09%** ($2.08 per share, trailing). NetApp Inc. yields 1.09%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 32%** (25% of free cash flow). 32% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 13**. 13 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 1.6%/yr** (1-yr 2.0%). The dividend has grown 1.6% a year over five years.

## Analyst view
- **Analyst consensus: buy** (16 analysts). 16 analysts cover NetApp Inc.; the consensus is buy, with an average price target of $211.69 (+11% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 65.3%** (YTD 80.5%, 3-mo 0.2%). The shares are up 65.3% over twelve months including dividends.
- **From 52-week high: -20.8%** (103.6% above the low). Trading 21% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 1.48** (volatility 47%). Beta of 1.48 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NTAP · Page: https://foliofundamentals.com/stocks/ntap

Not investment advice.