NT
NetApp Inc
NTAP—
NetApp Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROIC of 34.3% TTM vs industry median -22% - exceptional capital efficiency on 3.5B invested capital generating 1.2B net income[Return on Invested Capital]
- Goodwill of 2.7B is 277% of equity (986M) - tangible book value is NEGATIVE (-1.8B), creating impairment overhang[Goodwill]
- FCF of 1.7B TTM (25% margin) funds 420M dividends + buybacks while debt/equity of 2.8x remains elevated[Free Cash Flow]
Watch Triggers
- EPS Growth 3Y: Turns positive or accelerates decline below -30% — Current -22.8% trajectory determines if margin strength offsets volume pressure
- Goodwill: Any impairment charge announced — At 277% of equity, even 20% writedown eliminates half of book value
- Free Cash Flow: Falls below 1.4B TTM (20% margin) — Underpins dividend safety and deleveraging capacity at 2.8x debt/equity
Bull Case
Capital-light model: 70% gross margin, 25% FCF margin, 34% ROIC on minimal capex (2.8% of revenue) creates durable shareholder returns
Gross MarginFree Cash FlowROICCapital Expenditure
Valuation reasonable at 19x P/E vs industry median 27x despite superior profitability - FCF yield of 7% supports buybacks
P/E RatioFree Cash FlowMarket Cap
Bear Case
Negative tangible book (-1.8B) with goodwill at 277% of equity - any impairment directly hits already thin equity base of 986M
GoodwillTangible Book ValueTotal Equity
3Y EPS decline of -22.8% signals structural headwinds despite current profitability - growth inflection needed to justify multiple
EPS Growth 3YEPSOperating Income
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
FCF generation enables accelerated deleveraging or capital returns despite negative tangible equity
1-3yhigh
- 1.7B annual FCF vs 2.7B total debt
- Capex under 3% of revenue (184M)
- Operating margin 22.6% vs industry 0%
FCF margin 25% TTMNet debt only 414MROIC 34% sustaining returns
EPS contraction risk if storage demand softens - 3Y EPS CAGR already -22.8%
3-12mmed
- Negative EPS growth trajectory
- High operating leverage structure
- Competitive cloud storage pressure
EPS 3Y growth -22.8%R&D 996M (15% of revenue)Working capital down 381M
Valuation Context
Caveats
Public Strategies Rankings
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NTAP Fundamentals
Professional, Scientific, and Technical Services → Professional, Scientific, and Technical Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$20.98B | — | ||
$21.64B | — | ||
17 | — | ||
$6.64B | +2.5% | — | |
$6.07 | +8.2% | — | |
22.6% | +0.9% | — | |
17.7% | -0.0% | — | |
$1.68B | +21.9% | — | |
1.3 | -13.2% | — | |
Beta 5Y (Monthly) | unknown | — |
NTAP Dividend History
51 dividends
2026
$0.520001/02/26$0.5200
2025
$2.080010/03/25$0.5200
07/03/25$0.5200
04/04/25$0.5200
01/03/25$0.5200
2024
$2.040010/04/24$0.5200
07/05/24$0.5200
04/04/24$0.5000
01/04/24$0.5000
2023
$2.000010/05/23$0.5000
07/06/23$0.5000
04/05/23$0.5000
01/05/23$0.5000
2022
$2.000010/06/22$0.5000
07/07/22$0.5000
04/07/22$0.5000
01/06/22$0.5000
2021
$1.960010/07/21$0.5000
07/08/21$0.5000
04/08/21$0.4800
01/07/21$0.4800
2020
$1.920010/08/20$0.4800
07/09/20$0.4800
04/02/20$0.4800
01/02/20$0.4800
2019
$1.760010/03/19$0.4800
07/03/19$0.4800
04/04/19$0.4000
01/03/19$0.4000
2018
$1.200010/04/18$0.4000
07/05/18$0.4000
04/05/18$0.2000
01/04/18$0.2000
2017
$0.780010/05/17$0.2000
07/05/17$0.2000
04/05/17$0.1900
01/04/17$0.1900
2016
$0.740010/05/16$0.1900
07/14/16$0.1900
04/06/16$0.1800
01/06/16$0.1800
2015
$0.690010/07/15$0.1800
07/08/15$0.1800
04/08/15$0.1650
01/07/15$0.1650
2014
$0.630010/08/14$0.1650
07/08/14$0.1650
04/08/14$0.1500
01/07/14$0.1500
2013
$0.300010/17/13$0.1500
07/09/13$0.1500
NTAP Stock Splits
1 stock split
03/23/000.5:1 split
NTAP SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/25/25 | 10/24/25 | 10-Q | |
08/27/25 | 07/25/25 | 10-Q | |
06/09/25 | 04/25/25 | 10-K | |
02/27/25 | 01/24/25 | 10-Q | |
11/25/24 | 10/25/24 | 10-Q | |
08/28/24 | 07/26/24 | 10-Q | |
06/10/24 | 04/26/24 | 10-K | |
02/29/24 | 01/26/24 | 10-Q | |
11/30/23 | 10/27/23 | 10-Q | |
08/29/23 | 07/28/23 | 10-Q | |
06/14/23 | 04/28/23 | 10-K | |
03/01/23 | 01/27/23 | 10-Q | |
12/01/22 | 10/28/22 | 10-Q | |
08/30/22 | 07/29/22 | 10-Q | |
06/16/22 | 04/29/22 | 10-K | |
03/02/22 | 01/28/22 | 10-Q | |
12/02/21 | 10/29/21 | 10-Q | |
09/02/21 | 07/30/21 | 10-Q | |
06/21/21 | 04/30/21 | 10-K | |
03/01/21 | 01/29/21 | 10-Q | |
12/03/20 | 10/30/20 | 10-Q | |
08/28/20 | 07/31/20 | 10-Q | |
06/15/20 | 04/24/20 | 10-K | |
02/18/20 | 01/24/20 | 10-Q | |
11/18/19 | 10/25/19 | 10-Q | |
08/19/19 | 07/26/19 | 10-Q | |
06/18/19 | 04/26/19 | 10-K | |
02/19/19 | 01/25/19 | 10-Q | |
11/19/18 | 10/26/18 | 10-Q | |
08/21/18 | 07/27/18 | 10-Q | |
06/19/18 | 04/27/18 | 10-K | |
02/22/18 | 01/26/18 | 10-Q | |
11/29/17 | 10/27/17 | 10-Q | |
08/29/17 | 07/28/17 | 10-Q | |
06/20/17 | 04/28/17 | 10-K | |
02/28/17 | 01/27/17 | 10-Q | |
12/02/16 | 10/28/16 | 10-Q | |
09/02/16 | 07/29/16 | 10-Q | |
06/22/16 | 04/29/16 | 10-K | |
03/07/16 | 01/29/16 | 10-Q | |
12/02/15 | 10/30/15 | 10-Q | |
09/08/15 | 07/31/15 | 10-Q | |
06/12/15 | 04/24/15 | 10-K | |
02/25/15 | 01/23/15 | 10-Q | |
11/25/14 | 10/24/14 | 10-Q | |
08/28/14 | 07/25/14 | 10-Q | |
06/17/14 | 04/25/14 | 10-K | |
02/26/14 | 01/24/14 | 10-Q | |
11/26/13 | 10/25/13 | 10-Q | |
08/29/13 | 07/26/13 | 10-Q | |
06/17/13 | 04/26/13 | 10-K | |
02/28/13 | 01/25/13 | 10-Q | |
11/30/12 | 10/26/12 | 10-Q | |
08/30/12 | 07/27/12 | 10-Q | |
06/19/12 | 04/27/12 | 10-K | |
03/05/12 | 01/27/12 | 10-Q | |
12/05/11 | 10/28/11 | 10-Q | |
09/01/11 | 07/29/11 | 10-Q | |
06/23/11 | 04/29/11 | 10-K | |
03/04/11 | 01/28/11 | 10-Q | |
12/06/10 | 10/29/10 | 10-Q | |
08/27/10 | 07/30/10 | 10-Q | |
06/18/10 | 04/30/10 | 10-K | |
03/01/10 | 01/29/10 | 10-Q | |
12/02/09 | 10/31/09 | 10-Q | |
09/04/09 | 07/31/09 | 10-Q | |
06/17/09 | 04/30/09 | 10-K | |
03/02/09 | 01/28/09 | Unknown | -- |
12/03/08 | 10/30/08 | Unknown | -- |
09/03/08 | 07/31/08 | Unknown | -- |
06/24/08 | 04/30/08 | 4 | |
03/05/08 | 01/29/08 | Unknown | -- |
12/04/07 | 10/30/07 | Unknown | -- |
09/05/07 | 07/31/07 | Unknown | -- |
06/26/07 | 04/30/07 | Unknown | -- |
03/07/07 | 01/28/07 | Unknown | -- |
12/06/06 | 10/30/06 | Unknown | -- |
09/06/06 | 07/31/06 | Unknown | -- |
07/12/06 | 04/30/06 | 10-K | |
03/07/06 | 01/28/06 | Unknown | -- |
12/06/05 | 10/30/05 | Unknown | -- |
09/02/05 | 07/31/05 | Unknown | -- |
07/08/05 | 04/30/05 | 10-K | |
03/02/05 | 01/31/05 | 10-Q | |
12/08/04 | 10/30/04 | Unknown | -- |
08/31/04 | 07/31/04 | Unknown | -- |
06/29/04 | 04/30/04 | 10-K | |
03/02/04 | 01/29/04 | Unknown | -- |
12/04/03 | 10/30/03 | Unknown | -- |
09/03/03 | 07/31/03 | Unknown | -- |
06/25/03 | 04/30/03 | Unknown | -- |
02/26/03 | 01/28/03 | Unknown | -- |
12/09/02 | 10/30/02 | Unknown | -- |
08/29/02 | 07/31/02 | Unknown | -- |
06/28/02 | 04/30/02 | Unknown | -- |
03/05/02 | 01/28/02 | Unknown | -- |
12/07/01 | 10/30/01 | Unknown | -- |
09/10/01 | 07/31/01 | Unknown | -- |
07/26/01 | 04/30/01 | Unknown | -- |
03/12/01 | 01/28/01 | Unknown | -- |
12/11/00 | 10/30/00 | Unknown | -- |
09/11/00 | 07/31/00 | Unknown | -- |
07/12/00 | 04/30/00 | Unknown | -- |
02/29/00 | 01/29/00 | Unknown | -- |