NTAPNasdaqComputer Storage DevicesFiscal year ends April 24
NetApp, Inc.
Financials through Q1 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 2, 2026
$207.37+3.57 (+1.75%)
Close on Oct 19, 2026
- Market cap
- $41.47B
- P/E (TTM)
- 29.2
- Dividend yield
- 1.00%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
78.5%+12.1 pts over 5 years
Operating margin
26.8%+8.9 pts over 5 years
Net margin
20.5%+7.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | -0.7% | +1.7% | +1.2% | |
| Gross profit | +6.2% | +5.2% | +5.1% | +3.8% | |
| Operating income | +25.2% | +18.0% | +10.2% | +17.0% | |
| Net income | +7.6% | +0.1% | +11.8% | +18.7% | |
| EPS, diluted | +12.0% | +3.1% | +14.5% | +23.5% | |
| Free cash flow | +39.7% | +29.1% | +9.8% | +8.7% | |
| Dividend per share | 0.0% | +1.3% | +1.6% | +11.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 16.5% | 157.5% | 106.7% | |
| Return on assets | 4.9% | 8.6% | 11.8% | |
| Current ratio | 1.50 | 1.74 | 1.44 | |
| Debt to equity | 0.68 | 3.84 | 1.84 | |
| Net debt to EBITDA | -0.57× | -1.60× | 0.23× | |
| Interest coverage | 11.9× | 13.9× | 15.4× | |
| Inventory turnover | 16.3× | 14.9× | 7.0× | |
| Capex to revenue | 3.2% | 2.8% | 3.2% | |
| Diluted shares | 281M | 226M | 201M |
Where the cash went
Fiscal 2022 to 2026, five years combined
NetApp generated $7.58B from operations and spent $7.57B on capital expenditure, dividends and share buybacks. 13% of that went back into the business.
Generated
$7.58B
Used
$7.57B
Capital expenditure$986.00M13%Dividends$2.13B28%Share buybacks$4.45B59%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin20.5%
×Asset turnover0.58×
×Equity multiplier9.02×
=Return on equity, FY2026106.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 20.5% | 0.58× | 9.02× | 106.7% |
| FY2025 | 20.1% | 0.57× | 9.47× | 108.5% |
| FY2024 | 17.4% | 0.57× | 8.55× | 85.6% |
| FY2023 | 20.0% | 0.64× | 9.94× | 127.6% |
| FY2022 | 14.8% | 0.65× | 12.73× | 123.0% |
| FY2021 | 12.7% | 0.68× | 18.21× | 157.5% |
| FY2020 | 15.1% | 0.67× | 12.21× | 123.0% |
| FY2019 | 19.0% | 0.66× | 5.57× | 69.5% |
| FY2018 | 2.0% | 0.61× | 3.73× | 4.4% |
| FY2017 | 8.8% | 0.56× | 3.35× | 16.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
6of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.28B
- Cash generatingOperating cash flow above zero$2.07B
- Return on assets improvedROA up on the prior year12.0% → 11.8%
- Earnings backed by cashOperating cash flow above net income$2.07B vs $1.28B
- Less leverageLong-term debt to assets fell23.0% → 23.1%
- Better liquidityCurrent ratio rose1.26 → 1.44
- No dilutionShare count did not rise209M → 201M
- Gross margin improvedGross margin up on the prior year78.09% → 78.55%
- More efficientAsset turnover rose0.60 → 0.58