NTAP
NetApp, Inc.
NTAP's fundamentals are strong, but it looks expensive: trading at 26x earnings, above its usual 19x. Analysts expect earnings growth, though they disagree widely on how much.
NTAP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Healthy |
NTAP's revenue, profitability, cash flow and balance sheet are all currently healthy.
NTAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $90.96 | -51% |
| Forward | 18x | $186 | — |
| Fair | 19x | $133 | -29% |
| Expensive | 26x | $181 | -2.9% |
| Current | 26x | $186 | — |
Historical ranges are pointers, not guarantees.
NTAP's PE is in its expensive range at 26x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its fair range.
NTAP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for NTAP, with profitability holding steady. However, they disagree widely on these estimates.
NTAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.17 | +44% |
| Q3 2026 | $7.08 | +25% |
| Q2 2026 | $6.35 | +12% |
| Q1 2026 | $5.97 | +11% |
| Q4 2025 | $5.74 | +5.7% |
| Q3 2025 | $5.65 | +11% |
| Q2 2025 | $5.67 | +22% |
| Q1 2025 | $5.39 | +23% |
| Q4 2024 | $5.43 | +69% |
NTAP's earnings per share have climbed steadily: $7.08 over the past year, up 25% from the year before, and higher year over year for eight quarters in a row.
NTAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +17% |
| Q2 2026 | $1.9B | +12% |
| Q1 2026 | $1.7B | +4.4% |
| Q4 2025 | $1.7B | +2.8% |
| Q3 2025 | $1.6B | +1.2% |
| Q2 2025 | $1.7B | +3.8% |
| Q1 2025 | $1.6B | +2.2% |
| Q4 2024 | $1.7B | +6.1% |
NTAP's revenue has grown year over year for 11 quarters in a row: $1.8B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | +6.8 points |
| Q2 2026 | 27% | +7.2 points |
| Q1 2026 | 25% | +3.3 points |
| Q4 2025 | 23% | +2.6 points |
| Q3 2025 | 20% | +1.5 points |
| Q2 2025 | 20% | -1.9 points |
| Q1 2025 | 22% | -0.7 points |
| Q4 2024 | 21% | +1.3 points |
NTAP's operating margin was 27% last quarter, up 6.8 points from the same quarter a year ago.
NTAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $401M | -35% |
| Q2 2026 | $900M | +41% |
| Q1 2026 | $271M | -20% |
| Q4 2025 | $78M | +30% |
| Q3 2025 | $620M | +107% |
| Q2 2025 | $640M | +13% |
| Q1 2025 | $338M | -25% |
| Q4 2024 | $60M | -38% |
NTAP generated $1.6B in free cash flow over the past year, about the same as the year before.
NTAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -1M shares |
| 1 year | -1.5% | -3M shares |
| 3 years | -7.4% | -16M shares |
| 5 years | -13% | -29M shares |
| Available history | -15% | -36M shares |
NTAP has 200M diluted shares, down 1.5% from a year ago, with $850M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $200M |
| Q2 2026 | $200M |
| Q1 2026 | $200M |
| Q4 2025 | $250M |
| Q3 2025 | $300M |
| Q2 2025 | $250M |
| Q1 2025 | $200M |
| Q4 2024 | $300M |
NTAP spent $850M buying back its own shares over the past year, down 19% from the year before.
NTAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.5x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.3x | Very low |
NTAP's net debt is less than a year of its operating earnings (EBITDA).
NTAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.0 | Neutral |
| Stochastic | 29.8 | Neutral |
NTAP's weekly RSI is 52 (neutral) and its Stochastic is 30 (neutral).
NTAP PE vs Technology Sector
| Metric | NTAP | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 5.7% below |
| PE % | 86 | 35 | 51 pts above |
NTAP is trading at 26x earnings, in line with the Technology sector's median of 28x.
NTAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $204.8 | 9.1% below |
| 20 week MA | $191.5 | 2.8% below |
| 50 week MA | $146.4 | 27% above |
| 100 week MA | $127.0 | 46% above |
| 200 week MA | $110.0 | 69% above |
NTAP has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 69% above its 200-week average.
NTAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $61.4 | $65.8 | +7.1% |
| 2021 | $65.8 | $90.6 | +38% |
| 2022 | $90.6 | $59.0 | -35% |
| 2023 | $59.0 | $88.2 | +49% |
| 2024 | $88.2 | $117.0 | +33% |
| 2025 | $117.0 | $110.5 | -5.5% |
| 2026 YTD | $110.5 | $186.1 | +68% |
NTAP has finished higher in four of the last six years. It's up 68% so far in 2026.