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NTAP · NASDAQ · Computer Hardware

NetApp (NTAP)

Unifies enterprise storage and data management across data centers and public clouds.

$193.43
After hours+0.57 (+0.30%)
At close$192.86(−2.67%)
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NetApp, Inc.NTAP
Information Technology

Sells ONTAP-based all-flash and hybrid storage systems, object storage, support, and capacity-based services for enterprise data centers, alongside cloud storage offerings on AWS, Azure, and Google Cloud. Most revenue still comes from Hybrid Cloud products and support, and distribution is concentrated among two large channel partners.

Provides enterprise storage and data-management infrastructure across customer data centers and public clouds. The Hybrid Cloud portfolio combines ONTAP software with AFF and ASA all-flash systems, FAS hybrid arrays, E/EF block storage, StorageGRID object storage, and Keystone subscriptions. Public Cloud offerings include Cloud Volumes ONTAP, Amazon FSx for NetApp ONTAP, Azure NetApp Files, and Google Cloud NetApp Volumes.

Links storage operations through ONTAP and NetApp Console, supporting data protection and movement across environments. Most revenue comes from Hybrid Cloud products and related support; the Americas are the largest region, with substantial business across EMEA and Asia Pacific. Sales remain sensitive to enterprise infrastructure spending and hardware component costs, and two distributors together account for a large share of revenue.

Company facts

CEOGeorge Kurian
ListedNov 21, 1995
ExchangeNASDAQ
HeadquartersSan Jose, CA
CountryUnited States
Employees11,700
CIK0001002047
ISINUS64110D1046

Market cap$38.88B
EPS (ttm)$7.09
P/E (ttm)27.95
ROE113.7%
P/B26.01
P/S5.26
Dividend yieldDiv yield1.05%
Beta1.31vs XLK 0.58

Price target$191.00−1.1%Average of 71 analysts
ConsensusHold37 of 71 analysts
Ratings

Target rangeAs of Sep 22, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Sep 11, 2026Argus ResearchTarget
Target: $200
Target: $225
Sep 3, 2026Northland SecuritiesTarget
Target: $171
Target: $187
Sep 3, 2026Morgan StanleyReiterate
Rating: —Target: $173
Rating: Equal WeightTarget: $191
Sep 3, 2026WedbushReiterate
Rating: —Target: $150
Rating: NeutralTarget: $170
Sep 3, 2026UBSReiterate
Rating: —Target: $160
Rating: NeutralTarget: $171

Next report
Dec 1, 26
in 70 days
EPS estimate
$2.60
Revenue estimate
$2.10B
Fiscal quarter
Q2 FY27

EPSReportedEstimate

Feb '25May '25Aug '25Nov '25Feb '26May '26Sep '26Dec '26
Reported$1.91$1.93$1.55$2.05$2.12$2.43$2.58Pending
Estimate$1.91$1.90$1.54$1.88$2.06$2.27$2.12$2.60
Surprise0.0%+1.6%+0.6%+9.0%+2.9%+7.0%+21.7%—

RevenueReportedEstimate

Feb '25May '25Aug '25Nov '25Feb '26May '26Sep '26Dec '26
Reported$1.64B$1.73B$1.56B$1.71B$1.71B$1.95B$2.03BPending
Estimate$1.68B$1.72B$1.55B$1.69B$1.70B$1.87B$1.84B$2.10B
Surprise−2.3%+0.5%+0.7%+1.0%+1.0%+4.1%+10.2%—
Estimate$2.60
ReportedDue Dec 1, 2026
Estimate$2.10B
ReportedDue Dec 1, 2026
View details

Debt to equity169.50%
Current ratio124.20%

ProfitabilityRevenueNet incomeNet margin

Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue$1.66B$1.64B$1.73B$1.56B$1.71B$1.71B$1.95B$2.03B
Net income$299.0M$299.0M$340.0M$233.0M$305.0M$334.0M$404.0M$375.0M
Net margin18.0%18.2%19.6%14.9%17.9%19.5%20.7%18.5%

GrowthOperating income

Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Operating income$345.0M$362.0M$348.0M$309.0M$399.0M$431.0M$531.0M$541.0M
YoY growth+13.5%−1.1%−4.9%+9.6%+15.7%+19.1%+52.6%+75.1%

Balance sheet, Jul 31, 2026Cash & short-term investments $3.58B · Total debt $2.53B · Total assets $10.96B · Shareholders' equity $1.50B

Revenue
$2.03B
Operating income
$541.0M
Net income
$375.0M
View details

Dividend yield
1.05%
Next ex-date
Oct 9, 26
in 17 days
Annual dividend
$2.08
per share
Schedule
Quarterly
4 payments a year

HistoryDividendAnnual yieldUpcoming

Jan '25Apr '25Jul '25Oct '25Jan '26Apr '26Jul '26Oct '26
Dividend$0.52$0.52$0.52$0.52$0.52$0.52$0.52$0.52
Annual yield1.76%2.73%1.94%1.75%1.95%2.01%1.23%1.08%
Ex-dateJan 3Apr 4Jul 3Oct 3Jan 2Apr 2Jul 10Oct 9
Payment dateJan 22Apr 23Jul 23Oct 22Jan 21Apr 22Jul 29Oct 28
View details

Institutions99.51%195.45M shares
1,002 holders · as of Jun 30, 2026
Insiders0.45%887.6K shares
17 holders · as of Sep 16, 2026
Other0.04%84.7K shares
remainder

196.42M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesDate
BlackRock, Inc.Institution
9.62%18.90Mas of Jun 30, 2026
Vanguard Capital Management LLCInstitution
6.56%12.89Mas of Jun 30, 2026
Vanguard Portfolio Management LLCInstitution
6.25%12.28Mas of Jun 30, 2026
State Street CorpInstitution
5.05%9.92Mas of Jun 30, 2026
Primecap Management Co/CA/Institution
4.59%9.02Mas of Jun 30, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Sep 14, 2026Deepak Ahujadirector−3,526$194.04
Sep 14, 2026George Kuriandirector, officer: CEO−40,000$191.42
Sep 10, 2026Elizabeth M. O'Callahanofficer: EVP, Chief Admin. Officer−1,000$184.74
Sep 11, 2026Thomas Michael Nevensdirector−5,940$195.21
Aug 17, 2026Cesar Cernudaofficer: President−2,608$204.48
View details

  • Dell Technologies

    #1 external storage (22.7% share); contests every ONTAP tier from AFA to object.

  • Hewlett Packard Enterprise

    #2 primary block AFA share (IDC); Alletra MP triple-digit growth vs AFF and ASA.

  • IBM

    Gartner Leader; FlashSystem contests AFF at large enterprise accounts.

CompareAfter hours

CompanyPriceChange
NetApp$193.43+0.30%$38.88B27.920.25.3+30.1%
Dell Technologies$552.70+0.66%$382.08B33.419.52.5+57.8%
Hewlett Packard Enterprise$61.03−0.02%$81.78B32.213.42.0+33.5%
IBM$231.89+0.26%$218.51B20.518.13.2+1.1%
Median32.218.12.5+33.5%