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Earnings transcript
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NTAP
NetApp, Inc.
$196.33
3.42
(1.77%)
| Exchange: | NASDAQ |
| Market Cap: | 38.527B |
| Shares Outstanding: | 143.976M |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Computer HardwareView industry performance | |||||
| CEO: | George Kurian | |||||
| Full Time Employees: | 11700 | |||||
| Address: |
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| Website: | https://www.netapp.com |
NetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company’s operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions. For cloud environments, NetApp delivers a wide array of cloud storage and data services such as NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and NetApp Cloud Volumes Service for Google Cloud. These are augmented by services like NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense for analytics, and NetApp Cloud Volumes Edge Cache. The company also provides cloud operations services, which include NetApp Cloud Insights, the Spot Ocean Kubernetes Suite, Spot Security, Spot Eco for cost optimization, and Spot CloudCheckr. Moreover, NetApp offers application-aware data management solutions under its NetApp Astra brand. Its service portfolio is rounded out by comprehensive professional and support services, encompassing strategic consulting, managed services, and dedicated support, in addition to assessment, design, implementation, and migration services. NetApp serves a broad spectrum of industries globally, including energy, financial services, government, technology, internet, life sciences, healthcare, manufacturing, media, entertainment, animation, video post-production, and telecommunications. The company reaches its clientele through a direct sales force and a robust network of partners. NetApp, Inc. was founded in 1992 and is headquartered in San Jose, California.
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Revenue Segmentation
NTAP full analysis
Hey everyone, welcome back to MarketSnap. NetApp is on a lot of watchlists right now — it just posted thirty percent revenue growth, raised guidance, and the stock is up nearly sixty percent over the past year. So before you pull the trigger, we're plugging NTAP into MarketSnap's fair value model. Is the AI storage story already priced in? Where's the margin of safety? Let's dig in. NetApp is one of those quiet infrastructure names that suddenly found itself at…
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 6,268,000 | 6,572,000 | 6,925,000 |
| Gross Profit | 4,433,000 | 4,613,000 | 4,899,000 |
| EBITDA | 1,582,000 | 1,690,000 | 1,929,000 |
| Operating Income | 1,214,000 | 1,337,000 | 1,695,000 |
| Net Income | 986,000 | 1,186,000 | 1,276,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 9,887,000 | 10,823,000 | 10,744,000 |
| Total Liabilities | 8,741,000 | 9,783,000 | 9,393,000 |
| Total Stockholders Equity | 1,146,000 | 1,040,000 | 1,351,000 |
| Total Debt | 2,652,000 | 3,491,000 | 2,487,000 |
| Cash and Cash Equivalents | 1,903,000 | 2,742,000 | 3,584,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 1,685,000 | 1,506,000 | 2,067,000 |
| Capital Expenditure | -155,000 | -168,000 | -198,000 |
| Free Cash Flow | 1,530,000 | 1,338,000 | 1,869,000 |
| Net Income | 986,000 | 1,186,000 | 1,276,000 |
| Net Change in Cash | -413,000 | 840,000 | -673,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 8,450,405.112 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 10,189,425.715 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 9,261,818.803 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 3,036,781.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 3,302,350.212 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 3,047,848.749 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 2,333,967.531 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 2,560,668.332 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 2,343,414.860 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 2,803,287.431 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 3,380,179.844 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 3,072,461.011 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 12.300 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 12.870 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 11.730 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 8 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Profitability and Cash Generation: NetApp demonstrates robust operational efficiency, evidenced by a gross profit margin of approximately 70% and a net profit margin of 17.6%. The company maintains a strong free cash flow yield of 5.5%, supported by consistent net cash provided by operating activities, allowing for significant capital returns and reinvestment.
- Solid Balance Sheet: The company maintains a healthy liquidity position with a current ratio of 1.54 and a quick ratio of 1.31, indicating the ability to meet short-term obligations. Furthermore, a debt-to-equity ratio of 1.23 suggests a manageable leverage profile relative to equity, providing financial flexibility.
- Market Position in AI and Cloud: The Q3 FY 2025 earnings call highlighted the company's focus on maintaining a strong position in the AI and cloud markets. Revenue growth of 2% year-over-year indicates resilience in core segments despite broader market volatility.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates NTAP intrinsic value between $105.69 – $114.02 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about NTAP valuation
Is NetApp, Inc. (NTAP) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for NetApp, Inc. (NTAP) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NTAP a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NTAP trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NTAP’s P/E ratio?
You can see NTAP’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NTAP?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NTAP a good long-term investment?
Whether NTAP fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NTAP
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Daily snapshot
1.77
Trading Metrics:
| Open: | 192.71 | Previous Close: | 192.91 | |
| Day Low: | 192.48 | Day High: | 197.89 | |
| Year Low: | 93.69 | Year High: | 209.06 | |
| Price Avg 50: | 185.94 | Price Avg 200: | 135.54 | |
| Volume: | 1.658M | Average Volume: | 3.064M |
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