NetApp, Inc. · Computer Storage Devices

NTAP

Low riskAI: Servers and networkingNext report: Around Nov 24 (est.)

View price ↗

The short version

A high-quality, profitable business with growing sales.

Going well

Sales up 30% in the latest quarter vs a year ago
Profitable every year for 10 years
Brings in more cash than it spends

Watch out for

High debt: 2.15x equity

Money moves

Insiders sold $15.1M in the last 30 days
Institutions cut 0.8% from their holdings in the quarter ending June 2026 (489 bought, 410 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$222.06+3.1% that day

Company value: $43.6B; Share price times all shares
Price vs profit (P/E): 31.3x; You pay about $31 for each $1 of yearly profit
Price vs sales: 6.7x; Company value is 6.7 times a year of sales
Dividend yield: 0.9%; Yearly dividend as a share of today's price
Cash vs value: 4%; Cash as a share of company value
Debt vs value: 6%; Debt as a share of company value

From NTAP's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jul '26

$1.8B+30% vs a year earlier

Oct '23Tap a barJul '26

Last 12 months: $6.5B, up 13% from the 12 months before. Over 5 years, sales grew about 3.8% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of NTAP. Starting points are the company's recent numbers.

Sales growth+13% a yearRecently: +13% a yearProfit margin22%Last 12 months: 21.8%P/E at the end31xToday: 31.3x. Many steady companies trade at 12x to 25xShare count change-3% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$12.0B

Profit in 5 years$2.6B

Price these guesses point to$484.00+118% vs $222.06 todayAbout +17% a year, before dividends

What today's price needs: with a 22% margin and a 31x P/E, sales could shrink about 3.3% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

6/7Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.118.5%
MissDebt under half of equityNot relying on borrowed money.2.15x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.18.4%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.9B
PassShare count not growingNot diluting owners. Falling means buybacks.-8.6% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.70.7%

Revenue: $6.9B; +5.4% vs prior year
5-year growth: +3.8%/yr; revenue, per year
Total debt: $2.5B; 2.15x equity
Current ratio: 1.39x; short-term assets / bills due

From annual reports filed with the SEC. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jul 31, 2026

Reported Sep 2

Revenue: $1.8B; +30.1% YoY
EPS: $1.88; vs $1.15
Op. margin: 26.6%; +4.5 pts
Gross margin: 78.0%; -0.5 pts
Free cash flow: $401.0M
Share count: -1.5%; vs a year ago

Insider rating

Last 90 days

22Selling

2 insiders sold $2.3M (not pre-planned)
Pre-planned sales of $20.2M (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 4.4
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-0.8%

Institutions cut 0.8% from their holdings. 489 bought, 410 sold. 2 quarters of net selling in a row.

Shares held by institutions194.4M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-2.0%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

1.7x · $2.5B debt

Shares outstandingLatest reported

196M

Earnings reports

Last 12

Next reportAround Nov 24 (est.)Estimated from the same quarter last year

Results filedSep 2
Results filedMay 28
Results filedFeb 26
Results filedNov 25, 2025
Results filedAug 27, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$22.5M4 insiders, 4 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Elizabeth M O'callahanEVP, Chief Admin. Officer	Sell	1K	$237.42	$237K	30K	Oct 12Filing ↗
-3.3% of their holdings Pre-planned sale (10b5-1) Filed 2 days after
Carrie PalinDirector	Sell	5K	$216.43	$1.1M	7K	Oct 2Filing ↗
-42.9% of their holdings Not a pre-planned sale Filed 4 days after
Gerald HeldDirector	Sell	6K	$212.00	$1.2M	10K	Oct 1Filing ↗
-35.8% of their holdings Not a pre-planned sale Filed 4 days after
George KurianCEO	Sell	10K	$210.04	$2.1M	209K	Oct 1Filing ↗
-4.6% of their holdings $209.01 to $211.67 across 4 trades Pre-planned sale (10b5-1) Also Director Filed 4 days after
George KurianCEO	Sell	50K	$209.95	$10.5M	219K	Sep 29Filing ↗
-18.6% of their holdings Pre-planned sale (10b5-1) Also Director Filed 2 days after
George KurianCEO	Sell	37K	$199.95	$7.4M	269K	Sep 24Filing ↗
-12.1% of their holdings Pre-planned sale (10b5-1) Also Director Filed 4 days after