At a glance
NetApp Inc is worth $36.39B, about 29 times its fiscal 2026 earnings. Revenue grew 5.4% to $6.92B in fiscal 2026, with 18.4% kept as profit; over 5 years it has grown 3.8% a year. It pays a 1.12% dividend yield, and returned $6.58B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +59.7% over the past year with dividends reinvested and +18.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.2% in the 2020 crash (S&P 500: 33.7%) and 34.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows.
The business in plain English
NetApp, based in San Jose, California, sells equipment and software that businesses use to store, manage and protect their data. Its main product is ONTAP, data management software. ONTAP runs on NetApp's storage machines in customers' data centers and also inside the major public clouds. Its built-in tools handle backups, copy data between sites and defend against ransomware attacks. NetApp sells to thousands of companies worldwide, often through channel partners such as resellers and distributors. The U.S. government is also a customer.
Storage systems and related support bring in most of the money. In the fiscal year ended April 24, 2026, revenue was $6.9 billion. All-flash systems, which store data on fast solid-state chips instead of spinning disks, made up 60.3%. Hybrid-flash systems, which mix flash with cheaper hard disks, and other sales added 29.7%. Together these form the Hybrid Cloud segment. The Public Cloud segment sells NetApp storage services inside Amazon Web Services, Microsoft Azure and Google Cloud. It supplied 9.9%.
Split another way, product sales were 46.1% of revenue, support contracts 38.1% and professional and other services 5.9%. By region, the Americas supplied 50.6%, Europe, the Middle East and Africa 34.1%, and Asia Pacific 15.3%. NetApp is also selling its storage and AI Data Engine software to companies building artificial intelligence (AI) systems, with partners such as NVIDIA.
Price history
The interactive chart needs JavaScript.
NTAP +59.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $3.19B | 46.1% |
| Support | $2.64B | 38.1% |
| Public Cloud | $688.0M | 9.9% |
| Professional And Other Services | $407.0M | 5.9% |
By business segment
| All-Flash Revenues | $4.18B | 60.3% |
| Hybrid-Flash And Other Revenues | $2.06B | 29.7% |
| Public Cloud Segment | $688.0M | 9.9% |
By geography
| Americas | $3.50B | 50.6% |
| EMEA | $2.36B | 34.1% |
| Asia Pacific | $1.06B | 15.3% |
Latest results
- In Q1 FY2027 (ended Jul 31, 2026), revenue was $2.02B, up 29.9% from a year earlier, and net income was $375.0M (+60.9%).
- For fiscal 2026, revenue was $6.92B (+5.4% year over year; +3.8% a year from FY2021 to FY2026) with a 18.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +3.8% watch |
|---|---|
| Operating margin | 24.2% good |
| Free cash flow margin | 27% good |
| Return on equity (FY2026) | 94.4% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 11.9% good |
| Net cash (cash minus debt) | $1.09B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.74B | $730.0M | $1.17B |
| FY2022 | $6.32B | $937.0M | $985.0M |
| FY2023 | $6.36B | $1.27B | $868.0M |
| FY2024 | $6.27B | $986.0M | $1.53B |
| FY2025 | $6.57B | $1.19B | $1.34B |
| FY2026 | $6.92B | $1.28B | $1.87B |
Valuation snapshot
| Market value | $36.39B |
|---|---|
| P/E ratio | 29.2 |
| Dividend yield | 1.12% |
Rank among 1514 US companies
Market value at each year end
NetApp’s market value went from $9.71B at the end of 2016 to $36.39B on Nov 2, 2026, about 3.7 times as much; since the end of 2025 it is up 72%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $36.39B | +71.6% |
| 2025 | $21.21B | -10.1% |
| 2024 | $23.60B | +29.9% |
| 2023 | $18.16B | +40.3% |
| 2022 | $12.95B | -36.7% |
| 2021 | $20.45B | +38.2% |
| 2020 | $14.80B | +4.2% |
| 2019 | $14.21B | -5.5% |
| 2018 | $15.03B | +1.8% |
| 2017 | $14.76B | +52.0% |
| 2016 | $9.71B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NTAP price data to Nov 2, 2026 | +75.6% | +59.7% | +37.8% | +18.0% | +22.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +75.6% |
| 2025 | -5.8% |
| 2024 | +34.2% |
| 2023 | +51.1% |
| 2022 | -32.9% |
| 2021 | +42.5% |
| 2020 | +10.9% |
| 2019 | +7.4% |
| 2018 | +9.7% |
| 2017 | +59.9% |
| 2016 | +36.6% |
| 2015 | -34.7% |
| 2014 | +2.4% |
| 2013 | +23.6% |
| 2012 | -7.5% |
| 2011 | -34.0% |
| 2010 | +60.0% |
| 2009 | +146.0% |
| 2008 | -44.0% |
| 2007 | -36.5% |
| 2006 | +45.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.6% over that stretch · deepest drop along the way 67.6%, back to its old high 12.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.6% over that stretch · deepest drop along the way 34.2%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.7% over that stretch · deepest drop along the way 34.3%, back to its old high 14 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 19 sales ($35.5M), 16 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 29, 2026 | George Kurian CEO, Director | sell (plan) | $10.5M |
| Sep 24, 2026 | George Kurian CEO, Director | sell (plan) | $7.4M |
| Sep 21, 2026 | George Kurian CEO, Director | sell (plan) | $2.6M |
| Sep 14, 2026 | George Kurian CEO, Director | sell (plan) | $2.5M |
| Sep 14, 2026 | George Kurian CEO, Director | sell (plan) | $2.4M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Mar 31, 2025 |
| Vanguard Capital Management | 7.29% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.44% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 4.82% | Sep 30, 2025 |
ETFs with the most weight in NTAP
| WCBR WisdomTree Cybersecurity Fund | 3.74% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 2.94% |
| FCLD Fidelity Cloud Computing ETF | 2.33% |
| WLDR Affinity World Leaders Equity ETF | 2.2% |
| SKYY First Trust Cloud Computing ETF | 2% |
| SMRI Bushido Capital US Equity ETF | 1.86% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 1.71% |
| SOVF Sovereign's Capital Flourish Fund | 1.69% |
What could go wrong
- Falling behind as AI reshapes storage. AI is changing what customers want from storage in ways that are still unfolding. If NetApp's products don't keep up, or AI spending shifts unexpectedly, demand could drop. Revenue fell in fiscal 2024.
- Customers moving to pay-as-you-go models. More buyers want storage as a subscription or cloud service instead of buying machines upfront. NetApp warns this shift could reduce revenue and profit in other parts of its business.
- Heavy competition and industry consolidation. NetApp competes with rivals on price and features. Pricing pressure and more efficient storage, which lets customers buy less capacity, could hold back sales. Mergers among competitors could create stronger rivals.
- Reliance on partners and big orders. Many sales go through resellers and distributors, and some revenue comes from large repeat purchases. Losing a key partner or a big order could hurt results. This setup also makes revenue hard to forecast.
- Few suppliers, mostly overseas manufacturing. Most products are sourced and made outside the U.S., and NetApp relies on a limited number of suppliers for critical parts. Shortages, tariffs or trade restrictions could delay shipments or raise costs.
- Blame for data breaches or outages. NetApp systems hold customers' critical data. A breach, outage or data loss could be blamed on its products, even when improper use caused it, and damage customer trust.
Recent events
- Change to shareholder rights; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
NetApp pays a small dividend. The yield was 0.93% as of October 28, 2026, so the share price would drive most of the return. Dividends per share rose from $1.92 in fiscal 2021 to $2.08 in fiscal 2026, about 1.6% a year. The dividend stayed at $2.00 for three straight years, so there is no streak of annual raises. The fiscal 2026 dividend used 32.4% of earnings and 22.1% of free cash flow (cash left after running and investing in the business). NetApp spends more on buybacks: $4.45 billion over fiscal 2022–2026, against $2.13 billion on dividends. The share count fell 11.6% from November 2021 to August 2026.
The stock has fallen hard in market slumps. It dropped 67.6% in the 2008 financial crisis and recovered by December 2009. It fell 34.2% in the 2020 COVID crash and 34.3% in the 2022 bear market, and it did not regain its prior peak until November 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does NetApp make money?
NetApp makes money by selling data storage systems, the ONTAP software that runs them, and support contracts. In its fiscal year ended April 24, 2026, product sales were 46.1% of its $6.9 billion in revenue and support was 38.1%. Storage services sold inside Amazon Web Services, Microsoft Azure and Google Cloud brought in 9.9%, and professional and other services 5.9%. The Americas supplied 50.6% of revenue.
Does NetApp raise its dividend every year?
No. NetApp paid $2.00 per share in each of fiscal 2022, 2023 and 2024. It then paid $2.08 in fiscal 2025 and again in fiscal 2026, so it has no streak of yearly increases. Since fiscal 2021 the dividend has grown about 1.6% a year. The yield was 0.93% as of October 28, 2026. The fiscal 2026 payout used 32.4% of earnings, and NetApp has spent more on buybacks than on dividends.
Is NetApp an AI stock?
Partly. NetApp sells its storage to companies building artificial intelligence (AI) systems. It offers AFX, a storage system built for AI work, and AI Data Engine software that prepares data for AI tools. It also works with NVIDIA on tested system designs. But its revenue breakdown does not show AI sales on their own. Most fiscal 2026 revenue came from all-flash (60.3%) and hybrid-flash and other (29.7%) storage, which also runs databases and other everyday business work. NetApp warns that shifts in AI spending could hurt results.
How much debt does NetApp have?
NetApp had $2.49 billion of total debt as of July 31, 2026. It also held $3.58 billion in cash and investments, about $1.09 billion more than its debt. Shareholders' equity was small, at $1.5 billion. That makes return on equity (profit divided by the book value of shareholders' stake) look unusually high: 94.4% in fiscal 2026. The 10-K still lists its outstanding and future debt as a risk.
What is NetApp's P/E ratio?
NetApp traded at about 35.2 times its fiscal 2026 earnings as of October 28, 2026, and its market value was about $43.9 billion. The price-to-earnings (P/E) ratio compares the share price with a year of profit per share, here $6.35. The shares gained 95.9% in the year to October 28, 2026. Fiscal 2026 net income grew 7.6%. Growth was faster in the quarter ended July 31, 2026, when revenue rose 29.9% and net income 60.9% from a year earlier.