SURVYR

NTAP

NetApp, Inc.
$227.58
+$5.50 (2.48%)Oct 27 close
Information TechnologyS&P 500 CompareTechnicals
Model valuationLooks expensiveDCF base $187
1M3M6M1Y2Y
-19%+13%+45%+77%+109%Oct 2025Oct 2026Apr 202652w high $240.8752w low $93.69
NTAPSPY
Wall St. Highest PT $300.00 (+31.8%) Wall St. Avg PT $211.69 (-7.0%)
$93$147$201$255$309POC $98Hi $300Avg $212
Underwater Drawdown %Max DD -20.8%Current -4.8%
0.0%-20.8%
Relative Strength vs SPY+83.7% vs SPYOutperforming
+106%0%-106%
1W
+$17.61 (8.39%)
1M
+$26.88 (13.39%)
3M
+$53.44 (30.69%)
6M
+$119.87 (111.29%)
YTD
+$122.11 (115.78%)
1Y
+$112.17 (97.18%)

Chart

Loading live chart…

Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar
Wall Street analyst consensus
SellHoldStrong Buy
Buy
20 analysts · mean score 2.25
1 = Strong Buy · 5 = Sell
Strong Buy735%
Buy15%
Hold1260%
Underperform00%
Sell00%
Wall Street consensus · as of Oct 18, 2026
Analyst price targets
Current price$227.58
Average target$211.69
−$15.89 (−7.0%) downsideaverage target vs current price
CurrentAverageMedian
Low$170.00
Median$197.00
High$300.00
12-month Wall Street target range · as of Oct 18, 2026
Recent analyst rating changes · 30
Initiated
2026-10-26 · Guggenheim started covering NTAP at Neutral
Downgrade
2026-10-14 · Barclays downgraded NTAP from Overweight to Equal-Weight
Upgrade
2026-10-07 · Evercore ISI Group upgraded NTAP from In-Line to Outperform
Reiterated
2026-10-06 · TD Cowen reiterated Buy on NTAP
Reiterated
2026-10-02 · Loop Capital reiterated Buy on NTAP
Reiterated
2026-09-30 · B of A Securities reiterated Neutral on NTAP
All analyst rating changes ›

Third-party ratings, not SURVYR.'s views.

Health check

Financial health
DistressGrey zoneSafe
Safe zone
Altman Z-score 4.2
Above 2.99 is the safe zone, below 1.81 the distress zone.
Quality
WeakAverageStrong
Strong
Piotroski F-score 8 of 9
See the tests
  • ✓Positive net income
  • ✓Positive operating cash flow
  • ✓Return on assets improved
  • ✓Cash flow above net income
  • ✗Long-term debt / assets fell
  • ✓Current ratio improved
  • ✓No share dilution
  • ✓Gross margin improved
  • ✓Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Jul 31, 2026). Descriptive, not a forecast.

Key stats & company

Market value$44.7B
P/E (last 12 months)32.1
P/E (next 12 months, estimated)20.4
52-week range$93.69 – $240.87
Revenue growth (latest quarter vs a year ago)+29.9%
Dividend yield0.94%
Analyst consensusBuy (16)
Average analyst price target$211.69 (-7%)

What they do

NetApp, Inc. develops enterprise software, systems, and services to transform data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Hybrid Cloud and Public Cloud. The company offers data management software, such as NetApp ONTAP, ONTAP One, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication.

Technology · Software - Infrastructure
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Looks expensive
Model read-out from the numbers below, not advice. Score -3 (DCF counts double).
▼DCF (base case)below the price by 18%
▼Forward P/E vs sector20.4x vs median 17.3x
▲Piotroski F-score8/9
▲Altman Z4.2 (safe)
▲Net debt / EBITDA-0.5x
▼Analyst target-7% (16 analysts)

Discounted cash flow

Bear
$121
-47%
growth 9% · disc. 12.5% · term. 2.0%
Base
$187
-18%
growth 15% · disc. 11.5% · term. 2.5%
Bull
$269
+18%
growth 18% · disc. 10.5% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 14% a year for 10 years.
Implied
+14%/yr
FCF, last 3 yrs
+29%/yr
FCF, last 5 yrs
+10%/yr
Revenue, last 3 yrs
-1%/yr
Revenue, last 5 yrs
+2%/yr
Same inputs as the DCF above: trailing free cash flow 1.6B, 11.5% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-07-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.45 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)
sector median 35.4× · 46th pct
 32.1×
cheaper
Forward P/E
sector median 17.3× · 62nd pct
 20.4×
pricier
EV / EBITDA
sector median 20.3× · 53rd pct
 21.5×
pricier
Price / sales
sector median 4.8× · 63rd pct
 6.7×
pricier
Price / book
sector median 5.2× · 94th pct
 29.9×
pricier
FCF yield
sector median 3.6% · 52nd pct
 3.7%
cheaper

Forward EPS $11.16 vs trailing $7.09 (+57% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO
$3.9B
as of 2021-07-30
vs a year ago
+8%
YoY
× TTM revenue
0.59×
coverage
19-10
20-01
20-04
20-07
20-10
21-01
21-04
21-07

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
78.4%
Operating margin
27.8%
FCF margin
24.8%
Net margin
21.3%
Return on equity
94.8%
Return on invested capital
352.4%
Net debt / EBITDA
-0.5×
Current ratio
1.2×
Interest cover
17.0×
Cash conversion (OCF/NI)
1.3×
Piotroski F-score 8/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 4.2 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$212
-7%
Analysts
16
Buy
Range
$170–$300
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2026$6.2B$1.3B$1.9B
2025$5.9B$1.2B$1.3B
2024$5.7B$986.0M$1.5B
2023$6.4B$1.3B$868.0M
2022$6.3B$937.0M$985.0M
2021$5.7B$730.0M$1.2B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR -0.7%.

For information only · Important disclosures

Grades vs sector

Momentum
77th percentile in sector
B+
12-1 return: +80.7%
Percentile within its GICS sector across the S&P 1500.
Growth
75th percentile in sector
B+
Revenue growth (YoY): +29.9%
Percentile within its GICS sector across the S&P 1500.
Value
50th percentile in sector
C+
Forward E/P: 5.5% · EBITDA/EV: 5.4%
Percentile within its GICS sector across the S&P 1500.
Profitability
84th percentile in sector
A-
Profit margin: +19.2% · Return on equity: +114.8%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Held by 1 of 7 live models: Quality Growth.

Quality Growth
6.7% of the book · ranked 13 of 360
 HeldMomentum Top 15
ranked 50 of 499 · 12-month momentum 59.1%
 Momentum Blend
Not in the current book
 New Highs Growth
ranked 31 of 589 · 12-month momentum 59.0%
 SURVYR. Barbell Momentum & T-Bill Shield
Outside this model's universe or screens
 SURVYR. Physical AI Grid & Power
Outside this model's universe or screens
 SURVYR. Long Book
Not in the current book
Why it's in the Quality Growth #13 of 360

Qualified on ROIC 61%, revenue +13% (TTM), growth accelerating +20.5 pts, latest quarter 2026-07-31. Ranked 13th of 360 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-27) it ranks 28th.

Earnings & events

NTAP earningsNext report in 34 days
Next report
Tue Dec 1, 2026Time not confirmed
EPS consensus$2.60 range $2.47–$2.72
Revenue consensus$2.1B 17 analysts
Last 4 quarters · EPS vs estimate
May 28, 2026$2.43est $2.27+7.2%Above estimates
Feb 26, 2026$2.12est $2.06+2.8%Above estimates
Nov 25, 2025$2.05est $1.88+8.8%Above estimates
Aug 27, 2025$1.55est $1.54+0.7%In line with estimates

In line = within 1% of the estimate.

Source: Yahoo Finance · refreshed 2026-10-27 18:04:04 ET
24-0824-1125-0225-0525-0825-1126-0226-050.002.43
EstimateActual (beat)Actual (miss)

Quarterly revenue

QuarterRevenueYoY
2026-07-31$2.0B+29.9%
2026-04-30$1.9B–
2026-01-31$1.7B–
2025-10-31$1.7B–
2025-07-31$1.6B–

Recent dividends

2026-10-09: $0.520 · 2026-07-10: $0.520 · 2026-04-02: $0.520 · 2026-01-02: $0.520 · 2025-10-03: $0.520 · 2025-07-03: $0.520 · 2025-04-04: $0.520 · 2025-01-03: $0.520

News & catalysts

More news
What Did NetApp Do That HP Did Not?
Trefis · 14h ago
Would You Have Held NetApp Stock All The Way Up?
Trefis · 23h ago
Savvy Investors Love This Often Overlooked Clue. It's Flashing Now For This Nvidia, Google Partner.
Investor's Business Daily · Oct 21
How Much Of NetApp Stock's Rise Did The Business Earn?
Trefis · Oct 19
HPE Stock’s Worst Week Ever Exposes Wall Street’s Newest Fear
Barrons.com · Oct 16
Rating changes
Initiated
2026-10-26 · Guggenheim started covering NTAP at Neutral
Downgrade
2026-10-14 · Barclays downgraded NTAP from Overweight to Equal-Weight
Upgrade
2026-10-07 · Evercore ISI Group upgraded NTAP from In-Line to Outperform
Reiterated
2026-10-06 · TD Cowen reiterated Buy on NTAP
Reiterated
2026-10-02 · Loop Capital reiterated Buy on NTAP
Reiterated
2026-09-30 · B of A Securities reiterated Neutral on NTAP

Third-party analyst actions, not SURVYR.'s views. All rating changes

Insider trades
O'Callahan Elizabeth M
EVP, Chief Admin. Officer · 2026-10-12
Sell
$237.4K
Palin Carrie
Director · 2026-10-02
Sell
$1.1M
Kurian George
Director, CEO · 2026-10-01
Sell
$212.1K
Kurian George
Director, CEO · 2026-10-01
Sell
$358.0K
Kurian George
Director, CEO · 2026-10-01
Sell
$759.2K
Kurian George
Director, CEO · 2026-10-01
Sell
$771.0K
Held Gerald
Director · 2026-10-01
Sell
$1.2M
Kurian George
Director, CEO · 2026-09-29
Sell
$10.5M
Kurian George
Director, CEO · 2026-09-24
Sell
$7.4M
Ahuja Deepak
Director · 2026-09-21
Sell
$690.0K
Kurian George
Director, CEO · 2026-09-21
Sell
$2.6M
Kurian George
Director, CEO · 2026-09-14
Sell
$288.7K

Stats refreshed 2026-10-27 18:04:04 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

Morning Brief (8 AM ET) & Market Close (4:30 PM ET), weekdays

Indexes, sectors, biggest movers, rates, top news, SURVYR. model changes and what's ahead. Free, two short emails each weekday.

Editions

Free. Not investment advice. Unsubscribe anytime.

SURVYR

Free to use. No card, no ads, no auto-renew.

Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

How it worksOur promiseTermsPrivacyData statusSend feedback
Coteau 0.9 · Oct 21, 2026