olivLaw · US equity research
NetApp, Inc. NTAP
Computer Storage Devices · SIC 3572 · Vertical: Computer Storage Devices (SIC 3572)
NetApp is a global provider of Intelligent Data Infrastructure, with its ONTAP software at the core, helping enterprises manage, protect and use data across on-premises, hybrid and multi-cloud environments. The company reported net revenues of 6925 million USD in fiscal 2026, and in the first quarter of fiscal 2027 revenue grew 30% year-over-year, driven by demand for AI and flash storage.
At the close of 03 Nov 2026, NetApp, Inc. (NTAP) stock was 190.78 USD (+2.98% on the day), with market capitalisation 37.5 bn USD, P/E 26.9 on diluted EPS of 7.10 USD over the last 12 months, dividend yield 1.09%, beta 1.36, 52-week range 94.11–239.18 USD. Latest reported quarter (Q1 2027): revenue of 1.8 bn USD (+30.1% YoY), net income of 375.0 m USD (+60.9% YoY), diluted EPS 1.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.4
- weak (30–45)
- Bollinger (20, 2)
- 187.64 – 247.59
- in the lower half of the band · %B 0.05 · band width 27.5%
- SMA 50 / 200
- 205.11 / 150.88
- mixed trend
- MACD (12, 26, 9)
- -2.44 / 1.94
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.7% | −2.0% | −13.7 pp | — |
| 3 months | +0.2% | −2.2% | +2.3 pp | — |
| 6 months | +67.1% | +4.3% | +62.9 pp | — |
| Year to date | +78.1% | +10.6% | +67.6 pp | — |
| 1 year | +63.1% | +10.5% | +52.7 pp | +113.6% |
| 3 years | +151.4% | +73.7% | +77.7 pp | +459.9% |
| 5 years | +110.3% | +61.7% | +48.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.6 bn | 1.1 bn | 1.4 bn | 1.7 bn | 1.7 bn | 1.3 bn | 1.8 bn |
| Cost of revenue | 481.0 m | 496.0 m | 539.0 m | 461.0 m | 478.0 m | 504.0 m | 583.0 m | 606.0 m |
| Gross profit | 1.2 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.4 bn |
| Research & development | 257.0 m | 247.0 m | 256.0 m | 242.0 m | 251.0 m | 237.0 m | 261.0 m | 274.0 m |
| Operating income | 345.0 m | 362.0 m | 348.0 m | 309.0 m | 399.0 m | 434.0 m | 532.0 m | 484.0 m |
| Depreciation & amortisation | 63.0 m ≈ | 64.0 m ≈ | 6.0 m | 51.0 m | 52.0 m ≈ | 48.0 m ≈ | 28.0 m | 33.0 m |
| Interest expense | 15.0 m | 12.0 m | 21.0 m | 29.0 m | 26.0 m | 26.0 m | 28.0 m | — |
| Pre-tax income | 360.0 m | 370.0 m | 354.0 m | 304.0 m | 393.0 m | 433.0 m | 518.0 m | 484.0 m |
| Income tax | 61.0 m | 71.0 m | 14.0 m | 71.0 m | 88.0 m | 99.0 m | 114.0 m | 109.0 m |
| Net income | 299.0 m | 299.0 m | 340.0 m | 233.0 m | 305.0 m | 334.0 m | 404.0 m | 375.0 m |
| Diluted EPS | 1.42 | 1.44 | 1.65 ≈ | 1.15 | 1.51 | 1.67 | 2.04 ≈ | 1.88 |
| Operating cash flow | 105.0 m ≈ | 385.0 m ≈ | 675.0 m | 673.0 m | 127.0 m ≈ | 317.0 m ≈ | 950.0 m | 503.0 m |
| Capex | 45.0 m ≈ | 47.0 m ≈ | 35.0 m | 53.0 m | 49.0 m ≈ | 46.0 m ≈ | 50.0 m | 102.0 m |
| Dividends paid | 106.0 m ≈ | 106.0 m ≈ | 105.0 m | 104.0 m | 103.0 m ≈ | 103.0 m ≈ | 103.0 m | 102.0 m |
| Share repurchases | 300.0 m ≈ | 200.0 m ≈ | 250.0 m | 300.0 m | 250.0 m ≈ | 200.0 m ≈ | 200.0 m | 200.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 86 percentile of its own 42-quarter history (min 10.5, median 20.0, max 235.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 bn | 5.4 bn | 5.7 bn | 6.3 bn | 6.4 bn | 5.7 bn | 5.9 bn | 6.2 bn |
| Revenue YoY | +3.8% | −11.9% | +6.1% | +10.0% | +0.7% | −11.1% | +4.4% | +5.6% |
| Net income | 1.2 bn | 819.0 m | 730.0 m | 937.0 m | 1.3 bn | 986.0 m | 1.2 bn | 1.3 bn |
| Net income YoY | +907.8% | −29.9% | −10.9% | +28.4% | +36.0% | −22.6% | +20.3% | +7.6% |
| Diluted EPS | 4.51 | 3.52 | 3.23 | 4.09 | 5.79 | 4.63 | 5.67 | 6.35 |
| Diluted EPS YoY | +973.8% | −22.0% | −8.2% | +26.6% | +41.6% | −20.0% | +22.5% | +12.0% |
| net % | 19.0% | 15.1% | 12.7% | 14.8% | 20.0% | 17.4% | 20.1% | 20.5% |
| Free cash flow | 1.2 bn | 936.0 m | 1.2 bn | 985.0 m | 868.0 m | 1.5 bn | 1.3 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 24 Apr 2026
- Cash
- 2.1 bn USD
- Financial debt
- 2.5 bn USD
- Net debt
- 417.0 m USD
- Equity
- 1.4 bn USD
- Total assets
- 10.7 bn USD
- Debt / equity
- 1.84x
- Current ratio
- 1.44x
- ROE
- 106.7%
- ROA
- 11.8%
- FCF margin
- 30.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 6.3 bn | 6.4 bn | 5.7 bn | 5.9 bn | 6.2 bn | SEC (XBRL)· 05 Jun 2026verified |
| Cost of revenue | 1.9 bn | 2.1 bn | 2.2 bn | 1.8 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 05 Jun 2026verified |
| Gross profit | 3.8 bn | 4.2 bn | 4.2 bn | 4.4 bn | 4.6 bn | 4.9 bn | SEC (XBRL)· 05 Jun 2026verified |
| Research & development | 881.0 m | 881.0 m | 956.0 m | 1.0 bn | 1.0 bn | 991.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Operating income | 1.0 bn | 1.2 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.7 bn | SEC (XBRL)· 05 Jun 2026verified |
| Depreciation & amortisation | 207.0 m | 148.0 m | 181.0 m | 198.0 m | 196.0 m | 179.0 m | SEC (XBRL)· 05 Jun 2026verified |
| EBITDA | 1.2 bn ≈ | 1.3 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 05 Jun 2026derived |
| Interest expense | 74.0 m | 73.0 m | 67.0 m | 64.0 m | 64.0 m | 109.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Pre-tax income | 962.0 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 05 Jun 2026verified |
| Income tax | 232.0 m | 158.0 m | -208.0 m | 277.0 m | 197.0 m | 372.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Net income | 730.0 m | 937.0 m | 1.3 bn | 986.0 m | 1.2 bn | 1.3 bn | SEC (XBRL)· 05 Jun 2026verified |
| Diluted EPS | 3.23 | 4.09 | 5.79 | 4.63 | 5.67 | 6.35 | SEC (XBRL)· 05 Jun 2026verified |
| Weighted average diluted shares | 226.0 m | 229.0 m | 220.0 m | 213.0 m | 209.0 m | 201.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Dividend per share | 1.92 | 2.00 | 2.00 | 2.00 | 2.08 | 2.08 | SEC (XBRL)· 05 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.5 bn | 4.1 bn | 2.3 bn | 1.9 bn | 2.7 bn | 2.1 bn | SEC (XBRL)· 02 Sept 2026verified |
| Receivables | 945.0 m | 1.2 bn | 987.0 m | 1.0 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 05 Jun 2026verified |
| Inventories | 114.0 m | 204.0 m | 167.0 m | 186.0 m | 186.0 m | 198.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Current assets | 6.0 bn | 5.9 bn | 4.7 bn | 4.9 bn | 5.9 bn | 5.8 bn | SEC (XBRL)· 05 Jun 2026verified |
| Property, plant & equipment, net | 525.0 m | 602.0 m | 650.0 m | 604.0 m | 563.0 m | 592.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Goodwill | 2.0 bn | 2.3 bn | 2.8 bn | 2.8 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 05 Jun 2026verified |
| Intangibles (excl. goodwill) | 101.0 m | 142.0 m | 181.0 m | 124.0 m | 43.0 m | 22.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Total assets | 9.4 bn | 10.0 bn | 9.8 bn | 9.9 bn | 10.8 bn | 10.7 bn | SEC (XBRL)· 05 Jun 2026verified |
| Accounts payable | 420.0 m | 607.0 m | 392.0 m | 517.0 m | 511.0 m | 550.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Short-term debt | 0 | 250.0 m | 0 | 400.0 m | 750.0 m | 0 | SEC (XBRL)· 05 Jun 2026verified |
| Long-term debt | 2.6 bn | 2.4 bn | 2.4 bn | 2.0 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 05 Jun 2026verified |
| Current liabilities | 3.5 bn | 4.0 bn | 3.5 bn | 4.1 bn | 4.7 bn | 4.0 bn | SEC (XBRL)· 05 Jun 2026verified |
| Total liabilities | 8.7 bn | 9.2 bn | 8.7 bn | 8.7 bn | 9.8 bn | 9.4 bn | SEC (XBRL)· 05 Jun 2026verified |
| Equity | 685.0 m † | 838.0 m † | 1.2 bn † | 1.1 bn † | 1.0 bn † | 1.4 bn † | SEC (XBRL)· 05 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.2 bn | 1.1 bn | 1.7 bn | 1.5 bn | 2.1 bn | SEC (XBRL)· 05 Jun 2026verified |
| Capex | 162.0 m | 226.0 m | 239.0 m | 155.0 m | 168.0 m | 198.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Free cash flow | 1.2 bn ≈ | 985.0 m ≈ | 868.0 m ≈ | 1.5 bn ≈ | 1.3 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 05 Jun 2026derived |
| Investing cash flow | 21.0 m | -561.0 m | -1.4 bn | -735.0 m | 147.0 m | -595.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Financing cash flow | 444.0 m | -1.0 bn | -1.5 bn | -1.3 bn | -828.0 m | -2.1 bn | SEC (XBRL)· 05 Jun 2026verified |
| Dividends paid | 427.0 m | 446.0 m | 432.0 m | 416.0 m | 424.0 m | 413.0 m | SEC (XBRL)· 05 Jun 2026verified |
| Share repurchases | 125.0 m | 600.0 m | 850.0 m | 900.0 m | 1.2 bn | 950.0 m | SEC (XBRL)· 05 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 37.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns89
- Quality82
- Balance sheet55
- Growth7
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 102.16 – 311.38 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)102.16 – 160.17 (Mid 124.53)WACC 9.0% · starting FCFF 1.7 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 18.1%
- Peers: EV/Sales177.10 – 311.38 (Mid 291.11)3 companies used · median multiple 8.9x · quartiles 5.5x – 9.6xQMCO, STX, WDC
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 80.3% | 100 (on a fixed band) | 11% |
| EBIT margin · Quality | 28.5% | 40 (vs peers) | 9% |
| FCF margin · Quality | 25.4% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 5.6% | 20 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.5x | 85 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.2x | 26 (on a fixed band) | 6% |
| EV/Sales · Valuation | 5.9x | 61 (on a fixed band) | 17% |
| FCF yield · Valuation | 4.4% | 88 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.4% | 89 (on a fixed band) | 4% |
Score groups
- Balance sheet55/100 · 2/2 factors with a value
- Growth7/100 · 2/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns89/100 · 1/1 factors with a value
- Valuation73/100 · 2/2 factors with a value
Memo
NetApp, Inc. (NTAP). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 6.2 bn USD in 2026; YoY growth 5.6%; net margin 21.8%; ROE 114.8%; net debt/EBITDA 0.5x.
The estimated value range is 139.63–235.77 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 207.82 USD, the price of 190.78 USD leaves a potential of 8.9% (value / price − 1) and a margin of safety of 8.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 80.3%
- FCF margin: 25.4%
- Net debt / EBITDA: 0.5x
- FCF yield: 4.4%
- Shareholder yield (distributions): 3.4%
What contradicts it
- Revenue CAGR 3Y: -0.7%
- Revenue growth (YoY): 5.6%
- Current ratio: 1.2x
- The valuation methods diverge
Versus the vertical median
Computer Storage Devices (SIC 3572) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNDKSandisk Corporation | 160.3 bn | 9.1 | 141.2% | 67.0% | +175.3% | +405% / unavailable |
| STXSeagate Technology Holdings plc | 139.2 bn | 31.9 | 259.4% | 31.9% | +34.1% | +119% / +667% |
| WDCWestern Digital Corporation | 130.0 bn | 13.5 | 131.5% | 69.2% | +35.7% | +113% / +851% |
| PEverpure, Inc. | 39.2 bn | 161.8 | 17.7% | 5.9% | +15.6% | +32% / +253% |
| NTAPNetApp, Inc. | 37.5 bn | 26.9 | 114.8% | 21.8% | +5.6% | +63% / +151% |
| QMCOQuantum Corp | 660.9 m | — | — | -80.8% | +2.0% | +114% / +180% |
1- and 3-year price returns: for NTAP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 108.71 Total return -42% · Per year -42% | 192.69 Total return 2% · Per year 2% | 290.94 Total return 54% · Per year 54% |
| 3 years | 94.85 Total return -48% · Per year -20% | 190.16 Total return 3% · Per year 1% | 316.75 Total return 70% · Per year 19% |
| 5 years | 82.75 Total return -53% · Per year -14% | 187.66 Total return 4% · Per year 1% | 344.84 Total return 88% · Per year 13% |
- Exit P/E± 47.54
- Net margin± 33.28
- Annual revenue growth± 28.74
- Annual dilution± 2.80
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NetApp is a global provider of Intelligent Data Infrastructure, with its ONTAP software at the core, helping enterprises manage, protect and use data across on-premises, hybrid and multi-cloud environments. The company reported net revenues of 6925 million USD in fiscal 2026, and in the first quarter of fiscal 2027 revenue grew 30% year-over-year, driven by demand for AI and flash storage.
SWOT
Strengths
- Native integration with the major public cloud providers and the ONTAP software, recognized for reliability, are clear advantages of the company 1.
- High gross margins and operating cash flow support investment in innovation and share repurchases 1.
- Partnerships with major technology vendors and the channel network extend the company's ability to deliver solutions 1.
Weaknesses
- A significant share of sales goes through distributors, which makes quarterly revenue harder to forecast 1.
- Reliance on third-party components, such as NAND memory, exposes margins to cost fluctuations 1.
- Revenue is concentrated among a few distributor customers, which increases exposure to changes in those commercial relationships 1.
Opportunities
- Demand for data infrastructure built for AI could grow if the integration with the AI Data Engine and partners proves effective 1.
- Keystone and cloud services could consolidate recurring revenue if customers continue adopting consumption models 1.
- The DataPelago acquisition could support acceleration of AI and analytics workloads if integration proceeds as planned 2.
Risks
- Component costshigh
Rising memory and component costs could reduce margins if prices cannot be adjusted quickly enough 2.
- Dependence on distributorshigh
Most sales go through partners, and weaker relationships with them could affect revenue 1.
- International trade risksmedium
Tariffs, export controls and tensions between states could affect operations and component supply 1.
- Currency exposuremedium
Exchange rate fluctuations can influence results, and hedging strategies may not be successful 1.
- New product launchesmedium
Difficulties in developing or gaining acceptance for new products could affect growth and demand for older offerings 1.
Investment thesis
What would need to be true (bull case)
- Strong revenue growth and all-flash sales in the first quarter of fiscal 2027 suggest solid demand for the company's solutions 3.
- Raised guidance for fiscal 2027 could indicate management's confidence in continued growth 3.
- Native cloud integration and the AI portfolio could support winning new customers over the long term 1.
What would break the thesis
- Component cost pressure could limit margin expansion even if revenue grows 2.
- Reliance on a few large distributors could make revenue harder to forecast and more vulnerable to change 1.
- Restructuring and related costs could reduce profitability in coming quarters if the expected savings do not materialize 2.
What to watch
- Delivery against fiscal 2027 revenue and margin guidanceQ2 2027
- Trend in memory component costs and effect on gross marginQ2 2027
- Integration of the DataPelago acquisition and its effect on the AI offering2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NetApp, headquartered in San Jose, California, presents itself as a global leader in Intelligent Data Infrastructure, with its flagship ONTAP software and a portfolio of all-flash, hybrid-flash and cloud-native solutions. The company highlights its native integration with the major public cloud providers AWS, Microsoft Azure and Google Cloud. Operations are organized into two segments, Hybrid Cloud and Public Cloud 1.
NetApp's strategy rests on four areas: modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies and accelerating AI adoption. The company also offers consumption models such as Keystone, a subscription storage-as-a-service, along with professional and support services 1.
Segments
Hybrid Cloud
The Hybrid Cloud segment includes all-flash and hybrid-flash storage systems, ONTAP software, StorageGRID and E/EF-Series, along with support services. In fiscal 2026 segment net revenues were 6237 million USD, and the all-flash share rose to 67% 1.
Market context
The company operates in enterprise storage, data management and cloud operations markets, where demand is driven by data growth, multi-cloud adoption and AI. Its customers span industries such as financial services, government, healthcare, manufacturing and telecommunications 1.
The sector remains volatile because of macroeconomic conditions, trade tariffs and component costs, particularly NAND memory. NetApp noted that inflation and supply constraints have affected its operations since the second half of fiscal 2026 1.
Trends
- Demand for AI infrastructuretailwind
Generative and agentic AI are changing demand for storage and data management. NetApp links its offering to the AI Data Engine and partnerships with NVIDIA and Cisco, but the long-term impact remains uncertain 1.
- Shift to all-flash storagetailwind
Customers are moving from disk to flash, and the all-flash share of Hybrid Cloud has grown year after year. If this transition continues, it could support the company's margins and revenues 1.
- Component cost pressureheadwind
Rising prices for memory and other components have affected gross margins. The company raised prices and expects some costs to stay elevated in the near term 2.
- Trade tensions and tariffsmixed
Tariffs, trade restrictions and US-China tensions could affect the supply chain and results. The degree of impact is unclear and depends on how trade policies evolve 1.
Competitive position
NetApp competes with enterprise storage vendors and with data platforms for cloud and AI. The company emphasizes the advantage of native integration with the three major public cloud providers and of ONTAP software shared across on-premises and cloud 1.
The market is dynamic, and competitors may offer more competitive pricing or different consumption models. NetApp notes that competitors' responses to new products influence the success of launches 1.
- Dell TechnologiesDELL
Provider of storage systems and infrastructure, named within the general category of enterprise storage competitors without specific detail in the analyzed sources.
- Pure StoragePSTG
All-flash storage provider, relevant to the flash segment where NetApp reports growth.
- Hewlett Packard EnterpriseHPE
Provider of storage infrastructure and enterprise services, present in the same hybrid markets.
- Huawei
International enterprise storage provider that may compete in markets outside the Americas; no confirmed US ticker.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- NetApp (NTAP) Just Deepened Its VMware Cloud Integration. How Much Does It Matter?Yahoo Finance — News · 22 Sept 2026 · EN
- Did NetApp Borrow Its Record Quarter From The Rest Of The Year?Yahoo Finance — News · 17 Sept 2026 · EN
- NetApp Stock: Is NTAP Outperforming the Technology Sector?Yahoo Finance — News · 15 Sept 2026 · EN
- NetApp (NTAP) Q1 2027 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- What Comes Next for NetApp (NTAP) After Enhanced Product Strategy and Record EarningsYahoo Finance — News · 09 Sept 2026 · EN
- NetApp Raised Guidance as Ciena’s Revenue Jumped 37%. Are AI Networks and Storage Finally Converting Into Earnings?Yahoo Finance — News · 04 Sept 2026 · EN
- How To Earn $500 A Month From NetApp Stock Ahead Of Q1 EarningsYahoo Finance — News · 03 Sept 2026 · EN
- Why NetApp Stock Is Falling Despite A Big Earnings BeatYahoo Finance — News · 03 Sept 2026 · EN
- NetApp Q1 Earnings Call HighlightsYahoo Finance — News · 03 Sept 2026 · EN
- Back of the NetApp: Latest exec signing scores $34M compensation packageThe Register · 29 Jul 2026 · RO
SEC filings
- Current report11 Sept 2026Item 3.03 · Amendments to articles or bylaws · Shareholder vote
- Quarterly report02 Sept 2026
- Current report02 Sept 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Jul 2026
- Annual report05 Jun 2026
- Current report28 May 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report26 Feb 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
- Current report12 Jan 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report25 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-04-24 · SEC / NetApp, Inc. · 05 Jun 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / NetApp, Inc. · 02 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NetApp, Inc. · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.