NetApp, Inc. (NTAP) Key Metrics
NTAP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $40.03B
- Enterprise value
- $36.85B
- P/E (TTM)
- 28.7 10-yr median 17.6
- Forward P/E
- 21.4
- PEG ratio
- 2.14
- Price / sales
- 5.4 10-yr median 2.9
- Price / book
- 25.3 10-yr median 17.7
- EV / EBITDA
- 17.4 10-yr median 10.9
- Dividend yield
- 1.02% $2.08 a year
- Beta
- 1.45
NTAP key metrics, FY2017–FY2026
Fiscal year ended April 30, 2026 · U.S. dollarsNTAP valuation Price multiples at each fiscal year-end price.
NTAP returns How much profit the business earns on the capital it uses.
NTAP per-share figures Results divided by the shares outstanding at year-end.
NTAP financial health Debt, liquidity and how easily interest is covered.
NTAP efficiency & capital use Working capital cycle and where the cash goes.
NTAP valuation history
NTAP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NTAP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NTAP cash returned to shareholders
NTAP price vs earnings per share
NTAP key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $22.04B | $18.76B | $21.77B | $13.84B | $16.77B | $16.88B | $10.20B | $18.87B | $18.38B | $11.20B |
| Enterprise value | $21.19B | $18.40B | $21.17B | $13.20B | $15.58B | $14.96B | $9.13B | $16.76B | $14.91B | $8.40B |
| P/E ratio | 17.3 | 15.8 | 22.1 | 10.9 | 17.9 | 23.1 | 12.5 | 16.1 | 241.8 | 22.0 |
| Price / sales | 3.2 | 2.9 | 3.5 | 2.2 | 2.7 | 2.9 | 1.9 | 3.1 | 3.1 | 2.0 |
| Price / book | 16.3 | 18.0 | 19.0 | 11.9 | 20.0 | 24.6 | 42.1 | 17.3 | 8.9 | 4.0 |
| Price / free cash flow | 11.8 | 14.0 | 14.2 | 15.9 | 17.0 | 14.4 | 10.9 | 16.2 | 13.8 | 13.8 |
| Price / operating cash flow | 10.7 | 12.5 | 12.9 | 12.5 | 13.9 | 12.7 | 9.6 | 14.1 | 12.4 | 11.4 |
| EV / sales | 3.1 | 2.8 | 3.4 | 2.1 | 2.5 | 2.6 | 1.7 | 2.7 | 2.5 | 1.5 |
| EV / EBITDA | 11.0 | 10.9 | 13.4 | 9.6 | 11.4 | 12.0 | 7.7 | 11.0 | 10.2 | 8.9 |
| EV / free cash flow | 11.3 | 13.8 | 13.8 | 15.2 | 15.8 | 12.8 | 9.8 | 14.4 | 11.2 | 10.4 |
| Earnings yield | 5.8% | 6.3% | 4.5% | 9.2% | 5.6% | 4.3% | 8.0% | 6.2% | 0.4% | 4.5% |
| Free cash flow yield | 8.5% | 7.1% | 7.0% | 6.3% | 5.9% | 6.9% | 9.2% | 6.2% | 7.3% | 7.2% |
| Dividend yield | 1.9% | 2.3% | 1.9% | 3.1% | 2.7% | 2.5% | 4.3% | 2.1% | 1.2% | 1.9% |
| Shareholder yield (dividends + buybacks) | 6.2% | 8.4% | 6.0% | 9.3% | 6.2% | 3.3% | 18.1% | 13.3% | 5.5% | 8.2% |
| Share price at fiscal year-end | $110.77 | $89.75 | $102.21 | $62.89 | $73.25 | $74.69 | $43.77 | $72.85 | $66.58 | $39.85 |
| Per share | ||||||||||
| Revenue per share | $34.80 | $31.44 | $29.43 | $28.92 | $27.59 | $25.42 | $23.23 | $23.73 | $21.42 | $19.64 |
| Earnings per share | $6.41 | $5.67 | $4.63 | $5.79 | $4.09 | $3.23 | $3.52 | $4.51 | $0.28 | $1.81 |
| Operating cash flow per share | $10.39 | $7.21 | $7.91 | $5.03 | $5.29 | $5.90 | $4.55 | $5.18 | $5.36 | $3.51 |
| Free cash flow per share | $9.39 | $6.40 | $7.18 | $3.95 | $4.30 | $5.18 | $4.02 | $4.51 | $4.83 | $2.89 |
| Cash per share | $18.01 | $18.40 | $15.27 | $13.95 | $18.05 | $20.34 | $12.37 | $15.05 | $19.53 | $17.51 |
| Book value per share | $6.79 | $4.98 | $5.38 | $5.27 | $3.66 | $3.03 | $1.04 | $4.21 | $7.49 | $9.89 |
| Tangible book value per share | −$7.25 | −$8.26 | −$8.15 | −$8.10 | −$7.21 | −$6.44 | −$6.78 | −$2.67 | $0.85 | $3.43 |
| Dividends per share | $2.08 | $2.03 | $1.95 | $1.96 | $1.95 | $1.89 | $1.88 | $1.56 | $0.78 | $0.74 |
| Capex per share | $0.99 | $0.80 | $0.73 | $1.09 | $0.99 | $0.72 | $0.53 | $0.67 | $0.53 | $0.62 |
| Debt per share | $13.73 | $16.70 | $12.45 | $11.07 | $12.84 | $11.86 | $7.78 | $6.92 | $6.98 | $7.56 |
| Shares outstanding | 199.0M | 209.0M | 213.0M | 220.0M | 229.0M | 226.0M | 233.0M | 259.0M | 276.0M | 281.0M |
| Change in shares outstanding | −4.8% | −1.9% | −3.2% | −3.9% | +1.3% | −3.0% | −10.0% | −6.2% | −1.8% | −5.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 106.7% | 108.5% | 85.6% | 127.6% | 123.0% | 157.5% | 123.0% | 74.1% | 3.1% | 18.0% |
| Return on invested capital (ROIC) | 221.5% | 186.3% | 177.0% | — | — | — | — | — | — | — |
| Return on assets (ROA) | 11.8% | 11.5% | 10.0% | 12.8% | 9.7% | 8.6% | 10.1% | 12.6% | 0.8% | 5.2% |
| Return on tangible assets | 16.1% | 14.7% | 14.1% | 18.5% | 12.4% | 10.1% | 14.4% | 16.8% | 0.9% | 6.6% |
| Free cash flow margin | 27.0% | 20.4% | 24.4% | 13.6% | 15.6% | 20.4% | 17.3% | 19.0% | 22.6% | 14.7% |
| Income quality (OCF / net income) | 1.62 | 1.27 | 1.71 | 0.87 | 1.29 | 1.83 | 1.29 | 1.15 | 19.45 | 1.94 |
| Financial health | ||||||||||
| Total debt | $2.73B | $3.49B | $2.65B | $2.44B | $2.94B | $2.68B | $1.81B | $1.79B | $1.93B | $2.12B |
| Cash & short-term investments | $3.58B | $3.85B | $3.25B | $3.07B | $4.13B | $4.60B | $2.88B | $3.90B | $5.39B | $4.92B |
| Net debt | −$851.0M | −$355.0M | −$600.0M | −$634.0M | −$1.19B | −$1.92B | −$1.07B | −$2.11B | −$3.46B | −$2.80B |
| Debt / equity | 2.02 | 3.36 | 2.31 | 2.10 | 3.51 | 3.91 | 7.49 | 1.64 | 0.93 | 0.76 |
| Debt / assets | 0.25 | 0.32 | 0.27 | 0.25 | 0.29 | 0.29 | 0.24 | 0.21 | 0.20 | 0.22 |
| Net debt / EBITDA | −0.44 | −0.21 | −0.38 | −0.46 | −0.88 | −1.54 | −0.90 | −1.38 | −2.37 | −2.97 |
| Current ratio | 1.44 | 1.26 | 1.19 | 1.35 | 1.50 | 1.74 | 1.18 | 1.45 | 1.89 | 1.53 |
| Quick ratio | 1.39 | 1.22 | 1.15 | 1.30 | 1.45 | 1.71 | 1.14 | 1.42 | 1.86 | 1.49 |
| Interest coverage | 20.9 | 20.9 | 19.0 | 15.2 | 15.8 | 13.9 | 17.2 | 21.1 | 18.1 | 12.8 |
| Working capital | $1.75B | $1.19B | $791.0M | $1.21B | $1.99B | $2.55B | $658.0M | $1.74B | $3.23B | $2.16B |
| Invested capital | $500.0M | $685.0M | $546.0M | $525.0M | −$356.0M | −$1.23B | −$828.0M | −$1.02B | −$1.40B | −$18.0M |
| Tangible asset value | −$1.44B | −$1.73B | −$1.74B | −$1.78B | −$1.65B | −$1.46B | −$1.58B | −$692.0M | $234.0M | $965.0M |
| Net current asset value | −$3.62B | −$3.93B | −$3.84B | −$3.98B | −$3.24B | −$2.67B | −$3.01B | −$2.04B | −$942.0M | −$515.0M |
| Graham number | $31.30 | $25.21 | $23.67 | $26.20 | $18.35 | $14.84 | $9.06 | $20.67 | $6.81 | $20.08 |
| Graham net-net per share | −$23.85 | −$23.49 | −$21.79 | −$21.66 | −$17.60 | −$14.66 | −$15.43 | −$10.71 | −$5.65 | −$4.14 |
| Capital allocation | ||||||||||
| Dividends paid | $413.0M | $424.0M | $416.0M | $432.0M | $446.0M | $427.0M | $439.0M | $403.0M | $214.0M | $208.0M |
| Share buybacks (net) | $950.0M | $1.15B | $900.0M | $850.0M | $600.0M | $125.0M | $1.41B | $2.11B | $794.0M | $705.0M |
| Dividend payout ratio | 32.4% | 35.8% | 42.2% | 33.9% | 47.6% | 58.5% | 53.6% | 34.5% | 281.6% | 40.9% |
| Dividends + buybacks / free cash flow | 72.9% | 117.6% | 86.0% | 147.7% | 106.2% | 47.1% | 197.6% | 215.2% | 75.6% | 112.6% |
| Capex / revenue | 2.9% | 2.6% | 2.5% | 3.8% | 3.6% | 2.8% | 2.3% | 2.8% | 2.5% | 3.2% |
| Capex / operating cash flow | 9.6% | 11.2% | 9.2% | 21.6% | 18.7% | 12.2% | 11.7% | 12.9% | 9.8% | 17.7% |
| Capex / depreciation | 0.99 | 0.69 | 0.61 | 0.96 | 1.16 | 0.78 | 0.64 | 0.88 | 0.73 | 0.77 |
| Stock-based compensation / revenue | 5.5% | 5.9% | 5.7% | 4.9% | 3.9% | 3.4% | 2.8% | 2.6% | 2.7% | 3.5% |
| R&D / revenue | 14.3% | 15.4% | 16.4% | 15.0% | 13.9% | 15.3% | 15.7% | 13.5% | 13.2% | 14.1% |
| SG&A / revenue | 32.0% | 33.1% | 34.1% | 32.9% | 33.8% | 4.5% | 34.1% | 31.5% | 34.0% | 34.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 66.7 | 62.6 | 58.1 | 63.6 | 62.8 | 60.9 | 73.8 | 67.2 | 54.9 | 51.1 |
| Days of inventory on hand | 34.6 | 34.7 | 35.1 | 31.4 | 27.7 | 24.5 | 28.2 | 21.3 | 23.8 | 22.4 |
| Days payables outstanding | 95.6 | 95.8 | 90.4 | 84.7 | 89.3 | 80.0 | 98.7 | 95.4 | 78.9 | 51.5 |
| Cash conversion cycle (days) | 5.7 | 1.5 | 2.8 | 10.4 | 1.2 | 5.4 | 3.2 | -6.9 | -0.1 | 21.9 |
| Receivables turnover | 5.47 | 5.83 | 6.29 | 5.74 | 5.81 | 5.99 | 4.94 | 5.43 | 6.65 | 7.15 |
| Payables turnover | 3.82 | 3.81 | 4.04 | 4.31 | 4.09 | 4.56 | 3.70 | 3.82 | 4.63 | 7.08 |
| Inventory turnover | 10.55 | 10.53 | 10.40 | 11.61 | 13.19 | 14.90 | 12.96 | 17.13 | 15.31 | 16.31 |
| Asset turnover | 0.64 | 0.63 | 0.64 | 0.64 | 0.65 | 0.68 | 0.67 | 0.66 | 0.61 | 0.57 |
| Average receivables | $1.27B | $1.13B | $997.0M | $1.11B | $1.09B | $959.0M | $1.09B | $1.13B | $889.0M | $772.0M |
| Average payables | $530.5M | $514.0M | $454.5M | $499.5M | $513.5M | $423.0M | $484.0M | $575.5M | $478.0M | $300.5M |
| Average inventory | $192.0M | $186.0M | $176.5M | $185.5M | $159.0M | $129.5M | $138.0M | $128.5M | $144.5M | $130.5M |
| Intangibles / total assets | 26.0% | 25.6% | 29.2% | 29.9% | 24.8% | 22.9% | 24.2% | 20.4% | 18.6% | 19.1% |
Computed from NTAP's annual financial statements (latest annual report filed June 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NTAP valuation and financial ratios
At the end of fiscal 2026 (April 30, 2026), NetApp traded at 17.3 times earnings, against a 10-year median of 17.6. Based on the latest twelve months, the trailing P/E is 28.7 and the forward P/E is 21.4. NetApp earned a return on equity of 106.7% and a return on invested capital of 221.5% in fiscal 2026. It ended the year with $2.7 billion of debt and $3.6 billion in cash and short-term investments, a net cash position of $851.0 million. It returned $1.4 billion to shareholders: $413.0 million in dividends and $950.0 million in share buybacks, 73% of free cash flow. The share count fell 29.2% from 281.0M to 199.0M over 9 years.
See the NTAP income statement, the NTAP chart for price history, or the NTAP stock overview for the latest quote and news.
NTAP key metrics FAQ
What is NetApp's P/E ratio?
NetApp's trailing P/E ratio is 28.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.4. At the end of fiscal 2026 it was 17.3, compared with a 10-year median of 17.6.
What is NetApp's EV/EBITDA?
NetApp's enterprise value was 11.0 times EBITDA at the end of fiscal 2026 (enterprise value $21.2 billion, EBITDA $1.9 billion); the current EV/EBITDA is 17.4.
What is NetApp's return on equity?
NetApp's return on equity (ROE) was 106.7% in fiscal 2026: net income of $1.3 billion on average shareholders' equity of $1.2 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is NetApp's ROIC?
NetApp's return on invested capital was 221.5% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NetApp have?
NetApp had total debt of $2.7 billion at the end of fiscal 2026, a debt-to-equity ratio of 2.02 and more cash than debt.
What is NetApp's dividend yield?
NetApp's forward dividend yield is 1.02%. NetApp paid $413.0 million in dividends in fiscal 2026 ($2.08 per share), a payout ratio of 32.4%.
Does NetApp buy back its shares?
Yes. NetApp spent $950.0 million on net share repurchases in fiscal 2026 Shares outstanding changed −4.8% over the year, to 199.0M..
What is NetApp's free cash flow yield?
NetApp generated $1.9 billion of free cash flow in fiscal 2026, a free cash flow yield of 8.5% on its market value at year-end ($22.0 billion).
What is NetApp's current ratio?
NetApp's current ratio was 1.44 at the end of fiscal 2026: current assets were 1.44 times current liabilities.