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NetApp, Inc. — Intrinsic Value & Fair Price

NTAP
NASDAQTechnologyComputer HardwareCIK 0001002047netapp.comAbout NTAP
Last close · Oct 16, 2026203.80−10.90 (−5.08%)
Market cap$40.0B
Model value · DCF · Perpetuity growth · 5y
131.38
NetApp closed at $203.80 — overvalued by 55% vs model.
93.23the model's range232.56

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
35.26 – 343.25
Wall St. target
205.00 1% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $203.80 · as of Oct 17, 2026
DCF · Perpetuity growth · 5yused93.23 – 232.56131.3855% overvaluedDCF · Perpetuity growth · 10y101.48 – 239.17139.7346% overvaluedDCF · EBITDA exit · 5y283.21 – 412.82343.2541% undervaluedDCF · EBITDA exit · 10y238.08 – 394.33306.3733% undervaluedP/E · peers153.18 – 259.39200.502% overvaluedP/E · own history130.62 – 211.04150.8435% overvaluedPEG—249.9918% undervaluedEV/EBITDA · peers208.73 – 346.40250.4919% undervaluedEV/Revenue · peers77.30 – 147.2386.94134% overvaluedEarnings power value35.11 – 48.0940.64401% overvaluedDividend discount25.16 – 54.0835.26478% overvaluedWall St. consensus target—205.001% belowCost of capital (WACC)—10.10%—

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
1.02%
Past 2 years
low 0.87%high 2.73%
Dividends per share, a year at a time
$1.96Oct ’21$2.00Oct ’22$2.00Oct ’23$2.04Oct ’24$2.08Oct ’25$2.08TTM
Dividends / free cash flow, FY2026
22.1%
Raised
2 years in a row
Growth, 5 yrs
1.2% a year
Last change
+4.0% · Jul 2024
Every payment, with ex-dates · latest $0.52, paid Oct 28, 2026

Research on NTAP

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How it is valued

Valued asProfitable Growth
Low/slowing growth (~5% recent)Moderate margins (18% net margin)Pays dividendsHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2026
P/E
32.1×
EV / EBITDA
21.0×
FCF yield
4.7%
Dividend yield, TTM
1.02%
Beta
1.45
Cost of capital (WACC)
10.10%
On the lists: #19 Best performing this year
Full financials

Superinvestors

13F · Q2 2026
All 2 holders

Analyst actions

third-party, quoted
10-14Barclays · “Equal Weight” from “Overweight”downgrade
10-07Evercore ISI Group · “Outperform” from “In Line”upgrade
10-07Loop Capital Markets · target300.00
10-07Evercore ISI · target300.00
Ratings, targets and estimates

Recent

filings, insider trades and key news
52 filings · 40 insider transactions

Comparable companies

by business, not by industry label
DELLDell TechnologiesHPEHewlett Packard EnterpriseIBMIBMCSCOCiscoSMCISupermicro
3 more companies list NTAP as a comparable
STXSeagate TechnologyWDCWestern DigitalFFIVF5

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just NTAP. No account.

About NetApp

NetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company's operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions. For cloud environments, NetApp delivers a wide array of cloud storage and data services such as NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and NetApp Cloud Volumes Service for Google Cloud. These are augmented by services like NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense for analytics, and NetApp Cloud Volumes Edge Cache. The company also provides cloud operations services, which include NetApp Cloud Insights, the Spot Ocean Kubernetes Suite, Spot Security, Spot Eco for cost optimization, and Spot CloudCheckr. Moreover, NetApp offers application-aware data management solutions under its NetApp Astra brand. Its service portfolio is rounded out by comprehensive professional and support services, encompassing strategic consulting, managed services, and dedicated support, in addition to assessment, design, implementation, and migration services. NetApp serves a broad spectrum of industries globally, including energy, financial services, government, technology, internet, life sciences, healthcare, manufacturing, media, entertainment, animation, video post-production, and telecommunications. The company reaches its clientele through a direct sales force and a robust network of partners. NetApp, Inc. was founded in 1992 and is headquartered in San Jose, California.

CEO
George Kurian
Headquarters
San Jose, CA
Employees
11,700
IPO
1995-11-21
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.