--- title: NetApp (NTAP) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ntap ticker: NTAP as_of: 2026-10-17 sector: Technology industry: Computer Hardware --- # NetApp (NTAP) NetApp (NTAP) closed at $203.80 on Oct 16, 2026, overvalued by 55% vs its model value of $131.38 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $203.80 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $131.38 | | Price vs model | overvalued by 55% vs model | | Range of that model | $93.23 – $232.56 | | Market value | $40.0B | | P/E (fiscal 2026) | 32.1 | | Net margin (fiscal 2026) | 18.4% | | Free cash flow (fiscal 2026) | $1.9B | | Dividend yield (trailing twelve months) | 1.02% | | Beta | 1.45 | | Cost of capital (WACC) | 10.10% | | Business classification | Profitable Growth (Low/slowing growth (~5% recent), Moderate margins (18% net margin), Pays dividends, Highly cyclical earnings) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Best performing this year | #19 | +90.3% | https://sweetvaluelab.com/lists/best-performing-this-year | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 1.02% | | Dividends per share, last 12 months | $2.08 | | Dividends / free cash flow (fiscal 2026) | 22.1% | | Raised | 2 years in a row | | Growth over 5 years | 1.2% a year | | Latest payment | $0.52, ex-date Oct 9, 2026, paid Oct 28, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Oct 7, 2021 | $1.96 | | To Oct 6, 2022 | $2.00 | | To Oct 5, 2023 | $2.00 | | To Oct 4, 2024 | $2.04 | | To Oct 3, 2025 | $2.08 | | Trailing twelve months (to Oct 9, 2026) | $2.08 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $131.38 | $93.23 | $232.56 | | DCF · Perpetuity growth · 10y | cross check | $139.73 | $101.48 | $239.17 | | DCF · EBITDA exit · 5y | cross check | $343.25 | $283.21 | $412.82 | | DCF · EBITDA exit · 10y | cross check | $306.37 | $238.08 | $394.33 | | P/E · peers | cross check | $200.50 | $153.18 | $259.39 | | P/E · own history | cross check | $150.84 | $130.62 | $211.04 | | PEG | sanity check | $249.99 | $249.99 | $249.99 | | EV/EBITDA · peers | cross check | $250.49 | $208.73 | $346.40 | | EV/Revenue · peers | cross check | $86.94 | $77.30 | $147.23 | | Earnings power value | cross check | $40.64 | $35.11 | $48.09 | | Dividend discount | cross check | $35.26 | $25.16 | $54.08 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 19 open-market sales ($35.5M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 12, 2026 | O'Callahan Elizabeth M | EVP, Chief Admin. Officer | Open-market sell (10b5-1 plan) | 1,000 | $237,420 | | Oct 2, 2026 | Palin Carrie | Director | Open-market sell | 5,000 | $1.1M | | Oct 1, 2026 | HELD GERALD | Director | Open-market sell | 5,757 | $1.2M | | Oct 1, 2026 | Kurian George | CEO | Open-market sell (10b5-1 plan) | 3,612 | $759,242.4 | | Oct 1, 2026 | Kurian George | CEO | Open-market sell (10b5-1 plan) | 3,689 | $771,037.9 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 11, 2026 | 8-K | 3.03 Modification to Security-Holder Rights; 5.03 Amendment to Articles/Bylaws; 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1002047/000119312526389273/ntap-20260909.htm | | Sep 2, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1002047/000119312526380236/ntap-20260902.htm | | Sep 2, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1002047/000119312526380207/ntap-20260731.htm | | Sep 2, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1002047/000100204726000003/ntap-20260902.htm | | Jul 28, 2026 | ARS | Annual report to shareholders | https://www.sec.gov/Archives/edgar/data/1002047/000119312526321239/ntap-2026_ars.pdf | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bridgewater | 2026-06-30 | 19,260 | $3.0M | | Lee Ainslie | 2026-06-30 | 4,375 | $677,075 | 2 tracked managers in all. ## About 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 Sol… --- Source: https://sweetvaluelab.com/stocks/ntap (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.