Detailed financial statements for NetApp, Inc. (NTAP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
NetApp, Inc. reported revenue of $6.92B in the most recent fiscal year, growing at a 5-year CAGR of 3.8%. Net income reached $1.28B, with a 11.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.6%, operating margin 25.7%, net margin 19.2%. Free cash flow grew at 9.8% CAGR over 5 years.
At $199.18 (closing price, October 30, 2026), NTAP trades at a P/E of 28.09 and an ROE of 113.67%. Market capitalisation stands at $39.1B, placing it among large-cap names.
Balance sheet quality for NTAP: current ratio of 1.4, net cash position of $851.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.87B represents 146% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.52B | $5.91B | $6.15B | $5.41B | $5.74B | $6.32B | $6.36B | $6.27B | $6.57B | $6.92B |
| Cost of Revenue | $2.13B | $2.21B | $2.20B | $1.79B | $1.93B | $2.10B | $2.15B | $1.83B | $1.96B | $2.03B |
| Gross Profit | $3.39B | $3.70B | $3.94B | $3.62B | $3.81B | $4.22B | $4.21B | $4.43B | $4.61B | $4.90B |
| Research & Development | $779.0M | $783.0M | $827.0M | $847.0M | $881.0M | $881.0M | $956.0M | $1.03B | $1.01B | $991.0M |
| Selling, General & Admin | $1.90B | $2.01B | $1.94B | $1.85B | $2.00B | $2.14B | $2.09B | $2.14B | $2.18B | $2.21B |
| Operating Expenses | $2.68B | $2.79B | $2.72B | $2.68B | $2.78B | $3.06B | $3.19B | $3.22B | $3.28B | $3.23B |
| Operating Income | $665.0M | $1.12B | $1.22B | $945.0M | $1.03B | $1.16B | $1.02B | $1.21B | $1.34B | $1.70B |
| EBITDA | $943.0M | $1.46B | $1.52B | $1.19B | $1.24B | $1.36B | $1.38B | $1.58B | $1.69B | $1.93B |
| Interest Expense | $52.0M | $62.0M | $58.0M | $55.0M | $74.0M | $73.0M | $67.0M | $64.0M | $64.0M | $81.0M |
| Pre-tax Income | $665.0M | $1.17B | $1.27B | $944.0M | $962.0M | $1.09B | $1.07B | $1.26B | $1.38B | $1.65B |
| Income Tax | $156.0M | $1.09B | $99.0M | $125.0M | $232.0M | $158.0M | -$208.0M | $277.0M | $197.0M | $372.0M |
| Net Income | $509.0M | $76.0M | $1.17B | $819.0M | $730.0M | $937.0M | $1.27B | $986.0M | $1.19B | $1.28B |
| EPS | $1.85 | $0.28 | $4.60 | $3.56 | $3.29 | $4.20 | $5.87 | $4.74 | $5.81 | $6.43 |
| EPS (Diluted) | $1.81 | $0.28 | $4.51 | $3.52 | $3.23 | $4.09 | $5.79 | $4.63 | $5.67 | $6.36 |
| Shares Outstanding (Diluted) | 281.0 M | 276.0 M | 259.0 M | 233.0 M | 226.0 M | 229.0 M | 220.0 M | 213.0 M | 209.0 M | 199.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.71B | $1.71B | $1.95B | $2.02B |
| Gross Profit | $1.23B | $1.21B | $1.36B | $1.42B |
| Operating Income | $399.0M | $431.0M | $531.0M | $541.0M |
| EBITDA | $471.0M | $507.0M | $595.0M | $574.0M |
| Net Income | $305.0M | $334.0M | $404.0M | $375.0M |
| EPS | $1.53 | $1.69 | $2.05 | $1.91 |
| EPS (Diluted) | $1.51 | $1.67 | $2.03 | $1.88 |
Balance Sheet (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $210.8M | $284.2M | $241.1M | $193.5M | $461.3M | $489.1M | $936.5M | $1.49B | $1.71B | $2.76B | $1.55B | $3.28B | $2.29B | $1.92B | $2.87B | $2.44B | $2.94B | $2.33B | $2.66B | $4.53B | $4.11B | $2.32B | $1.90B | $2.74B | $2.07B |
| Short-term Investments | $243.4M | $334.7M | $566.8M | $976.4M | $861.6M | $819.7M | $227.9M | $1.11B | $2.02B | $2.42B | $3.85B | $3.68B | $2.71B | $3.40B | $2.44B | $2.48B | $2.45B | $1.57B | $224.0M | $67.0M | $22.0M | $754.0M | $1.35B | $1.10B | $1.51B |
| Receivables | $146.5M | $151.6M | $193.9M | $296.9M | $415.3M | $591.3M | $582.1M | $446.5M | $471.5M | $742.6M | $830.9M | $800.9M | $855.9M | $778.9M | $813.0M | $731.0M | $1.05B | $1.22B | $973.0M | $945.0M | $1.23B | $987.0M | $1.01B | $1.25B | $1.29B |
| Inventory | $23.8M | $31.6M | $34.1M | $39.0M | $64.5M | $54.9M | $70.2M | $61.1M | $112.9M | $108.5M | $161.5M | $139.5M | $122.4M | $146.5M | $98.0M | $163.0M | $126.0M | $131.0M | $145.0M | $114.0M | $204.0M | $167.0M | $186.0M | $186.0M | $198.0M |
| Total Current Assets | $679.1M | $853.5M | $1.09B | $1.58B | $2.03B | $2.24B | $2.07B | $3.44B | $4.54B | $6.39B | $6.83B | $8.42B | $6.47B | $6.77B | $6.45B | $6.20B | $6.86B | $5.61B | $4.27B | $6.00B | $5.95B | $4.68B | $4.90B | $5.85B | $5.78B |
| Property, Plant & Equipment | $345.2M | $362.9M | $370.7M | $418.7M | $513.2M | $603.5M | $693.8M | $807.9M | $804.4M | $911.6M | $1.14B | $1.17B | $1.11B | $1.03B | $937.0M | $799.0M | $756.0M | $759.0M | $864.0M | $639.0M | $896.0M | $931.0M | $851.0M | $804.0M | $820.0M |
| Goodwill | 0 | 0 | 0 | $291.8M | $487.5M | $601.1M | $680.1M | $681.0M | $681.0M | $760.3M | $905.2M | $988.1M | $988.1M | $1.03B | $1.68B | $1.68B | $1.74B | $1.74B | $1.78B | $2.04B | $2.35B | $2.76B | $2.76B | $2.72B | $2.77B |
| Intangible Assets | $58.6M | $51.2M | $323.5M | $21.4M | $75.1M | $83.0M | $90.1M | $45.7M | $25.1M | $53.0M | $236.0M | $180.6M | $121.5M | $89.5M | $180.0M | $131.0M | $94.0M | $47.0M | $44.0M | $101.0M | $142.0M | $181.0M | $124.0M | $43.0M | $22.0M |
| Total Assets | $1.11B | $1.32B | $1.88B | $2.37B | $3.26B | $3.66B | $4.07B | $5.47B | $6.49B | $8.50B | $9.53B | $11.24B | $9.22B | $9.40B | $10.04B | $9.49B | $9.87B | $8.74B | $7.52B | $9.36B | $10.03B | $9.82B | $9.89B | $10.82B | $10.74B |
| Accounts Payable | $40.2M | $39.6M | $52.7M | $83.6M | $101.3M | $144.1M | $178.2M | $137.8M | $184.6M | $232.8M | $233.1M | $259.7M | $247.0M | $283.4M | $254.0M | $347.0M | $609.0M | $542.0M | $426.0M | $420.0M | $607.0M | $392.0M | $517.0M | $511.0M | $550.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | $166.2M | $85.1M | 0 | 0 | 0 | $1.15B | $1.20B | $1.26B | 0 | 0 | $849.0M | $1.25B | $385.0M | $649.0M | $522.0M | 0 | $250.0M | 0 | $400.0M | $750.0M | 0 |
| Total Current Liabilities | $215.6M | $265.0M | $344.2M | $520.2M | $917.2M | $1.19B | $1.41B | $1.68B | $1.91B | $3.37B | $3.52B | $3.83B | $2.69B | $2.71B | $3.66B | $4.04B | $3.62B | $3.87B | $3.62B | $3.45B | $3.95B | $3.47B | $4.11B | $4.66B | $4.02B |
| Long-term Debt | $3.7M | $3.1M | $4.9M | $4.5M | $133.8M | 0 | $172.6M | $1.26B | $1.10B | 0 | 0 | $994.6M | $995.5M | $1.49B | $1.49B | $744.0M | $1.54B | $1.14B | $1.15B | $2.63B | $2.39B | $2.39B | $1.99B | $2.48B | $2.49B |
| Total Liabilities | $250.3M | $331.8M | $461.4M | $711.8M | $1.34B | $1.67B | $2.37B | $3.81B | $3.96B | $4.65B | $5.18B | $6.52B | $5.43B | $5.99B | $7.16B | $6.71B | $7.80B | $7.65B | $7.28B | $8.68B | $9.19B | $8.66B | $8.74B | $9.78B | $9.39B |
| Retained Earnings | $207.7M | $284.1M | $436.2M | $662.0M | $928.4M | $1.23B | $1.54B | $1.62B | $2.00B | $2.67B | $2.81B | $2.90B | $1.1M | $53.2M | 0 | $40.0M | -$218.0M | 0 | 0 | $211.0M | $122.0M | $265.0M | $208.0M | 0 | $153.0M |
| Total Equity | $858.5M | $987.4M | $1.42B | $1.66B | $1.92B | $1.99B | $1.70B | $1.66B | $2.53B | $3.84B | $4.36B | $4.72B | $3.79B | $3.41B | $2.88B | $2.78B | $2.07B | $1.09B | $242.0M | $685.0M | $838.0M | $1.16B | $1.15B | $1.04B | $1.35B |
| Total Debt | $3.7M | 0 | $4.9M | $4.5M | $300.0M | $85.1M | $172.6M | $1.26B | $1.10B | $1.15B | $1.20B | $2.25B | $990.1M | $1.49B | $2.36B | $2.12B | $1.93B | $1.79B | $1.81B | $2.75B | $2.94B | $2.68B | $2.65B | $3.49B | $2.73B |
| Net Debt | -$450.4M | -$618.8M | -$803.1M | -$1.17B | -$1.02B | -$1.22B | -$991.8M | -$1.34B | -$2.62B | -$4.02B | -$4.20B | -$4.70B | -$4.01B | -$3.84B | -$2.94B | -$2.80B | -$3.46B | -$2.11B | -$1.07B | -$1.84B | -$1.19B | -$386.0M | -$600.0M | -$355.0M | -$851.0M |
| Working Capital | $463.6M | $588.5M | $745.0M | $1.06B | $1.12B | $1.05B | $653.3M | $1.76B | $2.63B | $3.02B | $3.31B | $4.59B | $3.78B | $4.06B | $2.79B | $2.16B | $3.23B | $1.74B | $658.0M | $2.55B | $1.99B | $1.21B | $791.0M | $1.19B | $1.75B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.07B | $1.63B | $2.07B | $1.57B |
| Total Assets | $9.63B | $9.97B | $10.74B | $10.96B |
| Total Liabilities | $8.64B | $8.81B | $9.39B | $9.46B |
| Total Equity | $986.0M | $1.16B | $1.35B | $1.50B |
| Total Debt | $2.74B | $2.73B | $2.73B | $2.53B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $509.0M | $76.0M | $1.17B | $819.0M | $730.0M | $937.0M | $1.27B | $986.0M | $1.19B | $1.28B |
| Depreciation & Amortization | $226.0M | $198.0M | $197.0M | $193.0M | $207.0M | $194.0M | $248.0M | $255.0M | $243.0M | $200.0M |
| Stock-based Compensation | $195.0M | $161.0M | $158.0M | $153.0M | $197.0M | $245.0M | $312.0M | $357.0M | $386.0M | $382.0M |
| Change in Working Capital | -$18.0M | $1.01B | -$109.0M | -$102.0M | $285.0M | -$22.0M | -$106.0M | $2.0M | -$250.0M | -$23.0M |
| Operating Cash Flow | $986.0M | $1.48B | $1.34B | $1.06B | $1.33B | $1.21B | $1.11B | $1.69B | $1.51B | $2.07B |
| Capital Expenditure | -$175.0M | -$145.0M | -$173.0M | -$124.0M | -$162.0M | -$226.0M | -$239.0M | -$155.0M | -$168.0M | -$198.0M |
| Acquisitions | -$8.0M | -$75.0M | -$3.0M | -$73.0M | -$350.0M | -$380.0M | -$491.0M | 0 | 0 | 0 |
| Stock Repurchased | -$705.0M | -$794.0M | -$2.11B | -$1.41B | -$125.0M | -$600.0M | -$850.0M | -$900.0M | -$1.15B | -$950.0M |
| Dividends Paid | -$208.0M | -$214.0M | -$403.0M | -$439.0M | -$427.0M | -$446.0M | -$432.0M | -$416.0M | -$424.0M | -$413.0M |
| Free Cash Flow | $811.0M | $1.33B | $1.17B | $936.0M | $1.17B | $985.0M | $868.0M | $1.53B | $1.34B | $1.87B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $127.0M | $317.0M | $950.0M | $503.0M |
| Capital Expenditure | -$49.0M | -$46.0M | -$50.0M | -$102.0M |
| Free Cash Flow | $78.0M | $271.0M | $900.0M | $401.0M |
| Dividends Paid | -$103.0M | -$103.0M | -$103.0M | -$102.0M |
| Stock-based Compensation | $102.0M | $97.0M | $100.0M | $98.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.1% | +4.0% | -11.9% | +6.1% | +10.0% | +0.7% | -1.5% | +4.9% | +5.4% | |
| Net Income Growth (YoY) | -85.1% | +1,438.2% | -29.9% | -10.9% | +28.4% | +36.0% | -22.6% | +20.3% | +7.6% | |
| EPS Growth (YoY) | -84.9% | +1,542.9% | -22.6% | -7.6% | +27.7% | +39.8% | -19.3% | +22.6% | +10.7% | |
| Shares Change (YoY) | -1.8% | -6.2% | -10.0% | -3.0% | +1.3% | -3.9% | -3.2% | -1.9% | -4.8% | |
| FCF Growth (YoY) | +64.4% | -12.4% | -19.9% | +25.1% | -15.9% | -11.9% | +76.3% | -12.5% | +39.7% | |
| Gross Margin | 61.4% | 62.6% | 64.2% | 66.9% | 66.4% | 66.8% | 66.2% | 70.7% | 70.2% | 70.7% |
| Operating Margin | 12.0% | 19.0% | 19.9% | 17.5% | 17.9% | 18.3% | 16.0% | 19.4% | 20.3% | 24.5% |
| EBITDA Margin | 17.1% | 24.7% | 24.8% | 22.0% | 21.6% | 21.6% | 21.7% | 25.2% | 25.7% | 27.9% |
| Net Margin | 9.2% | 1.3% | 19.0% | 15.1% | 12.7% | 14.8% | 20.0% | 15.7% | 18.0% | 18.4% |
| FCF Margin | 14.7% | 22.6% | 19.0% | 17.3% | 20.4% | 15.6% | 13.6% | 24.4% | 20.4% | 27.0% |
| Effective Tax Rate | 23.5% | 93.5% | 7.8% | 13.2% | 24.1% | 14.4% | -19.5% | 21.9% | 14.2% | 22.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.89 | $4.83 | $4.51 | $4.02 | $5.18 | $4.30 | $3.95 | $7.18 | $6.40 | $9.39 |
| Dividends Per Share | $0.74 | $0.78 | $1.56 | $1.88 | $1.89 | $1.95 | $1.96 | $1.95 | $2.03 | $2.08 |
| Shares Outstanding (Basic) | 275.0 M | 268.0 M | 254.0 M | 230.0 M | 222.0 M | 223.0 M | 217.0 M | 208.0 M | 204.0 M | 197.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 113.67% |
| Return on Invested Capital | 21.13% |
| Return on Assets | 12.94% |
| Gross Margin | 70.63% |
| Operating Margin | 25.73% |
| Net Margin | 19.19% |
Financial Health
| Debt / Equity | 1.69 |
| Current Ratio | 1.24 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.75 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.54 | 240.71 | 15.63 | 12.29 | 22.70 | 17.44 | 10.71 | 21.38 | 15.22 | 16.91 |
| P/B | 3.94 | 8.74 | 16.75 | 41.60 | 24.21 | 19.49 | 11.77 | 18.39 | 17.35 | 15.85 |
| P/S | 1.99 | 3.06 | 2.97 | 1.86 | 2.89 | 2.59 | 2.15 | 3.36 | 2.75 | 3.09 |
| Gross Margin | 61.4% | 62.6% | 64.2% | 66.9% | 66.4% | 66.8% | 66.2% | 70.7% | 70.2% | 70.7% |
| Operating Margin | 12.0% | 19.0% | 19.9% | 17.5% | 17.9% | 18.3% | 16.0% | 19.4% | 20.3% | 24.5% |
| Net Margin | 9.2% | 1.3% | 19.0% | 15.1% | 12.7% | 14.8% | 20.0% | 15.7% | 18.0% | 18.4% |
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Explore sector: Technology · Computer Hardware
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