/
NetApp, Inc. (NetApp, we, us, or the Company) helps customers make their data infrastructure more seamless, more dynamic, and higher performing. We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environmen…
$163.88
+$4.19 (+2.62%)
EOD Jul 17, 2026
Margins and capital returns are both well above average: 20.34% operating margin, ROIC at 27.37%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 4.9%, steady but not accelerating. Free cash flow declined 13% despite revenue growth, conversion is weakening.
At 27x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 13% versus the prior year, cash generation momentum has weakened.
27.5x earnings, 24.5x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$6.71B
▲ +4.9% YoY
Net Income (TTM)
$1.21B
▲ +20.3% YoY
Op. Margin
22.21%
▲ +1.0pp YoY
ROIC
30.70%
▲ +2.8pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$1.34B
▼ -12.5% YoY
Op. Cash Flow (FY)
$1.51B
▼ -10.6% YoY
Net Debt
-$274M
Net Cash Position
Cash & Equiv.
$3.01B
5Y CAGR: +4.0%
5Y CAGR: +7.4%
Continue Research
At a P/E of 27.5 and a price-to-free-cash-flow of 24.5, NetApp (NTAP) trades above a two-stage DCF intrinsic value of about $127.59 per share, so at $163.88 the stock looks overvalued (22.1% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, NetApp scores 78/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 1.3%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $127.59 per share for NTAP, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $95.69. At today's $163.88, that puts the stock about 22.1% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
NetApp scores 78 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 22.2% operating margin and a 30.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, NetApp pays a regular dividend of about $2.12 per share per year (typically in quarterly installments), a yield of roughly 1.3% at the current price. That is a payout ratio of about 35.0% of earnings, so the dividend is amply covered by earnings. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For NTAP's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. NTAP currently trades above its estimated intrinsic value and scores 78/100 on quality (solid). It also yields about 1.3%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.