NetApp, Inc. NTAP
NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure. Since our founding in 1992, we have transformed from a pioneering storage hardware provider into a software-driven, cloud-centric data infrastructure company. Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native solutions, forms the backbone of digital transformation for thousands of enterprises worldwide. NetApp empowers organizations to manage, protect, and leverage data across on-premises, hybrid, and multi-cloud environments. We are well positioned to enable Intelligent Data Infrastructure for our customers and help them realize the full promise of artificial intelligence (AI) providing solutions that connect, protect, and activate data across every data environment—on-premises, in the cloud, and at the edge.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.92B | $6.57B | $6.27B | $6.36B | $6.32B | $5.74B | $5.41B | $6.15B | $5.92B | $5.49B |
| Cost of revenue | $2.03B | $1.96B | $1.83B | $2.15B | $2.10B | $1.93B | $1.79B | $2.20B | $2.21B | $2.13B |
| Gross profit | $4.90B | $4.61B | $4.43B | $4.21B | $4.22B | $3.81B | $3.62B | $3.94B | $3.71B | $3.36B |
| R&D | $991.0M | $1.01B | $1.03B | $956.0M | $881.0M | $881.0M | $847.0M | $827.0M | $783.0M | $779.0M |
| SG&A | $344.0M | $311.0M | $308.0M | $265.0M | $279.0M | $257.0M | $263.0M | $278.0M | $280.0M | $271.0M |
| Total operating expenses | $3.23B | $3.28B | $3.22B | $3.19B | $3.06B | $2.78B | $2.68B | $2.72B | $2.55B | $2.74B |
| Operating income | $1.67B | $1.34B | $1.21B | $1.02B | $1.16B | $1.03B | $945.0M | $1.22B | $1.16B | $621.0M |
| Interest expense | $109.0M | $64.0M | $64.0M | $67.0M | $73.0M | $74.0M | $55.0M | $58.0M | $62.0M | $52.0M |
| Pre-tax income | $1.65B | $1.38B | $1.26B | $1.07B | $1.09B | $962.0M | $944.0M | $1.27B | $1.20B | $621.0M |
| Income tax | $372.0M | $197.0M | $277.0M | $208.0M | $158.0M | $232.0M | $125.0M | $99.0M | $1.08B | $140.0M |
| Net income | $1.28B | $1.19B | $986.0M | $1.27B | $937.0M | $730.0M | $819.0M | $1.17B | $116.0M | $481.0M |
| EPS, basic | 6.41 | 5.81 | 4.74 | 5.87 | 4.20 | 3.29 | 3.56 | 4.60 | 0.43 | 1.75 |
| EPS, diluted | 6.35 | 5.67 | 4.63 | 5.79 | 4.09 | 3.23 | 3.52 | 4.51 | 0.42 | 1.71 |
| Shares, diluted (wtd. avg.) | $201.0M | $209.0M | $213.0M | $220.0M | $229.0M | $226.0M | $233.0M | $259.0M | $276.0M | $281.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.07B | $2.74B | $1.91B | $2.32B | $4.12B | $4.54B | $2.67B | $2.33B | $2.95B | $2.45B |
| Short-term investments | $1.51B | $1.10B | $1.35B | $754.0M | $22.0M | $67.0M | $224.0M | $1.57B | $2.45B | $2.48B |
| Receivables | $1.29B | $1.25B | $1.01B | $987.0M | $1.23B | $945.0M | $973.0M | $1.22B | $1.05B | $731.0M |
| Inventory | $198.0M | $186.0M | $186.0M | $167.0M | $204.0M | $114.0M | $145.0M | $131.0M | $122.0M | $163.0M |
| Total current assets | $5.78B | $5.85B | $4.90B | $4.68B | $5.95B | $6.00B | $4.27B | $5.61B | $6.95B | $6.20B |
| Property, plant and equipment | $592.0M | $563.0M | $604.0M | $650.0M | $602.0M | $525.0M | $727.0M | $759.0M | $756.0M | $799.0M |
| Goodwill | $2.77B | $2.72B | $2.76B | $2.76B | $2.35B | $2.04B | $1.78B | $1.74B | $1.74B | $1.68B |
| Other intangibles | $22.0M | $43.0M | $124.0M | $181.0M | $142.0M | $101.0M | $44.0M | $47.0M | $94.0M | $131.0M |
| Total assets | $10.74B | $10.82B | $9.89B | $9.82B | $10.03B | $9.36B | $7.52B | $8.74B | $9.99B | $9.49B |
| Accounts payable | $550.0M | $511.0M | $517.0M | $392.0M | $607.0M | $420.0M | $426.0M | $542.0M | $609.0M | $347.0M |
| Short-term debt | $0 | $750.0M | $400.0M | $0 | $250.0M | $0 | $0 | $400.0M | $0 | $749.0M |
| Total current liabilities | $4.02B | $4.66B | $4.11B | $3.47B | $3.95B | $3.45B | $3.62B | $3.87B | $3.53B | $4.12B |
| Long-term debt | $2.49B | $2.48B | $1.99B | $2.39B | $2.39B | $2.63B | $1.15B | $1.14B | $1.54B | $744.0M |
| Total liabilities | $9.39B | $9.78B | $8.74B | $8.66B | $9.19B | $8.68B | $7.28B | $7.65B | $7.71B | $6.71B |
| Retained earnings | $153.0M | $0 | $208.0M | $265.0M | $122.0M | $211.0M | $0 | $0 | -$9.0M | $40.0M |
| Total equity | $1.35B | $1.04B | $1.15B | $1.16B | $838.0M | $685.0M | $242.0M | $1.09B | $2.28B | $2.95B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.07B | $1.51B | $1.69B | $1.11B | $1.21B | $1.33B | $1.06B | $1.34B | $1.48B | $986.0M |
| Depreciation and amortisation | $179.0M | $196.0M | $198.0M | $181.0M | $148.0M | $158.0M | $154.0M | $150.0M | $145.0M | $178.0M |
| Stock-based compensation | $382.0M | $386.0M | $357.0M | $312.0M | $245.0M | $197.0M | $153.0M | $158.0M | $161.0M | $195.0M |
| Capital expenditure | $198.0M | $168.0M | $155.0M | $239.0M | $226.0M | $162.0M | $124.0M | $173.0M | $145.0M | $175.0M |
| Investing cash flow | -$595.0M | $147.0M | -$735.0M | -$1.39B | -$561.0M | $21.0M | $1.27B | $704.0M | -$21.0M | -$223.0M |
| Financing cash flow | -$2.15B | -$828.0M | -$1.34B | -$1.51B | -$1.02B | $444.0M | -$1.96B | -$2.63B | -$986.0M | -$1.18B |
| Dividends paid | $413.0M | $424.0M | $416.0M | $432.0M | $446.0M | $427.0M | $439.0M | $403.0M | $214.0M | $208.0M |
| Buybacks | $950.0M | $1.15B | $900.0M | $850.0M | $600.0M | $125.0M | $1.41B | $2.11B | $794.0M | $705.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-321210.
Others in SIC 3572
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SNDK | Sandisk Corp | $254.77B | 23.6x | 175.3% |
| STX | Seagate Technology Holdings plc | $192.48B | 61.1x | 34.1% |
| WDC | WESTERN DIGITAL CORP | $168.54B | 19.3x | 35.7% |
| P | Everpure, Inc. | $33.16B | 180.9x | 15.6% |
| QMCO | QUANTUM CORP /DE/ | $974.6M | — | 2.0% |