15 years of revenue, profit, cash flow and balance-sheet history through FY2026,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 3.8% per year over the past 5 years.
Net income has grown faster than revenue (11.8% vs 3.8% per year).
Operating margin has expanded, at 24.2% in the latest year.
Free cash flow has grown 9.8% per year over the past 5 years.
Financial health
Total debt ($2.5B) exceeds cash ($2.1B); net debt is $417M.
Total debt has grown slower than revenue (-1.1% vs 3.8% per year).
Operating income covered interest expense 15× in the latest year.
Total debt is 1.3× EBITDA.
Shareholder returns
Dividends have been paid for 13 consecutive years, consuming 32.4% of earnings and 22.1% of free cash flow.
The dividend has declined 0.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2026
$6.9B
$1.3B
70.7%
24.2%
94.4%
11.9%
$1.9B
$2.5B
$2.1B
2025
$6.6B
$1.2B
70.2%
20.3%
114.0%
11.0%
$1.3B
$3.2B
$2.7B
2024
$6.3B
$986M
70.7%
19.4%
86.0%
10.0%
$1.5B
$2.4B
$1.9B
2023
$6.4B
$1.3B
66.2%
16.0%
109.9%
13.0%
$868M
$2.4B
$2.3B
2022
$6.3B
$937M
66.8%
18.3%
111.8%
9.3%
$985M
$2.6B
$4.1B
2021
$5.7B
$730M
66.4%
17.9%
106.6%
7.8%
$1.2B
$2.6B
$4.5B
2020
$5.4B
$819M
66.9%
17.5%
338.4%
10.9%
$936M
$1.7B
$2.7B
2019
$6.1B
$1.2B
64.2%
19.9%
107.2%
13.4%
$1.2B
$1.8B
$2.3B
2018
$5.9B
$116M
62.7%
19.6%
5.1%
1.2%
$1.3B
$1.9B
$2.9B
2017
$5.5B
$481M
61.3%
11.3%
16.3%
5.1%
$811M
$2.0B
$2.4B
2016
—
$229M
—
—
7.9%
2.3%
$814M
$1.5B
$2.9B
2015
—
$560M
—
—
16.4%
6.0%
—
$1.5B
$1.9B
2014
—
$638M
—
—
16.8%
6.9%
—
$996M
$2.3B
2013
—
$505M
—
—
10.7%
4.5%
—
$2.3B
$3.3B
2012
—
$605M
—
—
14.1%
6.4%
$1.1B
$1.2B
$1.5B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jul '26
$2.0B
$375M
70.1%
23.9%
25.1%
3.4%
$401M
$2.5B
$1.6B
Apr '26
$1.9B
$404M
70.1%
27.3%
29.9%
3.8%
$900M
$2.5B
$2.1B
Jan '26
$1.7B
$334M
70.6%
25.3%
28.8%
3.3%
—
$2.5B
$1.6B
Oct '25
$1.7B
$305M
72.0%
23.4%
30.9%
3.2%
$78M
$2.5B
$2.1B
Jul '25
$1.6B
$233M
70.4%
19.8%
23.9%
2.4%
$620M
$2.5B
$2.1B
Apr '25
$1.7B
$340M
68.9%
20.1%
32.7%
3.1%
$640M
$3.2B
$2.7B
Jan '25
$1.6B
$299M
69.8%
22.1%
30.1%
3.3%
$338M
$2.0B
$1.5B
Oct '24
$1.7B
$299M
71.0%
20.8%
33.5%
3.3%
$60M
$2.0B
$1.5B
Jul '24
$1.5B
$248M
71.3%
18.3%
26.7%
2.7%
$300M
$2.4B
$1.7B
Apr '24
$1.7B
$291M
70.5%
21.9%
25.4%
2.9%
$567M
$2.4B
$1.9B
Jan '24
$1.6B
$313M
71.7%
22.8%
31.5%
3.3%
$448M
$2.4B
$1.8B
Oct '23
$1.6B
$233M
71.1%
19.5%
30.3%
2.6%
$97M
$2.4B
$1.9B
Jul '23
$1.4B
$149M
69.6%
12.4%
17.1%
1.6%
$418M
$2.4B
$2.0B
Apr '23
$1.6B
$245M
68.0%
19.5%
21.1%
2.5%
$196M
$2.4B
$2.3B
Jan '23
$1.5B
$65M
65.6%
11.3%
5.9%
0.7%
$319M
$2.4B
$2.6B
Oct '22
$1.7B
$750M
65.4%
17.0%
62.4%
7.7%
$137M
$2.4B
$2.7B
Jul '22
$1.6B
$214M
65.7%
16.0%
32.6%
2.2%
$216M
$2.6B
$3.3B
Apr '22
$1.7B
$259M
64.8%
17.4%
30.9%
2.6%
$343M
$2.6B
$4.1B
Jan '22
$1.6B
$252M
66.5%
19.9%
28.6%
2.7%
$199M
$2.6B
$4.2B
Oct '21
$1.6B
$224M
67.6%
18.8%
29.5%
2.4%
$252M
$2.6B
$4.5B
Valuation over time
How the market has priced NTAP against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 13.4× (Mar '23) to 28.5× (Nov '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 5.3× (Nov '26).
The dividend yield has fallen from 3.6% (Mar '23) to 1.1% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is NTAP growing its revenue and profit?
Over the past 5 years, NetApp's revenue has grown 3.8% per year, and net income grown 11.8% per year. These are computed facts, not advice.
How much debt does NTAP have?
As of FY2026, NetApp reported $2.5B of total debt against $2.1B of cash; operating income covered interest expense 15×.
What is NTAP's profit margin?
In FY2026, gross margin was 70.7%, operating margin 24.2%, and net margin 18.4%.
What is NTAP's P/E ratio?
NetApp's P/E (TTM) is 25.66 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NTAP stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 28.5× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.