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
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
FCF
Total debt
Cash
2026
$6.9B
$1.3B
70.7%
24.2%
$1.9B
$2.5B
$2.1B
2025
$6.6B
$1.2B
70.2%
20.3%
$1.3B
$3.2B
$2.7B
2024
$6.3B
$986M
70.7%
19.4%
$1.5B
$2.4B
$1.9B
2023
$6.4B
$1.3B
66.2%
16.0%
$868M
$2.4B
$2.3B
2022
$6.3B
$937M
66.8%
18.3%
$985M
$2.6B
$4.1B
2021
$5.7B
$730M
66.4%
17.9%
$1.2B
$2.6B
$4.5B
2020
$5.4B
$819M
66.9%
17.5%
$936M
$1.7B
$2.7B
2019
$6.1B
$1.2B
64.2%
19.9%
$1.2B
$1.8B
$2.3B
2018
$5.9B
$116M
62.7%
19.6%
$1.3B
$1.9B
$2.9B
2017
$5.5B
$481M
61.3%
11.3%
$811M
$2.0B
$2.4B
2016
—
$229M
—
—
$814M
$1.5B
$2.9B
2015
—
$560M
—
—
—
$1.5B
$1.9B
2014
—
$638M
—
—
—
$996M
$2.3B
2013
—
$505M
—
—
—
$2.3B
$3.3B
2012
—
$605M
—
—
$1.1B
$1.2B
$1.5B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Apr '26
$1.9B
$404M
70.1%
27.3%
$900M
$2.5B
$2.1B
Jan '26
$1.7B
$334M
70.6%
25.3%
—
$2.5B
$1.6B
Oct '25
$1.7B
$305M
72.0%
23.4%
$78M
$2.5B
$2.1B
Jul '25
$1.6B
$233M
70.4%
19.8%
$620M
$2.5B
$2.1B
Apr '25
$1.7B
$340M
68.9%
20.1%
$640M
$3.2B
$2.7B
Jan '25
$1.6B
$299M
69.8%
22.1%
$338M
$2.0B
$1.5B
Oct '24
$1.7B
$299M
71.0%
20.8%
$60M
$2.0B
$1.5B
Jul '24
$1.5B
$248M
71.3%
18.3%
$300M
$2.4B
$1.7B
Apr '24
$1.7B
$291M
70.5%
21.9%
$567M
$2.4B
$1.9B
Jan '24
$1.6B
$313M
71.7%
22.8%
$448M
$2.4B
$1.8B
Oct '23
$1.6B
$233M
71.1%
19.5%
$97M
$2.4B
$1.9B
Jul '23
$1.4B
$149M
69.6%
12.4%
$418M
$2.4B
$2.0B
Apr '23
$1.6B
$245M
68.0%
19.5%
$196M
$2.4B
$2.3B
Jan '23
$1.5B
$65M
65.6%
11.3%
$319M
$2.4B
$2.6B
Oct '22
$1.7B
$750M
65.4%
17.0%
$137M
$2.4B
$2.7B
Jul '22
$1.6B
$214M
65.7%
16.0%
$216M
$2.6B
$3.3B
Apr '22
$1.7B
$259M
64.8%
17.4%
$343M
$2.6B
$4.1B
Jan '22
$1.6B
$252M
66.5%
19.9%
$199M
$2.6B
$4.2B
Oct '21
$1.6B
$224M
67.6%
18.8%
$252M
$2.6B
$4.5B
Jul '21
$1.5B
$202M
68.5%
17.1%
$191M
$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 13.3× (Mar '23) to 23.7× (Jun '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 4.4× (Jun '26).
The dividend yield has fallen from 3.6% (Mar '23) to 1.4% (Jun '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?
As of Jun '26, NetApp traded at a price-to-earnings ratio of about 23.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.