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NetApp (NTAP) Financials

NetApp logo
$118.72 -1.35 (-1.12%)
Closing price 10/3/2025 04:00 PM Eastern
Extended Trading
$119.13 +0.41 (+0.35%)
As of 10/3/2025 06:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for NetApp

Annual Income Statements for NetApp

This table shows NetApp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 4/24/2015 4/29/2016 4/28/2017 4/27/2018 4/26/2019 4/24/2020 4/30/2021 4/29/2022 4/28/2023 4/26/2024 4/25/2025
Net Income / (Loss) Attributable to Common Shareholders		 560 229 481 116 1,169 819 730 937 1,274 986 1,186
Consolidated Net Income / (Loss)		 560 229 481 116 1,169 819 730 937 1,274 986 1,186
Net Income / (Loss) Continuing Operations		 560 229 481 116 1,169 819 730 937 1,274 986 1,186
Total Pre-Tax Income 		713 345 621 1,199 1,268 944 962 1,095 1,066 1,263 1,383
Total Operating Income		 716 348 621 1,158 1,221 945 1,031 1,157 1,018 1,214 1,337
Total Gross Profit		 3,833 3,373 3,364 3,709 3,945 3,623 3,815 4,220 4,209 4,433 4,613
Total Revenue		 6,123 5,546 5,491 5,919 6,146 5,412 5,744 6,318 6,362 6,268 6,572
Operating Revenue		 6,123 5,546 5,491 5,919 6,146 5,412 5,744 6,318 6,362 6,268 6,572
Total Cost of Revenue		 2,290 2,173 2,127 2,210 2,201 1,789 1,929 2,098 2,153 1,835 1,959
Operating Cost of Revenue		 2,290 2,173 2,127 2,210 2,201 1,789 1,929 2,098 2,153 1,835 1,959
Total Operating Expenses		 3,117 3,025 2,743 2,551 2,724 2,678 2,784 3,063 3,191 3,219 3,276
Selling, General & Admin Expense		 284 307 271 280 278 263 257 279 265 308 311
Marketing Expense		 1,913 1,792 1,651 1,706 1,657 1,585 1,744 1,857 1,829 1,828 1,865
Research & Development Expense		 920 861 779 783 827 847 881 881 956 1,029 1,012
Other Operating Expenses / (Income)		 - - - -218 -73 -38 -156 0.00 0.00 0.00 0.00
Restructuring Charge		 0.00 116 52 0.00 35 21 58 46 141 54 88
Total Other Income / (Expense), net		 -3.00 -3.00 0.00 41 47 -1.00 -69 -62 48 49 46
Income Tax Expense		 153 116 140 1,083 99 125 232 158 -208 277 197
Basic Earnings per Share		 $1.77 $0.78 $1.75 $0.43 $4.60 $3.56 $3.29 $4.20 $5.87 $4.74 $5.81
Weighted Average Basic Shares Outstanding		 316M 294M 275M 268M 254M 230M 222M 223M 217M 208M 204M
Diluted Earnings per Share		 $1.75 $0.77 $1.71 $0.42 $4.51 $3.52 $3.23 $4.09 $5.79 $4.63 $5.67
Weighted Average Diluted Shares Outstanding		 321M 297M 281M 276M 259M 233M 226M 229M 220M 213M 209M
Weighted Average Basic & Diluted Shares Outstanding		 316.40M 293.60M 275.10M 269.80M 254.10M 221.82M 223.22M 221.19M 212.43M 205.80M 200.37M
Cash Dividends to Common per Share		 $0.66 $0.72 $0.76 $0.80 $1.60 $1.92 $1.92 $2.00 $2.00 $2.00 $2.08

Quarterly Income Statements for NetApp

This table shows NetApp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 10/28/2022 1/27/2023 4/28/2023 7/28/2023 10/27/2023 1/26/2024 4/26/2024 7/25/2025 10/25/2024 1/24/2025 4/25/2025
Net Income / (Loss) Attributable to Common Shareholders		 750 65 245 149 233 313 291 233 299 299 340
Consolidated Net Income / (Loss)		 750 65 245 149 233 313 291 233 299 299 340
Net Income / (Loss) Continuing Operations		 750 65 245 149 233 313 291 233 299 299 340
Total Pre-Tax Income 		305 177 314 186 315 382 380 304 360 370 354
Total Operating Income		 282 172 309 178 304 366 366 309 345 362 348
Total Gross Profit		 1,087 1,001 1,075 996 1,110 1,151 1,176 1,098 1,177 1,145 1,193
Total Revenue		 1,663 1,526 1,581 1,432 1,562 1,606 1,668 1,559 1,658 1,641 1,732
Operating Revenue		 1,663 1,526 1,581 1,432 1,562 1,606 1,668 1,559 1,658 1,641 1,732
Total Cost of Revenue		 576 525 506 436 452 455 492 461 481 496 539
Operating Cost of Revenue		 576 525 506 436 452 455 492 461 481 496 539
Total Operating Expenses		 805 829 766 818 806 785 810 789 832 783 845
Selling, General & Admin Expense		 67 59 67 74 75 81 78 84 77 74 85
Marketing Expense		 479 450 442 468 461 439 460 461 485 451 458
Research & Development Expense		 243 230 243 247 262 249 271 242 257 247 256
Restructuring Charge		 16 90 14 29 8.00 16 1.00 2.00 13 11 46
Total Other Income / (Expense), net		 23 5.00 5.00 8.00 11 16 14 -5.00 15 8.00 6.00
Income Tax Expense		 -445 112 69 37 82 69 89 71 61 71 14
Basic Earnings per Share		 $3.46 $0.30 $1.14 $0.70 $1.12 $1.52 $1.40 $1.16 $1.47 $1.47 $1.67
Weighted Average Basic Shares Outstanding		 217M 216M 217M 212M 208M 206M 208M 201M 204M 204M 204M
Diluted Earnings per Share		 $3.41 $0.30 $1.12 $0.69 $1.10 $1.48 $1.36 $1.15 $1.42 $1.44 $1.64
Weighted Average Diluted Shares Outstanding		 220M 219M 220M 216M 211M 211M 213M 203M 210M 208M 209M
Weighted Average Basic & Diluted Shares Outstanding		 215.57M 213.90M 212.43M 208.79M 206.03M 20.64M 205.80M 199.62M 203.31M 203.41M 200.37M

Annual Cash Flow Statements for NetApp

This table details how cash moves in and out of NetApp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 4/24/2015 4/29/2016 4/28/2017 4/27/2018 4/26/2019 4/24/2020 4/30/2021 4/29/2022 4/28/2023 4/26/2024 4/25/2025
Net Change in Cash & Equivalents		 -369 946 -416 497 -586 335 -259 -416 -1,797 -413 840
Net Cash From Operating Activities		 1,268 974 986 1,478 1,341 1,060 1,333 1,211 1,107 1,685 1,506
Net Cash From Continuing Operating Activities		 1,268 974 986 1,478 1,341 1,060 1,333 1,211 1,107 1,685 1,506
Net Income / (Loss) Continuing Operations		 560 229 481 116 1,169 819 730 937 1,274 986 1,186
Consolidated Net Income / (Loss)		 560 229 481 116 1,169 819 730 937 1,274 986 1,186
Depreciation Expense		 307 279 226 198 197 193 207 194 248 255 243
Non-Cash Adjustments To Reconcile Net Income		 204 209 185 -57 85 166 93 300 364 402 427
Changes in Operating Assets and Liabilities, net		 197 257 94 1,221 -110 -118 303 -220 -779 42 -350
Net Cash From Investing Activities		 -903 85 -223 -21 704 1,269 21 -561 -1,390 -735 147
Net Cash From Continuing Investing Activities		 -903 85 -223 -21 704 1,269 21 -561 -1,390 -735 147
Purchase of Property, Plant & Equipment		 -175 -160 -175 -145 -173 -124 -162 -226 -239 -155 -168
Acquisitions		 -85 -842 -8.00 -75 -3.00 -73 -350 -380 -491 0.00 0.00
Purchase of Investments		 -2,597 -1,589 -1,977 -1,389 -41 -13 -5.00 -18 -1,269 -2,635 -1,782
Sale and/or Maturity of Investments		 1,952 2,571 1,934 1,379 917 1,383 165 63 550 2,055 2,027
Other Investing Activities, net		 2.00 3.00 3.00 -1.00 4.00 0.00 2.00 0.00 59 0.00 70
Net Cash From Financing Activities		 -675 -109 -1,179 -986 -2,631 -1,960 444 -1,017 -1,513 -1,344 -828
Net Cash From Continuing Financing Activities		 -675 -109 -1,179 -986 -2,631 -1,960 -1,613 -1,017 -1,513 -1,344 -828
Repayment of Debt		 -9.00 -27 -857 -871 -142 -416 -1,117 -2.00 -255 -1.00 -403
Repurchase of Common Equity		 -1,165 -960 -705 -794 -2,111 -1,411 -125 -600 -850 -900 -1,150
Payment of Dividends		 -208 -210 -208 -214 -403 -439 -427 -446 -432 -416 -424
Issuance of Debt		 495 870 499 795 0.00 283 - - 0.00 0.00 1,240
Issuance of Common Equity		 157 120 140 173 121 102 98 105 108 100 108
Other Financing Activities, net		 55 98 -48 -75 -96 -79 -42 -74 -84 -127 -199
Effect of Exchange Rate Changes		 - -4.00 - 26 - -34 - -49 -1.00 -19 15

Quarterly Cash Flow Statements for NetApp

This table details how cash moves in and out of NetApp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 10/28/2022 1/27/2023 4/28/2023 7/28/2023 10/27/2023 1/26/2024 4/26/2024 7/25/2025 10/25/2024 1/24/2025 4/25/2025
Net Change in Cash & Equivalents		 -619 -30 -324 -296 -85 -115 83 -658 -172 31 1,231
Net Cash From Operating Activities		 214 377 235 453 135 484 613 673 105 385 675
Net Cash From Continuing Operating Activities		 214 377 235 453 135 484 613 673 105 385 675
Net Income / (Loss) Continuing Operations		 750 65 245 149 233 313 291 233 299 299 340
Consolidated Net Income / (Loss)		 750 65 245 149 233 313 291 233 299 299 340
Depreciation Expense		 59 65 66 64 64 63 64 51 63 64 53
Non-Cash Adjustments To Reconcile Net Income		 91 106 86 98 105 100 99 94 114 113 105
Changes in Operating Assets and Liabilities, net		 -686 141 -162 142 -267 8.00 159 295 -371 -91 177
Net Cash From Investing Activities		 -288 -189 -285 -228 227 -437 -297 -181 564 -53 -313
Net Cash From Continuing Investing Activities		 -288 -189 -285 -228 227 -437 -297 -181 564 -53 -313
Purchase of Property, Plant & Equipment		 -77 -58 -39 -35 -38 -36 -46 -53 -45 -47 -35
Purchase of Investments		 -287 -342 -507 -571 -289 -803 -972 -741 -402 -406 -494
Sale and/or Maturity of Investments		 76 210 262 379 553 402 721 598 1,009 399 149
Other Investing Activities, net		 - 1.00 -1.00 -1.00 1.00 - - 15 2.00 1.00 67
Net Cash From Financing Activities		 -520 -265 -269 -521 -421 -178 -224 -1,157 -842 -289 851
Net Cash From Continuing Financing Activities		 -520 -265 -269 -521 -421 -178 -224 -1,157 -842 -289 851
Repayment of Debt		 -251 - -3.00 -2.00 2.00 - -1.00 -750 -401 - -3.00
Repurchase of Common Equity		 -150 -200 -150 -400 -300 -100 -100 -300 -300 -200 -250
Payment of Dividends		 -108 -108 -106 -106 -103 -103 -104 -104 -106 -106 -105
Other Financing Activities, net		 -11 -11 -10 -65 -20 -23 -19 -57 -35 -36 -31
Effect of Exchange Rate Changes		 -25 39 3.00 0.00 -26 16 -9.00 7.00 1.00 -12 18

Annual Balance Sheets for NetApp

This table presents NetApp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 4/24/2015 4/29/2016 4/28/2017 4/27/2018 4/26/2019 4/24/2020 4/30/2021 4/29/2022 4/28/2023 4/26/2024 4/25/2025
Total Assets		 9,401 10,037 9,493 9,991 8,741 7,522 9,360 10,026 9,818 9,887 10,823
Total Current Assets		 6,773 6,448 6,198 6,952 5,610 4,274 6,001 5,945 4,680 4,897 5,851
Cash & Equivalents		 1,922 2,868 2,444 2,941 2,325 2,658 4,529 4,112 2,316 1,903 2,742
Short-Term Investments		 3,404 2,435 2,477 2,450 1,574 224 67 22 754 1,349 1,104
Accounts Receivable		 779 813 731 1,047 1,216 973 945 1,230 987 1,007 1,246
Inventories, net		 146 98 163 122 131 145 114 204 167 186 186
Other Current Assets		 522 234 383 392 364 274 346 377 456 452 573
Plant, Property, & Equipment, net		 1,030 937 799 756 759 727 525 602 650 604 563
Total Noncurrent Assets		 1,598 2,652 2,496 2,283 2,372 2,521 2,834 3,479 4,488 4,386 4,409
Goodwill		 1,027 1,676 1,684 1,739 1,735 1,778 2,039 2,346 2,759 2,759 2,723
Intangible Assets		 90 180 131 94 47 44 101 142 181 124 43
Other Noncurrent Operating Assets		 481 796 681 450 590 699 694 991 1,548 1,503 1,643
Total Liabilities & Shareholders' Equity		 9,401 10,037 9,493 9,991 8,741 7,522 9,360 10,026 9,818 9,887 10,823
Total Liabilities		 5,987 7,156 6,713 7,715 7,651 7,280 8,675 9,188 8,659 8,741 9,783
Total Current Liabilities		 2,709 3,662 4,122 3,531 3,867 3,616 3,452 3,953 3,467 4,106 4,662
Short-Term Debt		 0.00 849 1,249 385 649 522 0.00 250 0.00 400 750
Accounts Payable		 284 254 347 609 542 426 420 607 392 517 511
Accrued Expenses		 701 765 782 825 851 774 970 925 857 1,013 1,122
Current Deferred Revenue		 1,724 1,794 1,744 1,712 1,825 1,894 2,062 2,171 2,218 2,176 2,279
Total Noncurrent Liabilities		 3,278 3,494 2,591 4,184 3,784 3,664 5,223 5,235 5,192 4,635 5,121
Long-Term Debt		 1,487 1,490 744 1,541 1,144 1,146 2,632 2,386 2,389 1,992 2,485
Noncurrent Deferred Revenue		 1,473 1,591 1,598 1,651 1,843 1,804 1,941 2,061 2,095 2,058 2,257
Other Noncurrent Operating Liabilities		 318 413 249 992 797 714 650 788 708 585 379
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,414 2,881 2,780 2,276 1,090 242 685 838 1,159 1,146 1,040
Total Preferred & Common Equity		 3,414 2,881 2,780 2,276 1,090 242 685 838 1,159 1,146 1,040
Total Common Equity		 3,414 2,881 2,780 2,276 1,090 242 685 838 1,159 1,146 1,040
Common Stock		 3,385 2,912 2,769 2,355 1,133 284 504 760 945 997 1,106
Retained Earnings		 53 0.00 40 -9.00 0.00 0.00 211 122 265 208 0.00
Accumulated Other Comprehensive Income / (Loss)		 -24 -31 -29 -70 -43 -42 -30 -44 -51 -59 -66

Quarterly Balance Sheets for NetApp

This table presents NetApp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 7/29/2022 10/28/2022 1/27/2023 4/28/2023 7/28/2023 10/27/2023 1/26/2024 4/26/2024 7/25/2025 10/25/2024 1/24/2025
Total Assets		 9,544 9,780 9,710 9,818 9,270 9,073 9,369 9,887 9,679 9,004 8,989
Total Current Assets		 4,922 4,603 4,540 4,680 4,160 3,993 4,327 4,897 4,687 3,939 3,908
Cash & Equivalents		 3,288 2,669 2,640 2,316 2,020 1,934 1,820 1,903 2,085 1,478 1,511
Short-Term Investments		 151 364 501 754 955 686 1,097 1,349 1,239 744 750
Accounts Receivable		 865 910 821 987 653 787 787 1,007 787 873 898
Inventories, net		 232 244 175 167 131 122 131 186 133 317 268
Other Current Assets		 386 416 403 456 401 464 492 452 443 527 481
Plant, Property, & Equipment, net		 622 661 667 650 641 623 607 604 570 593 567
Total Noncurrent Assets		 4,000 4,516 4,503 4,488 4,469 4,457 4,435 4,386 4,422 4,472 4,514
Goodwill		 2,767 2,767 2,767 2,759 2,759 2,759 2,759 2,759 2,734 2,759 2,723
Intangible Assets		 232 215 198 181 166 152 138 124 37 96 49
Other Noncurrent Operating Assets		 1,001 1,534 1,538 1,548 1,544 1,546 1,538 1,503 1,651 1,617 1,742
Total Liabilities & Shareholders' Equity		 9,544 9,780 9,710 9,818 9,270 9,073 9,369 9,887 9,679 9,004 8,989
Total Liabilities		 8,887 8,578 8,608 8,659 8,397 8,303 8,375 8,741 8,704 8,112 7,994
Total Current Liabilities		 3,575 3,395 3,393 3,467 3,249 3,733 3,765 4,106 3,569 4,317 4,195
Short-Term Debt		 250 0.00 0.00 0.00 0.00 400 400 400 0.00 749 750
Accounts Payable		 515 584 432 392 344 411 396 517 404 554 434
Accrued Expenses		 722 819 835 857 778 919 876 1,013 895 969 941
Current Deferred Revenue		 2,088 1,992 2,126 2,218 2,127 2,003 2,093 2,176 2,270 2,045 2,070
Total Noncurrent Liabilities		 5,312 5,183 5,215 5,192 5,148 4,570 4,610 4,635 5,135 3,795 3,799
Long-Term Debt		 2,387 2,387 2,388 2,389 2,390 1,991 1,991 1,992 2,485 1,244 1,244
Noncurrent Deferred Revenue		 2,082 2,059 2,090 2,095 2,055 1,999 2,034 2,058 2,256 2,055 2,052
Other Noncurrent Operating Liabilities		 843 737 737 708 703 580 585 585 394 496 503
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 657 1,202 1,102 1,159 873 770 994 1,146 975 892 995
Total Preferred & Common Equity		 657 1,202 1,102 1,159 873 770 994 1,146 975 892 995
Total Common Equity		 657 1,202 1,102 1,159 873 770 994 1,146 975 892 995
Common Stock		 705 765 889 945 921 825 934 997 1,015 947 1,060
Retained Earnings		 0.00 499 268 265 0.00 0.00 115 208 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -48 -62 -55 -51 -48 -55 -55 -59 -40 -55 -65

Annual Metrics And Ratios for NetApp

This table displays calculated financial ratios and metrics derived from NetApp's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 4/24/2015 4/29/2016 4/28/2017 4/27/2018 4/26/2019 4/24/2020 4/30/2021 4/29/2022 4/28/2023 4/26/2024 4/25/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.19% -9.42% -0.99% 7.79% 3.84% -11.94% 6.13% 9.99% 0.70% -1.48% 4.85%
EBITDA Growth		 -5.12% -38.82% 35.74% 64.94% 4.87% -22.39% 2.81% 15.57% -6.29% 16.03% 7.56%
EBIT Growth		 -3.78% -51.61% 80.00% 93.08% 5.75% -25.55% 1.91% 20.27% -12.01% 19.25% 10.13%
NOPAT Growth		 -11.02% -58.92% 108.23% -76.71% 904.76% -27.17% -4.57% 26.55% 22.89% -22.10% 20.98%
Net Income Growth		 -12.23% -59.11% 110.04% -75.88% 907.76% -29.94% -10.87% 28.36% 35.97% -22.61% 20.28%
EPS Growth		 -4.37% -56.00% 122.08% -75.44% 973.81% -21.95% -8.24% 26.63% 41.56% -20.03% 22.46%
Operating Cash Flow Growth		 -6.07% -23.19% 1.23% 49.90% -9.27% -20.95% 25.75% -9.15% -8.59% 52.21% -10.62%
Free Cash Flow Firm Growth		 -13.16% -114.59% 591.85% 111.18% -17.38% -18.56% 40.41% -65.94% -78.81% 1,349.43% -11.95%
Invested Capital Growth		 -87.47% 80.47% -78.31% -703.38% 14.55% 4.33% -31.58% 48.40% 172.42% -40.17% 50.00%
Revenue Q/Q Growth		 293.56% -2.80% 1.35% 3.33% -0.84% -3.41% 2.75% 2.02% -1.53% 1.41% 0.98%
EBITDA Q/Q Growth		 -6.39% -13.69% 16.51% 9.31% 3.97% -10.61% 19.04% -6.83% 2.51% 3.89% -1.80%
EBIT Q/Q Growth		 -7.71% -23.16% 30.19% 11.53% 4.62% -12.43% 23.97% -8.10% 1.60% 4.93% -1.33%
NOPAT Q/Q Growth		 -9.96% -37.35% 53.06% 1,056.75% 10.36% -16.44% 20.23% -6.62% -3.47% 4.31% 4.86%
Net Income Q/Q Growth		 -10.04% -38.44% 54.66% 1,066.67% 9.97% -19.63% 23.31% -7.41% -1.09% 4.89% 4.31%
EPS Q/Q Growth		 -7.41% -37.90% 56.88% 481.82% 11.36% -16.78% 23.28% -7.67% -0.17% 5.47% 5.19%
Operating Cash Flow Q/Q Growth		 13.57% -4.98% 2.07% 9.56% -6.62% -1.49% 15.21% -10.89% -13.72% 28.92% 4.29%
Free Cash Flow Firm Q/Q Growth		 6.21% -120.45% 1,220.23% -3.78% 10.52% 2.74% 98.88% -61.36% -65.41% 44.35% 20.41%
Invested Capital Q/Q Growth		 -70.14% 80.42% -142.62% 6.45% 8.72% -9.58% -63.14% 3.51% 36.96% -38.89% -41.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 62.60% 60.82% 61.26% 62.66% 64.19% 66.94% 66.42% 66.79% 66.16% 70.72% 70.19%
EBITDA Margin		 16.66% 11.25% 15.43% 23.60% 23.84% 21.01% 20.35% 21.38% 19.90% 23.44% 24.04%
Operating Margin		 11.69% 6.27% 11.31% 19.56% 19.87% 17.46% 17.95% 18.31% 16.00% 19.37% 20.34%
EBIT Margin		 11.64% 6.22% 11.31% 20.26% 20.63% 17.44% 16.75% 18.31% 16.00% 19.37% 20.34%
Profit (Net Income) Margin		 9.15% 4.13% 8.76% 1.96% 19.02% 15.13% 12.71% 14.83% 20.03% 15.73% 18.05%
Tax Burden Percent		 78.54% 66.38% 77.46% 9.67% 92.19% 86.76% 75.88% 85.57% 119.51% 78.07% 85.76%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 94.64% 104.72% 104.04% 103.44%
Effective Tax Rate		 21.46% 33.62% 22.54% 90.33% 7.81% 13.24% 24.12% 14.43% -19.51% 21.93% 14.24%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 248.10% 320.71%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 243.14% 315.35%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -162.55% -212.21%
Return on Equity (ROE)		 15.55% 7.28% 16.99% 4.59% 69.46% 122.97% 157.50% 123.05% 127.59% 85.55% 108.51%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 16.45% 298.36% 280.71%
Operating Return on Assets (OROA)		 7.66% 3.55% 6.36% 12.31% 13.54% 11.61% 11.40% 11.94% 10.26% 12.32% 12.91%
Return on Assets (ROA)		 6.02% 2.36% 4.93% 1.19% 12.48% 10.07% 8.65% 9.67% 12.84% 10.01% 11.45%
Return on Common Equity (ROCE)		 15.55% 7.28% 16.99% 4.59% 69.46% 122.97% 157.50% 123.05% 127.59% 85.55% 108.51%
Return on Equity Simple (ROE_SIMPLE)		 16.40% 7.95% 17.30% 5.10% 107.25% 338.43% 106.57% 111.81% 109.92% 86.04% 114.04%
Net Operating Profit after Tax (NOPAT)		 562 231 481 112 1,126 820 782 990 1,217 948 1,147
NOPAT Margin		 9.18% 4.17% 8.76% 1.89% 18.32% 15.15% 13.62% 15.67% 19.12% 15.12% 17.45%
Net Nonoperating Expense Percent (NNEP)		 -0.06% -0.06% 0.00% 0.12% 1.56% -0.05% -3.30% -3.06% 5.27% 4.96% 5.36%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 26.82%
Cost of Revenue to Revenue		 37.40% 39.18% 38.74% 37.34% 35.81% 33.06% 33.58% 33.21% 33.84% 29.28% 29.81%
SG&A Expenses to Revenue		 4.64% 5.54% 4.94% 4.73% 4.52% 4.86% 4.47% 4.42% 4.17% 4.91% 4.73%
R&D to Revenue		 15.03% 15.52% 14.19% 13.23% 13.46% 15.65% 15.34% 13.94% 15.03% 16.42% 15.40%
Operating Expenses to Revenue		 50.91% 54.54% 49.95% 43.10% 44.32% 49.48% 48.47% 48.48% 50.16% 51.36% 49.85%
Earnings before Interest and Taxes (EBIT)		 713 345 621 1,199 1,268 944 962 1,157 1,018 1,214 1,337
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,020 624 847 1,397 1,465 1,137 1,169 1,351 1,266 1,469 1,580
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.59 1.91 3.20 6.64 13.95 34.96 22.35 18.33 11.29 1.82 17.30
Price to Tangible Book Value (P/TBV)		 3.85 5.37 9.22 34.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.44 0.99 1.62 2.56 2.47 1.56 2.67 2.43 2.06 0.33 2.74
Price to Earnings (P/E)		 15.79 24.03 18.50 130.37 13.01 10.33 20.97 16.40 10.27 2.11 15.17
Dividend Yield		 2.33% 3.78% 2.31% 1.42% 2.60% 5.02% 2.79% 2.90% 3.27% 1.98% 2.35%
Earnings Yield		 6.33% 4.16% 5.41% 0.77% 7.69% 9.68% 4.77% 6.10% 9.74% 47.34% 6.59%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25.95 4.28 40.51
Enterprise Value to Revenue (EV/Rev)		 0.82 0.46 1.09 1.97 2.13 1.34 2.32 2.19 1.95 0.20 2.64
Enterprise Value to EBITDA (EV/EBITDA)		 4.90 4.07 7.05 8.35 8.94 6.37 11.42 10.26 9.80 0.83 11.00
Enterprise Value to EBIT (EV/EBIT)		 7.02 7.36 9.61 9.72 10.33 7.68 13.87 11.98 12.18 1.01 13.00
Enterprise Value to NOPAT (EV/NOPAT)		 8.89 10.99 12.41 104.06 11.64 8.84 17.06 14.01 10.19 1.29 15.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.94 2.61 6.05 7.89 9.77 6.84 10.01 11.45 11.20 0.73 11.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.58 0.00 10.93 10.11 13.75 9.34 12.25 37.37 157.73 1.07 17.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.44 0.81 0.72 0.85 1.65 6.89 3.84 3.15 2.06 2.09 3.11
Long-Term Debt to Equity		 0.44 0.52 0.27 0.68 1.05 4.74 3.84 2.85 2.06 1.74 2.39
Financial Leverage		 -1.09 -1.08 -1.04 -1.26 -1.66 -2.49 -3.43 -2.27 -1.09 -0.67 -0.67
Leverage Ratio		 2.59 3.09 3.45 3.85 5.57 12.21 18.21 12.73 9.94 8.55 9.47
Compound Leverage Factor		 2.59 3.09 3.45 3.85 5.57 12.21 18.21 12.05 10.41 8.89 9.80
Debt to Total Capital		 30.34% 44.81% 41.76% 45.84% 62.19% 87.33% 79.35% 75.88% 67.33% 67.61% 75.67%
Short-Term Debt to Total Capital		 0.00% 16.26% 26.17% 9.16% 22.51% 27.33% 0.00% 7.20% 0.00% 11.31% 17.54%
Long-Term Debt to Total Capital		 30.34% 28.54% 15.59% 36.67% 39.68% 60.00% 79.35% 68.68% 67.33% 56.30% 58.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 69.66% 55.19% 58.24% 54.16% 37.81% 12.67% 20.65% 24.12% 32.67% 32.39% 24.33%
Debt to EBITDA		 1.46 3.75 2.35 1.38 1.22 1.47 2.25 1.95 1.89 1.63 2.05
Net Debt to EBITDA		 -3.76 -4.75 -3.46 -2.48 -1.44 -1.07 -1.68 -1.11 -0.54 -0.59 -0.39
Long-Term Debt to EBITDA		 1.46 2.39 0.88 1.10 0.78 1.01 2.25 1.77 1.89 1.36 1.57
Debt to NOPAT		 2.64 10.13 4.14 17.19 1.59 2.03 3.36 2.66 1.96 2.52 2.82
Net Debt to NOPAT		 -6.83 -12.83 -6.09 -30.93 -1.87 -1.48 -2.51 -1.51 -0.56 -0.91 -0.53
Long-Term Debt to NOPAT		 2.64 6.45 1.55 13.75 1.02 1.40 3.36 2.41 1.96 2.10 2.17
Altman Z-Score		 2.31 1.46 1.86 2.57 2.61 1.94 2.37 2.27 2.08 1.31 2.25
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.50 1.76 1.50 1.97 1.45 1.18 1.74 1.50 1.35 1.19 1.26
Quick Ratio		 2.25 1.67 1.37 1.82 1.32 1.07 1.61 1.36 1.17 1.04 1.09
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 761 -111 546 1,153 953 776 1,089 371 79 1,140 1,004
Operating Cash Flow to CapEx		 724.57% 1,679.31% 563.43% 0.00% 775.14% 3,785.71% 0.00% 535.84% 463.18% 1,087.10% 896.43%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.57 0.56 0.61 0.66 0.67 0.68 0.65 0.64 0.64 0.63
Accounts Receivable Turnover		 7.49 6.97 7.11 6.66 5.43 4.94 5.99 5.81 5.74 6.29 5.83
Inventory Turnover		 17.06 17.81 16.30 15.51 17.40 12.96 14.90 13.20 11.61 10.40 10.53
Fixed Asset Turnover		 5.73 5.64 6.33 7.61 8.11 7.28 9.18 11.21 10.16 10.00 11.26
Accounts Payable Turnover		 8.63 8.08 7.08 4.62 3.82 3.70 4.56 4.09 4.31 4.04 3.81
Days Sales Outstanding (DSO)		 48.73 52.39 51.32 54.82 67.20 73.82 60.94 62.83 63.60 58.06 62.56
Days Inventory Outstanding (DIO)		 21.39 20.49 22.39 23.54 20.98 28.16 24.50 27.66 31.45 35.11 34.66
Days Payable Outstanding (DPO)		 42.32 45.18 51.57 78.95 95.44 98.75 80.04 89.34 84.68 90.40 95.77
Cash Conversion Cycle (CCC)		 27.80 27.70 22.14 -0.59 -7.26 3.22 5.40 1.15 10.36 2.76 1.45
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -425 -83 -148 -1,189 -1,016 -972 -1,279 -660 478 286 429
Invested Capital Turnover		 -18.79 -21.83 -47.54 -8.85 -5.57 -5.44 -5.10 -6.52 -69.91 16.41 18.38
Increase / (Decrease) in Invested Capital		 -198 342 -65 -1,041 173 44 -307 619 1,138 -192 143
Enterprise Value (EV)		 5,002 2,539 5,968 11,658 13,097 7,247 13,345 13,866 12,403 1,223 17,381
Market Capitalization		 8,841 5,503 8,896 15,123 15,203 8,461 15,309 15,364 13,084 2,083 17,992
Book Value per Share		 $10.95 $9.97 $10.26 $8.50 $4.41 $1.09 $3.08 $3.77 $5.42 $55.53 $5.11
Tangible Book Value per Share		 $7.37 $3.55 $3.56 $1.65 ($2.80) ($7.14) ($6.54) ($7.41) ($8.33) ($84.17) ($8.49)
Total Capital		 4,901 5,220 4,773 4,202 2,883 1,910 3,317 3,474 3,548 3,538 4,275
Total Debt		 1,487 2,339 1,993 1,926 1,793 1,668 2,632 2,636 2,389 2,392 3,235
Total Long-Term Debt		 1,487 1,490 744 1,541 1,144 1,146 2,632 2,386 2,389 1,992 2,485
Net Debt		 -3,839 -2,964 -2,928 -3,465 -2,106 -1,214 -1,964 -1,498 -681 -860 -611
Capital Expenditures (CapEx)		 175 58 175 -65 173 28 -209 226 239 155 168
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,262 -1,668 -1,596 -1,585 -1,507 -1,702 -2,047 -1,892 -1,857 -2,061 -1,907
Debt-free Net Working Capital (DFNWC)		 4,064 3,635 3,325 3,806 2,392 1,180 2,549 2,242 1,213 1,191 1,939
Net Working Capital (NWC)		 4,064 2,786 2,076 3,421 1,743 658 2,549 1,992 1,213 791 1,189
Net Nonoperating Expense (NNE)		 2.36 1.99 0.00 -3.97 -43 0.87 52 53 -57 -38 -39
Net Nonoperating Obligations (NNO)		 -3,839 -2,964 -2,928 -3,465 -2,106 -1,214 -1,964 -1,498 -681 -860 -611
Total Depreciation and Amortization (D&A)		 307 279 226 198 197 193 207 194 248 255 243
Debt-free, Cash-free Net Working Capital to Revenue		 -20.61% -30.08% -29.07% -26.78% -24.52% -31.45% -35.64% -29.95% -29.19% -32.88% -29.02%
Debt-free Net Working Capital to Revenue		 66.37% 65.54% 60.55% 64.30% 38.92% 21.80% 44.38% 35.49% 19.07% 19.00% 29.50%
Net Working Capital to Revenue		 66.37% 50.23% 37.81% 57.80% 28.36% 12.16% 44.38% 31.53% 19.07% 12.62% 18.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.77 $0.78 $1.85 $0.28 $4.60 $3.56 $3.29 $4.20 $5.87 $4.74 $5.81
Adjusted Weighted Average Basic Shares Outstanding		 315.50M 294M 275M 268M 254M 230M 222M 223M 217M 208M 204M
Adjusted Diluted Earnings per Share		 $1.75 $0.77 $1.81 $0.28 $4.51 $3.52 $3.23 $4.09 $5.79 $4.63 $5.67
Adjusted Weighted Average Diluted Shares Outstanding		 320.70M 297M 281M 276M 259M 233M 226M 229M 220M 213M 209M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $4.60 $3.56 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 304.98M 280.08M 271.74M 263.48M 240.02M 221.82M 223.22M 221.19M 212.43M 205.80M 200.37M
Normalized Net Operating Profit after Tax (NOPAT)		 562 274 514 811 1,158 838 826 1,029 811 990 1,222
Normalized NOPAT Margin		 9.18% 4.94% 9.35% 13.69% 18.84% 15.49% 14.39% 16.29% 12.75% 15.79% 18.59%
Pre Tax Income Margin		 11.64% 6.22% 11.31% 20.26% 20.63% 17.44% 16.75% 17.33% 16.76% 20.15% 21.04%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 37.14% 91.70% 43.24% 184.48% 34.47% 53.60% 58.49% 47.60% 33.91% 42.19% 35.75%
Augmented Payout Ratio		 245.18% 510.92% 189.81% 868.97% 215.06% 225.89% 75.62% 111.63% 100.63% 133.47% 132.72%

Quarterly Metrics And Ratios for NetApp

This table displays calculated financial ratios and metrics derived from NetApp's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 10/28/2022 1/27/2023 4/28/2023 7/28/2023 10/27/2023 1/26/2024 4/26/2024 7/26/2024 10/25/2024 1/24/2025 4/25/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.19% -5.45% -5.89% -10.05% -6.07% 5.24% 5.50% 7.61% 6.15% 2.18% 3.84%
EBITDA Growth		 11.66% -32.21% 9.01% -26.22% 1.10% 77.27% 14.67% 42.56% 10.87% -0.70% -6.74%
EBIT Growth		 8.93% -42.16% 5.46% -34.07% -0.33% 106.78% 18.45% 58.43% 13.49% -1.09% -4.92%
NOPAT Growth		 194.83% -76.11% -13.58% -29.45% -67.57% 374.78% 16.25% 64.03% 27.43% -2.45% 19.25%
Net Income Growth		 234.82% -74.21% -5.41% -30.37% -68.93% 381.54% 18.78% 66.44% 28.33% -4.47% 16.84%
EPS Growth		 247.96% -72.73% -0.89% -28.13% -67.74% 393.33% 21.43% 69.57% 29.09% -2.70% 20.59%
Operating Cash Flow Growth		 -28.19% 45.00% -42.82% 61.21% -36.92% 28.38% 160.85% -24.72% -22.22% -20.45% 10.11%
Free Cash Flow Firm Growth		 -236.55% -690.09% -163.79% 65.71% 123.57% 118.65% 152.66% 174.69% -31.40% -82.01% -59.51%
Invested Capital Growth		 148.14% 151.02% 172.42% 298.62% -2.70% 34.10% -40.17% 5.90% 22.55% 55.56% 50.00%
Revenue Q/Q Growth		 4.46% -8.24% 3.60% -9.42% 9.08% 2.82% 3.86% -7.61% 7.59% -1.03% 5.55%
EBITDA Q/Q Growth		 10.98% -33.52% 54.96% -35.47% 52.07% 16.58% -3.37% -19.77% 18.26% 4.41% -5.87%
EBIT Q/Q Growth		 12.96% -41.97% 74.58% -42.39% 70.79% 20.39% -4.19% -22.95% 22.34% 4.93% -3.87%
NOPAT Q/Q Growth		 243.10% -90.89% 281.70% -40.86% 57.70% 33.37% -6.54% -16.55% 22.51% 2.09% 14.26%
Net Income Q/Q Growth		 250.47% -91.33% 276.92% -39.18% 56.38% 34.33% -7.03% -14.78% 20.56% 0.00% 13.71%
EPS Q/Q Growth		 255.21% -91.20% 273.33% -38.39% 59.42% 34.55% -8.11% -13.97% 21.37% 1.41% 13.89%
Operating Cash Flow Q/Q Growth		 -23.84% 76.17% -37.67% 92.77% -70.20% 258.52% 26.65% -44.37% -69.21% 266.67% 75.32%
Free Cash Flow Firm Q/Q Growth		 -20.15% 4.69% 7.52% 67.62% 182.60% -24.59% 161.09% -54.07% -24.14% -80.23% 487.79%
Invested Capital Q/Q Growth		 483.45% -37.23% 36.96% -39.75% 87.85% -13.49% -38.89% 6.64% 117.38% 9.80% -41.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 65.36% 65.60% 67.99% 69.55% 71.06% 71.67% 70.50% 71.25% 70.99% 69.77% 68.88%
EBITDA Margin		 21.89% 15.86% 23.72% 16.90% 23.56% 26.71% 25.78% 22.39% 24.61% 25.96% 23.15%
Operating Margin		 16.96% 11.27% 19.54% 12.43% 19.46% 22.79% 21.94% 18.30% 20.81% 22.06% 20.09%
EBIT Margin		 18.34% 11.60% 19.54% 12.43% 19.46% 22.79% 21.94% 18.30% 20.81% 22.06% 20.09%
Profit (Net Income) Margin		 45.10% 4.26% 15.50% 10.41% 14.92% 19.49% 17.45% 16.09% 18.03% 18.22% 19.63%
Tax Burden Percent		 245.90% 36.72% 78.03% 80.11% 73.97% 81.94% 76.58% 82.94% 83.06% 80.81% 96.05%
Interest Burden Percent		 100.00% 100.00% 101.62% 104.49% 103.62% 104.37% 103.83% 106.03% 104.35% 102.21% 101.72%
Effective Tax Rate		 -145.90% 63.28% 21.97% 19.89% 26.03% 18.06% 23.42% 17.06% 16.94% 19.19% 3.95%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 863.73% 160.13% 282.54% 275.71% 326.45% 185.83% 194.01% 354.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 862.80% 158.27% 280.49% 274.32% 324.12% 180.39% 192.38% 353.97%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -782.16% -70.22% -171.16% -183.40% -217.46% -49.71% -76.70% -238.19%
Return on Equity (ROE)		 150.43% 129.84% 127.59% 81.57% 89.90% 111.38% 92.32% 108.99% 136.12% 117.31% 116.56%
Cash Return on Invested Capital (CROIC)		 -42.91% 65.14% 16.45% 251.92% 125.21% 193.29% 298.36% 344.78% 162.59% 139.37% 280.71%
Operating Return on Assets (OROA)		 12.64% 7.80% 12.53% 8.20% 12.60% 14.77% 13.96% 12.56% 14.90% 15.64% 12.75%
Return on Assets (ROA)		 31.09% 2.87% 9.94% 6.86% 9.65% 12.63% 11.10% 11.05% 12.92% 12.92% 12.46%
Return on Common Equity (ROCE)		 150.43% 129.84% 127.59% 81.57% 89.90% 111.38% 92.32% 108.99% 136.12% 117.31% 116.56%
Return on Equity Simple (ROE_SIMPLE)		 122.71% 116.88% 0.00% 138.49% 89.87% 94.57% 0.00% 116.79% 129.04% 114.27% 0.00%
Net Operating Profit after Tax (NOPAT)		 693 63 241 143 225 300 280 234 287 293 334
NOPAT Margin		 41.70% 4.14% 15.25% 9.96% 14.40% 18.67% 16.80% 15.18% 17.28% 17.83% 19.30%
Net Nonoperating Expense Percent (NNEP)		 4.42% 0.16% 0.36% 0.92% 1.86% 2.05% 1.39% 2.33% 5.44% 1.63% 0.78%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 8.86% - - - 9.79% 7.82%
Cost of Revenue to Revenue		 34.64% 34.40% 32.01% 30.45% 28.94% 28.33% 29.50% 28.75% 29.01% 30.23% 31.12%
SG&A Expenses to Revenue		 4.03% 3.87% 4.24% 5.17% 4.80% 5.04% 4.68% 4.87% 4.64% 4.51% 4.91%
R&D to Revenue		 14.61% 15.07% 15.37% 17.25% 16.77% 15.50% 16.25% 16.35% 15.50% 15.05% 14.78%
Operating Expenses to Revenue		 48.41% 54.33% 48.45% 57.12% 51.60% 48.88% 48.56% 52.95% 50.18% 47.71% 48.79%
Earnings before Interest and Taxes (EBIT)		 305 177 309 178 304 366 366 282 345 362 348
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 364 242 375 242 368 429 430 345 408 426 401
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 12.01 12.37 11.29 18.40 19.11 17.94 1.82 27.95 27.41 25.75 17.30
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.20 2.11 2.06 2.59 2.41 2.88 0.33 4.07 3.78 3.94 2.74
Price to Earnings (P/E)		 9.79 10.58 10.27 13.29 21.26 18.97 2.11 23.93 21.25 22.53 15.17
Dividend Yield		 3.01% 3.16% 3.27% 2.64% 2.84% 2.31% 1.98% 1.60% 1.71% 1.63% 2.35%
Earnings Yield		 10.22% 9.45% 9.74% 7.53% 4.70% 5.27% 47.34% 4.18% 4.71% 4.44% 6.59%
Enterprise Value to Invested Capital (EV/IC)		 24.81 36.91 25.95 53.75 26.78 36.97 4.28 83.08 36.54 34.82 40.51
Enterprise Value to Revenue (EV/Rev)		 2.11 1.99 1.95 2.50 2.37 2.80 0.20 3.97 3.74 3.90 2.64
Enterprise Value to EBITDA (EV/EBITDA)		 10.07 10.43 9.80 12.95 11.85 12.24 0.83 16.12 15.03 15.75 11.00
Enterprise Value to EBIT (EV/EBIT)		 11.98 12.85 12.18 16.45 15.04 14.96 1.01 19.22 17.82 18.71 13.00
Enterprise Value to NOPAT (EV/NOPAT)		 9.37 10.22 10.19 13.36 21.56 19.04 1.29 24.38 22.01 23.18 15.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.83 10.04 11.20 12.10 12.07 13.24 0.73 16.11 15.70 17.56 11.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 56.66 157.73 21.34 21.09 21.91 1.07 24.79 24.75 30.42 17.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.99 2.17 2.06 2.74 3.11 2.41 2.09 2.58 2.23 2.00 3.11
Long-Term Debt to Equity		 1.99 2.17 2.06 2.74 2.59 2.00 1.74 1.34 1.39 1.25 2.39
Financial Leverage		 -1.31 -1.17 -1.09 -0.91 -0.44 -0.61 -0.67 -0.67 -0.28 -0.40 -0.67
Leverage Ratio		 9.69 9.68 9.94 12.30 9.56 9.10 8.55 10.31 10.88 9.23 9.47
Compound Leverage Factor		 9.69 9.68 10.10 12.85 9.91 9.50 8.88 10.93 11.35 9.43 9.64
Debt to Total Capital		 66.51% 68.42% 67.33% 73.25% 75.64% 70.64% 67.61% 72.03% 69.08% 66.71% 75.67%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 12.65% 11.82% 11.31% 34.59% 25.96% 25.09% 17.54%
Long-Term Debt to Total Capital		 66.51% 68.42% 67.33% 73.25% 62.99% 58.82% 56.30% 37.45% 43.12% 41.62% 58.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 33.49% 31.58% 32.67% 26.75% 24.36% 29.36% 32.39% 27.97% 30.92% 33.29% 24.33%
Debt to EBITDA		 1.74 1.93 1.89 2.00 1.96 1.69 1.63 1.52 1.24 1.24 2.05
Net Debt to EBITDA		 -0.47 -0.61 -0.54 -0.49 -0.19 -0.37 -0.59 -0.40 -0.14 -0.17 -0.39
Long-Term Debt to EBITDA		 1.74 1.93 1.89 2.00 1.63 1.41 1.36 0.79 0.77 0.77 1.57
Debt to NOPAT		 1.62 1.89 1.96 2.06 3.56 2.63 2.52 2.30 1.81 1.82 2.82
Net Debt to NOPAT		 -0.44 -0.60 -0.56 -0.51 -0.34 -0.58 -0.91 -0.60 -0.21 -0.24 -0.53
Long-Term Debt to NOPAT		 1.62 1.89 1.96 2.06 2.96 2.19 2.10 1.20 1.13 1.14 2.17
Altman Z-Score		 2.00 1.86 1.84 2.00 1.88 2.16 1.02 2.62 2.60 2.74 1.95
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.36 1.34 1.35 1.28 1.07 1.15 1.19 0.96 0.91 0.93 1.26
Quick Ratio		 1.16 1.17 1.17 1.12 0.91 0.98 1.04 0.82 0.72 0.75 1.09
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,018 -970 -897 -290 240 181 472 217 165 33 191
Operating Cash Flow to CapEx		 277.92% 650.00% 602.56% 1,294.29% 355.26% 1,344.44% 1,332.61% 831.71% 233.33% 819.15% 1,928.57%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.67 0.64 0.66 0.65 0.65 0.64 0.69 0.72 0.71 0.63
Accounts Receivable Turnover		 8.41 7.98 5.74 8.17 7.19 7.69 6.29 9.58 7.80 7.72 5.83
Inventory Turnover		 11.30 13.09 11.61 11.26 10.49 12.09 10.40 10.68 8.52 9.58 10.53
Fixed Asset Turnover		 10.82 10.40 10.16 9.82 9.50 9.70 10.00 10.33 10.65 11.09 11.26
Accounts Payable Turnover		 4.44 5.18 4.31 4.76 3.86 4.47 4.04 4.72 3.88 4.61 3.81
Days Sales Outstanding (DSO)		 43.39 45.76 63.60 44.67 50.76 47.48 58.06 38.12 46.80 47.25 62.56
Days Inventory Outstanding (DIO)		 32.31 27.89 31.45 32.43 34.81 30.20 35.11 34.18 42.82 38.08 34.66
Days Payable Outstanding (DPO)		 82.26 70.46 84.68 76.73 94.63 81.73 90.40 77.38 94.13 79.22 95.77
Cash Conversion Cycle (CCC)		 -6.57 3.19 10.36 0.36 -9.06 -4.04 2.76 -5.08 -4.50 6.11 1.45
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 556 349 478 288 541 468 286 305 663 728 429
Invested Capital Turnover		 -21.87 -38.57 -69.91 86.74 11.12 15.13 16.41 21.51 10.75 10.88 18.38
Increase / (Decrease) in Invested Capital		 1,711 1,033 1,138 433 -15 119 -192 17 122 260 143
Enterprise Value (EV)		 13,793 12,880 12,403 15,479 14,486 17,303 1,223 25,338 24,224 25,350 17,381
Market Capitalization		 14,439 13,633 13,084 16,064 14,715 17,829 2,083 25,962 24,453 25,617 17,992
Book Value per Share		 $5.53 $5.11 $5.42 $4.11 $3.69 $4.82 $55.53 $4.51 $4.36 $4.89 $5.11
Tangible Book Value per Share		 ($8.19) ($8.64) ($8.33) ($9.66) ($10.25) ($9.24) ($84.17) ($9.43) ($9.59) ($8.74) ($8.49)
Total Capital		 3,589 3,490 3,548 3,263 3,161 3,385 3,538 3,322 2,885 2,989 4,275
Total Debt		 2,387 2,388 2,389 2,390 2,391 2,391 2,392 2,393 1,993 1,994 3,235
Total Long-Term Debt		 2,387 2,388 2,389 2,390 1,991 1,991 1,992 1,244 1,244 1,244 2,485
Net Debt		 -646 -753 -681 -585 -229 -526 -860 -624 -229 -267 -611
Capital Expenditures (CapEx)		 77 58 39 35 38 36 46 41 45 47 35
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,825 -1,994 -1,857 -2,064 -1,960 -1,955 -2,061 -2,059 -1,851 -1,798 -1,907
Debt-free Net Working Capital (DFNWC)		 1,208 1,147 1,213 911 660 962 1,191 958 371 463 1,939
Net Working Capital (NWC)		 1,208 1,147 1,213 911 260 562 791 -191 -378 -287 1,189
Net Nonoperating Expense (NNE)		 -57 -1.84 -3.90 -6.41 -8.14 -13 -11 -14 -12 -6.46 -5.76
Net Nonoperating Obligations (NNO)		 -646 -753 -681 -585 -229 -526 -860 -624 -229 -267 -611
Total Depreciation and Amortization (D&A)		 59 65 66 64 64 63 64 63 63 64 53
Debt-free, Cash-free Net Working Capital to Revenue		 -27.87% -30.86% -29.19% -33.28% -32.13% -31.63% -32.88% -32.29% -28.60% -27.63% -29.02%
Debt-free Net Working Capital to Revenue		 18.45% 17.75% 19.07% 14.69% 10.82% 15.56% 19.00% 15.02% 5.73% 7.11% 29.50%
Net Working Capital to Revenue		 18.45% 17.75% 19.07% 14.69% 4.26% 9.09% 12.62% -3.00% -5.84% -4.41% 18.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.46 $0.30 $1.14 $0.70 $1.12 $1.52 $1.40 $1.20 $1.47 $1.47 $1.67
Adjusted Weighted Average Basic Shares Outstanding		 217M 216M 217M 212M 208M 206M 208M 206M 204M 204M 204M
Adjusted Diluted Earnings per Share		 $3.41 $0.30 $1.12 $0.69 $1.10 $1.48 $1.36 $1.17 $1.42 $1.44 $1.64
Adjusted Weighted Average Diluted Shares Outstanding		 220M 219M 220M 216M 211M 211M 213M 212M 210M 208M 209M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 215.57M 213.90M 212.43M 208.79M 206.03M 20.64M 205.80M 204.78M 203.31M 203.41M 200.37M
Normalized Net Operating Profit after Tax (NOPAT)		 209 183 252 166 231 313 281 249 297 301 378
Normalized NOPAT Margin		 12.54% 12.02% 15.94% 11.58% 14.77% 19.49% 16.85% 16.15% 17.93% 18.37% 21.85%
Pre Tax Income Margin		 18.34% 11.60% 19.86% 12.99% 20.17% 23.79% 22.78% 19.40% 21.71% 22.55% 20.44%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.83% 33.93% 33.91% 35.40% 61.13% 44.47% 42.19% 38.43% 36.49% 37.20% 35.75%
Augmented Payout Ratio		 89.15% 107.69% 100.63% 109.84% 212.86% 145.53% 133.47% 121.38% 114.68% 125.15% 132.72%

Financials Breakdown Chart

Key Financial Trends

Over the last four years, NetApp (NASDAQ: NTAP) has demonstrated steady financial performance across income, cash flow, and balance sheet metrics, showing resilience and strategic operational management in a competitive tech environment.

Key Positive Trends:

  • Revenue Growth: NetApp's quarterly operating revenue generally shows a consistent upward trajectory from approximately $1.45 billion in early 2023 to $1.73 billion in Q4 2025, indicating stable business expansion.
  • Strong Gross Profit: Gross profit margins remain robust, with Q4 2025 gross profit at $1.19 billion compared to $996 million in Q1 2024, reflecting effective cost management relative to revenue.
  • Increasing Net Income: Net income has progressively increased from $149 million in Q1 2024 up to $340 million in Q4 2025, demonstrating enhanced profitability.
  • Stable Earnings per Share Growth: Basic EPS rose from $0.70 in early 2024 to $1.67 by Q4 2025, signaling value creation for shareholders.
  • Strong Cash Flow Generation: Operating cash flow surged from $281 million in Q1 2024 up to $675 million in Q4 2025, indicating solid cash-generating capability from core operations.
  • Robust Balance Sheet: Total assets remain stable around $9 billion, with common equity increasing modestly to $995 million in Q3 2025, suggesting prudent capital management.
  • Controlled Operating Expenses: Despite increases in marketing and R&D expenses, NetApp has maintained disciplined selling, general & administrative expenses around $70-$85 million per quarter.

Neutral Points to Watch:

  • Restructuring Charges: Recorded quarterly restructuring expenses ranging roughly from $1 million to $46 million, showing ongoing adjustments but not materially impairing earnings.
  • Fluctuating Deferred Revenue: Both current and non-current deferred revenue balance around $4 billion combined, reflecting subscription or service contracts; stability is critical as it indicates future revenue streams.
  • Share Repurchases and Dividends: NetApp continues to return capital to shareholders via repurchases (~$100-$300 million) and dividends (~$0.50-$0.52 per share), balancing growth investment and shareholder returns.

Potential Negative Considerations:

  • Large Investment Purchases: Significant quarterly purchases of investments (up to nearly $741 million) have impacted investing cash flow, requiring monitoring for investment returns and liquidity implications.
  • Increasing Long-Term Debt Variability: Long-term debt remains sizeable and somewhat volatile between $1.2 billion to $2.5 billion, which could add financial leverage risk depending on interest rates and repayment schedules.
  • Volatile Changes in Operating Assets/Liabilities: There have been considerable fluctuations in operating capital changes affecting cash flow, including large negative impacts in Q2 2024 (-$371M) and Q2 2023 (-$686M), possibly linked to receivables or payables management.
  • Fluctuating Other Income/Expense: Periodic swings in other income and expenses (both positive and negative) suggest possible volatility from non-core operations or foreign exchange effects.
  • Occasional Dip in Net Cash from Financing Activities: Large outflows in cash used for repurchases, debt repayments, and dividends sometimes overwhelm financing cash inflows, pressuring net cash flow.

Summary: NetApp has shown consistent revenue and profitability growth over the recent quarters, supported by strong operating cash flow generation and disciplined expense control. The company is effectively balancing capital returns to shareholders with investment in growth drivers like marketing and R&D. However, investors should watch the considerable investment outflows, debt levels, and working capital fluctuations as these factors introduce some financial risks. Overall, NetApp’s financials suggest a healthy business adapting well to market conditions but with some exposure to investment and capital structure risks.

10/04/25 10:32 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About NetApp's Financials

When does NetApp's fiscal year end?

According to the most recent income statement we have on file, NetApp's financial year ends in April. Their financial year 2025 ended on April 25, 2025.

How has NetApp's net income changed over the last 10 years?

NetApp's net income appears to be on an upward trend, with a most recent value of $1.19 billion in 2025, rising from $560 million in 2015. The previous period was $986 million in 2024. See NetApp's forecast for analyst expectations on what’s next for the company.

What is NetApp's operating income?
NetApp's total operating income in 2025 was $1.34 billion, based on the following breakdown:
  • Total Gross Profit: $4.61 billion
  • Total Operating Expenses: $3.28 billion
How has NetApp's revenue changed over the last 10 years?

Over the last 10 years, NetApp's total revenue changed from $6.12 billion in 2015 to $6.57 billion in 2025, a change of 7.3%.

How much debt does NetApp have?

NetApp's total liabilities were at $9.78 billion at the end of 2025, a 11.9% increase from 2024, and a 63.4% increase since 2015.

How much cash does NetApp have?

In the past 10 years, NetApp's cash and equivalents has ranged from $1.90 billion in 2024 to $4.53 billion in 2021, and is currently $2.74 billion as of their latest financial filing in 2025.

How has NetApp's book value per share changed over the last 10 years?

Over the last 10 years, NetApp's book value per share changed from 10.95 in 2015 to 5.11 in 2025, a change of -53.3%.


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This page (NASDAQ:NTAP) was last updated on 10/4/2025 by MarketBeat.com Staff
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