NetApp, Inc. (NTAP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-60.8%

$75.05

vs $191.58 price

Levered DCF

$84.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.74

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.91×	15.22×	21.38×	10.71×	17.44×	22.7×	12.29×	15.63×
P/B	15.85×	17.35×	18.39×	11.77×	19.49×	24.21×	41.6×	16.75×
P/S	3.09×	2.75×	3.36×	2.15×	2.59×	2.89×	1.86×	2.97×
EV / EBITDA	11.45×	11.12×	13.8×	10.15×	11.12×	11.91×	7.74×	11.64×
Gross margin	70.7%	70.2%	70.7%	66.2%	66.8%	66.4%	66.9%	64.2%
Operating margin	24.5%	20.3%	19.4%	16.0%	18.3%	17.9%	17.5%	19.9%
Net margin	18.4%	18.0%	15.7%	20.0%	14.8%	12.7%	15.1%	19.0%
Current ratio	1.44×	1.26×	1.19×	1.35×	1.5×	1.74×	1.18×	1.45×
Debt / equity	2.02×	3.36×	2.31×	2.32×	3.51×	4.02×	7.49×	1.64×
Interest coverage	20.93×	20.89×	18.97×	15.19×	15.85×	13.93×	17.18×	21.05×
Dividend yield	1.9%	2.3%	2.0%	3.2%	2.7%	2.6%	4.4%	2.2%
Payout ratio	32.4%	35.8%	42.2%	33.9%	47.6%	58.5%	53.6%	34.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	94.4%	114.0%	86.0%	109.9%	111.8%	106.6%	338.4%	107.2%
Return on invested capital	19.4%	16.5%	15.2%	15.9%	15.5%	13.1%	18.3%	20.4%
Return on assets	11.9%	11.0%	10.0%	13.0%	9.3%	7.8%	10.9%	13.4%
Free cash flow yield	8.7%	7.4%	7.3%	6.4%	6.0%	7.1%	9.3%	6.4%
Earnings yield	6.0%	6.6%	4.7%	9.3%	5.7%	4.4%	8.1%	6.4%
Enterprise value	$22.1B	$18.8B	$21.8B	$14B	$15.2B	$14.8B	$9.2B	$17.7B
Net debt / EBITDA	0.34×	0.44×	0.47×	0.27×	-0.86×	-1.43×	-0.71×	-0.35×
Cash conversion cycle (days)	4	9	-7	18	1	2	8	4