NetApp, Inc.(NTAP)Stock Analysis
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Rank #140 of 2,879 stocksTOP 5%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
NTAP Stock Analysis & AI Quality Score
AI stock analysis and institutional research for NetApp, Inc. (NTAP), a Technology sector company. 13F Pro's AI-powered ranking engine scores NTAP at 75.0/100 on a 32-signal composite quality model, placing it at rank #140 of 2,879 stocks — the top 5% of the AI-ranked universe. NTAP scores in the top quartile across balance sheet strength (88.1), revenue scale (81.9), profitability (81.0). Shareholder dilution risk is elevated at 22.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q4 2026), NetApp, Inc. reports net income of $404.0M, free cash flow of $900.0M. Top institutional holders of NTAP by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. NTAP trades on the Nasdaq exchange and files with the SEC under CIK 1002047. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NTAP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NetApp, Inc. directly from SEC EDGAR. NetApp, Inc.'s 13F Pro composite quality score has ranged between 8 and 75 since 2021, currently 75.0 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving NTAP's Business? Latest 10-K Breakdown
✓ 17/17 datapoints verifiedAI-extracted from NetApp, Inc.'s 10-K filed 2026-06-05 — FY2026 (year ended April 24, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
NetApp reported net revenues of $6.9B (+5% YoY), with gross margin at 71%, reflecting inflationary supply chain pressures offset by pricing actions and strong operating leverage.
Biggest Revenue Drivers
Total revenue: $6,925M+5% YoY
Growth driven by higher sales of all-flash array systems and favorable foreign exchange impact.
Growth from higher customer demand, partially offset by loss of Spot by NetApp revenue post-divestiture.
Largest Expense Items
Materials costs increased by $126M due to higher component costs, partially offset by multi-year enterprise agreement.
Relatively flat as increase in revenues offset by foreign exchange headwinds and compensation cost management.
Decrease due to lower compensation costs and reduced engineering project spending.
Margins: Gross margin improved slightly to 71% despite component cost inflation, supported by pricing actions in Q4 FY2026 and improved services mix. Operating margin expanded to 24% of revenues from 20% due to higher revenue base and disciplined expense management.
Watch Items from the Filing
- Two distributor customers (Customer A: 22%, Customer B: 21%) represented 43% of net revenues in FY2026; loss of either would materially impact revenues.
- Inflationary supply chain constraints in H2 FY2026 increased costs for memory and components; company raised pricing in Q4 but expects costs to remain elevated or increase in near term.
- All-flash storage now represents 67% of Hybrid Cloud segment revenues (up from 64% prior year), reflecting successful market transition and customer demand for high-performance solutions.
- Deferred revenue increased $281M to $4.8B, indicating strong demand for future services and software support contracts, providing revenue visibility.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Net Income
Q4 2026
$404.0M
Free Cash Flow
Q4 2026
$900.0M
D/E Ratio
Q4 2026
1.84
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+5.6% YoYNet Income
+7.6% YoYOperating Income
+25.2% YoYEPS (Diluted)
+12.0% YoYTotal Assets
-0.7% YoYTotal Debt
-37.6% YoYOp. Cash Flow
+37.3% YoY| Metric | FY 2026 | FY 2025 | FY 2023 | FY 2021 | FY 2020 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $6.24B +5.6% | $5.91B -7.2% | $6.36B +10.8% | $5.74B +6.1% | $5.41B -8.4% | $5.91B |
| Net Income | $1.28B +7.6% | $1.19B -6.9% | $1.27B +74.5% | $730.0M -10.9% | $819.0M +606.0% | $116.0M |
| Operating Income | $1.67B +25.2% | $1.34B +31.3% | $1.02B -1.3% | $1.03B +9.1% | $945.0M -18.4% | $1.16B |
| EPS (Diluted) | $6.35 +12.0% | $5.67 -2.1% | $5.79 +79.3% | $3.23 -8.2% | $3.52 +738.1% | $0.42 |
| Total Assets | $10.74B -0.7% | $10.82B +10.2% | $9.82B +4.9% | $9.36B +24.4% | $7.52B -24.7% | $9.99B |
| Total Debt | $2.49B -37.6% | $3.98B +66.8% | $2.39B -9.2% | $2.63B +129.7% | $1.15B -25.6% | $1.54B |
| Operating Cash Flow | $2.07B +37.3% | $1.51B +36.0% | $1.11B -17.0% | $1.33B +25.8% | $1.06B -28.3% | $1.48B |
AI Insight: NTAP Financial Trends
NetApp swung to massive operating leverage in Q2 2026, delivering 532M operating income on 1,260M revenue while stabilizing debt after a spike.
• Operating margin surged to 42.2% in Q2 2026 from 23.4% in Q4 2025—strongest in 2+ years.
• Operating cash flow recovered to 950M in Q2 2026 after declining to 127M in Q4 2025.
• Net income jumped to 404M in Q2 2026 from 305M in Q4 2025, up 32% sequentially.
• Total debt stabilized at 2,487M in Q2 2026 after retreating from 3,985M peak in Q2 2025.
⚠ Revenue collapsed 26% from 1,705M in Q4 2025 to 1,260M in Q2 2026—largest drop in dataset.
⚠ Operating cash flow volatility persists: 950M in Q2 2026 vs. 127M in Q4 2025 vs. 673M in Q3 2025.
AI Insight: NTAP Ratio Trends
Operating margin surged to 42.2% in Q2 2026, while ROIC hit 55.5%—the strongest profitability metrics in the dataset—as leverage compressed to 1.84x.
• Operating margin expanded 22.1pp from Q3 2025 (19.8%) to Q2 2026 (42.2%), paired with net profit margin reaching 32.1%.
• ROIC jumped to 55.5% in Q2 2026 from 35.7% in Q3 2025, indicating dramatically improved capital efficiency.
• Debt-to-equity ratio fell to 1.84x in Q2 2026, the lowest in the dataset, down from peak of 3.83x in Q2 2025.
⚠ Q2 2026 metrics appear to reflect quarterly seasonality or one-off gains; compare to normalized run-rate before extrapolating.
⚠ ROA recovered to 15.0% in Q2 2026 but remains below Q1 2024 peak of 13.4% on absolute basis; validate sustainability.
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Available Research
13F Pro tracks comprehensive data for NetApp, Inc. including:
Top Institutional Holders of NTAP
BlackRock, Inc.
$2.0B19,907,827 shVANGUARD PORTFOLIO MANAGEMENT LLC
$1.3B12,652,345 shVANGUARD CAPITAL MANAGEMENT LLC
$1.3B12,487,893 shSTATE STREET CORP
$1.0B10,023,473 shPRIMECAP MANAGEMENT CO/CA/
$927.4M9,057,455 shGEODE CAPITAL MANAGEMENT, LLC
$660.2M6,444,451 shAMERIPRISE FINANCIAL INC
$614.4M6,000,694 shWELLINGTON MANAGEMENT GROUP LLP
$478.2M4,670,721 shUBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME
$415.7M4,060,356 shInvesco Ltd.
$398.5M3,891,973 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $2.0B | 19,907,827 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1.3B | 12,652,345 |
| VANGUARD CAPITAL MANAGEMENT LLC | $1.3B | 12,487,893 |
| STATE STREET CORP | $1.0B | 10,023,473 |
| PRIMECAP MANAGEMENT CO/CA/ | $927.4M | 9,057,455 |
| GEODE CAPITAL MANAGEMENT, LLC | $660.2M | 6,444,451 |
| AMERIPRISE FINANCIAL INC | $614.4M | 6,000,694 |
| WELLINGTON MANAGEMENT GROUP LLP | $478.2M | 4,670,721 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME | $415.7M | 4,060,356 |
| Invesco Ltd. | $398.5M | 3,891,973 |
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Is NTAP a good stock to buy?
13F Pro's AI-powered analysis of NetApp, Inc. (NTAP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NTAP are available on the NTAP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own NTAP?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NTAP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NetApp, Inc.'s investment landscape.