NetApp, Inc. (NTAP)
POSITIVE基本面
72
价格
$186.78
市值
$37.73B
第一部分 · 这家公司值多少
概览
NetApp sells data-storage hardware and software that businesses use to store, protect and move the information their applications run on, both inside their own data centers and in the public cloud. It began as a maker of physical storage boxes and now increasingly sells the software layer that lets a company manage the same data seamlessly whether it sits on NetApp hardware on premises or on a cloud provider's infrastructure, positioning itself as a bridge between the two.
盈利方式
Revenue comes from selling storage hardware systems, the software licensed to run and manage them, ongoing maintenance and support contracts, and increasingly subscription fees for cloud-based storage services billed monthly like a utility. Support and subscription revenue carry much higher margins than hardware and recur automatically once a customer is on the platform, so NetApp's profitability depends on growing that recurring base faster than the more competitive, lower-margin hardware business it was built on.
分部营收
On-premises storage systems, related software and support — the core, still-dominant business built around NetApp's traditional hardware.
Storage and data services sold as a subscription and consumed directly inside public cloud platforms like AWS, Azure and Google Cloud; the smaller but faster-growing segment.
护城河
转换成本 · 狭窄Enterprise storage systems sit underneath a company's most critical applications, and migrating years of accumulated data and workflows to a different vendor's platform is slow, risky and expensive, which keeps existing customers renewing. But NetApp faces credible alternatives in Dell, Pure Storage and the storage services native to each cloud provider, so the lock-in slows switching more than it prevents it.
需求驱动因素
中度周期性Demand follows corporate IT capital spending, which grows with data volumes and cloud migration projects but can be deferred when companies tighten budgets, making hardware orders somewhat cyclical. The growing subscription and support revenue base cushions this cyclicality compared to a pure hardware seller, since existing customers keep paying even when they delay new purchases.
主要风险
- Competition from cloud-native storage and larger rivals — Public cloud providers increasingly sell their own storage services, and larger competitors like Dell can bundle storage with broader infrastructure deals, both of which limit NetApp's pricing power and market-share gains.
- Hardware business decline — The traditional on-premises hardware business, still the majority of revenue, faces structurally slower growth as workloads shift to the cloud, requiring the smaller cloud and software businesses to keep growing quickly to offset it.
- Customer IT budget cyclicality — Storage hardware purchases can be postponed by customers facing tighter budgets or macroeconomic uncertainty, causing order timing to be uneven from quarter to quarter.
- Execution risk in the cloud transition — NetApp's strategy depends on successfully shifting its business mix toward higher-margin subscription and cloud revenue; if that transition is slower than planned, overall growth and margins suffer.
看多理由
Buyers argue that NetApp's unified software layer across on-premises and cloud storage gives it a real advantage as customers run hybrid environments, that Public Cloud revenue growing faster than the core business shows the transition is working, and that support-driven recurring revenue provides a stable earnings base.
看空理由
Sellers fear that cloud providers' own storage services will keep eroding NetApp's addressable market faster than its cloud subscription business can grow, that the still-dominant hardware segment faces structural decline, and that larger, better-capitalized competitors can outspend NetApp on the next generation of storage technology.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$6.92B
最近12个月（截至2026/4/24）
净利润
$1.28B
最近12个月（截至2026/4/24）
自由现金流
$1.87B
股东权益合计
$1.35B
负债合计
$9.39B
流动比率
1.44
利息覆盖率
15.36
债务/EBITDA
1.47
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$157.77
当前价格
$186.78
安全边际
-18.4%
公允价值区间
$115.26 - $200.28
估算方法
估值指标
市盈率（P/E）
29.43
ROE
94.4%
市净率（P/B）
27.10
P/FCF
19.59
毛利率
70.7%
ROIC
19.7%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
19.7%
WACC
12.1%
ROIC − WACC
+7.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（19）
- EPS shows upward trend
- EPS CAGR 22.93%
- Price CAGR 18.48%
- ROIC 19.7%
- Gross Margin 70.7%
- P/FCF 19.59
- Operating Margin 24.2%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 114.2%
- Earnings Surprise avg 2.8%
- Earnings Quality (OCF/NI) 1.62
- Share Dilution -3.9%
- Net Margin Trend 18.4% vs 18.0%
- Piotroski F-Score 9/9
未通过（8）
- P/B Ratio 27.10
- Debt/Equity ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 3.8%
- Analyst Consensus 46% Buy
- PEG Ratio 2.15
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. George Kurian | CEO & Director | 58 |
| Mr. Cesar Cernuda Rego | President | 53 |
| Mr. Wissam G. Jabre C.F.A. | Executive VP & CFO | 54 |
| Ms. Elizabeth M. O'Callahan J.D. | EVP, Chief Administrative Officer & Corporate Secretary | 56 |
| Mr. Syam Nair | Executive VP & Chief Product Officer | 51 |
| Mr. Gus Shahin | Executive Vice President of Business Technology & Operations | - |
| Mr. Daniel De Lorenzo | VP, Controller & Chief Accounting Officer | 42 |
| Ms. Kris Newton | VP of Corporate Communications & Investor Relations | - |
| Ms. Gabrielle Boko | Chief Marketing Officer | - |
| Mr. Octavian Tanase | Senior Vice President of Engineering - Hybrid Cloud Group | - |
审计风险
1
董事会风险
2
薪酬风险
8
股东权利风险
3
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for NTAP, sourced from Markets Gazette.
- 6/2/2026POSITIVEIf You Invested $1000 In NetApp Stock 10 Years Ago, You Would Have This Much Today
An investment of $1000 in NetApp Inc. (NTAP) stock a decade ago would have yielded a significant return, illustrating the company's long-term growth trajectory. While specific figures are not provided in the title, the implication of a substantial increase suggests strong performance driven by factors such as cloud data services expansion, strategic acquisitions, and consistent revenue growth. Investors who held NTAP through market fluctuations would have benefited from its resilience and innovation in the competitive enterprise storage and data management sector.
- 5/28/2026NEUTRALNetApp Q4 2026 Earnings Call: Complete Transcript
NetApp Inc. held its Q4 2026 earnings call on May 28, 2026. The transcript of this call is now available. While specific financial figures and forward-looking statements are detailed within the transcript, the announcement itself is informational. Investors should review the transcript for insights into the company's performance, strategic initiatives, and future outlook, which may influence trading decisions. The call covers operational performance, market conditions, and management's perspective on the company's trajectory.
- 5/28/2026POSITIVENetApp Likely To Report Higher Q4 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
NetApp, Inc. (NASDAQ: NTAP) is poised to announce its fourth-quarter earnings on May 27th, with analysts forecasting earnings per share of $2.27 on revenue of $1.87 billion. This projection suggests a potential beat against market expectations. The company recently received a Google Cloud award, a significant endorsement that could bolster its cloud services segment. Furthermore, the stock has already seen a positive uptick of 2.7%, indicating favorable market sentiment ahead of the official report. Analyst upgrades, such as Barclays' move to Overweight from Equal-Weight in March 2022, further support a bullish outlook for NTAP investors.
- 4/22/2026POSITIVEWhy Is NetApp (NTAP) Stock Trending Overnight
NetApp Inc. shares saw a modest overnight uptick following the announcement that it has been recognized as Google Cloud's 2026 Partner of the Year for infrastructure modernization. This award underscores the deepening strategic collaboration between NetApp and Google Cloud, particularly in the critical area of cloud storage solutions. The recognition suggests enhanced integration and performance of NetApp's offerings within the Google Cloud ecosystem, potentially driving increased adoption and revenue. Investors may view this as a positive indicator of NetApp's competitive positioning and future growth prospects in the cloud infrastructure market.
- 1/29/2026NEUTRALSuper Bowl LX Runs on Data: How NetApp Helps Power the World’s Biggest Game
The article highlights NetApp's role in providing data infrastructure for major events like the Super Bowl. While showcasing the company's technological capabilities, there's no direct indication of immediate financial impact or a shift in business outlook.
via Markets Gazette