NetApp (NTAP) Stock Analysis

November 11, 2026

This is a peer-relative look at NetApp (NTAP): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Technology Hardware & Equipment peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for NetApp (NTAP)
Profile Item	NTAP
Name	NetApp, Inc.
Country/Region	United States
GICS Sector	Information Technology
GICS Industry Group	Technology Hardware & Equipment
GICS Industry	Technology Hardware, Storage & Peripherals
GICS Sub-Industry	Technology Hardware, Storage & Peripherals
Market Capitalization	33.23 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	November 21, 1995
Security Type	Common Stock

Price Performance

Cumulative Growth

NTAP

GSPC

NetApp (NTAP) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for NetApp (NTAP) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for NetApp (NTAP) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Total Return (1Y)	59.65%	19.81%
Total Return (3Y, Annualized)	35.23%	26.50%
Total Return (5Y, Annualized)	16.66%	9.52%

Risk Profile

Drawdown History

NTAP

GSPC

NetApp (NTAP) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for NetApp (NTAP) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Volatility (1Y, Annualized)	48.37%	55.75%
Beta (5Y)	1.55	1.39
Max Drawdown (5Y)	-42.61%	-58.83%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. NTAP is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Sharpe Ratio (1Y)	1.14	0.28
Sortino Ratio (1Y)	1.84	0.40

Profitability

ROE (TTM)

NetApp (NTAP) posts ROE of 114.82%, above the industry benchmark range. Equity is being turned into profit at an exceptional rate, but very high ROE should still be checked against leverage, buybacks, and the size of the equity base.

NTAP

Technology Hardware & Equipment industry group

114.82%

Group distribution

NTAP: 114.82%
Max: 42.47%
Q3: 19.13%
Median: 11.00%
Q1: 1.63%
Min: -20.62%

Largest peers

AAPL: 142.26%
SNDK: 141.17%
NTAP: 114.82%
APH: 40.08%
ANET: 33.52%
CSCO: 27.32%
DELL: --

Where NetApp (NTAP) stands on ROE within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

NetApp (NTAP) keeps 19.19% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

NTAP

Technology Hardware & Equipment industry group

19.19%

Group distribution

Max: 27.60%
NTAP: 19.19%
Q3: 11.66%
Median: 4.08%
Q1: 0.00%
Min: -11.02%

Largest peers

SNDK: 67.04%
ANET: 39.97%
AAPL: 27.60%
CSCO: 20.95%
NTAP: 19.19%
APH: 17.95%
DELL: 7.53%

Where NetApp (NTAP) stands on net margin within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

NetApp (NTAP) turns 26.67% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

NTAP

Technology Hardware & Equipment industry group

26.67%

Group distribution

Max: 36.27%
NTAP: 26.67%
Q3: 18.36%
Median: 8.84%
Q1: 1.46%
Min: -21.39%

Largest peers

SNDK: 79.59%
ANET: 44.90%
AAPL: 31.13%
APH: 29.68%
CSCO: 27.72%
NTAP: 26.67%
DELL: 12.02%

Where NetApp (NTAP) stands on operating margin within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
ROE (TTM)	114.82%	11.00%
ROA (TTM)	11.66%	4.78%
Net Margin (TTM)	19.19%	4.08%
Operating Margin (TTM)	26.67%	8.84%
Gross Margin (TTM)	70.63%	39.87%

Growth

Revenue Growth

NetApp (NTAP) grew revenue 5.37%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

NetApp (NTAP): Revenue Growth across different time periods, set against Technology Hardware & Equipment industry-group medians.

EPS Growth

NetApp (NTAP) grew earnings per share 11.99%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

NetApp (NTAP): EPS Growth across different time periods, set against Technology Hardware & Equipment industry-group medians.

Growth Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Revenue Growth (YoY)	5.37%	10.87%
Revenue Growth (3Y CAGR)	2.87%	2.79%
EPS Growth (YoY)	11.99%	14.29%
EPS Growth (3Y CAGR)	3.13%	3.49%

Financial Strength

Current Ratio (MRQ)

NetApp (NTAP) has current ratio of 1.24, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

NTAP

Technology Hardware & Equipment industry group

1.24

Group distribution

Max: 5.34
Q3: 3.02
Median: 1.95
Q1: 1.32
NTAP: 1.24
Min: 0.17

Largest peers

ANET: 3.29
SNDK: 2.58
APH: 1.94
NTAP: 1.24
AAPL: 1.02
DELL: 0.96
CSCO: 0.93

Where NetApp (NTAP) stands on current ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

NetApp (NTAP) has debt-to-equity ratio of 1.69, in the higher-leverage quartile for its industry. The heavier reliance on borrowing can make earnings, rates, or refinancing conditions matter more.

NTAP

Technology Hardware & Equipment industry group

1.69

Group distribution

Max: 1.76
NTAP: 1.69
Q3: 0.78
Median: 0.24
Q1: 0.04
Min: 0.01

Largest peers

NTAP: 1.69
APH: 1.03
AAPL: 0.84
CSCO: 0.62
SNDK: 0.01
ANET: --
DELL: --

Where NetApp (NTAP) stands on debt-to-equity ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Current Ratio (MRQ)	1.24	1.95
Debt / Equity (MRQ)	1.69	0.24
Net Debt / EBITDA	-0.50	0.16

Dividends

Dividend Yield (TTM)

NetApp (NTAP) has dividend yield of 1.23%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

NTAP

Technology Hardware & Equipment industry group

1.23%

Group distribution

NTAP: 1.23%
Max: 0.73%
Q3: 0.31%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

CSCO: 1.73%
NTAP: 1.23%
DELL: 0.73%
APH: 0.70%
AAPL: 0.31%
ANET: 0.00%
SNDK: 0.00%

Where NetApp (NTAP) stands on dividend yield within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

NetApp (NTAP) has payout ratio of 29.34%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

NTAP

Technology Hardware & Equipment industry group

29.34%

Group distribution

Max: 32.27%
NTAP: 29.34%
Q3: 14.48%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

CSCO: 49.85%
NTAP: 29.34%
APH: 21.74%
DELL: 13.43%
AAPL: 11.80%
ANET: 0.00%
SNDK: 0.00%

Where NetApp (NTAP) stands on payout ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
Dividend Yield (TTM)	1.23%	0.00%
Dividend Payout Ratio (TTM)	29.34%	0.00%

Valuation

P/E Ratio (TTM)

NetApp (NTAP) trades at P/E ratio of 23.86, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

NTAP

Technology Hardware & Equipment industry group

23.86

Group distribution

Max: 69.48
Q3: 41.02
Median: 26.39
NTAP: 23.86
Q1: 19.36
Min: 6.07

Largest peers

ANET: 45.79
AAPL: 38.13
APH: 32.43
CSCO: 28.18
NTAP: 23.86
DELL: 19.10
SNDK: 6.67

Where NetApp (NTAP) stands on P/E ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

NetApp (NTAP) trades at 4.50 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

NTAP

Technology Hardware & Equipment industry group

4.50

Group distribution

Max: 11.30
Q3: 5.82
NTAP: 4.50
Median: 2.56
Q1: 1.05
Min: 0.00

Largest peers

ANET: 18.15
AAPL: 10.39
CSCO: 5.84
APH: 5.57
NTAP: 4.50
SNDK: 4.10
DELL: 1.38

Where NetApp (NTAP) stands on P/S ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

NetApp (NTAP) trades at 22.18 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

NTAP

Technology Hardware & Equipment industry group

22.18

Group distribution

NTAP: 22.18
Max: 10.75
Q3: 5.52
Median: 3.17
Q1: 1.79
Min: 0.33

Largest peers

AAPL: 44.39
NTAP: 22.18
ANET: 13.12
APH: 10.75
CSCO: 7.36
SNDK: 6.63
DELL: -147.32

Where NetApp (NTAP) stands on P/B ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

NetApp (NTAP) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NTAP	Industry group median
P/E Ratio (TTM)	23.86	26.39
P/S Ratio (TTM)	4.50	2.56
P/B Ratio (MRQ)	22.18	3.17
Free Cash Flow Yield (TTM)	3.52%	2.83%