NetApp Inc (NTAP) Fair Value & Analysis
Technology · US · Market cap $33.1B · ISIN US64110D1046
What is NetApp Inc really worth?
NetApp Inc
NTAP · US
A strong business, but trading 20% above our fair value of $154.83.
Strengths
Risks
For context
Fair value as of: Aug 29, 2026
From 24 valuation models · updated 6 days ago
Share price −2.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- A fairly wide model range ($99.82 to $217.71) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range $53.65 – $207.08 · fair‑value band $99.82 – $217.71 · the $185.38 price screens above the $154.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 29, 2026.
Analysis
NetApp Inc (NTAP) currently trades at $185.38, while our model-based Fair Value estimate is $154.83, implying the stock looks roughly 19.7% overvalued today. The Quality Score stands at 80/100 (high quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of $169.73 per share, and 2 of the 24 models we run sit above the $185.38 price. Bear case: the Earnings-Based group reads lowest at $46.63, and 22 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NetApp Inc generated revenue of $6.9B at a net margin of 18.4%. Revenue grew 12.5% year over year. It earns a return on equity of 106.7%. The balance sheet holds a net cash position of $1.1B. Fundamentals as of Aug 29, 2026
Our scenario range runs from $99.82 (bear case) to $217.71 (bull case); at $185.38, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 99% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at −16%, NTAP screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 4 months have passed since. In that time the company retained roughly $1.49 per share, which is 1.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models ($169.73) versus Asset-Based ($4.62). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 76 · Market factors (momentum, volatility) 73
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NetApp, Inc. provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Hybrid Cloud and Public Cloud.
Full company description
NetApp, Inc. provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Hybrid Cloud and Public Cloud. The company offers data management software, such as NetApp ONTAP, ONTAP One, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, and NetApp SnapLock Data Compliance; and storage infrastructure solutions, including NetApp All-Flash FAS (AFF A-Series), NetApp All-Flash FAS with capacity flash (AFF C-Series), NetApp All-Flash SAN Array (ASA A-Series & C-Series), NetApp Fabric Attached Storage (FAS), NetApp E/EF series, and NetApp StorageGRID. It also provides cloud storage services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and Google Cloud NetApp Volumes, as well as NetApp BlueXP, BlueXP Copy and Sync, BlueXP Backup and Recovery, BlueXP Classification, and BlueXP Ransomware Protection. In addition, the company offers operational services, such as NetApp Data Infrastructure Insights and Instaclustr; and professional and support services offerings include storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services, as well as assessment, design, implementation, migration, and proactive support services to help customers optimize the performance and efficiency of their on-premises and hybrid multicloud storage environments. It serves various industries comprising energy, financial services, government, technology, internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications through a direct sales force and an ecosystem of partners, including the leading cloud providers. The company has a strategic alliance with Commvault Systems, Inc. to develop an integrated solution for enterprise data protection and cyber resilience. NetApp, I
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
NetApp Inc reported revenue of $6.9B in FY2026 versus $6.3B in FY2022, a compound +2.3%/yr. Reported net income was $1.3B in FY2026, compounding +8.0%/yr from FY2022.
of which total revenue +1.6 % · buybacks/dilution +4.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
NTAP screens 20% overvalued. Compare with Microsoft Corporation →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- NTAP Q1 Earnings Beat Estimates on Hybrid, Public Cloud Revenue Growth
- How To Earn $500 A Month From NetApp Stock Ahead Of Q1 Earnings
- NTAP Q2 Deep Dive: AI, Cloud, and Product Innovation Drive Market Outperformance
- NetApp CEO defends growth outlook as investors remain divided
Peer Group
Software - Infrastructure · 369 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Software - Infrastructure median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Microsoft Corporation MSFT | $480.35 | $365.74 | −24% |
| Oracle Corporation ORCL | $151.94 | $117.84 | −22% |
| Fortinet, Inc FTNT | $166.00 | $61.46 | −63% |
| Synopsys, Inc SNPS | $442.61 | $101.19 | −77% |
| Block, Inc XYZ | A$111.01 | A$70.69 | −36% |
| CoreWeave, Inc CRWV | $105.26 | $71.79 | −32% |
| Adyen N.V ADYEN | €1,007 | €707.53 | −30% |
| MongoDB, Inc MDB | $440.58 | $93.91 | −79% |
| Okta, Inc OKTA | $166.23 | $30.50 | −82% |
| VeriSign, Inc VRSN | $273.03 | $208.59 | −24% |
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