NetApp Inc (NTAP) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of NetApp Inc stock $157, price $188, that is 16.4% below the price, quality 81 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range $53.53 – $239.18 · fair‑value band $101.58 – $207.37 · the $187.67 price screens above the $156.80 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. As of Nov 1, 2026.
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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.
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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
Stock analysis
NetApp Inc (NTAP) currently trades at $187.67, while our model-based Fair Value estimate is $156.80, 16% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $174.85 per share, and 1 of the 24 models we run sit above the $187.67 price.
Bear case: the Economic Profit group reads lowest at $25.47, and 23 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $101.58 (bear) to $207.37 (bull), the price of $187.67 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 81/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $36.4B Large · P/E ratio 26.5 · P/S ratio 4.93 · EPS (TTM) $7.09 · Dividend yield 1.1% · Net margin 19.2% · Return on equity 115% · Return on assets (EBIT) 12.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 81 out of 100 (medium confidence).
What moves the price
The share trades about 22% below its 52-week high and 101% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at −16%, NTAP screens richer than that median.
Fair Value models
Bear$101.58Fair Value $156.80Bull$207.37
Price $187.67 · Downside -16.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then ($2.59 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 8 officers or directors sold shares worth $45.7M and none bought.
SaleElizabeth M O'CallahanEVP, Chief Admin. Officer12× since Nov 10, 2025: 12,000 shares, avg. $142.14$1.7MOct 12, 202610b5-1 plan
SaleCarrie PalinDirector5,000 shares at $216.43$1.1MOct 2, 2026
SaleGeorge KurianCEO, Director5× since Sep 14, 2026: 150,000 shares, avg. $201.69$30.3MOct 1, 202610b5-1 plan
SaleGerald HeldDirector2× since Jun 3, 2026: 12,889 shares, avg. $194.29$2.5MOct 1, 2026
SaleDeepak AhujaDirector2× since Sep 14, 2026: 6,976 shares, avg. $196.99$1.4MSep 21, 202610b5-1 plan
SaleThomas Michael NevensDirector5,940 shares at $195.21$1.2MSep 11, 2026
SaleCesar CernudaPresident2× since Jun 23, 2026: 52,072 shares, avg. $157.30$8.2MAug 17, 202610b5-1 plan
SaleDaniel De LorenzoVP, Controller & CAO5× since Nov 17, 2025: 1,112 shares, avg. $122.24$135,936Jun 1, 202610b5-1 plan
Plus 29 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
Start year 2021 (pandemic). Over 10 years: +2.2% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.8%
Dividend (yield on the price)1.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.8% vs 13.9%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 25%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.2% a year for the price and +5.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: NetApp maintains a moderate moat via established enterprise storage margins and cash flows while its new architecture targets AI-scale throughput, yet limited public signals on innovation durability and human capital leave long-term strength uncertain.
Main risk: Rivals such as VAST Data, WEKA and DDN already lead neocloud AI factory deals with disaggregated architectures and could capture customers needing high-throughput GPU storage, pressuring NetApp prices and margins in that segment.
Bull case: By deepening first-party hyperscaler integrations and demonstrating Novus scalability for AI factories, NetApp could strengthen its position supplying unified data infrastructure across enterprise and sovereign cloud environments.
Bear case: If specialized rivals consolidate leadership in AI-scale storage and major channel partners divert volume elsewhere, NetApp could lose ground in high-growth GPU clusters and face reduced demand for its core ONTAP-based offerings.
NetApp just launched its Novus architecture to remove storage bottlenecks in AI factories and deliver up to 100 TB per second throughput for massive GPU clusters. This extends its established position supplying enterprise data infrastructure where traditional setups often leave utilization low. Our models currently see it as overvalued. Will the push into AI-scale performance deliver more durable advantages than any move by hyperscalers or specialized rivals toward their own solutions?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Software - Infrastructure · 342 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score81 · Top 25%
Fair Value upside−16.4% · Below median
Profitability
Return on equity (12 months)114.8% · Top 25%
Return on assets11.9% · Top 25%
Net margin (12 months)19.2% · Top 25%
Operating margin (12 months)26.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)29.9% · Top 25%
Dividend yield (12 months)1.1% · Below median
Balance sheet
Debt / equity1.84× · Highest 25%
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (12 months)26.5× · Pricier than median
P/B26.96× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NetApp Inc Fair Value". https://www.fairvalue-calculator.com/stock/NTAP
Frequently asked questions
Is NetApp Inc (NTAP) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of $156.80 versus a price of $187.67, about 16% lower (overvalued).
What is the fair value of NTAP?
Our model-based fair value for NetApp Inc is $156.80 (as of Nov 1, 2026), built from audited fundamentals. The current price: $187.67.
What is the quality score of NTAP?
NetApp Inc has a Quality Score of 81/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NetApp Inc (NTAP)?
Our model-based price target is the fair value of $156.80 (as of Nov 1, 2026) from 24 valuation models. Cautious scenario $101.58, optimistic scenario $207.37. It is a calculation from audited fundamentals, not an analyst target.
What is the NetApp Inc stock forecast for 2026?
Our models put fair value at $156.80, about 16% lower versus a price of $187.67 (overvalued). Cautious scenario $101.58, optimistic scenario $207.37. The calculation is refreshed regularly with new filings.
What is the revenue of NetApp Inc (NTAP)?
NetApp Inc reported trailing-twelve-month revenue of about $7.4B (latest available figure, as of Nov 1, 2026).
Does NetApp Inc pay a dividend?
NetApp Inc currently shows a dividend yield of 1.11% relative to its recent price (as of Nov 1, 2026).
What growth is priced into NetApp Inc (NTAP)?
For today's price to be fair in a discounted-cash-flow model, NetApp Inc would have to grow free cash flow by +10.8 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of NTAP use?
Our models discount NetApp Inc at 10.3 %: a base by market capitalisation (large), damped by beta 1.45, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NetApp Inc that is +10.8 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has NetApp Inc (NTAP) delivered so far?
Over the past 5 years revenue at NetApp Inc grew +3.8 % a year. The price currently implies +10.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NetApp Inc (NTAP) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into NetApp Inc (+10.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NetApp Inc (NTAP)?
The free-cash-flow yield on the price is 5.00 %: that much free cash flow NetApp Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NetApp Inc (NTAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NetApp Inc it is $156.80 per share (as of Nov 1, 2026), against a price of $187.67. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NetApp Inc stock overvalued or undervalued in 2026?
As of Nov 1, 2026, NTAP trades above its calculated fair value: price $187.67, fair value $156.80, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NTAP?
No. The price is what the market pays today ($187.67); the fair value is what the company's own numbers justify ($156.80). For NetApp Inc the two are $30.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is NetApp Inc worth?
The market values NetApp Inc at about $36.4B (market capitalisation, as of Nov 1, 2026). Per share that is $187.67; our models calculate a fair value of $156.80 per share.
What do the bullish and bearish scenarios say about NTAP?
Our models span a range for NetApp Inc: cautious scenario $101.58, base $156.80, optimistic $207.37 per share (as of Nov 1, 2026, price $187.67). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NTAP?
NetApp Inc trades at a price-to-earnings ratio of 26.5 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $156.80 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 17.6. Other multiples: PEG 2.1, P/B 27.0, P/S 4.9, EV/EBITDA 17.6.
What is the PEG ratio of NTAP?
The PEG ratio of NetApp Inc is 2.14 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of NetApp Inc (NTAP)?
Balance-sheet figures for NetApp Inc (as of Nov 1, 2026): return on equity 114.8%, debt of 1.84 per unit of equity. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is NTAP from its 52-week high?
NetApp Inc trades at $187.67, about 22% below its 52-week high of $239.18 and 101% above the low of $93.14 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $156.80 is for.
Which stocks are comparable to NetApp Inc?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NetApp Inc stock attractive at the current price?
The data as of Nov 1, 2026: price $187.67, calculated fair value $156.80 (−16%), Quality Score 81/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NTAP calculated?
We run NetApp Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $156.80, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. NetApp Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NetApp Inc (NTAP)?
The closing price on Nov 4, 2026 was $187.67. Our model-based fair value is $156.80, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NetApp Inc right now?
A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range ($101.58 to $207.37) leaves room in how you read the outcome.
Where does the earnings growth of NetApp Inc (NTAP) come from?
Earnings per share at NetApp Inc grew +16.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.8 %, EBIT margin +8.8 %, tax rate +0.7 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of NetApp Inc
How large is the market capitalisation of NetApp Inc (NTAP)?
The market capitalisation of NetApp Inc is $36.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NetApp Inc (NTAP)?
The price-to-sales ratio of NetApp Inc is 4.93 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NetApp Inc (NTAP)?
Earnings per share at NetApp Inc are $7.09 (price ÷ EPS = P/E 26.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NetApp Inc (NTAP)?
The dividend yield of NetApp Inc is 1.1% (payout 29.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NetApp Inc (NTAP)?
The net margin of NetApp Inc is 19.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NetApp Inc (NTAP)?
The return on equity (ROE) of NetApp Inc is 115% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NetApp Inc (NTAP)?
On an EBIT basis the return on assets of NetApp Inc is 12.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NetApp Inc (NTAP)?
The operating margin of NetApp Inc is 26.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NetApp Inc (NTAP)?
Revenue at NetApp Inc is growing +29.9% versus a year earlier (3y avg +2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NetApp Inc (NTAP)?
Earnings per share at NetApp Inc are growing +63.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does NetApp Inc (NTAP) hold?
NetApp Inc holds more cash than debt, $1.1B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 1, 2026