Why did NetApp (NTAP) stock move recently?

On 9/3/2026, NetApp moved -8.0% — NetApp declined after guiding to a lower gross margin for the coming quarter than the one just reported, which overshadowed a quarterly earnings beat. This is MarketChacha's decoded reason from filings and credible news; it is education, not buy/sell advice.

Is NetApp (NTAP) overvalued or fairly valued?

MarketChacha shows NetApp's valuation in context — a trailing P/E of about 32.2, a forward P/E of about 17.2, a price-to-book of about 26.9 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does NetApp's reported profit turn into cash?

Over 4 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.35×) from reported figures — education, not a rating.

What is NetApp's revenue?

NetApp reported revenue of $6.9B for FY2026, with net profit of $1.3B, per official filings.

What is the share price of NetApp (NTAP)?

NetApp last traded at $185.59 (+0.1% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

NetApp

NTAP · NASDAQ · Technology · United States

Snapshot

TickerNTAP

ExchangeNASDAQ

SectorTechnology

IndustrySoftware - Infrastructure

CountryUnited States

Employees11,700

HeadquartersSan Jose, United States

Websitewww.netapp.com

Filings tracked10

About NetApp

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 AFF and ASA A-Series and C-Series, NetApp AFX, NetApp Fabric Attached Storage (FAS), NetApp E/EF series, and NetApp StorageGRID. It also provides cloud storage services comprising Azure NetApp Files, Amazon FSx for NetApp ONTAP, and Google Cloud NetApp Volumes, as well as NetApp Cloud Volumes ONTAP. In addition, the company offers operational services, such as NetApp Data Infrastructure Insights and Instaclustr; and professional and support services 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. Further, it offers ransomware protection, data backup and recovery, and disaster recovery. 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 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, Inc. was incorporated in 1992 and is headquartered in San Jose, California.

Who owns it

Insiders0.4%
Institutions99.6%
Public & other0.0%

1,421 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.9.63%
Vanguard Capital Management LLC6.57%
Vanguard Portfolio Management LLC6.26%
State Street Corporation5.06%
Primecap Management Company4.59%
Geode Capital Management, LLC3.25%
Ameriprise Financial, Inc.2.38%
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2.26%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.35×

Over 4 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend20.0% → 18.4%

Margin has held broadly steady over the period — stable profitability.

Return on equity94.4%

Latest ROE of 94.4% — capital is generating a healthy return.

Growth qualityrev 3% · PAT 0%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $1.8B · EPS 2.16

Est. earnings growth +5.5%

Next fiscal year

Rev $8.0B · EPS 10.09

Est. earnings growth +11.8%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2026)

$6.9B

Net margin

18.4%

ROE

94.4%

Revenue CAGR (3y)

+2.9%

Profit CAGR (3y)

+0.1%

EPS (FY2026)

6.35

Net profit (FY2026)

$1.3B

Ask MarketChacha about NTAP

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Why it moved

Sep 3, 2026
NetApp declined after guiding to a lower gross margin for the coming quarter than the one just reported, which overshadowed a quarterly earnings beat.
source 1 ↗· confidence: medium

Daily moves with the verified reason behind them. Education only — not investment advice.

On MarketChacha

Posts about NTAP

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2026	$6.9B	$1.3B	6.35	18.4%	94.4%
FY2025	$6.6B	$1.2B	5.67	18.0%	114.0%
FY2024	$6.3B	$986.0M	4.63	15.7%	86.0%
FY2023	$6.4B	$1.3B	5.79	20.0%	109.9%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q1	$1.7B	$334.0M	1.67	19.5%
2025Q4	$1.7B	$305.0M	1.51	17.9%
2025Q3	$1.6B	$233.0M	1.15	14.9%
2025Q1	$1.6B	$299.0M	1.44	18.2%
2024Q4	$1.7B	$299.0M	1.42	18.0%
2024Q3	$1.5B	$248.0M	1.17	16.1%
2024Q1	$1.6B	$313.0M	1.48	19.5%
2023Q4	$1.6B	$233.0M	1.10	14.9%
2023Q3	$1.4B	$149.0M	0.69	10.4%
2023Q1	$1.5B	$65.0M	0.30	4.3%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-K filing
SEC6/5/2026
8-K — Results of operations, Other events, Exhibits
SEC5/28/2026material
8-K — Results of operations, Exhibits
SEC2/26/2026material
10-Q filing
SEC2/26/2026
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC1/12/2026material

2025

8-K — Results of operations, Exhibits
SEC11/25/2025material
10-Q filing
SEC11/25/2025
8-K — Executive/director change, Shareholder vote results, Exhibits
SEC9/15/2025material
8-K — Results of operations, Exhibits
SEC8/27/2025material
10-Q filing
SEC8/27/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.