NetApp, Inc. (NTAP) intrinsic value & 10-year financials
NetApp, Inc. (NTAP) has a Graham intrinsic value of $134.22 per share. At $203.80 on Oct 17, 2026, the stock trades 52% above that value. Over the last 10 fiscal years revenue grew 2.6% a year to $6.9B, with an average return on invested capital of 29.2%.
- Graham intrinsic value
- $134.22
- Share price (Oct 17, 2026)
- $203.80
- Price vs Graham value
- 52% above
- Market cap
- $41.0B
- Revenue (FY2026)
- $6.9B
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 29.2%
- Free cash flow (FY2026)
- $1.9B
NTAP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $6.9B | $1.3B | $6.35 | $1.9B | 24.2% | 69.7% |
| FY2025 | $6.6B | $1.2B | $5.67 | $1.3B | 20.3% | 63.6% |
| FY2024 | $6.3B | $986.0M | $4.63 | $1.5B | 19.4% | 56.8% |
| FY2023 | $6.4B | $1.3B | $5.79 | $868.0M | 16.0% | 185.3% |
| FY2022 | $6.3B | $937.0M | $4.09 | $985.0M | 18.3% | -130.1% |
| FY2021 | $5.7B | $730.0M | $3.23 | $1.2B | 17.9% | -67.5% |
| FY2020 | $5.4B | $819.0M | $3.52 | $936.0M | 17.5% | -188.9% |
| FY2019 | $6.1B | $1.2B | $4.51 | $1.2B | 19.9% | 230.7% |
| FY2018 | $5.9B | $76.0M | $0.28 | $1.3B | 19.0% | 45.1% |
| FY2017 | $5.5B | $509.0M | $1.81 | $811.0M | 12.1% | 27.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NetApp has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
NetApp has historically struggled to out-earn its cost of capital, averaging just 6.8% ROIC.
Over the decade, NetApp shows that management has aggressively returned capital to shareholders by retiring 28.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NetApp is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $134.22 per share.