NetApp

NTAP

Computer Hardware · Technology

Price

$163.88

+4.19 (+2.62%)

Market Cap

$32.11B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−13.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 229.0M (2022) → 199.0M (2026)

NetApp, Inc. provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data management software, such as NetApp ONTAP, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, NetApp SnapLock Data Compliance, NetApp ElementOS software, and NetApp SANtricity software; and storage infrastructure solutions, incl

Winston Score History

Politician Trades

14 trades / 12mo

5 Congressional buys and 9 sells on NTAP in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+15.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$991M/ year

→ Flat (-2% vs prior year)

14.3% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

NetApp is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

70.6%

Premium pricing power — 70.6% gross margin

Operating Margin

25.2%

Excellent — 25.2% operating margin

ROCE

11.7%

Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+4.6%

Slow sales growth (4.6% YoY)

EPS YoY

+14.4%

Earnings growing (14.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

118%

Turns 118% of profit into real cash

FCF Margin

19.5%

Converts sales into free cash efficiently (19.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

2.18

Heavy debt load (2.18)

Interest Cover

18.12x

Comfortably covers interest (18.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

25.8x

Growth-priced — P/E 25.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+8.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.8 → 17.1)

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Dividends

Dividend Yield

1.36%

Small dividend — 1.36% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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