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NetApp key statistics and ratios

In fiscal 2026, NetApp had return on equity of 106.7%, an operating margin of 26.8%, debt equal to 184.1% of equity and a current ratio of 1.44. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Apr 20102011Apr 20112012Apr 20122013Apr 20132014Apr 20142015Apr 20152016Apr 20162017Apr 20172018Apr 20182019Apr 20192020Apr 20202021Apr 20212022Apr 20222023Apr 20232024Apr 20242025Apr 20252026Apr 2026LTMJul 2026
Gross margin64.1%65.0%59.6%59.4%62.0%62.6%60.8%61.3%62.7%64.2%66.9%66.4%66.8%66.2%78.4%78.1%78.5%80.3%
Operating margin12.4%16.1%12.0%9.6%11.6%11.7%6.3%11.3%19.6%19.9%17.5%17.9%18.3%16.0%21.5%22.6%26.8%28.5%
Net margin10.2%13.1%9.7%8.0%10.1%9.1%4.1%8.8%2.0%19.0%15.1%12.7%14.8%20.0%17.4%20.1%20.5%21.8%
Free-cash-flow margin21.4%21.9%16.9%17.1%17.8%17.9%14.7%14.8%22.5%19.0%17.3%20.4%15.6%13.6%27.0%22.7%30.0%25.4%
Return on equity15.8%21.5%15.1%11.2%15.0%15.6%7.3%16.5%4.4%69.5%123.0%157.5%123.0%127.6%85.6%108.5%106.7%99.6%
Return on assets6.2%9.0%6.7%4.9%6.2%6.0%2.4%4.9%1.2%12.5%10.1%8.6%9.7%12.8%10.0%11.5%11.8%13.1%
Asset turnover0.610.680.690.610.620.660.570.560.610.660.670.680.650.640.570.570.580.60
Current ratio2.371.891.942.202.402.501.761.501.971.451.181.741.501.351.191.251.441.24
Debt to equity43.5%31.0%28.1%47.7%26.3%43.6%81.2%67.6%84.6%164.5%473.6%384.2%314.6%206.1%208.7%311.1%184.1%166.4%
Interest cover (operating income ÷ interest)6.6x10.9x10.0x6.6x20.4x17.0x7.1x11.9x18.7x21.1x17.2x13.9x15.8x15.2x19.0x20.9x15.4x—
Effective tax rate10.4%15.2%15.0%10.8%13.9%21.5%33.6%22.5%90.3%7.8%13.2%24.1%14.4%−19.5%21.9%14.2%22.6%22.4%
R&D as % of revenue13.6%12.7%13.3%14.3%14.5%15.0%15.5%14.2%13.2%13.5%15.7%15.3%13.9%15.0%18.2%17.1%15.9%15.7%
Capital spending as % of revenue3.4%4.3%6.5%4.8%3.5%2.9%2.9%3.2%2.4%2.8%2.3%2.8%3.6%3.8%2.7%2.8%3.2%3.8%
Free cash flow ÷ net income209.6%166.9%174.3%214.3%177.0%195.2%355.5%168.6%>999%99.9%114.3%160.4%105.1%68.1%155.2%112.8%146.5%116.4%
Dividends ÷ net income——0.0%0.0%31.7%37.1%91.7%43.2%184.5%34.5%53.6%58.5%47.6%33.9%42.2%35.8%32.4%29.0%
Dividends and buybacks ÷ free cash flow0.0%0.0%56.8%54.5%184.5%125.6%143.7%112.6%75.6%215.2%197.6%47.1%106.2%147.7%86.0%117.6%72.9%76.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · July 31, 2026
What it owns · $11.0bn
Short-term assets $5.7bnLonger-term assets $5.3bn
What it owes, and who funded it · $11.0bn
Short-term liabilities $4.6bnLonger-term liabilities $4.9bnShareholders' equity $1.5bn
  • Short-term assets cover short-term liabilities $5.7bn of assets due within a year against $4.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.7bn short-term assets against $4.9bn of longer-dated liabilities.
  • More cash than debt $1.6bn of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 166% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 270% to 166% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.9bn of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.8bn against $109m of interest.

From NetApp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

82 /100

Strong moat

How hard NetApp's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.6% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 67.1%, moving by 7.0 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 20.0%; its worst year was 12.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.0% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 12.1% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (87 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: NTAP vs XRXLOGI vs NTAPNATL vs NTAP

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from NetApp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NetApp.