Cash flow NetApp, Inc.

Equities

NTAP

US64110D1046

Computer Hardware

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-05 pm EST			5-day change	1st Jan Change
117.27 ^USD	+1.10%		+5.12%	+1.03%

Dec. 05	Daiwa Securities Adjusts Price Target on NetApp to $130 From $140, Maintains Outperform Rating	MT
Dec. 02	NetApp, Inc. Presents at UBS Global Technology and AI Conference 2025, Dec-02-2025 03:35 PM

0f90.AwMu1CKe1moAhT9tuZsdQaqsXJoJ0beKWCUjQAe_7YE.b0hLrG-ovA9B8nBf6dJKO_zmK90_t96_EFxmIUjz1bU1e3S6c92zDVLjeg

Published financial data: NETAPP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Revenues	5.74B	6.32B	6.36B	6.27B	6.57B
Total Revenues	5.74B	6.32B	6.36B	6.27B	6.57B
Cost of Goods Sold, Total	1.93B	2.1B	2.15B	1.84B	1.96B
Gross Profit	3.82B	4.22B	4.21B	4.43B	4.61B
Selling General & Admin Expenses, Total	2B	2.14B	2.09B	2.14B	2.18B
R&D Expenses	881M	881M	956M	1.03B	1.01B
Other Operating Expenses, Total	2.88B	3.02B	3.05B	3.16B	3.19B
Operating Income	938M	1.2B	1.16B	1.27B	1.42B
Interest Expense, Total	-74M	-73M	-67M	-64M	-64M
Interest And Investment Income	9M	7M	69M	112M	112M
Net Interest Expenses	-65M	-66M	2M	48M	48M
Currency Exchange Gains (Loss)	20M	-91M	4M	-59M	38M
Other Non Operating Income (Expenses)	-16M	95M	10M	60M	-40M
EBT, Excl. Unusual Items	877M	1.14B	1.18B	1.32B	1.47B
Restructuring Charges	-42M	-33M	-120M	-44M	-83M
Merger & Related Restructuring Charges	-16M	-13M	-21M	-10M	-5M
Gain (Loss) On Sale Of Investments	6M	-	32M	-	-
Gain (Loss) On Sale Of Assets	156M	-	-	-	-
Legal Settlements	-5M	-	-	-	-
Other Unusual Items	-14M	-	-	-	-
EBT, Incl. Unusual Items	962M	1.1B	1.07B	1.26B	1.38B
Income Tax Expense	232M	158M	-208M	277M	197M
Earnings From Continuing Operations	730M	937M	1.27B	986M	1.19B
Net Income to Company	730M	937M	1.27B	986M	1.19B
Net Income - (IS)	730M	937M	1.27B	986M	1.19B
Net Income to Common Incl Extra Items	730M	937M	1.27B	986M	1.19B
Net Income to Common Excl. Extra Items	730M	937M	1.27B	986M	1.19B
Per Share Items
Net EPS - Basic	3.29	4.2	5.87	4.74	5.81
Basic EPS - Continuing Operations	3.29	4.2	5.87	4.74	5.81
Basic Weighted Average Shares Outstanding	222M	223M	217M	208M	204M
Net EPS - Diluted	3.23	4.09	5.79	4.63	5.67
Diluted EPS - Continuing Operations	3.23	4.09	5.79	4.63	5.67
Diluted Weighted Average Shares Outstanding	226M	229M	220M	213M	209M
Normalized Basic EPS	2.47	3.2	3.38	3.96	4.51
Normalized Diluted EPS	2.43	3.11	3.34	3.86	4.4
Dividend Per Share	1.92	2	2	2	2.08
Payout Ratio	58.49	47.6	33.91	42.19	35.75
Supplemental Items
EBITDA	1.1B	1.36B	1.36B	1.49B	1.64B
EBITA	946M	1.22B	1.18B	1.29B	1.44B
EBIT	938M	1.2B	1.16B	1.27B	1.42B
EBITDAR	1.17B	1.44B	1.44B	1.56B	1.71B
Total Revenues (As Reported)	5.74B	6.32B	6.36B	6.27B	6.57B
Effective Tax Rate - (Ratio)	24.12	14.43	-19.51	21.93	14.24
Current Domestic Taxes	104M	242M	248M	114M	169M
Current Foreign Taxes	134M	60M	150M	110M	128M
Total Current Taxes	238M	302M	398M	224M	297M
Deferred Domestic Taxes	8M	-152M	-47M	30M	-118M
Deferred Foreign Taxes	-14M	8M	-559M	23M	18M
Total Deferred Taxes	-6M	-144M	-606M	53M	-100M
Normalized Net Income	548M	713M	734M	823M	919M
Interest on Long-Term Debt	-	-	67M	64M	64M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.74B	1.86B	1.83B	1.83B	1.86B
General and Administrative Expenses	252M	279M	265M	308M	311M
Research And Development Expense From Footnotes	922M	914M	998M	1.06B	1.04B
Net Rental Expense, Total	66M	76M	77M	68M	66M
Imputed Operating Lease Interest Expense	17.12M	15.6M	14.68M	13.05M	11M
Imputed Operating Lease Depreciation	48.88M	60.4M	62.32M	54.95M	55M
Stock-Based Comp., COGS (Total)	14M	17M	24M	29M	30M
Stock-Based Comp., R&D Exp. (Total)	64M	75M	111M	132M	135M
Stock-Based Comp., S&M Exp. (Total)	92M	115M	135M	143M	162M
Stock-Based Comp., G&A Exp. (Total)	27M	38M	42M	53M	59M
Total Stock-Based Compensation	197M	245M	312M	357M	386M

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	4.53B	4.11B	2.32B	1.9B	2.74B
Short Term Investments	75M	28M	761M	1.36B	1.11B
Total Cash And Short Term Investments	4.6B	4.14B	3.08B	3.26B	3.85B
Accounts Receivable, Total	945M	1.23B	987M	1.01B	1.25B
Total Receivables	945M	1.23B	987M	1.01B	1.25B
Inventory	114M	204M	167M	186M	186M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	338M	371M	449M	446M	566M
Total Current Assets	6B	5.94B	4.68B	4.9B	5.85B
Gross Property Plant And Equipment	1.91B	2.15B	2.29B	2.33B	2.38B
Accumulated Depreciation	-1.27B	-1.25B	-1.36B	-1.48B	-1.57B
Net Property Plant And Equipment	639M	896M	931M	851M	804M
Long-term Investments	103M	103M	80M	85M	92M
Goodwill	2.04B	2.35B	2.76B	2.76B	2.72B
Other Intangibles, Total	101M	142M	181M	124M	43M
Deferred Tax Assets Long-Term	219M	362M	948M	896M	994M
Deferred Charges Long-Term	111M	117M	-	-	-
Other Long-Term Assets, Total	147M	115M	239M	275M	316M
Total Assets	9.36B	10.03B	9.82B	9.89B	10.82B
Liabilities
Accounts Payable, Total	420M	607M	392M	517M	511M
Accrued Expenses, Total	899M	832M	793M	942M	1.06B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	250M	-	400M	750M
Current Portion of Leases	49M	47M	47M	40M	40M
Unearned Revenue Current, Total	2.06B	2.17B	2.22B	2.18B	2.28B
Other Current Liabilities	22M	46M	17M	31M	18M
Total Current Liabilities	3.45B	3.95B	3.47B	4.11B	4.66B
Long-Term Debt	2.63B	2.39B	2.39B	1.99B	2.48B
Long-Term Leases	71M	257M	248M	220M	216M
Unearned Revenue Non Current	1.94B	2.06B	2.1B	2.06B	2.26B
Pension & Other Post Retirement Benefits	-	-	-	-	-
Other Non Current Liabilities	579M	531M	460M	365M	163M
Total Liabilities	8.68B	9.19B	8.66B	8.74B	9.78B
Common Stock, Total	504M	760M	945M	997M	1.11B
Retained Earnings	211M	122M	265M	208M	-
Comprehensive Income and Other	-30M	-44M	-51M	-59M	-66M
Total Common Equity	685M	838M	1.16B	1.15B	1.04B
Total Equity	685M	838M	1.16B	1.15B	1.04B
Total Liabilities And Equity	9.36B	10.03B	9.82B	9.89B	10.82B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	223M	221M	212M	206M	200M
ECS Total Common Shares Outstanding	222M	220M	212M	206M	201M
Book Value / Share	3.09	3.81	5.47	5.56	5.17
Tangible Book Value	-1.46B	-1.65B	-1.78B	-1.74B	-1.73B
Tangible Book Value Per Share	-6.55	-7.5	-8.4	-8.43	-8.59
Total Debt	2.75B	2.94B	2.68B	2.65B	3.49B
Net Debt	-1.85B	-1.2B	-393M	-606M	-362M
Debt Equivalent of Unfunded Proj. Benefit Obligation	34M	30M	31M	36M	40M
Debt Equivalent Oper. Leases	528M	608M	616M	544M	528M
Equity Method Investments, Total	71M	73M	80M	85M	92M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	22M	131M	65M	116M	81M
Inventories - Finished Goods, Total	92M	73M	102M	70M	105M
Land - (BS)	46M	46M	46M	46M	46M
Buildings, Total	356M	353M	359M	367M	374M
Machinery, Total	962M	980M	1.14B	1.18B	1.23B
Full Time Employees	11K	12K	12K	11.8K	11.7K

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	730M	937M	1.27B	986M	1.19B
Depreciation & Amortization - CF	158M	148M	180M	198M	196M
Amortization of Goodwill and Intangible Assets - (CF)	8M	13M	26M	23M	19M
Depreciation & Amortization, Total	166M	161M	206M	221M	215M
Amortization of Deferred Charges, Total - (CF)	41M	33M	42M	34M	28M
(Gain) Loss From Sale Of Asset	-156M	-	-	-	-
Stock-Based Compensation (CF)	197M	245M	312M	357M	386M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	70M	-143M	-621M	85M	-59M
Change In Accounts Receivable	62M	-313M	260M	-33M	-219M
Change In Inventories	31M	-90M	37M	-18M	-1M
Change In Accounts Payable	-11M	181M	-207M	123M	-8M
Change in Unearned Revenues	193M	384M	46M	-14M	208M
Change In Income Taxes	-57M	-45M	-76M	-106M	-207M
Change in Other Net Operating Assets	67M	-139M	-166M	50M	-23M
Cash from Operations	1.33B	1.21B	1.11B	1.68B	1.51B
Capital Expenditure	-162M	-226M	-239M	-155M	-168M
Sale of Property, Plant, and Equipment	371M	-	-	-	-
Cash Acquisitions	-350M	-380M	-491M	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	160M	45M	-719M	-580M	245M
Other Investing Activities, Total	2M	-	59M	-	70M
Cash from Investing	21M	-561M	-1.39B	-735M	147M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	2.06B	-	-	-	1.24B
Total Debt Issued	2.06B	-	-	-	1.24B
Short Term Debt Repaid, Total	-420M	-	-	-	-
Long-Term Debt Repaid, Total	-689M	-	-250M	-	-400M
Total Debt Repaid	-1.11B	-	-250M	-	-400M
Issuance of Common Stock	98M	105M	108M	100M	108M
Repurchase of Common Stock	-167M	-674M	-934M	-1.03B	-1.35B
Common Dividends Paid	-427M	-446M	-432M	-416M	-424M
Common & Preferred Stock Dividends Paid	-427M	-446M	-432M	-416M	-424M
Other Financing Activities, Total	-8M	-2M	-5M	-1M	-3M
Cash from Financing	444M	-1.02B	-1.51B	-1.34B	-828M
Foreign Exchange Rate Adjustments	71M	-49M	-1M	-19M	15M
Net Change in Cash	1.87B	-416M	-1.8B	-413M	840M
Supplemental Items
Cash Interest Paid	57M	67M	65M	59M	53M
Cash Income Tax Paid (Refund)	338M	398M	386M	357M	412M
Levered Free Cash Flow	1.13B	764M	970M	1.42B	1.16B
Unlevered Free Cash Flow	1.18B	810M	1.01B	1.46B	1.2B
Change In Net Working Capital	-349M	155M	34M	-210M	153M
Net Debt Issued / Repaid	948M	-	-250M	-	840M

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.95	7.76	7.3	8.04	8.6
Return on Total Capital	21.35	20.84	19.01	20.74	21.39
Return On Equity %	157.5	123.05	127.59	85.55	108.51
Return on Common Equity	157.5	123.05	127.59	85.55	108.51
Margin Analysis
Gross Profit Margin %	66.42	66.79	66.16	70.72	70.19
SG&A Margin	34.75	33.81	32.91	34.08	33.11
EBITDA Margin %	19.22	21.59	21.46	23.76	24.95
EBITA Margin %	16.47	19.25	18.63	20.6	21.97
EBIT Margin %	16.33	19.04	18.22	20.23	21.68
Income From Continuing Operations Margin %	12.71	14.83	20.03	15.73	18.05
Net Income Margin %	12.71	14.83	20.03	15.73	18.05
Net Avail. For Common Margin %	12.71	14.83	20.03	15.73	18.05
Normalized Net Income Margin	9.54	11.29	11.54	13.13	13.99
Levered Free Cash Flow Margin	19.69	12.1	15.24	22.65	17.63
Unlevered Free Cash Flow Margin	20.5	12.82	15.9	23.28	18.24
Asset Turnover
Asset Turnover	0.68	0.65	0.64	0.64	0.63
Fixed Assets Turnover	7.64	8.23	6.96	7.03	7.94
Receivables Turnover (Average Receivables)	5.99	5.81	5.74	6.29	5.83
Inventory Turnover (Average Inventory)	14.9	13.19	11.61	10.4	10.53
Short Term Liquidity
Current Ratio	1.74	1.5	1.35	1.19	1.26
Quick Ratio	1.61	1.36	1.17	1.04	1.09
Operating Cash Flow to Current Liabilities	0.39	0.31	0.32	0.41	0.32
Days Sales Outstanding (Average Receivables)	61.94	62.65	63.42	57.9	62.39
Days Outstanding Inventory (Average Inventory)	24.91	27.59	31.36	35.01	34.56
Average Days Payable Outstanding	82.68	85.43	85.93	89.23	95.51
Cash Conversion Cycle (Average Days)	4.16	4.81	8.86	3.68	1.45
Long Term Solvency
Total Debt/Equity	401.75	350.84	231.58	231.41	335.67
Total Debt / Total Capital	80.07	77.82	69.84	69.83	77.05
LT Debt/Equity	394.6	315.39	227.52	193.02	259.71
Long-Term Debt / Total Capital	78.64	69.96	68.62	58.24	59.61
Total Liabilities / Total Assets	92.68	91.64	88.2	88.41	90.39
EBIT / Interest Expense	12.68	16.48	17.3	19.81	22.27
EBITDA / Interest Expense	15.81	19.73	21.52	24.33	26.66
(EBITDA - Capex) / Interest Expense	13.62	16.63	17.96	21.91	24.03
Total Debt / EBITDA	2.35	2.04	1.86	1.7	2.05
Net Debt / EBITDA	-1.58	-0.83	-0.27	-0.39	-0.21
Total Debt / (EBITDA - Capex)	2.73	2.42	2.23	1.89	2.27
Net Debt / (EBITDA - Capex)	-1.84	-0.99	-0.33	-0.43	-0.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.13	9.99	0.7	-1.48	4.85
Gross Profit, 1 Yr. Growth %	5.3	10.62	-0.26	5.32	4.06
EBITDA, 1 Yr. Growth %	1.75	23.55	0.07	9.08	10.14
EBITA, 1 Yr. Growth %	1.61	28.54	-2.55	8.95	11.85
EBIT, 1 Yr. Growth %	0.75	28.25	-3.66	9.4	12.38
Earnings From Cont. Operations, 1 Yr. Growth %	-10.87	28.36	35.97	-22.61	20.28
Net Income, 1 Yr. Growth %	-10.87	28.36	35.97	-22.61	20.28
Normalized Net Income, 1 Yr. Growth %	-5.29	30.1	2.98	12.09	11.69
Diluted EPS Before Extra, 1 Yr. Growth %	-8.24	26.63	41.56	-20.03	22.46
Accounts Receivable, 1 Yr. Growth %	-2.88	30.16	-19.76	2.03	23.73
Inventory, 1 Yr. Growth %	-21.38	78.95	-18.14	11.38	0
Net Property, Plant and Equip., 1 Yr. Growth %	-26.04	40.22	3.91	-8.59	-5.52
Total Assets, 1 Yr. Growth %	24.43	7.12	-2.07	0.7	9.47
Tangible Book Value, 1 Yr. Growth %	-7.91	13.4	7.94	-2.47	-0.63
Common Equity, 1 Yr. Growth %	183.06	22.34	38.31	-1.12	-9.25
Cash From Operations, 1 Yr. Growth %	25.75	-9.15	-8.59	52.21	-10.62
Capital Expenditures, 1 Yr. Growth %	30.65	39.51	5.75	-35.15	8.39
Levered Free Cash Flow, 1 Yr. Growth %	23.81	-32.43	26.86	46.42	-18.38
Unlevered Free Cash Flow, 1 Yr. Growth %	24.2	-31.21	24.88	44.31	-17.87
Dividend Per Share, 1 Yr. Growth %	0	4.17	0	0	4
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-3.33	8.05	5.24	-0.4	1.64
Gross Profit, 2 Yr. CAGR %	-1.66	7.92	5.04	2.49	4.69
EBITDA, 2 Yr. CAGR %	-9.37	12.28	11.45	4.48	9.61
EBITA, 2 Yr. CAGR %	-10.95	14.47	12.22	3.04	10.39
EBIT, 2 Yr. CAGR %	-10.96	13.86	11.46	2.67	10.88
Earnings From Cont. Operations, 2 Yr. CAGR %	-20.98	6.96	32.11	2.58	-3.52
Net Income, 2 Yr. CAGR %	-20.98	6.96	32.11	2.58	-3.52
Normalized Net Income, 2 Yr. CAGR %	-15.56	11.79	16.08	7.44	11.89
Diluted EPS Before Extra, 2 Yr. CAGR %	-15.37	7.79	33.89	6.4	-1.04
Accounts Receivable, 2 Yr. CAGR %	-11.84	12.43	2.2	-9.52	12.36
Inventory, 2 Yr. CAGR %	-6.71	18.61	21.03	-4.51	5.54
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.25	1.84	20.7	-2.54	-7.07
Total Assets, 2 Yr. CAGR %	3.48	15.45	2.42	-0.7	4.99
Tangible Book Value, 2 Yr. CAGR %	45	2.19	10.64	2.6	-1.56
Common Equity, 2 Yr. CAGR %	-20.73	86.09	30.08	16.94	-5.27
Cash From Operations, 2 Yr. CAGR %	-0.3	6.89	-8.87	17.96	16.64
Capital Expenditures, 2 Yr. CAGR %	-3.23	35	21.46	-17.18	-16.16
Levered Free Cash Flow, 2 Yr. CAGR %	18.38	-8.44	-7.29	36.29	9.32
Unlevered Free Cash Flow, 2 Yr. CAGR %	18.15	-7.47	-7.19	34.24	8.86
Dividend Per Share, 2 Yr. CAGR %	9.54	2.06	2.06	0	1.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1	0.92	5.54	2.95	1.32
Gross Profit, 3 Yr. CAGR %	0.94	2.27	5.12	5.13	3.01
EBITDA, 3 Yr. CAGR %	0.06	0.49	8.05	10.65	6.34
EBITA, 3 Yr. CAGR %	-0.38	0.64	8.49	11.12	5.9
EBIT, 3 Yr. CAGR %	-0.07	0.56	7.69	10.77	5.81
Earnings From Cont. Operations, 3 Yr. CAGR %	84.62	-7.11	15.87	10.54	8.17
Net Income, 3 Yr. CAGR %	84.62	-7.11	15.87	10.54	8.17
Normalized Net Income, 3 Yr. CAGR %	-3.67	-2.47	8.77	14.73	8.84
Diluted EPS Before Extra, 3 Yr. CAGR %	97.39	-3.21	18.04	12.75	11.5
Accounts Receivable, 3 Yr. CAGR %	-3.36	0.38	0.48	2.14	0.43
Inventory, 3 Yr. CAGR %	-2.24	15.91	4.82	17.73	-3.03
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.45	5.69	2.52	10.02	-3.55
Total Assets, 3 Yr. CAGR %	-2.15	4.68	9.29	1.84	2.58
Tangible Book Value, 3 Yr. CAGR %	48.65	33.6	4.07	6.08	1.51
Common Equity, 3 Yr. CAGR %	-32.98	-8.39	68.56	18.71	7.46
Cash From Operations, 3 Yr. CAGR %	-3.38	-3.34	1.46	8.12	7.54
Capital Expenditures, 3 Yr. CAGR %	3.76	9.32	24.45	-1.46	-9.41
Levered Free Cash Flow, 3 Yr. CAGR %	8.69	-1.8	2.07	7.97	14.88
Unlevered Free Cash Flow, 3 Yr. CAGR %	8.59	-1.34	2.25	7.52	13.96
Dividend Per Share, 3 Yr. CAGR %	33.89	7.72	1.37	1.37	1.32
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.7	2.85	1.45	0.39	3.96
Gross Profit, 5 Yr. CAGR %	2.49	4.64	2.56	2.36	4.95
EBITDA, 5 Yr. CAGR %	11.84	9.66	4.37	2.07	8.67
EBITA, 5 Yr. CAGR %	17.69	12.26	4.37	1.59	9.25
EBIT, 5 Yr. CAGR %	17.83	12.66	4.28	1.4	8.96
Earnings From Cont. Operations, 5 Yr. CAGR %	26.09	14.27	61.49	-3.35	7.69
Net Income, 5 Yr. CAGR %	26.09	14.27	61.49	-3.35	7.69
Normalized Net Income, 5 Yr. CAGR %	16.42	11.47	3.67	1.38	10.01
Diluted EPS Before Extra, 5 Yr. CAGR %	33.21	19.05	69	0.53	10
Accounts Receivable, 5 Yr. CAGR %	3.05	10.97	-1.17	-3.7	5.07
Inventory, 5 Yr. CAGR %	3.07	4.59	6.48	7.26	5.11
Net Property, Plant and Equip., 5 Yr. CAGR %	-7.37	2.32	4.25	2.31	-1.43
Total Assets, 5 Yr. CAGR %	-1.39	1.1	-0.35	2.49	7.55
Tangible Book Value, 5 Yr. CAGR %	7.26	11.32	32.08	20.21	1.78
Common Equity, 5 Yr. CAGR %	-24.97	-21.32	-12.63	1.01	33.86
Cash From Operations, 5 Yr. CAGR %	6.48	4.2	-5.62	4.67	7.28
Capital Expenditures, 5 Yr. CAGR %	0.25	5.25	10.51	-2.17	6.26
Levered Free Cash Flow, 5 Yr. CAGR %	2.59	11.33	1.94	11.95	4.91
Unlevered Free Cash Flow, 5 Yr. CAGR %	2.79	11.06	1.92	11.59	4.85
Dividend Per Share, 5 Yr. CAGR %	21.67	21.35	20.11	4.56	1.61