NetApp, Inc. (NTAP)
割高ファンダメンタル
72
株価
$210.08
時価総額
$38.74B
パート1 · 企業の価値
概要
NetApp sells data-storage hardware and software that businesses use to store, protect and move the information their applications run on, both inside their own data centers and in the public cloud. It began as a maker of physical storage boxes and now increasingly sells the software layer that lets a company manage the same data seamlessly whether it sits on NetApp hardware on premises or on a cloud provider's infrastructure, positioning itself as a bridge between the two.
収益の仕組み
Revenue comes from selling storage hardware systems, the software licensed to run and manage them, ongoing maintenance and support contracts, and increasingly subscription fees for cloud-based storage services billed monthly like a utility. Support and subscription revenue carry much higher margins than hardware and recur automatically once a customer is on the platform, so NetApp's profitability depends on growing that recurring base faster than the more competitive, lower-margin hardware business it was built on.
セグメント別売上高
On-premises storage systems, related software and support — the core, still-dominant business built around NetApp's traditional hardware.
Storage and data services sold as a subscription and consumed directly inside public cloud platforms like AWS, Azure and Google Cloud; the smaller but faster-growing segment.
競争優位性（moat）
スイッチングコスト · 狭いEnterprise storage systems sit underneath a company's most critical applications, and migrating years of accumulated data and workflows to a different vendor's platform is slow, risky and expensive, which keeps existing customers renewing. But NetApp faces credible alternatives in Dell, Pure Storage and the storage services native to each cloud provider, so the lock-in slows switching more than it prevents it.
需要を左右する要因
中程度の景気循環性Demand follows corporate IT capital spending, which grows with data volumes and cloud migration projects but can be deferred when companies tighten budgets, making hardware orders somewhat cyclical. The growing subscription and support revenue base cushions this cyclicality compared to a pure hardware seller, since existing customers keep paying even when they delay new purchases.
主なリスク
- Competition from cloud-native storage and larger rivals — Public cloud providers increasingly sell their own storage services, and larger competitors like Dell can bundle storage with broader infrastructure deals, both of which limit NetApp's pricing power and market-share gains.
- Hardware business decline — The traditional on-premises hardware business, still the majority of revenue, faces structurally slower growth as workloads shift to the cloud, requiring the smaller cloud and software businesses to keep growing quickly to offset it.
- Customer IT budget cyclicality — Storage hardware purchases can be postponed by customers facing tighter budgets or macroeconomic uncertainty, causing order timing to be uneven from quarter to quarter.
- Execution risk in the cloud transition — NetApp's strategy depends on successfully shifting its business mix toward higher-margin subscription and cloud revenue; if that transition is slower than planned, overall growth and margins suffer.
強気材料
Buyers argue that NetApp's unified software layer across on-premises and cloud storage gives it a real advantage as customers run hybrid environments, that Public Cloud revenue growing faster than the core business shows the transition is working, and that support-driven recurring revenue provides a stable earnings base.
弱気材料
Sellers fear that cloud providers' own storage services will keep eroding NetApp's addressable market faster than its cloud subscription business can grow, that the still-dominant hardware segment faces structural decline, and that larger, better-capitalized competitors can outspend NetApp on the next generation of storage technology.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Dell is the largest vendor of external enterprise storage arrays and sells PowerStore, PowerMax and PowerScale to the same corporate data-centre buyers NetApp targets with its ONTAP systems.
HPE sells the Alletra and Nimble storage lines into the same mid-range and enterprise data-centre deals, often bundled with its servers against NetApp's arrays.
IBM's FlashSystem and Storage Scale products address the same enterprise primary-storage and AI data-pipeline workloads that NetApp sells into, especially in large regulated accounts.
Pure Storage is the other pure-play enterprise storage specialist and competes directly with NetApp on all-flash arrays and storage-as-a-service subscriptions for the same enterprise accounts.
Huawei's OceanStor arrays now hold the second-largest share of the external enterprise storage market and take the same storage budgets as NetApp in China, the Middle East and other non-US regions.
Hitachi Vantara, the storage arm of Hitachi, sells Virtual Storage Platform arrays to the same large enterprise and telecom customers, and is named alongside NetApp as a legacy storage vendor by rivals' filings.
貸借対照表と流動性
売上高
$7.39B
直近12か月（2026/7/31まで）
純利益
$1.42B
直近12か月（2026/7/31まで）
フリーキャッシュフロー
$1.87B
自己資本合計
$1.35B
負債合計
$9.39B
流動比率
1.24
利払い倍率
15.36
負債/EBITDA
1.37
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$165.57
現在株価
$210.08
安全マージン
-26.9%
適正価値レンジ
$120.68 - $210.45
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
29.67
ROE
94.4%
P/B レシオ
27.60
P/FCF
25.01
粗利益率
70.6%
ROIC
22.9%
収益性レーダー
価値創造（経済的モート）
ROIC
22.9%
WACC
12.4%
ROIC − WACC
+10.5 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（20）
- EPS shows upward trend
- EPS CAGR 22.93%
- Price CAGR 18.73%
- ROIC 22.9%
- Gross Margin 70.6%
- P/FCF 25.01
- Operating Margin 25.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 113.7%
- Earnings Surprise avg 7.9%
- PEG Ratio 1.90
- Earnings Quality (OCF/NI) 1.34
- Share Dilution -3.9%
- Net Margin Trend 19.2% vs 17.8%
- Piotroski F-Score 9/9
不合格（7）
- P/B Ratio 27.60
- Debt/Equity ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 3.8%
- Analyst Consensus 46% Buy
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. George Kurian | CEO & Director | 58 |
| Mr. Cesar Cernuda Rego | President | 53 |
| Mr. Wissam G. Jabre C.F.A. | Executive VP & CFO | 54 |
| Ms. Elizabeth M. O'Callahan J.D. | EVP, Chief Administrative Officer & Corporate Secretary | 56 |
| Mr. Syam Nair | Executive VP & Chief Product Officer | 51 |
| Mr. Gus Shahin | Executive Vice President of Business Technology & Operations | - |
| Mr. Daniel De Lorenzo | VP, Controller & Chief Accounting Officer | 42 |
| Ms. Kris Newton | VP of Corporate Communications & Investor Relations | - |
| Ms. Gabrielle Boko | Chief Marketing Officer | - |
監査リスク
1
取締役会リスク
1
報酬リスク
7
株主権利リスク
3
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for NTAP, sourced from Markets Gazette.
- 6/2/2026POSITIVEIf You Invested $1000 In NetApp Stock 10 Years Ago, You Would Have This Much Today
An investment of $1000 in NetApp Inc. (NTAP) stock a decade ago would have yielded a significant return, illustrating the company's long-term growth trajectory. While specific figures are not provided in the title, the implication of a substantial increase suggests strong performance driven by factors such as cloud data services expansion, strategic acquisitions, and consistent revenue growth. Investors who held NTAP through market fluctuations would have benefited from its resilience and innovation in the competitive enterprise storage and data management sector.
- 5/28/2026NEUTRALNetApp Q4 2026 Earnings Call: Complete Transcript
NetApp Inc. held its Q4 2026 earnings call on May 28, 2026. The transcript of this call is now available. While specific financial figures and forward-looking statements are detailed within the transcript, the announcement itself is informational. Investors should review the transcript for insights into the company's performance, strategic initiatives, and future outlook, which may influence trading decisions. The call covers operational performance, market conditions, and management's perspective on the company's trajectory.
- 5/28/2026POSITIVENetApp Likely To Report Higher Q4 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
NetApp, Inc. (NASDAQ: NTAP) is poised to announce its fourth-quarter earnings on May 27th, with analysts forecasting earnings per share of $2.27 on revenue of $1.87 billion. This projection suggests a potential beat against market expectations. The company recently received a Google Cloud award, a significant endorsement that could bolster its cloud services segment. Furthermore, the stock has already seen a positive uptick of 2.7%, indicating favorable market sentiment ahead of the official report. Analyst upgrades, such as Barclays' move to Overweight from Equal-Weight in March 2022, further support a bullish outlook for NTAP investors.
- 4/22/2026POSITIVEWhy Is NetApp (NTAP) Stock Trending Overnight
NetApp Inc. shares saw a modest overnight uptick following the announcement that it has been recognized as Google Cloud's 2026 Partner of the Year for infrastructure modernization. This award underscores the deepening strategic collaboration between NetApp and Google Cloud, particularly in the critical area of cloud storage solutions. The recognition suggests enhanced integration and performance of NetApp's offerings within the Google Cloud ecosystem, potentially driving increased adoption and revenue. Investors may view this as a positive indicator of NetApp's competitive positioning and future growth prospects in the cloud infrastructure market.
- 1/29/2026NEUTRALSuper Bowl LX Runs on Data: How NetApp Helps Power the World’s Biggest Game
The article highlights NetApp's role in providing data infrastructure for major events like the Super Bowl. While showcasing the company's technological capabilities, there's no direct indication of immediate financial impact or a shift in business outlook.
via Markets Gazette