NetApp, Inc.
NTAP · Computer Storage Devices · 195.9M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $543M (gross $900M, SBC $357M)
Reference price $153.00 · est. market cap ~$30.0B — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Storage franchise with strong margins and free cash flow; high leverage and modest growth temper it.
Strengths
- Strong margins and FCF — operating margin 24.2% (89th), FCF $1.87B (94th), FCF margin 27.0%
- High returns — ROE 94.4% (91st), ROA 11.9% (87th)
Risks
- High leverage — D/E 1.84 (91st)
- Modest growth — revenue +5.4% (40th)
- Storage/IT-spending cyclicality — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Buying back stockNet buyback — share count -2%/yr over 4y
- China exposureAs a global company, our business is influenced by worldwide economic and market conditions, including, among others, rising inflation, slower growth, economic downturns or recessions, changes in fisc
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 14 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$10M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
70.7%
Operating margin
24.2%
Net margin
18.4%
Return on equity
94.4%
Return on assets
11.9%
ROIC
34.5%
Revenue growth (QoQ)
13.7%
Net-income growth
7.6%
Debt / equity
1.8×
Net debt / EBITDA
-0.6×
Current ratio
1.4×
Free cash flow
$1.9B
EBITDA
$1.9B
Tangible book value
-$1.4B
Cash & investments
$3.6B
Stock comp / revenue
5.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | CERNUDA CESAR | Sell | 13K | $155.94 |
| 2026-06-23 | CERNUDA CESAR | Sell | 5.6K | $153.00 |
| 2026-06-23 | CERNUDA CESAR | Sell | 16K | $155.29 |
| 2026-06-23 | CERNUDA CESAR | Sell | 15K | $154.01 |
| 2026-06-10 | O'Callahan Elizabeth M | Sell | 1.0K | $163.48 |
| 2026-06-03 | HELD GERALD | Sell | 7.1K | $180.00 |
| 2026-06-01 | De Lorenzo Daniel | Sell | 225 | $171.09 |
| 2026-05-18 | De Lorenzo Daniel | Sell | 275 | $120.00 |
| 2026-05-15 | CERNUDA CESAR | Tax withheld | 5.0K | $119.93 |
| 2026-05-15 | O'Callahan Elizabeth M | Option exercise | 7.6K | — |
| 2026-05-15 | Kurian George | Tax withheld | 9.3K | $119.93 |
| 2026-05-15 | JABRE WISSAM G | Option exercise | 5.4K | — |
| 2026-05-15 | JABRE WISSAM G | Tax withheld | 2.7K | $119.93 |
| 2026-05-15 | Kurian George | Option exercise | 18K | — |
| 2026-05-15 | O'Callahan Elizabeth M | Tax withheld | 3.8K | $119.93 |
| 2026-05-15 | De Lorenzo Daniel | Option exercise | 2.1K | — |
| 2026-05-15 | De Lorenzo Daniel | Tax withheld | 751 | $119.93 |
| 2026-05-15 | CERNUDA CESAR | Option exercise | 11K | — |
| 2026-05-14 | CERNUDA CESAR | Grant | 33K | — |
| 2026-05-14 | CERNUDA CESAR | Tax withheld | 16K | $118.58 |
| 2026-05-14 | O'Callahan Elizabeth M | Tax withheld | 5.0K | $118.58 |
| 2026-05-14 | O'Callahan Elizabeth M | Grant | 9.9K | — |
| 2026-05-14 | O'Callahan Elizabeth M | Grant | 12K | — |
| 2026-05-14 | O'Callahan Elizabeth M | Tax withheld | 6.1K | $118.58 |
| 2026-05-14 | Nair Syam | Grant | 9.3K | — |
| 2026-05-14 | Nair Syam | Tax withheld | 3.7K | $118.58 |
| 2026-05-14 | Nair Syam | Grant | 7.8K | — |
| 2026-05-14 | Nair Syam | Tax withheld | 3.1K | $118.58 |
| 2026-05-14 | JABRE WISSAM G | Grant | 21K | — |
| 2026-05-14 | JABRE WISSAM G | Tax withheld | 11K | $118.58 |
| 2026-05-14 | JABRE WISSAM G | Grant | 18K | — |
| 2026-05-14 | JABRE WISSAM G | Tax withheld | 8.9K | $118.58 |
| 2026-05-14 | Kurian George | Grant | 57K | — |
| 2026-05-14 | Kurian George | Tax withheld | 29K | $118.58 |
| 2026-05-14 | Kurian George | Grant | 70K | — |
| 2026-05-14 | Kurian George | Tax withheld | 35K | $118.58 |
| 2026-05-14 | CERNUDA CESAR | Grant | 27K | — |
| 2026-05-14 | CERNUDA CESAR | Tax withheld | 13K | $118.58 |
| 2026-05-11 | O'Callahan Elizabeth M | Sell | 1.0K | $117.73 |
| 2026-04-15 | JABRE WISSAM G | Option exercise | 29K | — |
| 2026-04-15 | JABRE WISSAM G | Tax withheld | 13K | $98.89 |
| 2026-04-10 | O'Callahan Elizabeth M | Sell | 1.0K | $96.25 |
| 2026-03-10 | O'Callahan Elizabeth M | Sell | 1.0K | $100.67 |
| 2026-02-17 | De Lorenzo Daniel | Sell | 252 | $101.84 |
| 2026-02-15 | O'Callahan Elizabeth M | Option exercise | 2.8K | — |
| 2026-02-15 | O'Callahan Elizabeth M | Tax withheld | 1.4K | $98.22 |
| 2026-02-15 | CERNUDA CESAR | Option exercise | 4.9K | — |
| 2026-02-15 | CERNUDA CESAR | Tax withheld | 1.2K | $98.22 |
| 2026-02-15 | De Lorenzo Daniel | Option exercise | 428 | — |
| 2026-02-15 | De Lorenzo Daniel | Tax withheld | 176 | $98.22 |
| 2026-02-15 | Kurian George | Option exercise | 7.8K | — |
| 2026-02-15 | Kurian George | Tax withheld | 4.0K | $98.22 |
| 2026-02-10 | O'Callahan Elizabeth M | Sell | 1.0K | $103.45 |
| 2026-01-12 | O'Callahan Elizabeth M | Sell | 1.0K | $105.49 |
| 2026-01-02 | Ahuja Deepak | Option exercise | 3.5K | — |
| 2025-12-10 | O'Callahan Elizabeth M | Sell | 1.0K | $117.37 |
| 2025-12-01 | De Lorenzo Daniel | Sell | 33 | $110.04 |
| 2025-11-17 | De Lorenzo Daniel | Sell | 327 | $107.48 |
| 2025-11-15 | De Lorenzo Daniel | Option exercise | 500 | — |
| 2025-11-15 | De Lorenzo Daniel | Tax withheld | 173 | $109.60 |
| 2025-11-15 | CERNUDA CESAR | Option exercise | 4.9K | — |
| 2025-11-15 | CERNUDA CESAR | Tax withheld | 2.3K | $109.60 |
| 2025-11-15 | O'Callahan Elizabeth M | Option exercise | 2.8K | — |
| 2025-11-15 | O'Callahan Elizabeth M | Tax withheld | 1.4K | $109.60 |
| 2025-11-15 | Kurian George | Option exercise | 7.8K | — |
| 2025-11-15 | Kurian George | Tax withheld | 3.9K | $109.60 |
| 2025-11-10 | O'Callahan Elizabeth M | Sell | 1.0K | $114.29 |
| 2025-10-10 | O'Callahan Elizabeth M | Sell | 1.0K | $119.00 |
| 2025-09-25 | De Lorenzo Daniel | Sell | 779 | $121.87 |
| 2025-09-17 | Kurian George | Sell | 8.8K | $122.91 |
| 2025-09-10 | O'Callahan Elizabeth M | Sell | 1.0K | $123.67 |
| 2025-09-09 | NEVENS THOMAS MICHAEL | Option exercise | 3.0K | — |
| 2025-09-09 | Palin Carrie | Option exercise | 2.4K | — |
| 2025-09-09 | Pelzer Francis J. | Option exercise | 1.5K | — |
| 2025-09-09 | Schenkel Scott F. | Option exercise | 2.4K | — |
| 2025-09-09 | KERR DEBORAH | Option exercise | 2.4K | — |
| 2025-09-09 | GUSTAFSSON ANDERS | Option exercise | 2.4K | — |
| 2025-08-29 | NEVENS THOMAS MICHAEL | Gift | 1.5K | — |
| 2025-08-18 | Kurian George | Sell | 8.5K | $108.85 |
| 2025-08-15 | O'Callahan Elizabeth M | Option exercise | 2.8K | — |
| 2025-08-15 | CERNUDA CESAR | Option exercise | 4.9K | — |
| 2025-08-15 | CERNUDA CESAR | Tax withheld | 2.3K | $108.79 |
| 2025-08-15 | Kurian George | Option exercise | 7.8K | — |
| 2025-08-15 | Kurian George | Tax withheld | 3.9K | $108.79 |
| 2025-08-15 | De Lorenzo Daniel | Option exercise | 496 | — |
| 2025-08-15 | De Lorenzo Daniel | Tax withheld | 172 | $108.79 |
| 2025-08-15 | O'Callahan Elizabeth M | Tax withheld | 1.4K | $108.79 |
| 2025-08-11 | O'Callahan Elizabeth M | Sell | 1.0K | $105.90 |
| 2025-07-21 | Kurian George | Sell | 8.5K | $108.08 |
| 2025-07-10 | O'Callahan Elizabeth M | Sell | 1.0K | $106.84 |
| 2025-06-16 | Kurian George | Sell | 8.5K | $101.78 |
| 2025-06-10 | O'Callahan Elizabeth M | Sell | 528 | $103.06 |
| 2025-06-03 | De Lorenzo Daniel | Sell | 302 | $98.77 |
| 2025-05-19 | Kurian George | Sell | 4.2K | $99.68 |
| 2025-05-19 | Kurian George | Sell | 4.3K | $100.34 |
| 2025-05-16 | Bhela Harvinder S | Tax withheld | 10K | $100.53 |
| 2025-05-16 | Kurian George | Grant | 51K | — |
| 2025-05-16 | Kurian George | Tax withheld | 25K | $100.53 |
| 2025-05-16 | Kurian George | Grant | 61K | — |
| 2025-05-16 | CERNUDA CESAR | Grant | 27K | — |
| 2025-05-16 | CERNUDA CESAR | Tax withheld | 13K | $100.53 |
| 2025-05-16 | CERNUDA CESAR | Grant | 32K | — |
| 2025-05-16 | CERNUDA CESAR | Tax withheld | 15K | $100.53 |
| 2025-05-16 | Kurian George | Tax withheld | 31K | $100.53 |
| 2025-05-16 | O'Callahan Elizabeth M | Grant | 9.3K | — |
| 2025-05-16 | O'Callahan Elizabeth M | Tax withheld | 4.6K | $100.53 |
| 2025-05-16 | O'Callahan Elizabeth M | Grant | 11K | — |
| 2025-05-16 | O'Callahan Elizabeth M | Tax withheld | 5.6K | $100.53 |
| 2025-05-16 | Bhela Harvinder S | Grant | 21K | — |
| 2025-05-16 | Bhela Harvinder S | Tax withheld | 8.3K | $100.53 |
| 2025-05-16 | Bhela Harvinder S | Grant | 26K | — |
| 2025-05-16 | De Lorenzo Daniel | Sell | 326 | $99.98 |
| 2025-05-15 | Bhela Harvinder S | Option exercise | 6.2K | — |
| 2025-05-15 | Kurian George | Option exercise | 16K | — |
| 2025-05-15 | Kurian George | Tax withheld | 8.0K | $99.82 |
| 2025-05-15 | De Lorenzo Daniel | Option exercise | 1.2K | — |
| 2025-05-15 | De Lorenzo Daniel | Tax withheld | 417 | $99.82 |
| 2025-05-15 | CERNUDA CESAR | Option exercise | 11K | — |
| 2025-05-15 | CERNUDA CESAR | Tax withheld | 5.1K | $99.82 |
| 2025-05-15 | Bhela Harvinder S | Tax withheld | 1.5K | $99.82 |
| 2025-05-15 | O'Callahan Elizabeth M | Option exercise | 6.6K | — |
| 2025-05-15 | O'Callahan Elizabeth M | Tax withheld | 3.3K | $99.82 |
| 2025-05-12 | O'Callahan Elizabeth M | Sell | 452 | $97.50 |
| 2025-04-21 | Kurian George | Sell | 8.5K | $81.83 |
| 2025-04-10 | O'Callahan Elizabeth M | Sell | 451 | $83.14 |
| 2025-03-28 | CERNUDA CESAR | Sell | 7.4K | $90.54 |
| 2025-03-28 | GUSTAFSSON ANDERS | Buy | 1.3K | $89.43 |
| 2025-03-28 | GUSTAFSSON ANDERS | Buy | 1.4K | $90.28 |
| 2025-03-28 | CERNUDA CESAR | Sell | 12K | $89.91 |
| 2025-03-27 | GUSTAFSSON ANDERS | Buy | 2.8K | $91.00 |
| 2025-03-17 | Kurian George | Sell | 5.4K | $92.48 |
| 2025-03-17 | Kurian George | Sell | 3.1K | $92.87 |
| 2025-03-10 | O'Callahan Elizabeth M | Sell | 528 | $92.58 |
| 2025-03-05 | BERRY MICHAEL J | Sell | 3.4K | $93.54 |
| 2025-03-05 | BERRY MICHAEL J | Sell | 3.2K | $93.97 |
| 2025-03-05 | BERRY MICHAEL J | Sell | 3.7K | $95.15 |
| 2025-03-05 | BERRY MICHAEL J | Sell | 2.3K | $95.73 |
| 2025-03-04 | BERRY MICHAEL J | Sell | 4.7K | $94.05 |
| 2025-03-04 | BERRY MICHAEL J | Sell | 3.2K | $94.97 |
| 2025-03-04 | BERRY MICHAEL J | Sell | 4.6K | $93.21 |
| 2025-02-19 | De Lorenzo Daniel | Sell | 299 | $121.28 |
| 2025-02-18 | Kurian George | Sell | 4.2K | $118.57 |
| 2025-02-18 | Kurian George | Sell | 4.3K | $119.50 |
| 2025-02-15 | De Lorenzo Daniel | Option exercise | 498 | — |
| 2025-02-15 | O'Callahan Elizabeth M | Option exercise | 3.8K | — |
| 2025-02-15 | O'Callahan Elizabeth M | Tax withheld | 2.0K | $119.06 |
| 2025-02-15 | De Lorenzo Daniel | Tax withheld | 199 | $119.06 |
| 2025-02-15 | Kurian George | Option exercise | 8.0K | — |
| 2025-02-15 | Kurian George | Tax withheld | 4.0K | $119.06 |
| 2025-02-15 | CERNUDA CESAR | Option exercise | 6.0K | — |
| 2025-02-15 | CERNUDA CESAR | Tax withheld | 1.4K | $119.06 |
| 2025-02-15 | Bhela Harvinder S | Option exercise | 2.9K | — |
| 2025-02-15 | Bhela Harvinder S | Tax withheld | 757 | $119.06 |
| 2025-02-15 | BERRY MICHAEL J | Option exercise | 4.0K | — |
| 2025-02-15 | BERRY MICHAEL J | Tax withheld | 1.6K | $119.06 |
| 2025-02-10 | O'Callahan Elizabeth M | Sell | 452 | $120.75 |
| 2025-02-05 | BERRY MICHAEL J | Sell | 2.2K | $121.54 |
| 2025-02-05 | BERRY MICHAEL J | Sell | 5.7K | $122.50 |
| 2025-02-05 | BERRY MICHAEL J | Sell | 4.6K | $123.32 |
| 2025-02-04 | BERRY MICHAEL J | Sell | 6.4K | $121.22 |
| 2025-02-04 | BERRY MICHAEL J | Sell | 4.4K | $120.59 |
| 2025-02-04 | BERRY MICHAEL J | Sell | 1.7K | $119.37 |
| 2025-01-21 | Kurian George | Sell | 4.0K | $123.28 |
| 2025-01-21 | Kurian George | Sell | 4.5K | $122.81 |
| 2025-01-10 | O'Callahan Elizabeth M | Sell | 451 | $116.79 |
| 2025-01-08 | BERRY MICHAEL J | Sell | 4.5K | $116.27 |
| 2025-01-08 | BERRY MICHAEL J | Sell | 8.0K | $117.22 |
| 2025-01-07 | BERRY MICHAEL J | Sell | 4.9K | $118.36 |
| 2025-01-07 | BERRY MICHAEL J | Sell | 1.6K | $116.76 |
| 2025-01-07 | BERRY MICHAEL J | Sell | 6.0K | $117.62 |
| 2025-01-02 | Ahuja Deepak | Option exercise | 3.5K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-28 | ResultsOtherExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-25 | ResultsExhibits | filing ↗ |
| 2025-09-15 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-08-27 | ResultsExhibits | filing ↗ |
| 2025-05-29 | ResultsExec/director changeOtherExhibits | filing ↗ |
| 2025-03-26 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K | 2026-06-05 | 2026-04-24 | 0001193125-26-259683 ↗ |
| 8-K | 2026-05-28 | 2026-05-21 | 0001193125-26-245196 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076545 ↗ |
| 10-Q | 2026-02-26 | 2026-01-23 | 0001193125-26-076622 ↗ |
| 8-K | 2026-01-12 | 2026-01-08 | 0001193125-26-010401 ↗ |
| 8-K | 2025-11-25 | 2025-11-25 | 0001193125-25-297164 ↗ |
| 10-Q | 2025-11-25 | 2025-10-24 | 0001193125-25-297237 ↗ |
| 8-K | 2025-09-15 | 2025-09-10 | 0001193125-25-202408 ↗ |
| 8-K | 2025-08-27 | 2025-08-27 | 0000950170-25-111700 ↗ |
| 10-Q | 2025-08-27 | 2025-07-25 | 0001193125-25-189700 ↗ |
| 10-K | 2025-06-09 | 2025-04-25 | 0000950170-25-083705 ↗ |
| 8-K | 2025-05-29 | 2025-05-23 | 0000950170-25-078936 ↗ |