NTAPNetApp, Inc.
Computer Storage Devices
- Revenue
- $6.9B
- 5.4% YoY
- Operating margin
- 24.2%
- 19% YoY
- EBITDA
- $1.9B
- 21% YoY
- Market cap
- $39.0B
- Employees
- 11,700
- $592K revenue each
- Net debt / EBITDA
- 0.5×
- $915M net debt
- AI in 10-K
- 14.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$19M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo162% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo66% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo27% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$592K · 77th pctBottom quartile of its SIC industry
- Quiet on AINo14.5 per 10K words · 96th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$39.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$46M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B | 5.4% |
| Operating income | $1.2B | $1.0B | $1.2B | $1.3B | $1.7B | 25% |
| Net income | $937M | $1.3B | $986M | $1.2B | $1.3B | 7.6% |
| Operating cash flow | $1.2B | $1.1B | $1.7B | $1.5B | $2.1B | 37% |
| Capex | $226M | $239M | $155M | $168M | $198M | 18% |
| Stock-based comp | $245M | $312M | $357M | $386M | $382M | 1.0% |
| Buybacks | $600M | $850M | $900M | $1.1B | $950M | 17% |
| Dividends | $446M | $432M | $416M | $424M | $413M | 2.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $46M · 43
- Net
- −$46M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $22M | $23M | 164 | 260 |
| FY2025 | $23M | $5M | 131 | 171 |
| FY2024 | $18M | $40M | 147 | 154 |
| FY2023 | $11M | −$3M | 89 | 110 |
| FY2022 | $19M | $17M | 100 | 102 |