NTAPNetApp
Is the business good?
The checks split: 8 of 9 health tests passed and earnings fully cash-backed (1.3×), but returns that lean on debt.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 103% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NTAP?
NetApp keeps 28% of every revenue dollar as operating profit, against 7.5% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 7.5% · 12 months to Q1 2027
- Cash conversion
- 1.32×
Cash conversion · 1.60× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.5%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 15%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | 18% |
| FY2022 | 18% |
| FY2023 | 16% |
| FY2024 | 21% |
| FY2025 | 23% |
| FY2026 | 27% |
Details›
- Gross margin12 months to Q1 2027
- 78%
- Operating margin12 months to Q1 2027
- 28%
- Net margin12 months to Q1 2027
- 21%
- Free cash flow margin
- 25%
- R&D as % of revenue
- 15%
- Revenue, trailing twelve months
- $6.66B
- Free cash flow, trailing twelve months
- $1.65B
- Net income, trailing twelve months
- $1.42B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NTAP and who it buys from, as the companies report it.
- ARWArrow Electronics, Inc.22%
Share of revenue · FY2026 10-K
- SNXTD SYNNEX Corporation21%
Share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NTAP’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
The closest names by size in the same industry