Explain this page
Arphra AIPlain-English read on NetApp, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +66.42% | +66.79% | +66.16% | +70.72% | +70.19% | +70.50% | +68.36% | +69.41% |
| Operating margin | +17.95% | +18.31% | +16.00% | +19.37% | +20.34% | +18.85% | +18.91% | +18.42% |
| EBITDA margin | +22.55% | +21.59% | +22.54% | +25.24% | +25.72% | +24.32% | +23.95% | +25.05% |
| EBIT margin | +18.04% | +18.49% | +17.81% | +21.17% | +22.02% | +19.99% | +20.03% | +19.82% |
| Pre-tax margin | +16.75% | +17.33% | +16.76% | +20.15% | +21.04% | +19.84% | +19.26% | +19.63% |
| Net margin | +12.71% | +14.83% | +20.03% | +15.73% | +18.05% | +18.38% | +17.55% | +18.25% |
| Cost structure | ||||||||
| Cost of revenue / sales | +33.58% | +33.21% | +33.84% | +29.28% | +29.81% | +30.92% | +31.90% | +31.20% |
| R&D intensity | +15.34% | +13.94% | +15.03% | +16.42% | +15.40% | +15.18% | +15.98% | +16.02% |
| SG&A intensity | +34.84% | +33.81% | +32.91% | +34.08% | +33.11% | +32.47% | +34.35% | +33.33% |
| Effective tax rate | +24.12% | +14.43% | -19.51% | +21.93% | +14.24% | +17.96% | +17.64% | +17.77% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +106.57% | +111.81% | +109.92% | +86.04% | +114.04% | +103.22% | +103.01% | +103.55% |
| Return on assets (ROA) | +7.80% | +9.35% | +12.98% | +9.97% | +10.96% | +11.42% | +10.89% | +11.65% |
| Return on capital (ROC) | +30.00% | +30.62% | +26.49% | +31.96% | +29.51% | +29.30% | +30.16% | +29.08% |
| Return on invested capital (ROIC) | +21.24% | +24.80% | +33.15% | +25.96% | +26.18% | +28.57% | +27.98% | +28.81% |
| Asset turnover | +61.37% | +63.02% | +64.80% | +63.40% | +60.72% | +62.14% | +62.08% | +63.84% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +12.71% | +14.83% | +20.03% | +15.73% | +18.05% | +18.38% | +17.55% | +18.25% |
| Asset turnover (× revenue / assets) | +61.37% | +63.02% | +64.80% | +63.40% | +60.72% | +62.14% | +62.08% | +63.84% |
| Equity multiplier (× assets / equity) | +1366.42% | +1196.42% | +847.11% | +862.74% | +1040.67% | +903.58% | +945.64% | +888.99% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.61 | 0.63 | 0.65 | 0.63 | 0.61 | 0.62 | 0.62 | 0.64 |
| Fixed-asset turnover | 8.99 | 7.05 | 6.83 | 7.37 | 8.17 | — | — | — |
| Inventory turnover | 16.92 | 10.28 | 12.89 | 9.87 | 10.53 | — | — | — |
| Receivables turnover | 6.08 | 5.14 | 6.45 | 6.22 | 5.27 | — | — | — |
| Payables turnover | 4.59 | 3.46 | 5.49 | 3.55 | 3.83 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 60.05 | 71.06 | 56.63 | 58.64 | 69.20 | — | — | — |
| Days inventory outstanding (DIO) | 21.57 | 35.49 | 28.31 | 37.00 | 34.66 | — | — | — |
| Days payables outstanding (DPO) | 79.47 | 105.60 | 66.46 | 102.84 | 95.21 | — | — | — |
| Cash conversion cycle | 2.15 | 0.95 | 18.48 | -7.20 | 8.65 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.83 | 1.29 | 0.87 | 1.71 | 1.27 | 1.24 | 1.24 | 1.25 |
| FCF / Net income | 1.60 | 1.05 | 0.68 | 1.55 | 1.13 | 1.07 | 1.11 | 1.09 |
| FCF margin | +20.39% | +15.59% | +13.64% | +24.41% | +20.36% | +19.67% | +19.40% | +19.85% |
| OCF margin | +23.21% | +19.17% | +17.40% | +26.88% | +22.92% | +22.88% | +21.84% | +22.86% |
| CapEx / Revenue | +2.82% | +3.58% | +3.76% | +2.47% | +2.56% | +3.01% | +2.84% | +2.99% |
| CapEx / D&A | 0.78 | 1.16 | 0.96 | 0.61 | 0.69 | — | — | — |
| Stock-based comp / Revenue | +3.43% | +3.88% | +4.90% | +5.70% | +5.87% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.23 | 4.09 | 5.79 | 4.63 | 5.67 | 8.82 | 9.78 | 9.97 |
| EPS · basic | 3.29 | 4.20 | 5.87 | 4.74 | 5.81 | 9.11 | 9.89 | 10.15 |
| Book value / share | 3.03 | 3.66 | 5.27 | 5.38 | 4.98 | 6.33 | 6.37 | 6.83 |
| Tangible BV / share | -6.44 | -7.21 | -8.10 | -8.15 | -8.26 | 6.33 | 6.37 | 6.83 |
| Sales / share | 25.42 | 27.59 | 28.92 | 29.43 | 31.44 | 35.54 | 37.39 | 38.78 |
| Operating CF / share | 5.90 | 5.29 | 5.03 | 7.91 | 7.21 | 8.13 | 8.17 | 8.87 |
| Free cash flow / share | 5.18 | 4.30 | 3.95 | 7.18 | 6.40 | 6.99 | 7.25 | 7.70 |
| Dividends / share | 1.89 | 1.95 | 1.96 | 1.95 | 2.03 | 2.29 | 2.43 | 2.63 |
| Payout ratio | +58.49% | +47.60% | +33.91% | +42.19% | +35.75% | +35.08% | +36.98% | +37.15% |
| Retention ratio | +41.51% | +52.40% | +66.09% | +57.81% | +64.25% | +64.92% | +63.02% | +62.85% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +9.99% | +0.70% | -1.48% | +4.85% | +13.21% | +5.70% | +2.98% | +5.03% |
| Gross profit · YoY | — | +10.62% | -0.26% | +5.32% | +4.06% | +13.72% | +2.48% | +4.57% | +5.69% |
| Profit | |||||||||
| Operating income · YoY | — | +12.22% | -12.01% | +19.25% | +10.13% | +4.92% | +6.04% | +0.28% | +5.42% |
| EBITDA · YoY | — | +5.33% | +5.13% | +10.32% | +6.83% | +7.06% | +4.10% | +7.72% | +6.62% |
| Net income · YoY | — | +28.36% | +35.97% | -22.61% | +20.28% | +15.34% | +0.89% | +7.08% | +10.60% |
| Operating | |||||||||
| EBIT · YoY | — | +12.74% | -3.00% | +17.12% | +9.04% | +2.79% | +5.89% | +1.91% | +6.45% |
| R&D · YoY | — | 0.00% | +8.51% | +7.64% | -1.65% | +11.57% | +11.29% | +3.21% | +5.68% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +26.63% | +41.56% | -20.03% | +22.46% | +55.63% | +10.87% | +1.87% | +17.47% |
| EPS · basic · YoY | — | +27.66% | +39.76% | -19.25% | +22.57% | +56.73% | +8.57% | +2.70% | +17.47% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $2.75B | $2.94B | $2.68B | $2.65B | $3.49B | $3.46B | $3.59B | $3.7B |
| Net debt | -$1.78B | -$1.17B | $368M | $749M | $749M | $729.99M | $689.78M | $785.22M |
| Net debt / EBITDA | -1.37 | -0.86 | 0.26 | 0.47 | 0.44 | 0.40 | 0.37 | 0.39 |
| Debt / equity | 4.02 | 3.51 | 2.32 | 2.31 | 3.36 | 2.61 | 2.68 | 2.59 |
| Debt / assets | +29.40% | +29.32% | +27.34% | +26.82% | +32.26% | +28.92% | +28.36% | +29.19% |
| Equity / assets | +7.32% | +8.36% | +11.80% | +11.59% | +9.61% | +11.07% | +10.57% | +11.25% |
| Coverage | ||||||||
| EBITDA / interest expense | 17.50 | 18.68 | 21.40 | 24.72 | 26.41 | 23.33 | 24.21 | 25.39 |
| Operating income / interest | 13.93 | 15.85 | 15.19 | 18.97 | 20.89 | 18.09 | 19.12 | 18.67 |
| Interest expense | $74M | $73M | $67M | $64M | $64M | $77.55M | $77.79M | $79.91M |
| Liquidity | ||||||||
| Current ratio | 1.74 | 1.50 | 1.35 | 1.19 | 1.26 | — | — | — |
| Quick ratio | 1.61 | 1.36 | 1.17 | 1.04 | 1.09 | — | — | — |
| Cash ratio | 1.31 | 1.04 | 0.67 | 0.46 | 0.59 | — | — | — |
| Working capital | $2.55B | $1.99B | $1.21B | $791M | $1.19B | — | — | — |
| Working capital / revenue | +44.38% | +31.53% | +19.07% | +12.62% | +18.09% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).