NTAP
Market read
The latest filing evidence is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Invalidation: The isolated read changes if NTAP's group or a disclosed connection begins moving with it.
Research brief
The latest filing evidence is available. 0 of 0 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
No thresholded adverse filing evidence is available yet.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“Other Expense, Net (in millions, except percentages) The components of other expense, net were as follows: Three Months Ended July 31, 2026 July 25, 2025 % Change Interest income $ 33 $ 36 (8 )% Interest expense (29 ) (29 ) — % Other, net (4 ) (12 ) NM Total…”10-Q · Sep 2, 2026 ↗
“Inventories increased by $176 million, primarily due to higher strategic purchases of components and an increase in finished goods to fulfill customer demand.”10-Q · Sep 2, 2026 ↗
“Total compensation costs included in sales and marketing, research and development and general and administrative expenses increased by $75 million, or 15%, in the first quarter of fiscal 2027 compared to the corresponding period of the prior year, primarily…”10-Q · Sep 2, 2026 ↗
“Hybrid Cloud product gross margins were relatively flat in the first quarter of fiscal 2027 compared to the corresponding period of the prior year primarily reflecting higher selling prices offset by higher component costs.”10-Q · Sep 2, 2026 ↗
Valuation discipline
Price/sales 6.5× · EV/sales 6.6×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 5 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for NTAP. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-K filed 2026-06-05 against the comparable filing from 2025-06-09.
No thresholded deterioration was identified.
“Financial Results and Key Performance Metrics Overview The following table provides an overview of key financial metrics for the years indicated (in millions, except per share amounts and percentages): Year Ended April 24, 2026 April 25, 2025 April 26, 2024 Net revenues $ 6,925 $ 6,572 $ 6,268 Gross profit $ 4,899 $ 4,613 $ 4,433 Gross margin 71 % 70 % 71 % Income from operations $ 1,674 $ 1,337 $ 1,214 Income from operations as a percentage of net revenues 24 % 20 % 19 % Provision for income taxes $ 372 $ 197 $ 277 Net income $ 1,276 $ 1,186 $ 986 Diluted net income per share $ 6.35 $ 5.67 $ 4.63 Net cash provided by operating activities $ 2,067 $ 1,506 $ 1,685 April 24, 2026 April 25, 202...”
“Public Cloud revenues increased in fiscal 2026 and fiscal 2025 compared to the respective prior years primarily due to higher customer demand, driven by NetApp’s diversified cloud offerings and overall growth in the cloud market.”
“Provision for Income Taxes (in millions, except percentages): Our provision for income taxes and effective tax rates were as follows: Year Ended April 24, 2026 April 25, 2025 % Change April 26, 2024 % Change Provision for income taxes $ 372 $ 197 89 % $ 277 (29 )% Effective tax rate 22.6 % 14.2 % NM 21.9 % NM NM - Not Meaningful The differences in the effective tax rates between fiscal years were primarily due to fiscal 2025 benefits related to the Internal Revenue Service (“IRS”) substantially completing the examination of our fiscal 2018 and fiscal 2019 U.S. income tax returns, which resulted in the recognition of a tax benefit of $36 million attributable to the release of related tax res...”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Depended on by
“Our main competitors include legacy vendors, such as Dell EMC, NetApp, Hitachi Vantara, HP Enterprise, and IBM, each of which offer a broad range of systems targeting various use cases and end markets and have the technical and financial resources to bring co…”
Filing peers
Companies whose filings use similar operating language.
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What is moving around it
NTAP is currently a Early Follower in the organic co-movement group Unknown Theme. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for NTAP; it is not active in the latest market snapshot.
Context history
No durable theme membership has been observed for this name yet.