NetApp - Public Comps and Valuation Multiples

NetApp Overview

About NetApp

NetApp Inc is a provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud. It generates maximum revenue from the Hybrid Cloud segment. The Hybrid Cloud segment offers a portfolio of storage management and infrastructure solutions that help customers recast their traditional data centers with the power of cloud. This portfolio is designed to operate with public clouds to unlock the potential of hybrid, multi-cloud operations. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services.

Founded

2001

HQ

Employees

11.8K+

Website

netapp.com

Sectors

Data Storage
Data Centers
Cloud Infrastructure
DeepTech
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $6.5B

LTM EBITDA $2.1B

EV

$17.2B

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NetApp Financials

NetApp has a last 12-month revenue of $6.5B and a last 12-month EBITDA of $2.1B.

In the most recent fiscal year, NetApp achieved revenue of $6.3B and an EBITDA of $1.6B.

NetApp expects next 12-month revenue of XXX and NTM EBITDA of XXX

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NetApp P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$6.4B	$6.3B	XXX	XXX	XXX
Gross Profit	$4.2B	$4.2B	XXX	XXX	XXX
Gross Margin	66%	67%	XXX	XXX	XXX
EBITDA	$1.4B	$1.6B	XXX	XXX	XXX
EBITDA Margin	22%	25%	XXX	XXX	XXX
Net Profit	$937M	$1.3B	XXX	XXX	XXX
Net Margin	15%	20%	XXX	XXX	XXX
Net Debt	n/a	$73.0M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

NetApp Stock Performance

As of April 15, 2025, NetApp's stock price is $83.

NetApp has current market cap of $17.2B, and EV of $17.2B.

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NetApp Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$17.2B	$17.2B	XXX	XXX	XXX	XXX	$7.19

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NetApp Valuation Multiples

As of April 15, 2025, NetApp has market cap of $17.2B and EV of $17.2B.

NetApp's trades at 2.6x LTM EV/Revenue multiple, and 8.3x LTM EBITDA.

Analysts estimate NetApp's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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NetApp Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$17.2B	XXX	XXX	XXX
EV/Revenue	2.7x	XXX	XXX	XXX
EV/EBITDA	9.0x	XXX	XXX	XXX
P/E	12.9x	XXX	XXX	XXX
P/E/Growth	1.1x	XXX	XXX	XXX
EV/FCF	12.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

NetApp Valuation Multiples

NetApp's NTM/LTM revenue growth is 5%

NetApp's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, NetApp's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate NetApp's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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NetApp Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-1%	XXX	XXX	XXX	XXX
EBITDA Margin	29%	XXX	XXX	XXX	XXX
EBITDA Growth	15%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	34%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.3M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	29%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	5%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	16%	XXX	XXX	XXX	XXX
Opex to Revenue	50%	XXX	XXX	XXX	XXX

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