NTAP$118.97
NetApp, Inc.
Moat Score
49/100
NetApp’s moat is anchored by its entrenched ONTAP software, large installed base, and the operational pain of moving enterprise data once storage workflows are embedded. That said, the business operates in a highly competitive market where Dell, HPE, Pure Storage, and cloud-native alternatives continually pressure pricing and differentiation. NetApp’s hybrid-cloud strategy and cloud data services support relevance, but they do not create a broad, self-reinforcing platform moat. Overall, the company has a real but limited advantage built more on switching costs and proprietary software than on network effects or structural cost leadership. The moat looks stable rather than expanding as the industry shifts toward flash and cloud.
Sign in to see the full analysis
The Strategic Factor Breakdown, Management Quality Assessment, and AI Impact Assessment are available to registered users — it's free.
Financial Score
70/100
NetApp’s standout strength is its durable cash generation, supported by healthy free cash flow margins near 20% to 24% and solid operating cash flow. Income statement performance is also respectable, with revenue reaccelerating modestly, gross margin near 70%, and operating margin above 20%, though growth remains only moderate and earnings are somewhat uneven. The balance sheet is the main offset: liquidity is adequate and improving, but leverage remains meaningful, book equity is thin, and tangible equity is deeply negative. Forecasts point to steady mid-single-digit growth and a reasonable valuation, but not a high-growth profile. Overall, NetApp presents a solid, cash-rich operating model with middling balance-sheet quality and moderate forward momentum.
Sign in to see the full analysis
The Income Statement, Balance Sheet, Cash Flow, Key Ratios, Forecast, and Fair Value analysis are available to registered users — it's free.
Sign In to Run AI-Powered Technical Analysis
Create a free account to run a fresh technical analysis across three timeframes — short, medium, and long term.
Disclaimer: The analysis on this page is generated by AI and is provided for informational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any security. Always conduct your own due diligence and consult a qualified financial adviser before making any investment decisions.