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NetApp NTAP Debt-to-equity

Debt-to-equity at other companies

International Business Machines logo
International Business MachinesIBM
2.3×-0.4×
Hewlett Packard Enterprise logo
Hewlett Packard EnterpriseHPE
0.9×+0.2×
TD SYNNEX logo
TD SYNNEXSNX
0.5×0.0×
Snowflake logo
SnowflakeSNOW
0.3×+0.1×
Western Digital logo
Western DigitalWDC
0.2×-1.3×
Seagate Technology Holdings PLC logo
Seagate Technology Holdings PLCSTX
3.5×

Other financials

Income statement

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Revenue$1.9B+12.5%
Gross profit$1.4B+14.4%
Operating income$532.0M+52.9%
Net income$404.0M+18.8%
EPS (diluted)$2.03+23.8%

Balance sheet

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Cash & equivalents$2.1B-24.5%
Total debt$2.7B-21.7%
Total equity$1.4B+29.9%
Total assets$10.7B-0.7%

Cash flow

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Operating cash flow$950.0M+40.7%
CapEx$50.0M+42.9%
Free cash flow$900.0M+40.6%

Valuation

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Market cap$30.33B+20.1%
Enterprise value$30.99B+18.9%
P/E23.8×+2.5×
P/S4.4×+0.5×

Profitability

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Gross margin70.7%+0.6pp
Operating margin24.2%+3.8pp
Net margin18.4%+0.4pp

Returns & leverage

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Return on equity106.7%-1.8pp
Current ratio1.4×+0.2×

Where this comes from

Calculated from NetApp’s reported figures.

Based on the most recent quarter.

The official record: NetApp’s 10-K, filed June 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is NetApp's debt-to-equity?
NetApp (NTAP) reported debt-to-equity of 2× in Q1 2026.
How has NetApp's debt-to-equity changed year-over-year?
NetApp's debt-to-equity decreased by 39.7% year-over-year, from 3.4× to 2×.
What is the long-term trend for NetApp's debt-to-equity?
Over 5 years (2021 to 2026), NetApp's debt-to-equity has grown at a -18.4% compound annual growth rate (CAGR), from 27.6× to 10×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.