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NetApp NTAP Return on invested capital

Return on invested capital at other companies

International Business Machines logo
International Business MachinesIBM
13.2%+4.1pp
Dell Technologies logo
Dell TechnologiesDELL
46.8%+17.8pp
Hewlett Packard Enterprise logo
Hewlett Packard EnterpriseHPE
4%+2.4pp
TD SYNNEX logo
TD SYNNEXSNX
10.5%+2.2pp
Snowflake logo
SnowflakeSNOW
-326.9%-476pp
Western Digital logo
Western DigitalWDC
38.5%+26.3pp

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
Debt / equity-1.3×
Current ratio1.4×+0.2×

Where this comes from

Calculated from NetApp’s reported figures.

Based on trailing twelve months.

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 return on invested capital?
NetApp (NTAP) reported return on invested capital of 68.2% in Q1 2026.
How has NetApp's return on invested capital changed year-over-year?
NetApp's return on invested capital increased by 9.5% year-over-year, from 62.2% to 68.2%.
What is the long-term trend for NetApp's return on invested capital?
Over 2 years (2024 to 2026), NetApp's return on invested capital has grown at a -7.1% compound annual growth rate (CAGR), from 306.7% to 264.5%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.