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NetApp, Inc.
NTAP · NASDAQTechnology
The economic chain
Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Capitalwho funds itPower & datacentresthe physical homeAI siliconthe chipsSystems &networkinginto AI serversCloudplatformsrents the computeModels &softwarebuilds the AIApps & userswho paysCAPInvestorsPWRGrid powerDCData centresNANDNAND flash & SSD makersSTXSeagateINTCIntelNVDANVIDIANTAPNetAppONTONTAPINSInstaclustrLNVLenovoMSFTMicrosoft AzureAMZNAmazon AWSGOOGGoogle CloudAIEnterprise AI pipelinesDISTDistributorsENTEnterprises & govt
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Company details
Market cap
$32B
P/E ratio
26×
Div yield
1.3%
EPS (TTM)
$6.35
Profit margin
18%
Rev. growth
+5%
Revenue
$6.9B
Free cash flow
$1.9B
In plain English
NetApp sells enterprise data storage — all-flash arrays running its ONTAP software — and increasingly rents that same storage inside Azure, AWS and Google Cloud as first-party services. About 90% of revenue is 'Hybrid Cloud' (the boxes) and ~10% 'Public Cloud'. The AI boom makes NetApp the place enterprises park the data that feeds NVIDIA GPUs.
In simple terms
What NetApp, Inc. really sells
NetApp sells enterprise data storage — all-flash arrays running its ONTAP software — and increasingly rents that same storage inside Azure, AWS and Google Cloud as first-party services. About 90% of revenue is 'Hybrid Cloud' (the boxes) and ~10% 'Public Cloud'. The AI boom makes NetApp the place enterprises park the data that feeds NVIDIA GPUs.
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Risk read
Moderate
SteadierMore speculative
Why this rating?