NetApp, Inc.
Latest List Rankings
Current Synopsis
NetApp is a quieter AI infrastructure name: not the GPU, not the data-center shell, but the enterprise data layer that makes AI usable across hybrid and multicloud environments. The company sells unified data storage, all-flash systems, ONTAP software, StorageGRID, cloud storage services, and data-management tools that help customers modernize infrastructure, build high-performance AI data pipelines, protect data, and operate across AWS, Azure, and Google Cloud. Q3 FY26 showed healthy execution: revenue rose 4% YoY to $1.71B, GAAP EPS was $1.67, non-GAAP EPS hit a record $2.12, all-flash array revenue grew 11% YoY to a record $1.0B, and billings grew 10%. NetApp is not a hyper-growth AI name, but it is a profitable, cash-generative way to own enterprise AI data-management upgrades.
Current Pillar Scores
Value Gap score from the May refreshed model: 65.8/100.
Earnings Momentum score from the May refreshed model: 85.0/100.
May 2x refresh: enterprise AI is bottlenecked by data quality, governance, access, latency, and hybrid-cloud complexity. NetApp’s own filings frame its portfolio around scalable, high-performance data pipelines for AI workloads, unified storage across data types and workloads, and enterprise-grade storage natively embedded in AWS, Azure, and Google Cloud. Q3 commentary highlighted growing leadership in enterprise AI and record all-flash revenue.
Technical Setup score from the May refreshed model: 75.0/100.
May refresh uses the real BRRR Buzz Score engine, not the fallback volume proxy. Current Buzz Score: 54.2/100, built from Google 50.0; Reddit 40.0; Wikipedia 50.0; Options 95.0; Short interest 50.0. Divergence read: Buzz falling (54) but price up (+5.5%) = EXHAUSTION.
The 2x case is less explosive than VRT/AEHR but more durable: NTAP rerates if investors stop treating it as legacy storage and start valuing it as enterprise AI data infrastructure. A path to 2x requires sustained all-flash growth, faster public-cloud storage growth, operating margin resilience, buybacks, and AI-driven demand for high-performance hybrid data systems. FY26 guidance calls for $6.772B-$6.922B revenue and non-GAAP operating margin around 29.8%-30.8%.
Current Path to Target
The 2x case is less explosive than VRT/AEHR but more durable: NTAP rerates if investors stop treating it as legacy storage and start valuing it as enterprise AI data infrastructure. A path to 2x requires sustained all-flash growth, faster public-cloud storage growth, operating margin resilience, buybacks, and AI-driven demand for high-performance hybrid data systems. FY26 guidance calls for $6.772B-$6.922B revenue and non-GAAP operating margin around 29.8%-30.8%.
Current Key Risk
The risk is AI-washing a mature storage business. If enterprise AI spending does not translate into faster storage demand, or cloud-native competitors pressure growth/margins, NTAP may remain a value stock rather than a 2x compounder.
Current Key Metrics
BRRR Appearance History
Current analysis stays canonical. This is the compact scoreboard of where the name has shown up across monthly BRRR lists.
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