Question 1

What is NetApp's P/FCF ratio?

Accepted Answer

NetApp (NTAP) P/FCF ratio is 17.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for NetApp?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For NetApp specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is NetApp's P/FCF ratio high or low?

Accepted Answer

NetApp's P/FCF ratio of 17.7× is above its own 5-year average of 15.2× and below the sector median of 21.8×. That places the current reading at the 73th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is NetApp's historical P/FCF ratio range?

Accepted Answer

In the available daily series, NetApp (NTAP) P/FCF ratio has ranged from a low of 4.9× in 2008 to a high of 41.1× in 2003. The 5-year average is 15.2× and the 5-year median is 15.3×.

Question 7

What was NetApp's P/FCF ratio in 2026?

Accepted Answer

NetApp (NTAP) P/FCF ratio at the end of 2026 was 11.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does NetApp's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$21.4B	$1.87B	11.5×	-2.2×	Apr 24, 2026
2025	$18.2B	$1.34B	13.6×	-0.1×	Apr 30, 2025
2024	$21.1B	$1.53B	13.8×	-1.9×	Apr 30, 2024
2023	$13.6B	$868M	15.6×	-0.9×	Apr 30, 2023
2022	$16.3B	$985M	16.5×	+2.3×	Apr 30, 2022
2021	$16.6B	$1.17B	14.2×	+3.9×	Apr 30, 2021
2020	$9.63B	$936M	10.3×	-5.0×	Apr 30, 2020
2019	$17.8B	$1.17B	15.3×	+2.0×	Apr 30, 2019
2018	$17.6B	$1.33B	13.2×	-0.1×	Apr 30, 2018
2017	$10.8B	$811M	13.4×	+5.4×	Apr 30, 2017
2016	$6.46B	$814M	7.9×	-2.3×	Apr 30, 2016
2015	$11.2B	$1.09B	10.2×	-0.2×	Apr 30, 2015
2014	$11.8B	$1.13B	10.4×	-1.1×	Apr 30, 2014
2013	$12.5B	$1.08B	11.6×	-1.8×	Apr 30, 2013
2012	$14.1B	$1.06B	13.4×	-3.7×	Apr 30, 2012
2011	$19.2B	$1.12B	17.1×	+1.6×	Apr 30, 2011
2010	$13B	$839M	15.5×	+5.4×	Apr 30, 2010
2009	$6.06B	$600M	10.1×	+0.0×	Apr 30, 2009
2008	$8.28B	$821M	10.1×	-9.6×	Apr 30, 2008
2007	$13.7B	$699M	19.7×	-12.4×	Apr 30, 2007
2006	$13.5B	$421M	32.1×	+6.3×	Apr 30, 2006
2005	$9.5B	$369M	25.8×	-0.7×	Apr 30, 2005
2004	$6.94B	$262M	26.5×	-7.0×	Apr 30, 2004
2003	$4.49B	$134M	33.5×	—	Apr 30, 2003
2002	$5.8B	-$140M	—	—	Apr 30, 2002


First Solar (FSLR)	12.7×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for NetApp (NTAP) 2003-2026

P/FCF Ratio daily chart for NetApp (NTAP)

Historical P/FCF Ratio for NetApp (NTAP) from 2002 to 2026

About P/FCF Ratio at NetApp (NTAP)

NetApp P/FCF Ratio by Year

NetApp P/FCF Ratio 2026: 11.5×

NetApp P/FCF Ratio 2025: 13.6×

NetApp P/FCF Ratio 2024: 13.8×

NetApp P/FCF Ratio 2023: 15.6×

NetApp P/FCF Ratio 2022: 16.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

NetApp (NTAP) Key Financials