NTAP
NetApp Inc
NASDAQ: NTAP · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
$161.61
+0.71% today
Updated 2026-06-12
Market cap
$31.66B
P/E ratio
25.45
P/S ratio
4.57x
EPS (TTM)
$6.35
Dividend yield
1.30%
52W range
$93 – $193
Volume
2.9M
NetApp Inc (NTAP) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed NTAP price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$161.61
Today
Analyst consensus
$118.25
-26.83% · 12M
2030 Base
—
— future
NPV today
—
@ — WACC
24 analysts:
4 Buy16 Hold1 Sell
Management guidance
No specific CEO revenue targets for 2026-2030 disclosed in available materials. Most recent guidance embedded in analyst consensus: FY2026 revenue $6.98B (+6.2% YoY), FY2027 revenue $7.32B (+4.9% YoY). Management emphasis on AI data platform, all-flash arrays, and Keystone subscription model as growth drivers, but no explicit multi-year revenue targets published.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
NTAP · NetApp Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
—
NPV today: —
Base case (2030)
—
NPV today: —
Bull case (2030)
—
NPV today: —
WallStSmart.com
NTAP financial forecast · Research-backed projections
| Metric | 2026 | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|
| Revenue | $6.9B | $7.3B | $7.7B | $8.1B | $8.6B |
| Revenue growth | 5.4% | 4.9% | 4.9% | 5.7% | 6.1% |
| Net margin | — | — | — | — | — |
| EPS | $7.75 | $8.73 | $9.35 | $10.05 | $10.82 |
| Diluted shares | — | — | — | — | — |
| Net debt | — | — | — | — | — |
| P/S multiple | — | 2.0x | 2.0x | 2.0x | 2.0x |
| Implied price (base) | — | $433.87 | $454.05 | $484.32 | $514.59 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $8.6B | $8.6B | $8.6B |
| P/S multiple | 1.0x | 2.0x | 4.0x |
| Diluted shares | 0M | 0M | 0M |
| Net debt | — | — | — |
| Implied P/E † | — | — | — |
| 2030 Price | $— | $— | $— |
| NPV @ — | $— | $— | $— |
† Implied P/E: Multiples remain elevated across all three scenarios because NTAP is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $— base case
NTAP catalysts and risks
Growth catalysts
+ AI data platform acceleration with NVIDIA partnership momentum
+ Keystone Storage-as-a-Service subscription model driving recurring revenue and deferred revenue growth
+ Cyber resilience alliances (Elastio, Commvault) expanding TAM in ransomware protection market
+ All-flash array market share gains as enterprises migrate from hybrid storage
+ Public cloud services expansion (Azure, AWS integration) capturing hybrid cloud workloads
Key risks
- Hardware valuation compression and IT capex budget weakness (Morgan Stanley downgrade Jan 2026 citing 15-year low in hardware budget growth)
- Component cost inflation and supply chain pressure on gross margins
- Competitive intensity from Pure Storage, Dell EMC, and HPE in flash arrays
- Macro slowdown reducing enterprise storage capex commitments
- Customer concentration risk in hyperscaler segment dependent on Meta/Microsoft spending cycles
Methodology · NetApp Inc 2030 stock forecast model
NetApp Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 24 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-100% cumulative for NTAP by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory (— by 2030) |
| 3. Time value | NPV calculated using — WACC (sector fallback) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 2.0x / bull 4.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.
NTAP price target FAQ
How is the NetApp Inc 2030 stock forecast calculated?
The NTAP 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
What is the analyst consensus on NTAP stock?
24 analysts cover NTAP with an average 12-month price target of $118.25. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.