What is NetApp, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on NetApp, Inc.'s reported free cash flow gives $156.98 per share. The share price was $201.15 on September 25, 2026, 28% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $95.39 | -53% |
| Base | 4.0% | 9.0% | $156.98 | -22% |
| Bull | 9.0% | 8.0% | $271.98 | +35% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $200.77 | $214.05 | $230.29 | $250.60 | $276.70 |
| 8.0% | $168.15 | $176.77 | $186.95 | $199.17 | $214.11 |
| 9.0% | $144.29 | $150.18 | $156.98 | $164.91 | $174.28 |
| 10.0% | $126.09 | $130.28 | $135.03 | $140.45 | $146.72 |
| 11.0% | $111.76 | $114.83 | $118.26 | $122.12 | $126.50 |
Where the presets come from
Base: years 1 to 5 grow at NetApp, Inc.'s revenue growth rate over the last 5 fiscal years (3.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions